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Money - do people really earn silly amounts after uni?

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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I didn't read the whole thread so it might have changed track..

    But, I left school only with GCSE's and I had to work in some shitty factories etc before getting a job in an apprenticeship doing I.T.

    I was already very good at I.T. and the apprenticeship didn't serve me much help apart from a few extra qualifications

    Then I got my job in the current company starting on roughly 10K, within 3 months I was made the first trainer, then team leader, then I worked at British Council site doing some server maintenance etc, came back and carried on to shift leader on the out of hours team, I now take earn roughly 30K pa but that is with some overtime and shift allowance too, I'm happy with it for now as I also get other things like private health care etc

    I also do a few things on the side out of work to top it up for now

    I am in college at the moment upping my qualifications and have secured a new role in the company in a more technical position, within the next 6-12 months I should be able to secure a 30-35K basic pay permie job, and I'm aiming for 50K job within 3 years

    That is Cardiff pay as well so the equivalent in most english cities for 50K seems to be about 65-70K! lol

    I'm happy I can see a goal at the moment really, I still want more though so we are trying to set up a nursery for my OH to run in about 18 months, we'll see how that pans out though as the profit margins look very tight
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    so i can get into this kind of career through any course, i guess i should be looking at southampton..and what other options can i choose that might help in a way in case i do get rejected?
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Hazman just pick whatever uni you like best :) something like economics will stand you in good stead definately - it will help you get a job that is related to business in the least which is always a good starting point.

    There's lots of info about, if you do a google there's a careers website with different city careers and what kind of degrees you need etc.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    what can i type into the google search to find what i want to find out about these kind of careers?
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Since you are looking for universities, when you go visit them you could also ask to speak with a career advisor there and they can help you out alot with what kind of education and what not will be the best for different kinds of jobs.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Hazman wrote: »
    what can i type into the google search to find what i want to find out about these kind of careers?

    http://www.prospects.ac.uk/cms/ShowPage/Home_page/p!eLaXi

    And more specifically:

    http://www.prospects.ac.uk/cms/ShowPage/Home_page/Explore_types_of_jobs/Types_of_Job/p!eipaL?state=showocc&idno=387&pageno=1
    Although this area of work is open to all graduates, a degree in the following subjects may increase your chances:

    * mathematics;
    * statistics;
    * economics;
    * accounting.

    Most employers seek a 2:1 or first. Although it may not be specified in their entry requirements, most will also require a minimum of 300 UCAS points at A-level (or equivalent).

    It's fairly easy to look around and fairly in depth.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Right, I'm answering the questions about what qualifications you need to go into investment banking. I wouldn't trust some 'official' publications like the Prospects.ac.uk site, which have to be a bit politically correct and not tell you the full truth.

    Firstly, the prestige/reputation of the university you go to matters much, much more than what you studied. May sound unfair but that's how it is. In the hard-to-get areas (like trading at Goldman Sachs) you'll have people who studied Classics, Geography, Philosophy, English, History at Oxford or Cambridge, but not those who studied Banking, Finance, Accountancy, Maths at unis outside the top 20.

    Secondly, a 2.1 is essential for a lot of grad schemes, if you get a 2.2 you are f-cked. A 1st class is not essential, but is becoming increasingly advantageous. More and more people each year on the grad schemes have a 1st.

    Thirdly, work experience and extracurricular activities, ie a packed CV, is just as important as your academics. If you graduate with a 1st class degree but a blank CV you are going to struggle. You really need to get a relevant internship whilst at uni for the more competitive roles.

    - To get into the "front office" (the division where people actually generate revenue through sales/trading, M&A executions, IPOs etc) at a "1st tier" (there are plenty of banks but only 8-10 really good ones like Goldman Sachs, Morgan Stanley etc), you need a 2.1 from a top 10 (ideally top 5) uni. A 1st class degree is an advantage. A subject like Economics, Mathematics, Finance is desirable but as mentioned above your uni matters more. About 75% of UK grads are from LSE, Cambridge or Oxford (usually in that order). And you need stuff in your CV to stand out like being president of a uni society, captain of a sports team etc. A few get in the back door still through old school network but this is decreasing.

    - To get into the "middle" or "back office" (divisions which support the front office bankers - eg through risk management, trading technology platform development, settlements) you need a 2.1 from a top 40 uni and an OK CV.

    - To get into the "front office" at a bank outside the top 10 people will typically have a good profile with one thing lacking - eg a 1st class degree from a top uni but not enough work experience, or brilliant experience but a 2.2.

    If you want to find out more about if you're good enough / what it takes, just do a Google search, there's a lot of forums out there with students/young grads involved in the industry who will tell you the frank truth, as I said don't trust "official" guides, they are often full of sh*t eg an employer saying they don't care what university you go to if you've got a good personality. Just look at the bias with the grads they take on to see the real truth!

    Hope that helps. I'll inevitably get flamed again for being elitist, or whatever...
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    tbh I think that's a good post.

    just thought you were ricardo back again when you first started posting, thats all.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Need2Vent wrote: »
    Firstly, the prestige/reputation of the university you go to matters much, much more than what you studied. May sound unfair but that's how it is. In the hard-to-get areas (like trading at Goldman Sachs) you'll have people who studied Classics, Geography, Philosophy, English, History at Oxford or Cambridge, but not those who studied Banking, Finance, Accountancy, Maths at unis outside the top 20.

    Depressing :(

    Hopefully in my career this will have started to change though. I don't agree with [urlhttp://comment.independent.co.uk/commentators/philip_hensher/article197311.ece]some [/url] that think think Oxbridge grads are automatically better... but I think they still do get jobs easier.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Oxbridge grads 'get jobs easier' or are at least often considered over people first because they went to a uni with an excellent reputation and which had highest standards to get in... then survived 3 years of exhausting hours that students have to put in to survive at all - shows at least they are less likely to quit a job when the going gets tough.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    wine makes me sensitive :p

    doesn't mean other grads don't work as hard as oxbridge ones though
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    ShyBoy wrote: »
    wine makes me sensitive :p

    doesn't mean other grads don't work as hard as oxbridge ones though

    Not necessarily but it's likely that they do work harder during term time. For one, their term times tend to be shorter, so have to cram in more work in the same amount of time.

    Also standards and expectations there are going to be higher, you can pretend to yourselves all you want but certain uni's are better than others in general, and certain uni's specialise/are known for being great in particular areas, e.g. Loughborough and sport.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    One of the things an Oxbridge degree shows is that they survive very heavy work loads, work under pressure and to tight deadlines. If the degree is from Oxbridge then the employer can tick all those boxes in one fell swoop, if it's from elsewhere then the applicant needs to show they have the same skills some other way.

    At this point I'm not getting into the arguement as to whether the content of all degrees is the same, but because of the stupidly short terms the work load per week is much much higher. Leads to needing pretty impressive time managing skills.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    The reason why an Oxbridge degree is more valued is even more cynical than any of the above, to be brutally honest. At Oxbridge you meet people and in any area of business it isn't what you know it is who you know. At Durham there was a corporate-sponsored ball practically every night, with the cream from PwC and the like touting for graduates. Oxbridge is the same, if not worse.

    Need2Vent's post is largely fair but it's a bit too strict. Cream will rise to the top regardless of university. I've said before but one of GWST's friends is a high-flying graduate with a top investment bank (who shall remain nameless) and she got a 2.2 from a lower university. Equally, though, another of our mutual friends is doing well in the civil service and she got an Oxbridge first. Um.

    In certain specialised fields a degree from a specialised university will stand you in good stead. Loughborough is widely-regarded as the best business university in Britain, Northumbria University is highly regarded for law and teaching, what was UMIST is highly regarded in scientific fields, etc. Equally a degree from a "top five" university isn't always that good- an IT degree from Durham is barely worth the paper it is written on.

    My degree from Durham impresses people more than one from Huddersfield would, of course it does, but even then most people I know from Durham haven't got pupillages and haven't got paid training contracts and didn't get onto the graduate treadmill with PwC or Accenture.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    How long is an Oxbridge term?
    York has 3 ten week terms but only 8 weeks of teaching per term because the first week is always exams or freshers week, and my course at least has reading week in wk 6.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    An Oxbridge term is about 7 weeks of teaching, without any reading weeks or other assorted detritus.

    AFAIK Oxbridge, like Durham, use the traditional term system, rather than semesters. We had exams once a year, in June, and they were all the traditional three-hour slogs. And we had various essays to be handed in during the term itself, roughly one every 10 days.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I see.
    I do 2 modules a term, and thus have at least 2 three hour exams in the first week of the next term, unless the module is coursework assessed like one of mine is this term.
    They're always referred to as terms as well, not semesters.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Cambridge (and Oxford is very similar) run 3 8 week terms. Weeks start on Thursdays and finish on Wednesday and you get exactly 8 of those for all your lectures, labs, praticals, essays, the lot.

    Freshers 'week' starts on the Saturday night when induction days are Wednesday and full teaching starts on the Thursday. No reading week half way through to catch up (much as we'd love one).

    It's also one final set of exams at the end of each year, all or nothing unless you're a science student in which case you'll get some credit from your practical marks through the year.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Kermit wrote: »
    Need2Vent's post is largely fair but it's a bit too strict. Cream will rise to the top regardless of university. I've said before but one of GWST's friends is a high-flying graduate with a top investment bank (who shall remain nameless) and she got a 2.2 from a lower university. Equally, though, another of our mutual friends is doing well in the civil service and she got an Oxbridge first. Um.
    It's getting harder year-on-year. A few years ago if you had a 2.2 you could still fluke it in. I've seen the book of 2007 grads at my bank, most have a 1st and they're all from the top unis. LSE get more people into finance than Ox and Cam put together out of interest.
    Kermit wrote: »
    Equally a degree from a "top five" university isn't always that good- an IT degree from Durham is barely worth the paper it is written on.
    Sorry but Durham is not "top five"! It was till they stupidly decided to merge with Stockton campus which has dragged them down - #9 Sunday Times, #11 The Times - http://www.timesonline.co.uk/tol/life_and_style/education/good_university_guide/article2126191.ece.

    My opinion on Oxbridge is a bit mixed. I got rejected from Oxford so had to go to LSE. Did me no harm whatsoever, in fact getting a job in economics/finance was probably easier with all the top firms right at your doorstep in London. Oxbridge is over-rated, most people I've met there are pretty mediocre - completely ordinary normal people who just happen to be naturally intelligent. However at the top end, the ones who get employed by Goldman Sachs, McKinsey etc, there are some fantastic top-notch people with 'the whole package' of perfect skills + attractive/charismatic. And they're still in the minority compared to European hires - article in BBC today saying how lots of employers favour foreigners to Brits at grad job level http://news.bbc.co.uk/1/hi/education/7218805.stm.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Cant believe how much hostility people have here to people with a sizeable salary...
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Monserrat wrote: »
    As with Mr. G, I would be very happy if I was on 20K!

    When I left uni in 2002, my job hunting was actually very cumbersome. 118 applications, 7 interviews, 2 job offers (including one redundancy). Most of my rejection letters were because I didn't have the experience although I was well over-qualified. Too much of catch 22 going on. After six months on the dole, I finally got a 13K job in 2003. Five years later, same job but on 14.75K.

    Hmm... I didn't go to uni (left school after GCSEs). At the moment, I'm on 1 application, 1 interview... I'll let you know if it's a job offer on Wednesday!
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Need2Vent wrote: »
    It's getting harder year-on-year. A few years ago if you had a 2.2 you could still fluke it in. I've seen the book of 2007 grads at my bank, most have a 1st and they're all from the top unis. LSE get more people into finance than Ox and Cam put together out of interest.
    Sorry but Durham is not "top five"! It was till they stupidly decided to merge with Stockton campus which has dragged them down - #9 Sunday Times, #11 The Times - http://www.timesonline.co.uk/tol/life_and_style/education/good_university_guide/article2126191.ece.

    My opinion on Oxbridge is a bit mixed. I got rejected from Oxford so had to go to LSE. Did me no harm whatsoever, in fact getting a job in economics/finance was probably easier with all the top firms right at your doorstep in London. Oxbridge is over-rated, most people I've met there are pretty mediocre - completely ordinary normal people who just happen to be naturally intelligent. However at the top end, the ones who get employed by Goldman Sachs, McKinsey etc, there are some fantastic top-notch people with 'the whole package' of perfect skills + attractive/charismatic. And they're still in the minority compared to European hires - article in BBC today saying how lots of employers favour foreigners to Brits at grad job level http://news.bbc.co.uk/1/hi/education/7218805.stm.


    Stockton campus has always been part of durham university
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    MrG wrote: »
    Stockton campus has always been part of durham university
    No it hasn't, it became part in the 1990s - http://www.dur.ac.uk/about/history/highlights/

    I remember beforehand Durham was a consistent 4th/5th. Then people who got CDD A-Levels still got into BCC courses at Stockton, sending it outside the top 10 for a while. Slowly getting back on track.

    Someone PM'd me this, list of careers Durham grads go into - http://www.dur.ac.uk/resources/st-cuthberts.society/web06empcollegeUGfirstdeg.pdf. Lots of sub-£15k stuff, v surprising (although many will be doing stop-gap stuff before finding their career).
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    University College, Stockton has always been part of the University of Durham. It's status was confused at first but that's really not that unusual with new campuses built to accomodate modern degrees. It has never been an entity in its own right.

    Durham is one of the top universities in the country, regardless of where The Times list puts it, given that some of the criteria The Times use are somewhat bizarre to say the least. Certainly it varied between position two and position 13, depending which guide you read, when I went there and it hasn't changed that much since I went there five years ago.

    You certainly are obsessed by how great LSE is. Obviously Oxbridge graduates are "mediocre" compared to you lot :rolleyes:
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Kermit wrote: »
    You certainly are obsessed by how great LSE is. Obviously Oxbridge graduates are "mediocre" compared to you lot :rolleyes:
    Actually, LSE is a shit university given how well regarded it is internationally. The teaching is horrendous, near non-existent for some courses, your personal tutor will have no idea what your name is nevermind if you're a good student or not, you're left to your own devices, I virtually paid tuition fees to access a library and essay questions. It's just very good (as good as if not better than Oxbridge) for getting a good job - largely because a lot of the students are totally clued up so you know from friends exactly what to do and what cards to play to, for example, land a magic circle training contract or three.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    drachir wrote: »
    Hmm... I didn't go to uni (left school after GCSEs). At the moment, I'm on 1 application, 1 interview... I'll let you know if it's a job offer on Wednesday!

    That interview went so badly, but I got the job!
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    drachir wrote: »
    That interview went so badly, but I got the job!

    Nice one mate!!
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    i was thinking of another type of course, what about computer science or management? in uni
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Hazman wrote: »
    i was thinking of another type of course, what about computer science or management? in uni

    about the most you'll earn from cs as a grad is £35k and that's in London. out of London £25k is average/just above average.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I've not heard of anyone starting on £250,000 as a graduate. Bonus and salary for first year analysts at investment banks last year (which was a record year for most banks) did not far exceed £100,000. Most lawyers fresh out of law school start on £36,000 and after two years as a trainee may launch up to c. £125,000 for the top American firms in the city. As for private equity and hedge funds, graduates will be on an income broadly comparable to the investment banks- it is only the partners in equity that make the multi-million figures we're accustomed to goggle at in the papers. I suppose only entrepreneurs are likely to exceed the £250,000 figure, say the creators of facebook, or some other technological venture.
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