- Already A Member? (Sign In)
It seems most job titles have specific educational requirements. From the survey results, a Bachelors degree is definitely a minimum educational requisite; however, having an advanced degree or MBA is not a requirement for many positions. A Masters Degree or MBA is more prevalent in the Analyst, Portfolio Manager and Trader roles (38% have an advanced degree). Some key administrative positions require professional certifications such as CPA.
When it comes to compensation, the MBA does seem to pay off. MBAs, on average, are earning 33% more in cash compensation – most of which is earned in bonus.
When it comes to satisfaction with overall compensation, the MBAs are actually less satisfied than all the respondents. This is likely due to expectations of additional compensation such as equity in the firm.
Although an advanced degree is not required for many positions, the standards are still high. According to Michael Flood, managing partner of Westwood Partners, a senior-level financial search firm in New York, ‘The intensity and intelligence screen at the very good hedge funds is ten times that of the average investment bank. They’re always looking for the best of the best of the best, and they’re always sanguine about turning people over if they find a better alternative.’ For some firms, rigorous pre-screening could be part of the solution to the turnover problem.
back to 2007 Compensation Report
