£50k just isn't enough anymore...

[Otispunkmeyer]

alfaman said:

I did a full time MBA at Cranfield - I would NOT recommend doing [a lesser] one while you work : full time MBA from either London business school , Cranfield , Insead .. or one of the other top drawer ones is worth a LOT in terms of job /career prospects [vs an "open university" "MBA" ]


chalk and cheese

Do you need the MBA or say something like a masters in financial mathematics? (course here at my uni). Im doing a PhD currently and dont fancy yet another year on top of that. I know one guy whos done Mathematics to masters level, PhD in automotive engineering and is now an analyst for a private financial firm. So no MBA or anything, but I assume being a Dr of engineering helps you out slightly.

Can you just apply to big institutions and so long as you pass all tests and interviews they let you in? (know a few guys who bummed about doing politics... now working for JP Morgan. They just applied, passed all the tests and now working in Finance)

[alfaman]

Otispunkmeyer said:

Do you need the MBA or say something like a masters in financial mathematics? (course here at my uni). Im doing a PhD currently and dont fancy yet another year on top of that. I know one guy whos done Mathematics to masters level, PhD in automotive engineering and is now an analyst for a private financial firm. So no MBA or anything, but I assume being a Dr of engineering helps you out slightly.

Can you just apply to big institutions and so long as you pass all tests and interviews they let you in? (know a few guys who bummed about doing politics... now working for JP Morgan. They just applied, passed all the tests and now working in Finance)

I originally graduate waaaay back pre Big Bang ! ...I think these days you could go straight from a good Eng or Maths degree into working in the Financial Sector / IB

I now work as a Group CFO [expat in SE Asia ] .... wouldnt be able to do that without an MBA [given I am not ACA or CIMA ]

[GT03ROB]

Davi said:

we're not just talking about £50k salaries though - you said in general 40% was madness. Around here, a 1 bed flat will put the average earner to 40% of income, you often can't get any lower in expectations even at 40% which was my point.

If around here means Southampton per your profile, 1 bed flats seem to start around 65k. So lets assume someone borrows 60k, thats 350/month at a high 5% & on 25yr term. A £25k salary will yield you around £1600 after tax & NI, so thats around 22%. So it's still doable. Drop the salary to £20k & it's still only 27%. If people are earning much below this they shouldn't by buying but renting, because they can't afford to buy. Renting brings the advantage of more stable payments & little exposure to interest rate rises & falls.

[Otispunkmeyer]

alfaman said:

I originally graduate waaaay back pre Big Bang ! ...I think these days you could go straight from a good Eng or Maths degree into working in the Financial Sector / IB

I now work as a Group CFO [expat in SE Asia ] .... wouldnt be able to do that without an MBA [given I am not ACA or CIMA ]

Well can't hurt to apply and see what happens. Plenty of time to decide from my end. Australia is on the cards as well and earning potential for engineers is much higher. But if I have to stay UK then I will be considering sector change seriously.

[Davi]

GT03ROB said:

If around here means Southampton per your profile, 1 bed flats seem to start around 65k. So lets assume someone borrows 60k, thats 350/month at a high 5% & on 25yr term. A £25k salary will yield you around £1600 after tax & NI, so thats around 22%. So it's still doable. Drop the salary to £20k & it's still only 27%. If people are earning much below this they shouldn't by buying but renting, because they can't afford to buy . Renting brings the advantage of more stable payments & little exposure to interest rate rises & falls.

Not sure where you're getting £65k from - I know you can get shared ownership flats for that but ones that are actually habitable and for sale on open market, no chance. Uninhabitable sure I've seen them around that sum. £75 would be a more realistic sum for a place you could live in - as long as you don't mind the worst areas going.

Other than that, rental wise, my BIL was paying £250 a month for a room in a house, in a really rather rough area of the city. A one bed flat will cost upwards of £450 a month. Again you may find something below that, but believe me it will not be anywhere that the average human would want to live.

[GT03ROB]

Davi said:

Not sure where you're getting £65k from - I know you can get shared ownership flats for that but ones that are actually habitable and for sale on open market, no chance. Uninhabitable sure I've seen them around that sum. £75 would be a more realistic sum for a place you could live in - as long as you don't mind the worst areas going.

Other than that, rental wise, my BIL was paying £250 a month for a room in a house, in a really rather rough area of the city. A one bed flat will cost upwards of £450 a month. Again you may find something below that, but believe me it will not be anywhere that the average human would want to live.

So take it to £75k...you'll still on £25k keep way below the 40%. Ok so some bits of Southampton aren't great but Kabul it ain't. Anyway we could go on & on with this discussion, however the point is you CAN find property to buy on average salaries & keep well below 40%. If somebody chooses not to want to buy those properties so be it. Rental to me remains a different discussion & it is the right choice for many who should not be trying to buy, even if in the short term the monthly cost is higher.

[SirTainly]

Night Runner said:

What were the working hours? When did you leave home/get back?!

a little flexible, but on paper 9-5:30 with an hour for lunch, but woe betide anyone leaving before 6.

Used to leave home at 6am and be home at around 9/10pm depending on what catastrophe had happened to the transport network that day - and yes I was only home for 8 hours each night which was st. Top that off by often having to work one day of the weekend too.