You don’t have to be a Wall Street worker to have received a glimpse into what it's like in that neck of the woods. American Psycho, The Wolf of Wall Street, Boiler Room, The Big Short, and even Martha Stewart’s Netflix documentary are just a few of the films that have let us into the crazy world of the finance bros who dare to try to make it big in banking.
By now, many of us have realized that it’s not all glitz and glamor. It’s a dog-eat-dog industry, filled with high stress levels and long hours. Especially when the markets are volatile and there’s word on the street of a looming recession. Sometimes, the best way to get through the tough times is with a great big dose of humor.
And that’s exactly what you’ll find on an Instagram account called “Overheard On Wall Street.” It has more than 494,000 followers and is a wall of painfully relatable laughs that you don’t even need to be a banker or trader to appreciate. Bored Panda has put together a list of the best for you to scroll through ahead of the next manic stock market crash.
#1
Image credits: @Patrick_Fenelon
#2
Image credits: @Geiger_Capital
#3
Image credits: overheardonwallstreet
If you were to think of a Wall Street worker, what would come to mind? Maybe a white male in a suit, perfectly styled hair, clean-shaven? Perhaps he attended an expensive Ivy League school and lives in a fancy penthouse apartment?
If you answered yes to those, it could be because Wall Street movies have created a stereotype that’s stuck in our minds. But also because it’s traditionally been a tough place to break into. And those with a leg up might have stood a better chance at landing a job or even an internship.
#4
Image credits: newyorkers
#5
Image credits: @Invesquotes
#6
Image credits: freakindsheets
According to Business Insider, the system prioritizes people who “are lucky enough to be exposed to the finance industry and its all-important investment banking internship at a young age.” Meanwhile, investment firm Prescient reports that the industry is male-centric because not enough women are being exposed to it. Nor are they being encouraged to join.
“Historically, women interested in pursuing a career in financial services have shown a preference for banking or accounting rather than investment management,” reads the firm’s site. “Aspirations are the first step towards reality and more needs to be done to attract women into an industry that perhaps isn’t at the top of their minds when considering their career options in the financial services industry.”
#7
Image credits: freakindsheets
#8
Image credits: freakindsheets
#9
Image credits: freakindsheets
Business Insider recently did some research to find out who exactly sits at the desks on Wall Street. And some of the answers might be surprising.
Contrary to what many imagine, BI found that only 11.7% of New York-based front-office workers at four big banking firms attended Ivy Plus schools for their undergrad studies. Those are the Ivy Leagues, as well as the University of Chicago, Stanford, Duke, and MIT.
Almost the same percentage got their undergraduate degree abroad. And almost four out of five went to other schools.
#10
Image credits: overheardonwallstreet
#11
Image credits: @WillManidis
#12
Image credits: overheardonwallstreet
The only two Ivy League schools in the top five are the University of Pennsylvania, home of the Wharton Business School, and upstate New York's Cornell.
"Three of the five most popular undergraduate schools are in New York City, led by New York University, which charges more than $65,000 a year for tuition," reported Business Insider. "Next up is Baruch College, a public school in Manhattan known for spitting out finance talent, and Fordham University, a private Jesuit school in the Bronx."
#13
Image credits: overheardonwallstreet
#14
Image credits: financegoldenera
#15
Image credits: overheardonwallstreet
Management at four of the largest Wall Street banks looks a bit different… BI found that of the 69 members of the management committees at JPMorgan Chase, Citigroup, Morgan Stanley, and Goldman Sachs, "17.4% of them went to an Ivy Plus for undergrad, and a striking 30.4% hailed from an international school."
#16
Image credits: overheardonwallstreet
#17
Image credits: shortsqueeznews
#18
Image credits: overheardonwallstreet
As to be expected, working on Wall Street does pay well. According to Business Insider, entry-level bankers earn around $110,000 a year. And this doesn't include bonuses. "Bonuses can make up half or more of total pay but will fluctuate depending on how bad or good business was the year prior," notes the site.
BI adds that bank revenues soared last year. The Wall Street bonus pools stood at an all-time high of $47.5 billion, meaning an average bonus of $244,700 for every Wall Street worker.
#19
Image credits: overheardonwallstreet
#20
Image credits: overheardonwallstreet
#21
Image credits: @OHWallStreet
#22
Image credits: overheardonwallstreet
#23
Image credits: overheardonwallstreet
#24
Image credits: overheardonwallstreet
#25
Image credits: overheardonwallstreet
#26
Image credits: overheardonwallstreet
#27
Image credits: overheardonwallstreet
#28
Image credits: overheardonwallstreet
#29
Image credits: @picotop
#30
Image credits: overheardonwallstreet
#31
Image credits: overheardonwallstreet
#32
Image credits: @OHWallStreet
#33
Image credits: overheardonwallstreet
#34
Image credits: overheardonwallstreet
#35
Image credits: overheardonwallstreet
#36
Image credits: @OHWallStreet
#37
Image credits: overheardonwallstreet
#38
Image credits: overheardonwallstreet
#39
Image credits: overheardonwallstreet
#40
Image credits: overheardonwallstreet
