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From someone from the UK, $100,000 seems like an enormous amount within 6 years of leaving university. Is that sort of thing even possible here?

randomthrow123 10y ago
Junior analyst positions at some of the London banks are paid around GBP 50k as a starting salary, so I guess if you pursue banking it's possible
pjlegato 10y ago
Yes, in the massive London banking industry, though these are not accessible to most. 100k USD is about 76k GBP. According to [1], entry level analyst jobs in London banks pay £50k to £55k. In subsequent years, you make substantially more than 100k USD. A first year associate makes £90k to £98k, putting them well ahead of 100k USD in year one. [1] http://news.efinancialcareers.com/uk-en/164/the-current-state-of-salaries-bank-by-bank http://news.efinancialcareers.com/uk-en/164/the-current-stat...
deleted 10y ago
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jordache 10y ago
Yes, and this person has a phD.. I would have expected that degree to fetch even higher salary...
rossng 10y ago
Edit: I thought you were referring to debt, not salary. My mistake. I'll leave my post intact in case anyone finds it useful. Yes, absolutely. Fees are £9000 per year. The minimum guaranteed maintenance loan, if you take it, is £3821 per year (though you may be entitled to a larger loan depending on your family circumstances). If you're doing a four year course, this comes to 4 x £9000 + £4 x 3800 = £51200 ~= $68000. If you come from a poor background (and so your parents cannot provide financial help), you may be entitled to a maintenance loan of up to £10700 per year. Grants (money you do not have to pay back) that used to cover most of this have recently been eliminated, leaving poorer students with larger loans. Over four years, this would be £78800 (approximately $104k). Having done three-year courses, many people go on to do a one-year masters at a cost of £10-15k. On top of that, the current interest rate on the loan is 3.9% - meaning that most people will actually be in increasing debt until they earn £40-50k. The only bright spot is that you pay 9% of any earnings over £21k towards the loan (like an extra tax). If you earn less than this, you pay nothing. The debt is wiped after 30 years. As a result there is no US-style problem of graduates struggling to make repayments. However, with the government having shown itself willing to retroactively rewrite the terms of the loan, who knows what will happen.

randomthrow123 10y ago

Junior analyst positions at some of the London banks are paid around GBP 50k as a starting salary, so I guess if you pursue banking it's possible

pjlegato 10y ago

Yes, in the massive London banking industry, though these are not accessible to most. 100k USD is about 76k GBP. According to [1], entry level analyst jobs in London banks pay £50k to £55k. In subsequent years, you make substantially more than 100k USD. A first year associate makes £90k to £98k, putting them well ahead of 100k USD in year one. [1] http://news.efinancialcareers.com/uk-en/164/the-current-state-of-salaries-bank-by-bank http://news.efinancialcareers.com/uk-en/164/the-current-stat...

deleted 10y ago

[deleted]

jordache 10y ago

Yes, and this person has a phD.. I would have expected that degree to fetch even higher salary...

rossng 10y ago

Edit: I thought you were referring to debt, not salary. My mistake. I'll leave my post intact in case anyone finds it useful. Yes, absolutely. Fees are £9000 per year. The minimum guaranteed maintenance loan, if you take it, is £3821 per year (though you may be entitled to a larger loan depending on your family circumstances). If you're doing a four year course, this comes to 4 x £9000 + £4 x 3800 = £51200 ~= $68000. If you come from a poor background (and so your parents cannot provide financial help), you may be entitled to a maintenance loan of up to £10700 per year. Grants (money you do not have to pay back) that used to cover most of this have recently been eliminated, leaving poorer students with larger loans. Over four years, this would be £78800 (approximately $104k). Having done three-year courses, many people go on to do a one-year masters at a cost of £10-15k. On top of that, the current interest rate on the loan is 3.9% - meaning that most people will actually be in increasing debt until they earn £40-50k. The only bright spot is that you pay 9% of any earnings over £21k towards the loan (like an extra tax). If you earn less than this, you pay nothing. The debt is wiped after 30 years. As a result there is no US-style problem of graduates struggling to make repayments. However, with the government having shown itself willing to retroactively rewrite the terms of the loan, who knows what will happen.