Every year, new job positions open up on Wall Street and a bunch of new, freshly graduated young people take these positions as analysts or associates that are straight out of business school or college. All of them are hungry to get more experience and compete in this incredible market and have the goal to one day reach the C-suite.
But the really smart ones know that the CEOs are not the only ones that are getting paid the big bucks. If that were the case, there wouldn’t be a Wall Street by now. On the contrary actually. There are a handful of other high paying jobs that if you manage to get them, you’d be set for life in a very short amount of time.
So while most people are aiming to get that corner office with an incredible view, you should look at getting one of these other high paying jobs that most people are not focusing on and get that money.
But wait, there has to be a catch right? It’s not like people just don’t know about these jobs. Surely there have to be people that are “in the circle” and are actively going after them.
Yes, that is true.
And you are right, there is a catch here – there is no set path to how you can get these jobs.
That is why people like Sam Shiah exist. They have gone through the Wall Street grind as they say where they have paid their dues and proved themselves to get the high paying job that they were looking. And once they have made their money, they get out of the grind and help people like you to get the jobs that you are looking for.
Sam Shiah Wall Street is a perfect guide for you if you’re looking for someone to guide you by hand and help you get a job in an investment bank or any other bank or private equity firm on Wall Street. Check them out.
Glenn Stevens said it best “the path to the top with each job is different”
And that is the catch.
When you get start on Wall Street, there is a straight path for you to get to a middle level position.
You graduate from a top 20 university and get a job as an analyst on Wall Street. You do that for a couple of years and then enroll yourself into an MBA program so you can reprove yourself with better qualifications.
Once you graduate from business school with an MBA, you return to Wall Street and try to become a vice president, then a principal, etc.
In short, if you are someone who likes structure and don’t want to deal with a working environment where people with good connections always get the best jobs, then Wall Street is the place for you. It is one of the most merit-based industries out there.
So if you have the ability to perform well under stress and for a long time, you will absolutely thrive in this environment.
But if you are someone who likes to let their foot off the gas and coast for sometime before flooring it, then this isn’t the place for you. And the reason is simple here – the people you’re competing with, aren’t letting their foot off the gas. In fact, they are flooring the entire time.
So if you’re not performing, you’ll be kicked out.
Keeping that in mind, here’s 2 of the highest paying jobs you can get on Wall Street:
- Chief Risk Officer (CRO)
As a Chief Risk Officer, your annual salary can be between $1-3 million.
These jobs are high in demand ever since the 2008 financial crisis. Many companies want to make sure that they don’t make the same mistakes they made 13 years ago. Not only that, they also want to make sure that they don’t miss out on the potential earnings that they can make during a contraction.
What do you need to do to become a CRO?
As I mentioned above, companies want to make sure that they don’t make the same mistakes they did in 2008. This means you will have to have a background in trading and ideally you should have come up with a fixed-income trading route.
Most importantly, you should be someone who is VERY good at analyzing complex products and understand the risk and reward formulas that the firm uses.
Not only that, you should be able to quickly recognize the risk that is inherent with all the products that are being traded and see how they are related to one another. Basically, being able to see everything from a 50,000 foot view very quickly and realize where you should protect the company and where you can take more risk.
- Chief Compliance Officer (CCO)
As a CCO, you can expect a salary of $1-2 million.
Your job will be to make sure that the firm you’re working for is complying with all the laws, internal policies and regulations. You’re the safety net of the firm and it will be your job to make sure that the firm is trading safely and is being protected at all times.
While the CCO position has always existed and people have been going after it all the time, now it is more important than ever because of the financial regulations that are being introduced for the industry. The government has become very strict about the compliance and they want to make sure that these companies are following the policies to the T.
How can you become a Chief Compliance Officer?
You will need to have a law degree and an accounting degree. You will still qualify if you only have a law degree. But you need to have worked in a regulatory agency or an accounting firm before you qualify to apply for the CCO position.
Obviously, these firms prefer hiring someone who are worked at either SEC or FINRA. So you might need to start off with a lower paycheck to get that experience under your belt, before you move to the private sector and get that million dollar paycheck.
Most people don’t talk about these positions because it requires you to have years of experience under your belt at an appropriate company doing a certain job. It is very niche and so it requires one to have incredible discipline to go through the whole process before landing one of these jobs.
But as you can see, all that hard work and dedication does pay off if you manage to get one of those jobs. It all depends on where you are in the process and how quicky you can get there.
I hope this article helped you figure out what kind of job you would like to go after next in you Wall Street career and what you should expect.