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Your road to the RFD $100k individual Salary!

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  • Oct 14th, 2019 1:34 am
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Sr. Member
Sep 28, 2013
547 posts
203 upvotes
alanbrenton wrote:
Jan 8th, 2019 1:18 pm
Not a lot of PE activity in Canada (compared to the States of course), maybe except for PE arms of the bigger pension funds.

Excel already automates the number crunching. What more can AI do?

The deal makers' jobs and their direct reports; are going to be safe for a while. Look at all the technology we have today, it's all about making it a fraction of a millisecond faster to spend money (Google Pay / Apple Pay, Paypal, etc.) but nothing about how to make our money work harder for us. AI cannot replace the wheeling and dealing that happens behind close doors, unless it is allowed to give out money via fund transfer.
Agreed.

Everything eventually can be automated; it's more about what are low-hanging fruit in terms of automation. Execution of trades, access to market pricing etc - these can and are being automated. I think for ibanking, at the junior level, the next evolution will be outsourcing the basic comps/precedents/company profiles to India or wherever lower cost employees can crunch the numbers. At the more senior levels it's about advising on strategy and it's about relationship management. Those roles will not be automated any time soon - maybe when we don't have CEOs running companies anymore, they won't need to pick the phone up and ask a senior banker advice on how to tackle certain issues but that's a ways off.

And yeah, most PE in Canada is pretty substandard. There are a few great funds - Onex/ONCAP, Brookfield, Birch Hill, Altas, Torquest etc but the rest are ho-hum. Pensions play in big deals but if you're not looking to make partner and get 'carry' (which doesn't happen in pensions), you'd have to really love PE or the work life balance to want to do that role as a career.
Deal Addict
Dec 20, 2018
1602 posts
1219 upvotes
alanbrenton wrote:
Jan 8th, 2019 1:18 pm
Not a lot of PE activity in Canada (compared to the States of course), maybe except for PE arms of the bigger pension funds.

Excel already automates the number crunching. What more can AI do?

The deal makers' jobs and their direct reports; are going to be safe for a while. Look at all the technology we have today, it's all about making it a fraction of a millisecond faster to spend money (Google Pay / Apple Pay, Paypal, etc.) but nothing about how to make our money work harder for us. AI cannot replace the wheeling and dealing that happens behind close doors, unless it is allowed to give out money via fund transfer.
AI can do modelling and basically BI and analysis and throw results into a dashboard. I think AI with machine learning, BI can reduce a lot of analysts
Deal Expert
User avatar
Apr 21, 2004
50537 posts
15312 upvotes
StatsGuy wrote:
Jan 8th, 2019 3:52 pm
AI can do modelling and basically BI and analysis and throw results into a dashboard. I think AI with machine learning, BI can reduce a lot of analysts
True but if you are going to put the numbers in once in a pre-formatted template in excel, you get the same thing less the AI / BI costs.

Also, why the need for expensive BI if all the ratios and valuations get spit out right the first time anyway?

It's not like valuation requires powerful data analytics apart from getting the numerator and denominators, and precursors right the first time by inputting them right on the get go.

You are right AI/BI makes sense but there are going to be trade-offs. I'm sure the AI/BI cannot fetch coffee and lunch for the senior analysts/associates while the newbies can.
Deal Addict
User avatar
Dec 8, 2007
4827 posts
995 upvotes
angrybanker wrote:
Jan 8th, 2019 2:30 pm
Agreed.

Everything eventually can be automated; it's more about what are low-hanging fruit in terms of automation. Execution of trades, access to market pricing etc - these can and are being automated. I think for ibanking, at the junior level, the next evolution will be outsourcing the basic comps/precedents/company profiles to India or wherever lower cost employees can crunch the numbers. At the more senior levels it's about advising on strategy and it's about relationship management. Those roles will not be automated any time soon - maybe when we don't have CEOs running companies anymore, they won't need to pick the phone up and ask a senior banker advice on how to tackle certain issues but that's a ways off.
+1.
you'd have to really love PE or the work life balance to want to do that role as a career.
Why do you say this.
Mark77 wrote:"All aspiring students should go into the financial services - engineering is, and always has been, a poor choice for our brightest minds ... and TodayHello is my Hero ..."
Hydropwnics wrote:"TodayHello is a certified hustler and original gangster."
Deal Addict
Mar 7, 2011
3463 posts
1608 upvotes
Vancouver
holden wrote:
Jan 8th, 2019 1:13 pm
My GF was in Ibanking (M&A and underwriting) before moving to PE. She said that so much of her time was spent in Excel doing financial modelling and that lots of it could eventually be automated or done by AI.
Hopefully more and more stuff will be automated, and more and more useless paper pushers working in the FIRE (plus car sales) industry will be unemployed. There is no reason these dinosaurs should still be around today, and make big bucks just for making some mouse clicks. At one point in the future our kids will be looking back and ask themselves "how come our ancestors were so stupid?".
Deal Expert
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Jul 29, 2003
18509 posts
1784 upvotes
charlesd79 wrote:
Jan 9th, 2019 2:51 am
Hopefully more and more stuff will be automated, and more and more useless paper pushers working in the FIRE (plus car sales) industry will be unemployed. There is no reason these dinosaurs should still be around today, and make big bucks just for making some mouse clicks. At one point in the future our kids will be looking back and ask themselves "how come our ancestors were so stupid?".
If we automate as much as we can, where do jobs come from? Will there only be jobs building and maintaining automation? Even Amazon has their own algorithm to order merchandise instead of buyers.
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Sr. Member
Sep 28, 2013
547 posts
203 upvotes
TodayHello wrote:
Jan 8th, 2019 8:02 pm
+1.



Why do you say this.
Didn't mean PE in general, meant at a pension. And that's because you don't get carry (there are no partners at pensions) - it's still a great job but the motivations for many people to go into PE is to make partner some day.
Newbie
Jun 10, 2013
7 posts
7 upvotes
Toronto
Graduated with a BEng in 2014. It took a job change to pass 100k, and I think job hopping is the easiest way to get there. It was very hard to justify an compensation increase with my old employer. My old job was much more relaxing than my new job, so I might be looking to switch companies again and take a slight paycut if required.

2013 - $46K (internship)
2014 - $73K (hired back fulltime)
2015 - $73K
2016 - $76K
2017 - $117K (job change)
2018 - $126K
Deal Addict
Dec 10, 2007
1937 posts
33 upvotes
In IT (only counting starting salary; exclude bonus/stock)
2007: 40k?
2008: 55k
2010: 60k
2011: ~75k
2013: 90k
(working in US since 2016)
2016: 145k
2017: 190k

Planning to move back next year; not looking forward to paycut :(
Last edited by Sepiraph on Jan 30th, 2019 1:24 am, edited 1 time in total.
Deal Addict
User avatar
Dec 8, 2007
4827 posts
995 upvotes
angrybanker wrote:
Jan 9th, 2019 11:20 am
Didn't mean PE in general, meant at a pension. And that's because you don't get carry (there are no partners at pensions) - it's still a great job but the motivations for many people to go into PE is to make partner some day.
Thanks, and thanks to all those who continue to share their journeys. For undergrads or anyone who feels stuck, there is some good, real, examples in this thread with insights into career paths.
Mark77 wrote:"All aspiring students should go into the financial services - engineering is, and always has been, a poor choice for our brightest minds ... and TodayHello is my Hero ..."
Hydropwnics wrote:"TodayHello is a certified hustler and original gangster."
Deal Addict
User avatar
Mar 3, 2012
2975 posts
1356 upvotes
Mississauga
Sepiraph wrote:
Jan 10th, 2019 1:55 am
In IT (only counting salary; exclude bonus/stock)
2007: 40k?
2008: 55k
2010: 60k
2011: 75k
2013: 90k
(working in US since 2016)
2016: 145k
2017: 190k

Planning to move back next year; not looking forward to paycut :(
Why not stay there?
I love RFD! :)
Member
User avatar
Nov 15, 2016
254 posts
130 upvotes
Sepiraph wrote:
Jan 10th, 2019 1:55 am
In IT (only counting salary; exclude bonus/stock)
2007: 40k?
2008: 55k
2010: 60k
2011: 75k
2013: 90k
(working in US since 2016)
2016: 145k
2017: 190k

Planning to move back next year; not looking forward to paycut :(
Awesome progress, What area of IT are you in / specialty? Nice jump from moving to the US btw!
Deal Addict
Dec 10, 2007
1937 posts
33 upvotes
yo2boy wrote:
Jan 10th, 2019 8:51 am
Why not stay there?
Want to have kids and not want to raise them in US.
Toad99 wrote:
Jan 10th, 2019 9:41 am
Awesome progress, What area of IT are you in / specialty? Nice jump from moving to the US btw!
I started off in computer networks, branched more into system; now I am in DevOps.
Deal Addict
Mar 7, 2011
3463 posts
1608 upvotes
Vancouver
Haz wrote:
Jan 9th, 2019 10:15 am
If we automate as much as we can, where do jobs come from? Will there only be jobs building and maintaining automation? Even Amazon has their own algorithm to order merchandise instead of buyers.
Basic income. I know, I'm a pinko...
Sr. Member
Nov 20, 2012
682 posts
495 upvotes
TheDarkMamba wrote:
Jan 9th, 2019 12:01 pm
Graduated with a BEng in 2014. It took a job change to pass 100k, and I think job hopping is the easiest way to get there. It was very hard to justify an compensation increase with my old employer. My old job was much more relaxing than my new job, so I might be looking to switch companies again and take a slight paycut if required.

2013 - $46K (internship)
2014 - $73K (hired back fulltime)
2015 - $73K
2016 - $76K
2017 - $117K (job change)
2018 - $126K
What engineering? Computer or software? Thats starting pay is high if its not computer/software engineer title.

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