“He makes a lot, but it’s not like he works on Wall Street.”
So many of us tend to use “Wall Street” as a catch-all for kinds of financiers. But in fact, bankers work all over Manhattan (and, you know, the world), the stock market doesn’t have a physical location and not all people working on Wall Street—or even “Wall Street”—are really, really wealthy.
To serve as proof for this last point, Wall Street Oasis, an online community for people working in finance, asked over 140,000 of its members exactly how much they earn. Forbes reports that 41% of the respondents work in Manhattan, if not on actual Wall Street, while the rest work elsewhere in the United States, in London, Singapore and Hong Kong.
Over 2,300 people working in over 70 investment banking firms replied to the survey, and the average salaries are as follows:
Average Total Base Pay (Plus Bonus)
- Summer interns/associate: $71,300 (+$9,400)
- First year analyst: $85,300 (+$28,700)
- Third year analyst: $111,400 (+$51,600)
- First year associate: $120,000 (+$39,900)
- Third year associate: $149,000 ($60,700)
- Vice president: $255,700 (+$116,800)
- Managing director: $273,400 (+$135,600)
Forbes also supplies figures for people working in hedge funds and in private equity, but we really only have one thing to say as far as “proof” goes: $80,700 … for a summer intern.