Anyone earning 'big bucks' (£200k+ per year)? Would love to hear your story!
- Thread starter rubberduck
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Soldato
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There are two facets to securing jobs where the big salaries are:
1) 'Leading in industry', ie where there is a ready established business (Ltd/plc) or public agency which you subsequently take the helm of or a senior enough position which pays.
If you want to make big money working as an industry leader/CEO/MD then you need to be seen as a strong leader, have the right interpersonal qualities, necessary qualifications and most importantly the right experience and connections. Ultimately though in these positions you are never quite the boss, reporting to shareholders, ministers or a board. However there are lots of senior positions in industry which only just hit this ceiling or fall well short.
2) 'Owning an industry' where you are the business, either by buying it or setting it up.
To make this kind of salary with your own business requires a different skillset. Plenty of small to medium businesses are successful but don't turn over enough to play the owner £50k pa let alone £200k. To make big money you have to take the right risks and realise the right opportunities with impeccable timing.
As an exception to the above there are roles in finance for example where bonuses can mean big salaries without leadership seniority. Equally if you come from a wealthy background it can be a game changer.
This is a very simplified view as I don't want to be typing all day so please excuse the brevity.
1) 'Leading in industry', ie where there is a ready established business (Ltd/plc) or public agency which you subsequently take the helm of or a senior enough position which pays.
If you want to make big money working as an industry leader/CEO/MD then you need to be seen as a strong leader, have the right interpersonal qualities, necessary qualifications and most importantly the right experience and connections. Ultimately though in these positions you are never quite the boss, reporting to shareholders, ministers or a board. However there are lots of senior positions in industry which only just hit this ceiling or fall well short.
2) 'Owning an industry' where you are the business, either by buying it or setting it up.
To make this kind of salary with your own business requires a different skillset. Plenty of small to medium businesses are successful but don't turn over enough to play the owner £50k pa let alone £200k. To make big money you have to take the right risks and realise the right opportunities with impeccable timing.
As an exception to the above there are roles in finance for example where bonuses can mean big salaries without leadership seniority. Equally if you come from a wealthy background it can be a game changer.
This is a very simplified view as I don't want to be typing all day so please excuse the brevity.
I don't but my wife does. She's a barrister so her experience might not be all that relevant to a chemical engineer! 
She is incredibly smart (1st from Oxford, Eldon Scholar, top of her BCL year) but also works insane hours (80 hour weeks are common). Her ability to successfully complete complex work on 3 hours sleep a night is beyond the capacity of most people of similar intelligence. She also loves her job and I think that's important too. If the job is satisfying, you're more likely to put in the extra hours no matter what the salary.
My wife is a fantastic barrister but she almost didn't make it despite her excellent academic achievements. The competition for places is fierce and having a 1st from Oxbridge is the most basic of the requirements for any of the respected chambers. Getting that foot in the door was incredibly tough. She comes from a working class background and didn't have the contacts (or maybe even the confidence) that others had. Thankfully, someone recognised her ability and bent the rules to take her on. She's the first one to admit that she got lucky.
She was also lucky that she had some great role models in chambers. One of the QCs, who is now a high court judge, came from a similar background to her and took her under his wing.
As I'm sure you can imagine, I'm very proud of her.
She is incredibly smart (1st from Oxford, Eldon Scholar, top of her BCL year) but also works insane hours (80 hour weeks are common). Her ability to successfully complete complex work on 3 hours sleep a night is beyond the capacity of most people of similar intelligence. She also loves her job and I think that's important too. If the job is satisfying, you're more likely to put in the extra hours no matter what the salary.
My wife is a fantastic barrister but she almost didn't make it despite her excellent academic achievements. The competition for places is fierce and having a 1st from Oxbridge is the most basic of the requirements for any of the respected chambers. Getting that foot in the door was incredibly tough. She comes from a working class background and didn't have the contacts (or maybe even the confidence) that others had. Thankfully, someone recognised her ability and bent the rules to take her on. She's the first one to admit that she got lucky.
She was also lucky that she had some great role models in chambers. One of the QCs, who is now a high court judge, came from a similar background to her and took her under his wing.
As I'm sure you can imagine, I'm very proud of her.
Associate
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Start your own company OP.
My other half's stepdad falls into this category, takes a shed load of hard work, long hours and of that little bit of luck.
He started in engineering, worked for various companies including Fokker and now works at nuclear power stations. Some parts of the job do come with serious perks - he's currently negotiating a contract worth approx £10m and the company he's buying from have tried to sweeten the deal by paying off their mortgage. He gets free holidays to pretty much wherever he wants from companies that want the business.
He does work insane hours though. It's a 150 mile round trip every day and he usually does 70+ hours a week, and he's 62. He's been offered jobs in Finland and Kazakhstan, 4 weeks on, 4 weeks off, £10k per working week and £5k per week off.
5 grand a work to be at home
and he turned it down. Apparently quite dangerous jobs and didn't want to be away from home that long.
He is an extremely generous man though, basically financed my partner and I moving to Hampshire, paid for us to go to football matches etc. I do offer but he won't let me
He started in engineering, worked for various companies including Fokker and now works at nuclear power stations. Some parts of the job do come with serious perks - he's currently negotiating a contract worth approx £10m and the company he's buying from have tried to sweeten the deal by paying off their mortgage. He gets free holidays to pretty much wherever he wants from companies that want the business.
He does work insane hours though. It's a 150 mile round trip every day and he usually does 70+ hours a week, and he's 62. He's been offered jobs in Finland and Kazakhstan, 4 weeks on, 4 weeks off, £10k per working week and £5k per week off.
5 grand a work to be at home
and he turned it down. Apparently quite dangerous jobs and didn't want to be away from home that long.He is an extremely generous man though, basically financed my partner and I moving to Hampshire, paid for us to go to football matches etc. I do offer but he won't let me
That sort of bribery would get them a kick out of the door from us.
He was going to close the deal with them anyway, but yes it's a bit wrong really. I suppose if someone offers it to you when you would have signed on the dotted line anyway then you aren't going to turn it down
Soldato
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It's not about intellect though, I don't believe. It's much more about the risk taking, or being good in your field at a time which is valued. It's the whole work smarter not harder.
You can work as hard as you like, but if it's not visible and never "seen" then you will always be the backroom guy on 25k a year, while the front man gets the big money.
The risk thing, is all relative to the industry etc. whether it's starting your own company, jumping to another company who will pay you more, go contract, consult or even applying for jobs you don't think you can get etc.
You will have many that do the above and get to no where near 200k, but you will also have the cases that do, too. It also depends on how much you want to progress. Most people are happy doing what they do and that's fine, where as some aren't and always want more.
You can work as hard as you like, but if it's not visible and never "seen" then you will always be the backroom guy on 25k a year, while the front man gets the big money.
The risk thing, is all relative to the industry etc. whether it's starting your own company, jumping to another company who will pay you more, go contract, consult or even applying for jobs you don't think you can get etc.
You will have many that do the above and get to no where near 200k, but you will also have the cases that do, too. It also depends on how much you want to progress. Most people are happy doing what they do and that's fine, where as some aren't and always want more.
Soldato
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How about we save 5 pages of crap and just compare lengths now?
I thought that sort of stuff was actually illegal. I could easily be wrong as I wasn't paying the greatest attention to the module we had to do on this at work as I knew it would never be of concern to me
Soldato
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I agree 100%, I noted that in my response too. I think smart does not equal intelligence. Just because you have a top PhD etc does not instantly equal to success in a career.
Also people that say "work 14 hours a day etc". This is another red herring to me. Your output and productivity dictates how good you are, not your facetime.
Soldato
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I see a career as a game of sorts. Think of it; you have to think about the moves you make, gain the right experience, which can maximise your market value. Continue to do so while you're in a position. Do the things which are seen to have an impact, with the people who make decisions. Continue to choose those strategic moves and think, how is this going to further my career?
If I take this job, is it going to give me more marketable expertise as well as another x years of experience in my industry? How likely am I to be promoted in this position? Can I get that built in to my contract when I start?
Is my expertise still something which is in demand in the market place, or is it on the decline? If so, what is there I could branch off to, which is raising and has a lack of good people in?
That's how I see it anyway.
If I take this job, is it going to give me more marketable expertise as well as another x years of experience in my industry? How likely am I to be promoted in this position? Can I get that built in to my contract when I start?
Is my expertise still something which is in demand in the market place, or is it on the decline? If so, what is there I could branch off to, which is raising and has a lack of good people in?
That's how I see it anyway.
I thought that sort of stuff was actually illegal. I could easily be wrong as I wasn't paying the greatest attention to the module we had to do on this at work as I knew it would never be of concern to me
Probably is! Not sure what happened with it, still paying their own mortgage as far as I know anyway.
I'm sure that sort of thing goes on all the time though (doesn-t make it right mind you), just look at the angels that are FIFA
I thought that sort of stuff was actually illegal. I could easily be wrong as I wasn't paying the greatest attention to the module we had to do on this at work as I knew it would never be of concern to me
I think it is technically.
https://www.gov.uk/anti-bribery-policy
Associate
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First tip - Spend less time on here
Associate
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1. Got law degree
2. Became lawyer
3. Started small chain of cafe's in NZ with other lawyer mates
4. Started small record label with lawyer mates in NZ
5. Opened small art gallery (now 4) in NZ with other mates
6. Continued to work really hard
7. Moved to London
8. Started job as lawyer in London
9. Worked really hard
10. Make Excellent base salary with excellent bonuses working really hard as a lawyer in London
11. Continue to acquire profits from businesses I own in NZ and give money to investment manager to buy investments (shares, wine, property, private-equity fund investments) in order to secure a comfortable and early retirement, provide for my family and make sizeable charitable donations.
Overall - worked really hard to acquire a transerrable skill based professional degree set and associated qualifications. Used limited money I had when I started out in my career to take risks in acquiring and building businesses (run by others - I just stumped up the capital), used income (which grew steadily and substanitlly) from professional job to invest in other areas too (was buying property in London throughout 2007,2008,2009 - so am extremely happy now) and strive to take new risks and forge new relationships going forward. Nearly finished my MBA and looking to the future - probably a move to Singapore or Shanghai for senior in-house role at a Bank or Brokerage.
2. Became lawyer
3. Started small chain of cafe's in NZ with other lawyer mates
4. Started small record label with lawyer mates in NZ
5. Opened small art gallery (now 4) in NZ with other mates
6. Continued to work really hard
7. Moved to London
8. Started job as lawyer in London
9. Worked really hard
10. Make Excellent base salary with excellent bonuses working really hard as a lawyer in London
11. Continue to acquire profits from businesses I own in NZ and give money to investment manager to buy investments (shares, wine, property, private-equity fund investments) in order to secure a comfortable and early retirement, provide for my family and make sizeable charitable donations.
Overall - worked really hard to acquire a transerrable skill based professional degree set and associated qualifications. Used limited money I had when I started out in my career to take risks in acquiring and building businesses (run by others - I just stumped up the capital), used income (which grew steadily and substanitlly) from professional job to invest in other areas too (was buying property in London throughout 2007,2008,2009 - so am extremely happy now) and strive to take new risks and forge new relationships going forward. Nearly finished my MBA and looking to the future - probably a move to Singapore or Shanghai for senior in-house role at a Bank or Brokerage.
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"Substantial" depends on the year...but assuming a good one...
1) I didn't, I just kind of sloped into it, I never intended nor set out to do so, I always intended to do a job I enjoy (coding) and worry about money later.
2) I've worked hard, and kept learning new technologies, I've worked with some great and inspiring people, and I hope I offer that to the people who work for me. I ended up in a lucrative industry by concentrating on learning about internet technologies in the mid-late 90s (so old-school stuff like CGI, Classic ASP, ColdFusion) and also branching out so going to after hours art lessons to improve my drawing/photoshop skills (as back then if you were a web dev, you did EVERYTHING, code, database, layout, design, security, deployment, etc etc).
3) Possibly. My GCE/A-Level results weren't stellar. I have a 2:1 from an ex-Polytechnic. I understand my strengths and my weaknesses, and work on improving both. I'm a reasonably good diplomat and reasonably aware of office politics, and seem to be able to "get on" with people. I also definitely work in the best industry in terms of salary for "just" writing software. That wasn't luck, that was a conscious choice to train up and apply for specific types of companies.
4) Getting stuff done. Shipping working software, which users want, is an overlooked skill. It can be efficient, well-written, using the latest technology, resilient, scalable and fire-proof, but if it is delivered late, or isn't what the business asked for, then it's useless. I now manage developers rather than "just" writing software, and instilling the desire to thing right, and ship the right thing is key to being valuable to the business. If you're valuable to the business (and it's a good company) then you'll be rewarded appropriately.
I'm probably now at the top-end of the salary range, and unlikely to earn any more anywhere else, doing what I'm currently doing.
1) I didn't, I just kind of sloped into it, I never intended nor set out to do so, I always intended to do a job I enjoy (coding) and worry about money later.
2) I've worked hard, and kept learning new technologies, I've worked with some great and inspiring people, and I hope I offer that to the people who work for me. I ended up in a lucrative industry by concentrating on learning about internet technologies in the mid-late 90s (so old-school stuff like CGI, Classic ASP, ColdFusion) and also branching out so going to after hours art lessons to improve my drawing/photoshop skills (as back then if you were a web dev, you did EVERYTHING, code, database, layout, design, security, deployment, etc etc).
3) Possibly. My GCE/A-Level results weren't stellar. I have a 2:1 from an ex-Polytechnic. I understand my strengths and my weaknesses, and work on improving both. I'm a reasonably good diplomat and reasonably aware of office politics, and seem to be able to "get on" with people. I also definitely work in the best industry in terms of salary for "just" writing software. That wasn't luck, that was a conscious choice to train up and apply for specific types of companies.
4) Getting stuff done. Shipping working software, which users want, is an overlooked skill. It can be efficient, well-written, using the latest technology, resilient, scalable and fire-proof, but if it is delivered late, or isn't what the business asked for, then it's useless. I now manage developers rather than "just" writing software, and instilling the desire to thing right, and ship the right thing is key to being valuable to the business. If you're valuable to the business (and it's a good company) then you'll be rewarded appropriately.
I'm probably now at the top-end of the salary range, and unlikely to earn any more anywhere else, doing what I'm currently doing.
Associate
- Joined
- 23 Dec 2012
- Posts
- 657
Win the lottery OP then pay yourself £200k a year.
Its all about moving up the ladder.
I went from starting at the bottom. Learning how the business works.
Learning what the business does well and more importantly what it doesn't do so well.
Then I approached the company with a proposal of how I could improve my dept. I wanted a basic salary but with performance related profit share.
I very quickly went from
Dept
Depot
Region
Nationwide.
I was then headhunted and offered a very generous package to move.
From there I was headhunted again but decided on a different path.
There is another thread on here where it being discussed about time off for dependants. I've aired my views.
I've got to where I am today by NOT taking time off. I had an operation last year. I was working until they came and took me to theatre and I started working 10 mins after I came around.
Most people don't get a buzz out of "work" If you do get the Buzz you want to do it more and more
I can almost guarantee MC works 18+hrs a day.
He may get a couple of extra hours sleep whilst travelling between meetings etc. But I bet he will wake up and answer his phone if it rang.
Most people work 9-5 and think thats a working day. For most it is. For some there is at least another 3rd left
I went from starting at the bottom. Learning how the business works.
Learning what the business does well and more importantly what it doesn't do so well.
Then I approached the company with a proposal of how I could improve my dept. I wanted a basic salary but with performance related profit share.
I very quickly went from
Dept
Depot
Region
Nationwide.
I was then headhunted and offered a very generous package to move.
From there I was headhunted again but decided on a different path.
There is another thread on here where it being discussed about time off for dependants. I've aired my views.
I've got to where I am today by NOT taking time off. I had an operation last year. I was working until they came and took me to theatre and I started working 10 mins after I came around.
Most people don't get a buzz out of "work" If you do get the Buzz you want to do it more and more
I can almost guarantee MC works 18+hrs a day.
He may get a couple of extra hours sleep whilst travelling between meetings etc. But I bet he will wake up and answer his phone if it rang.
Most people work 9-5 and think thats a working day. For most it is. For some there is at least another 3rd left