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Old 2nd December 2009, 23:19   #91
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@Netfreak

The profiles are quite sad. Believe me when I say you don't want to work with a really small kitty and a hatchet over your neck.

Consultancy is a farce as far as engineering colleges are concerned. They make you sit at the back, work on SAS/Excel etc.

You are basically a bunch of lackeys.

No offense to anyone. I am about to become one too.

20 lakhs is something I have never seen. 14 lakhs by Google is the highest I have seen.

But yes, PSUs like BHEL/NTPC/HPCL etc do offer 8-10 lakhs. This is however the CTC and includes a lot of perks. Still you pocket 40-42k pm easily.

Regards

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Old 2nd December 2009, 23:26   #92
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Consultancy is a farce as far as engineering colleges are concerned. They make you sit at the back, work on SAS/Excel etc.

You are basically a bunch of lackeys.
Horses for the courses i guess.

For some, creating mathematical models is much more interesting than coding or architecting solutions. And rectuiment process is geared towards finding those.

Lot of my collegues did CFA to get into such roles after spending 10+ years as developers.

You create models in SAS and them hand them off to developers to implement in Java / BI tool.
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Old 4th December 2009, 01:05   #93
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Okay an update.

Highest salary at IIT-D till is Rs. 28 lakhs pa.

This is not a $=>Rs conversion. Job based in Mumbai.

I feel like killing myself. :P
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Old 4th December 2009, 01:14   #94
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Highest salary at IIT-D till is Rs. 28 lakhs pa.

This is not a $=>Rs conversion. Job based in Mumbai.

I feel like killing myself. :P
Why do you have to kill yourself, for not making as much right out of college?

A guy who makes that much as a freshie, will he have time to enjoy it? I mean is it going to be a 40 hours a week job?
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Old 4th December 2009, 01:20   #95
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The point is that my body can take the 40 hours a week job for at least 4-5 years. That means a lot of money.

Of course there are two sides of the coin. I am really not bothered though. It isn't a profile I would be interested in anyways.
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Old 4th December 2009, 01:46   #96
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The point is that my body can take the 40 hours a week job for at least 4-5 years. That means a lot of money.
look again at what samurai said. "is it going to be a 40 hrs a week job?". No, they are going to squeeze every productive second out of his life.

and how long do you plan to work after 4-5 yrs? reminded me of the scene from "dumb and dumber" when they found out there is no job in city, unless they wanted to work 40 hrs a week.
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Old 4th December 2009, 08:36   #97
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The point is that my body can take the 40 hours a week job for at least 4-5 years. That means a lot of money.
I am twice as old as you, and even I can handle 40 hours a week, in fact I often put in 50 hours a week depending on work load. So you better be able to handle 40 hours a week for lot more than 4-5 years.

I recall this old cliché I used to hear among my colleagues when I worked in NJ. Get out of job, get an Harvard MBA for 100 grand, become a trader earning starting at 175 grand a year. You'll burn out after 5 years and then you can retire. People had doubts about the 175 grand, but never about the burn out part.

As an employer I can tell you, no company pays obscene amount of money out of stupidity. They fully intend to earn it back few times over even if it means burning you out. If they are paying him 28L, they have a plan to generate at least 2.8C out of him.
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Old 4th December 2009, 10:33   #98
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So doesn't it become a moot point all over again?

If I want to earn big bucks, I'll have to put in effort. And I guess everyone wants more money (except for those who already have a lot :P).

If someone enjoys that sort of work... it'd be a nice thing to set your behind on fire for sometime and then see if you can change fields to something less stressful.
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Old 4th December 2009, 10:58   #99
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Ok, let me introduce you to some funda...

When a company is paying sane salary to a fresher, they can afford to slowly groom the employee with the right amount of training and exposure. The degree of difficult in training/technology/workload can be slowly increased so that the fresher doesn't get burnt out. They can wait even two years for the employee to become fully productive and ready for the bigger challenges. Traditionally this was how things were done so that the employee remains productive throughout his career. This is especially important in the initial few years. After that depending on the person, he or she can decide how much stress they want to handle and pick the job to suit their ability or needs.

However, a company that pays astronomical sum to a fresher can't afford to sit around groom the employee for years. They prefer to hire a brilliant star, use him/her from day one to the maximum until the employee burns out in next few years. Then they replace that employee with the next brilliant star. If you pay somebody 28L in the first year, how much you have to pay him/her in the 3rd or 4th year? a Crore? Will it be worth it? Probably not, it is better to pay fresh unburnt brain 28L than pay one crore to a burnt out experienced guy. Of course, there are always few guys who will survive the experience and continue to get brighter.
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Old 4th December 2009, 11:14   #100
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Hmmm... Thanks for putting that in proper perspective. Envy did not allow me to do the same.

I did know that I wasn't the sort of guy who would work on a job like that. I wouldn't get time to drive around! What fun would that be now?
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Old 4th December 2009, 11:16   #101
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However, a company that pays astronomical sum to a fresher can't afford to sit around groom the employee for years. They prefer to hire a brilliant star, use him/her from day one to the maximum until the employee burns out in next few years. Then they replace that employee with the next brilliant star. If you pay somebody 28L in the first year, how much you have to pay him/her in the 3rd or 4th year? a Crore? Will it be worth it? Probably not, it is better to pay fresh unburnt brain 28L than pay one crore to a burnt out experienced guy. Of course, there are always few guys who will survive the experience and continue to get brighter.
I don't agree with this. This field (Financial Engineering) is unknown to MOST of population.

Rule of the game in "Up or Away". If, by second year you are not earning at least a Crore you would be fired.

Salaries are a direct function of P&L account of your team. Trading revenue (In case of trader) or M&A / LBO revenue (In case of Investment Banker) are astronomical. B. Tech are hired for trading.

You contribute towards increasing this revenue. Your salary is largely determined by increase in revenue + ROI.

If these things remain stagnant, you are fired.
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Old 4th December 2009, 11:36   #102
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The 'Up or Away' funda has exactly the same implications. The amount of stress associated with the job is very high.

And financial engineering is hardly unknown these days. Believe me when I say it is being rejected by most of the engineers as a career option solely on the basis of the uncertainty and risk it carries.

When an investment house came to our college, they told us of bonuses stretching into Crores and it was true. Even if not into crores...40-50 lakhs was only normal. Yet, most of the people attending decided to screw up the test.

Those guys from the company were traders... One of them told me that the stress associated is very very high. They have to think twice before getting up for the restroom. Who wants a life like that!
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Old 4th December 2009, 12:10   #103
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I don't agree with this. This field (Financial Engineering) is unknown to MOST of population.

Rule of the game in "Up or Away". If, by second year you are not earning at least a Crore you would be fired.
Er.. but you are agreeing with me. I gave 3-4 years, you are giving just one year. It burnout rate varies with the industry. BTW, I do have an idea about financial engineering, although I am primarily a techie, I did earn a MBA few years back.

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Those guys from the company were traders... One of them told me that the stress associated is very very high. They have to think twice before getting up for the restroom. Who wants a life like that!
Exactly, the Harvard MBA cliché I heard 15 years back was based on this. When 28L salaries are mentioned, nobody talks about toilet break privilege.

Last edited by Samurai : 4th December 2009 at 12:17.
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Old 4th December 2009, 12:34   #104
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I know a few people who got a salary jump from a 10L per annum(where they reached after 4-5 years in the field) to about 30L/annum, after doing 1 year MBA from tier 1 institudes like IIM/ISB etc.,
They come home often at 2am, most of their saturdays(which are officially off) are working, and they have permanent dark circles.
One of them remarks that he can afford a nice Europe trip now , but there is no point as the longest vacation he took with his wife in the past 6 months was an overnighter to Neemrana fort, 4 hours away.

With the economic slump and all, he says the pressure has multiplied, and if you do not meet targets, you are fired.
Media only hypes one side of the story of those inflated pay packets, they miss out the 80-100 hour/per week
but again do not kid yourself, you can be stuck in an 80 hour per week job even without a 28L package. I once did such weeks for 4 weeks at a stretch, and that was a big motivation factor for me to change my job

But then, when you are fresh out of college its big bucks you dream off, the importance of having personal time comes much later.

If you want to earn money, and enjoy a few years with good money, try to get into an industry where your role will be of on site customer support(not project development a la service company, but product deployment support), with most clients abroad.
You will be globe trotting, if you are lucky you will end up in france, where you will work 6 hours a day, and goof of for the rest. Per Diem will pay much more than your bills and expenses, and you won't even need to touch the salary you get in India.
But beware, do not take up such a job in a services company(India based). Here you will be rent a coder guy, and your purchaser will try to extract as much as they can from you.
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Old 4th December 2009, 13:05   #105
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But beware, do not take up such a job in a services company(India based). Here you will be rent a coder guy, and your purchaser will try to extract as much as they can from you.
But that is exactly what India's largest IT companies do.

Wait, why are talking about these crazy salaries? This thread is about the other extreme. The IT graduates whom the companies don't want to touch with a barge pole.
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