How do ibanks get away paying college grads in Ops less than 40k/yr?

i know people workin for BB's in ops who are makin 60k...where are you talking about?

That's what a friend is getting at a BB.

They make more then 40K, don't know where sleepyguyb is getting his information. I'll be interning this summer at GS in Ops and I'll be getting 55K prorated.

Few people I know who started in ops were making anywhere from 50K - 60K. If you're coming straight from campus recruiting, tack on an additional 4-8K in signing bonus, and year end bonus was anywhere from 10k-15K.

sleepyguyb:

thats a hell of a lot less than the national average for accounting/finance majors (around 46/47k) a year.

Dude, operations is not finance or accounting. You don't need to know about finance to work in ops. There are high school dropouts in operations.

Looks like I get paid less then Ops guys. I really should move on to another place.

zala, finance/accounting may not be required, but that is basically what they do, at least the accounting aspect. also all of them have college degrees, i believe

I got an offer for Ops from a top 5 vault ibank and pay was 40k with signing bonus + end of year bonus. The location isnt in NYC though, I guess they adjusted to reflect COL. Lame.

HR at a BB pays 55K for 45hr/wk.

wtf is wrong with the BB I got an offer from. Its certainly a very good name.

55k is in NYC. which is not much if you consider the expenses. Its probably eqv to 40 K in a much less expensive place.

I know Lehman IT guys are making 62+8 starting then some pocket change for year end bonus (2-5K)

Ya, Id rather have 40k in city im at than 55k in NYC, but I was hoping they would save money on rent and stuff and still pay me the NYC Ops salary since it is the exact same job.

sleepyguyb:

Jesus, I know they dont produce revenue but wtf thats a hell of a lot less than the national average for accounting/finance majors (around 46/47k) a year. I mean they do work a good 50 hour a week. Damn.

At my university operations major are right in the 46k-47k range. They are paid fairly well. My advice would be either work for a different bank or look at a different industry.