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Old 10.01.2009, 02:31
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is CHF117K a good salary for Masters graduate?

Hi,

Ive been offered a job in Zug for 117K, a finance role within the chemical industry. I have only 6months relative work experience..ive been told the hrs can reach 60hrs/week...is this a good starting salary for a fresh graduate considering the hrs?

what do most graduates get?


thanks
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Old 10.01.2009, 02:37
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Re: is CHF117K a good salary for Masters graduate?

It sounds like an excellent salary to me, newly minted graduates usually get circa 90k CHF.
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Old 10.01.2009, 02:50
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Re: is CHF117K a good salary for Masters graduate?

im just concerned the hours are too much for the salary

thanks for your response
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Old 10.01.2009, 03:11
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Re: is CHF117K a good salary for Masters graduate?

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im just concerned the hours are too much for the salary

thanks for your response
The salary's excellent - but is any salary worth that much of an imposition on your life?
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Old 10.01.2009, 12:19
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Re: is CHF117K a good salary for Masters graduate?

Not bad... BUT... if the hours are very long, you are getting shafted. Unless they pay you on top for overtime or you get commission.
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Old 10.01.2009, 12:29
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Re: is CHF117K a good salary for Masters graduate?

Many times, you have extra days of vacations to compensate you for the long hours - at least in the 2 companies i have worked for, i had more vacations than the norm to cover for this.
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Old 10.01.2009, 12:45
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Re: is CHF117K a good salary for Masters graduate?

117 is an excellent salary for someone who has only worked 6 months(!)
including a masters graduate.
I assume you will be used to working 60hr weeks anyway. If your just starting out and want to get somewhere, you're going to have to put the effort/time in(!)
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Old 10.01.2009, 20:32
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Re: is CHF117K a good salary for Masters graduate?

Sounds like you should take their arm off, with little experience to back up the qualification, they would appear to be offering a premium maybe to reflect the hours.

Why do new grads seem to think they can attract top salaries without 'paying there dues', or is working your way up not the done thing anymore. Given that the OP has waded in with this, without the even an introduction.... it would appear so!
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Old 10.01.2009, 21:08
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Re: is CHF117K a good salary for Masters graduate?

Great salary, but working that many hours what good is it to you?
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Old 11.01.2009, 09:20
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Re: is CHF117K a good salary for Masters graduate?

I'd jump at it- and not for the money.

If they need you to work that many hours, the likelyhood is that the job is going to be demanding. After having worked hard for qualifications, it is painful to be stuck in a role which you can do with your eyes closed.

Being challenged at this stage is going to assist you down the track when you do have more than six months experience, and are looking for a new job.
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Old 11.01.2009, 10:33
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Re: is CHF117K a good salary for Masters graduate?

The salary is good, but can you work so many hours week in and week out?
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Old 11.01.2009, 10:59
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Re: is CHF117K a good salary for Masters graduate?

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im just concerned the hours are too much for the salary

thanks for your response
No, I would say they are not. This is about the level of a McKinsey or BCG entry salary, and at both of these companies the hours would be closer to 80 than 60 per week. On the other hand, they offer a much steeper career and salary progression.

You still need to decide for yourself whether working 60h per week is sustainable or not. Where do you live now? Would you move to Zug just for this job and the money? I find Zug to be a rather depressing place, not sure if money alone is enough to compensate for that....
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Old 11.01.2009, 11:00
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Re: is CHF117K a good salary for Masters graduate?

I think it is a great salary and I think 60 hours weeks once in a while is to be expected in any high salary job. They say "it can reach", no? Not that you will work 60 hours every week (as that would be illegal according to Swiss law).
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Old 11.01.2009, 11:03
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Re: is CHF117K a good salary for Masters graduate?

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as that would be illegal according to Swiss law
I don't think any company paying salaries like that would care..... every consultant, lawyer or banker works at least that many hours. Usually, the time keeping systems in those companies are set-up in a way that doesn't allow you to record any overtimes exceeding the legal limit.....
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Old 11.01.2009, 11:40
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Re: is CHF117K a good salary for Masters graduate?

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I don't think any company paying salaries like that would care..... every consultant, lawyer or banker works at least that many hours. Usually, the time keeping systems in those companies are set-up in a way that doesn't allow you to record any overtimes exceeding the legal limit.....
The point was the wording of the contract and the legal implications thereof not how timekeeping systems are set-up.

Every banker works at least that many hours? How many have you actually met in order to deliver that blanket statement?
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Old 11.01.2009, 11:54
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Re: is CHF117K a good salary for Masters graduate?

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I don't think any company paying salaries like that would care..... every consultant, lawyer or banker works at least that many hours. Usually, the time keeping systems in those companies are set-up in a way that doesn't allow you to record any overtimes exceeding the legal limit.....
*Every* consultant, lawyer or banker works at least 60 hours a week? I don't think so!
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Old 11.01.2009, 16:03
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Re: is CHF117K a good salary for Masters graduate?

A newly graduated teacher would expect to work regular 60 hour weeks, for a much lower salary than any of those discussed here.

Mind, the twelve weeks' holiday a year provides a certain level of compensation...

But it still worth observing that nobody has ever been heard to say upon his deathbed: "I wish I'd spent more time at the office"...
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Old 11.01.2009, 17:48
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Re: is CHF117K a good salary for Masters graduate?

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I don't think any company paying salaries like that would care..... every consultant, lawyer or banker works at least that many hours. Usually, the time keeping systems in those companies are set-up in a way that doesn't allow you to record any overtimes exceeding the legal limit.....

At Credit Suisse, we definitely worked about 60 hours a week in IT. Most of the
time, we were required to work weekends and nightly Pikett duty.
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Old 11.01.2009, 19:53
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Re: is CHF117K a good salary for Masters graduate?

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The point was the wording of the contract and the legal implications thereof not how timekeeping systems are set-up.

Every banker works at least that many hours? How many have you actually met in order to deliver that blanket statement?
I've met many because I'm in consulting and frequently do corporate finance work together with I-bankers. Maybe I need to specify a bit - when I say "banker" I mean someone in capital markets in a client facing role, not back-office jobs where you obviously work less.

And, believe me - the contracts don't say "you will have to work 120h per week at least". I've had an offer from large i-bank that doesn't exist anymore since last fall (name started with "L" and had the word "brothers" in it). Not one mentioning of work time in the contract. I spoke to one guy in their London office who seriously (!!!) said "look it's not that bad - last Sunday, for example, I took off the afternoon to go to a friend's birthday"...... anyways, compensation there was also way above the 117k mentioned here, so I guess it was a fair deal if one didn't mind giving up their life.
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Old 11.01.2009, 19:55
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Re: is CHF117K a good salary for Masters graduate?

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*Every* consultant, lawyer or banker works at least 60 hours a week? I don't think so!
Then let's change it to "every consultant, lawyer or banker working at a top firm in their respective industry" (like McKinsey, Linklaters, Goldman)
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