If you thought working on Wall Street was glamorous, you were wrong. If you thought it was a secure job, you were wrong. If you thought you'd earn more than $50k, you may have been wrong too.
A new report from the Partnership for New York City disproves many of the firmly held beliefs about finance careers in New York City. This is what you need to know.
1. Just because you work on Wall Street, that doesn't mean you're well paid
2. Wall Street is not a growth sector
3. There are four times as many Wall Street professionals earning less than $75k than earning more than $300k
4. Adjusted for inflation, Wall Street pay fell nearly 20% between 2007 and 2013
5. Adjusted for inflation, pay in other industries rose during that period
6. Just because you work on Wall Street, that doesn't mean you'll live in Manhattan
7. A lot of Wall Street employees live in fear about their jobs being moved elsewhere
8. The only jobs that banks have really been hiring for are in risk and regulation