Opening paragraphs from an article of The New York Sun, May 29, 2007
Congratulations to the class of 2007: It is an excellent year in which to venture forth into the real world, and even onto Wall Street. For the very best and brightest among you, the bulge bracket firms (aka the really big guys) are hiring like mad. For the traditional entry-level position of "analyst," the firms are paying a base compensation of about $70,000, with a bonus of anywhere between $65,000 and $95,000. Not bad, right?
Not bad, but, astonishingly, not good enough. These days, the Wall Street firms are struggling to keep their top hires, many of whom move onto the greener pastures of private equity and hedge funds after their obligatory two-year stints.