UK
Admittedly, we’ve asked this question in various guises in the past, but US Treasury Secretary Tim Geithner has inspired us to ask it again.
According to DealBook, Geithner ducked a question this week on whether bankers are driven entirely by compensation. Asked whether this was so, he said –
‘ That is a very interesting question. I’m not going to answer that question. I think it is hard to judge motivation on these things.”
Can you help Geithner judge bankers’ motivation? Are you motivated by anything other than the size of your cheque? Please elucidate below.
No, I most certainly am not. I would willing work 14 hour days and Bank Holidays for a mere fraction of what I am earning now.
Dear God yes and I’m a broken, but admittedly solvent, man. Every morning I check the news and hope Canary Wharf has been reduced to rubble (with no casulaties) like the end of Fight Club.
Anyone who says they are not in it for the money is a liar
If it wasnt for the money that can be made theres not many people who would want to do such a pointless job as banking.
I am sure money is one of the main drivers, but not the only one, others include ability to meet and influence powerful people ..in some way glamour, and belief that we make things big things happen in the financial world. even if thats an illusion, people want to live in it…
Unless you can live eat and sleep deals (ie its your main passion in life) most people are in finance out of fear or issues with money (or other power and glamour delusions as described above). Either they grew up poor and had a bad experience and/or do not know how to relate in a healthy way to money. Some people deal with money how other people deal with food (addiction, binging etc). Your career attracts you to issues you need to deal with in this lifetime – just like ground hog day.
agree with sg
Finance allows you to get where you’re going, just a lot faster and in slighly worse condition. Why not earn a lifetime of money within ten years?
‘others include ability to meet and influence powerful people ..in some way glamour, and belief that we make things big things happen in the financial world’
PATHETIC! Get real, admit its just about the cash!
What money??!! I earn slightly less in a well known Asset Management firm as an analyst developer in the Square Mile than I did in a much more well known telecoms firm two years ago. Take off the commuting costs from north Herts and I am considerably worse off. Must be time to head back to Telecomsland.
Im in it for the glamour, fast cars, easy women and magazine deals.
Very shallow comments here, I must say. Money and compensation attracts you to the financial world, but remember, people are different. I do what I do in the banking sector because of the money I get of course, but also because I love the meritocracy that I experience in my company, while I’m coming from a country where all that matters is who you know.
I also think the question is a shallow question in itself, because it doesn’t consider the diversity of roles one can play in the financial industry (from trader to relationship manager to customer service), and the diversity of each individual’s aspirations and motivations.
Absolutely. This is certainly not a ‘fulfilling’ profession, is it? We are not really making wildlife documentaries in the Amazonian rainforest or saving children from tyrants. If the money element is removed this would be an extremely boring work.
‘If the money element is removed this would be an extremely boring work.’
If the money element was removed people would look to other jobs, eg:- MP
Money is a strong motivator to get into finance, but not always what keeps you in there, especially at times like these (i.e. there is not much money to be made).
Some people just hate to fail and you are made to believe that leaving (unless it is to better paying jobs) means failure. Then, you suddenly find you missed out on those “best years” and realize there is no point inaiming at a better work life balance. That’s when the fear starts.