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HowtoDoubleYourSalarybyLeaving.docx

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HowtoDoubleYourSalarybyLeavingHowtoDoubleYourSalarybyLeavingGoldman?OneofthemostnaturalandlucrativecareerpathforanalystsatinvestmentbanksistojumptoprivateequityfirmsafterspendingtwoyearsworkinglikeadogonWallStreet.Themostvisiblebenefitaftermakingthisjumpistoseeannualincomedouble.Asecond-yearanalystatGoldman'sIBSprobablymakes$150Kayear,includingbonus.Aftermovingtoabigprivateequityfirm,thethirdyeartotalincomewillincreaseto$300K.ComparedtoWallStreetfirms,traditionallyknownassell-sideandcurrentlyundertremendousregulatorypressureandscrutiny,privateequityfirms,akabuy-side,aregrowingveryfastinrecentyears,raisingbigfundsandexpandingtheirbusinessreach.Thankstothemoneyundermanagement,whichisincreasingrapidly,privateequityfirmshaveenormousandsteadymanagementfeeincome.Theyneedtohiremorepeopletohelptheirexistingandexpandingbusinesslinesandtheyenjoythebenefitsofbigfeeincometoaffordthrowingmoneyaroundtoattractyoungtalent.AndtheyjustLOVEhiringdirectlyfrombignamesell-sidefirmslikeGoldmanandMorganStanley.GettinganalystsfromWallStreetnotonlyassuresquality-mostofthemwerehiredoutoftopschoolsintheU.S.tostartwith-butalsoforegoestheneedfortraining.WorkingonWallStreetfortwoyearsisthebestfinance-relatedtrainingyoucanaskforfromanyone,notjusttheefficiencyofdoingvaluationworkbutalsotheethicsofhardwork,period!Butthingsaregettingtrickierthesedays.Before,justlikecampusrecruitinginthesenioryearwhenjoboffersaredoledoutnomorethanhalfayearbeforetheactualworkstarts,privateequityfirmswillinterviewandgiveoutoffers6monthsbeforeanalysts'two-yearapprenticeshiponWallStreetiscompleted.Recently,undercompetitivepressuretolockintalentasearlyaspossible,privateequityfirms,eitherdirectlyorthroughrecruitingfirms,areinterviewingWallStreetanalysts18monthsinadvance.Soanalysts,whostartedonlyhalfyearagoonWallStreet,arebeingaskedtocometosecretinterviews,resultinginmanyanalystshavingtosneakaroundandevenmisswork."Youmaybecalledintoaninterviewtwodaysinadvance,adayinadvanceorevenanhourinadvance,"confessedbys