For most individuals aspiring to work in finance and consulting, Wall Street holds undeniable allure.
It is a gathering place for elites, where only those at the pinnacle of the “pyramid” are believed to survive in such a cutthroat environment.
Certainly, this fierce competition is accompanied by enticing high salaries. So, what are the professional backgrounds of those working on Wall Street? And is the salary truly as lucrative as it seems?
Recently, the US publication “Business Insider,” in collaboration with the salary website “Emolument,” conducted a survey among thousands of finance professionals on Wall Street. The survey aimed to gather data on their job positions, salaries, college majors, and educational degrees.
The final results revealed that individuals with an MBA degree seemed to have an easier time securing high salaries in this field. Following closely behind were those with a Master’s degree in finance and Bachelor’s degrees in science-related disciplines.
01
Income of Degrees in Different Positions
# Analyst
Average Salary Levels for Analysts by Degree:
MBA：$192,000
Master of Science：$110,000
Master of Finance：$124,000
Bachelor of Science：$133,000
Bachelor of Arts：$121,000
Most Popular Majors:
The most popular majors are accounting, business and finance, followed by economics.
Graduates with MBA degrees earn more than other undergraduate and graduate degrees.
# Associate
Average Salary Levels for Associate Managers by Degree:
MBA：$216,000
Master of Science：$197,000
Master of Finance：$216,000
Bachelor of Science：$201,000
Bachelor of Arts：$165,000
Most Popular Majors:
For those who rise to assistant manager after two or three years on Wall Street, the job requires a higher degree, and the most popular majors are still accounting, business, finance and economics.
# Vice Presidents
Average Salary Levels for Vice Presidents by Degree:
MBA：$318,000
Master of Science：$332,000
Master of Finance：$300,000
Bachelor of Science：$356,000
Bachelor of Arts：$283,000
Most Popular Majors:
For this position, the Bachelor of Science degree has been honed over the years and is the highest paid.
# Directors
Average Salaries of Directors with Different Degrees:
MBA：$520,000
Master of Science：$492,000
Master of Finance：$407,000
Bachelor of Science：$586,000
Bachelor of Arts：$547,000
Most Popular Majors:
Accounting, business and finance account for 60% of directors, followed by economics at 21%.
02
Advantage Majors and Degrees
According to statistics, the income level of the Executive MBA is much higher than that of other professional degrees. The main reason for this phenomenon is that the profession is generally studied by people who already have management experience, and the salary is not surprising.
After the EMBA,MBAs and Masters of Finance pay the highest salaries.
It is not difficult to see that employment-oriented masters are very popular in the overall employment on Wall Street.
According to the Graduate Management Admission Council As early as 2019, the average annual salary of MBA graduates has exceeded $115,000, and the annual salary in consulting fields has even exceeded $135,000.
According to Glassdoor, Master of Finance graduates earn six-figure salaries in investment banking, asset management, consulting, venture capital and private equity, with an average annual salary of $115,130.
Whether at home or abroad, the employment situation in the financial industry is very similar, and if you want to be at the top of the pyramid, a higher degree can bring a lot of help.
Of course, major and school background is also important, and personal and networking skills are a top priority. However, this should not affect the added value of the degree itself.
