The article points out that while average compensation is very high, this is skewed by a relative few who make a great deal. Using medians and quartile data from the 2000 Census, sociologist Andrew Beveridge shows that not everyone on Wall Street is rich. (Be forewarned, this is not a finance article, but a newspaper piece).
Wall Street Bonus Babies (Gotham Gazette. January, 2005)
A quick taste of the article:
A few of his other findings:
"So who are the Wall Street bonus babies?
Overwhelmingly they are involved in securities and investments, according to an analysis of Census and other data. They either help make markets, make sales, make deals, or give advice brokers, investment bankers, traders, financial analysts, financial advisers, portfolio managers, and a few chief executive officers.
Working on Wall Street does not guarantee a high income, as most any Wall Street secretary, food service worker, or techie can attest. So can the average auditor and accountant; one-quarter of the 11,000 auditors and accountants who work in the investment and securities industries in Manhattan make $38,500 or less; the worst-paid brokers make little more than that."
"An investment banking analyst right out of college will make about $65,000 salary, plus a $35,000 bonus, while an associate just out of business school might make $85,000 in salary and $115,000 in bonus."
* Finance-related jobs are significantly better paying than other positions.
* 93% of those making over $347,000 are white while 86% are male--two facts that none of us should be proud of.
* 93% of those making over $347,000 have at least 4 year college degrees.