After the credit crisis there was lots of noise about banker compensation.
For good reason, people questioned bankers’ role and how much they’d been paid.
There’s certainly lots wrong with compensation in our society, including…
How Many Bankers Are Underpaid
Most bankers didn’t join the industry expecting little reward.
If you’d told them decades ago, give your life to this and one day you’ll be making 0.25X, many would have chosen a different path.
Of course relative to the average worker bankers are ridiculously paid.
But relative to others providing such massive value to our society as reading lines or catching balls, not so much.
Nor relative to what bankers give to get paid.
Your Entire Life
You strive to achieve.
From your early days in school you had to be top of the class.
Business school too.
That just got you the job on Wall Street where you snaked back down to the bottom of the ladder.
So 80 hours a week for the rest of your life you could keep climbing.
Many give their life to banking, yet how many sell it for a high price?
How Many Are Getting Paid?
The number of bankers making bones is shockingly low.
Sure, of course, again, this is a ton of money, but after taxes and all the costs of living in the big city…
How many bankers are living the high life?
Forget flying private, few bankers are living first class, let alone in the ballpark with those catching balls.
And that’s the few getting paid at the top of the industry.
Most are pawing away only dreaming of bones.
There’s lots of reasons why the career is less lucrative but the main problem for bankers is…
They Fail To Make It Rain
Plenty of bankers I know, some I’ve worked with, have gone from making a bone to making a dozen.
It’s no mystery how.
They struck gold massively ramping up their commercial effectiveness.
Success in banking is tough to navigate, yet at the top it’s decidedly simple.
To get massively paid get it massively raining.
The 16 min intro to the Masterclass for Rainmaking Bankers: