How Lucrative Can a Career in the Financial Market Be?
Well, it can be quite lucrative especially if you’re able to sue your employer for “only” receiving a $8.25 million bonus. That is exactly the case with Deeb Salam, an Ex-Goldman Sachs mortgage-backed securities trader, who believes that because his efforts allowed the company to earn a $7 billion profit, he should’ve been awarded a $13 million bonus in 2010.
The company responded saying Mr. Salem’s claims submitted to FINRA were “utterly ridiculous” according to Bloomberg. Also, an Attorney for Goldman noted that the company policy made it clear the amount of a bonus was completely under their discretion since it was apart from a salary. They felt that because of previous misconduct a reduction was necessary.
That previous misconduct ended up being a printed self-evaluation he made boasting about the successful trades his trading desk were involved in back in 2007. Essentially they disfavored the ego shown in the document.
Mr. Salem left the company after receiving a $3 million bonus in 2011. In total he earned $35 million with the company and even earned more money than the CEO, Lloyd Blankfein, when he received a $15 million bonus in 2009.
Why the High Expectations?
Well, Mr. Salem and Goldman’s Structured Products Group were able to profit from the sub-prime mortgage crisis in 2008 by betting against the housing market which, of course, turned out to be the right move. Also, he was told by a Goldman Sachs executive that he was a steal at $15 million which, among other things, caused him to expect the higher bonus in 2010. He also promised his mother, who’s house had burned down, that he was expecting that $13 million bonus.
Can Anyone Expect This Kind of Success?
Earning this much at an investment firm is quite impressive and, in some cases, pretty exceptional. It takes accurate market prediction, careful timing and solid risk assessment in order to take advantage of a downturn in the market as was the case in the sub-prime mortgage crises. Either way, finding a job in the financial services industry can be quite lucrative.
Some Popular Careers in the Financial Market with Potentially Good Payouts Include:
- Traders
- Stock Brokers
- Investment Analyst
- Investment Banker
- Financial Analyst
The amount of money that can be made is based on how educated a broker or trader is in the market, his or her conduct, and of course quite a bit of ingenuity. These things reflect a trader or stock broker salary one can expect to receive when applying to work for a firm.
Some of the careers require a bit of salesmen-ship as well. For instance, learning how to market yourself as a stock broker to build your client base is essential to earning higher commissions and increasing your value to a brokerage firm.
StockBrokerSalary.biz aims to assist individuals interested in learning about becoming stock brokers by providing information in the financial services industry.
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