O&G job fresh out of University

[jmintz]

Hi folks,

Got my offer letter today to work for a large, integrated O&G company next year in Calgary. I spent 12 months as a coop at this company. I looked at my University's published graduation salaries for coops and non-coops fresh out of University and the numbers seem slightly low (thinly veiled brag).

http://haskayne.ucalgary.ca/files/ha...y%20Report.pdf

Just wondering for those recent grads (accounting or otherwise) what a competitive salary would be and if 12 months at the company would have any weight over a University grad with no experience (or did his/her coops elsewhere).

Any other information on how the process went for you guys would be much appreciated.

[flipstah]

Well, it's meant as a rough guide and not EXACT. That's why it's an average.

The ACCT/FNCE spread is ridiculous.

And yes, work experience>everything

[dj_patm]

I'm still technically on a student contract so my salary doesn't count (It's higher then most of the starting averages on UofC's site though, including the one for my field) but from what I heard from friends, the average to start seems to be around 55-65K with a significant raise within two years.

This is in Supply Chain.

Outside of O&G the average seems significantly lower. 45-50K.

[Boat]

Originally posted by dj_patm
I'm still technically on a student contract so my salary doesn't count (It's higher then most of the starting averages on UofC's site though, including the one for my field) but from what I heard from friends, the average to start seems to be around 55-65K with a significant raise within two years.

This is in Supply Chain.

This seems standard from experiences and talking with Bcomm grad buddies.

What Major do you have OP?

This survey seems pretty accurate. The higher ranges will definitely be for O & G.

My offer was higher than expected. But my manager also argued for me to be in a higher salary bracket. I worked 2 summer positions before FT.

[msommers]

I would love to see the data for that. Dollar spread on some of those are ridiculous and seem completely out to lunch for a Bachelor's.

69,91,60,60(thousand)...either someone is getting paid literally peanuts or making way over 100K right out of school. Sounds like bull.

The averages seem right though. Eng and G&G start at 60+

[Thomas Gabriel]

Originally posted by msommers
69,91,60,60(thousand)...either someone is getting paid literally peanuts or making way over 100K right out of school. Sounds like bull.

It's both. In finance for example, there are people working as bank tellers and people working in ibanking.

[msommers]

What is ibanking?

[realazy]

ibanking = investment banking

New grad engineers are starting at closer to $75K at large E&Ps. At least at my company, and we're not known to be the top paid.

[msommers]

Are people in investment banking on a commission basis?

As for Eng's, 75K is higher than I'd expect but not unreasonable. I think the average is somewhere between 65-70 for fresh grads.

[holden]

Originally posted by msommers
Are people in investment banking on a commission basis?

As for Eng's, 75K is higher than I'd expect but not unreasonable. I think the average is somewhere between 65-70 for fresh grads.

No, but they can get huge bonuses. My cousin in TO is in ibanking and his salary 2 years out was 6-figures. Although he works 10-12 hours a day during the week and once or twice on the weekends.

[Dehvee]

Originally posted by msommers
Are people in investment banking on a commission basis?

As for Eng's, 75K is higher than I'd expect but not unreasonable. I think the average is somewhere between 65-70 for fresh grads.

A lot of my friends (new grads out of chemical and oil & gas engg) are making 70-75k. A few are making 80k+

[lasimmon]

Originally posted by msommers
Are people in investment banking on a commission basis?

As for Eng's, 75K is higher than I'd expect but not unreasonable. I think the average is somewhere between 65-70 for fresh grads.

At E&P's out of uni 75k is probably average. Based on my grad class of 2010.

[flipstah]

Investment bankers love to stay up late

... Because they have to.

[msommers]

Was curious so I took a look at the APEGA survey. Link

Guess it depends if you think you qualify for a Level B or more than likely A. Still on average I was pretty close. At D75 which has ~75K it's still the upper end of the spectrum, not the middle. Didn't realize there was such a spread of pay at the top levels though...wow.

Sorry OP, this is way off your topic.

[jmintz]

Originally posted by Boat



What Major do you have OP?

My offer was higher than expected. But my manager also argued for me to be in a higher salary bracket. I worked 2 summer positions before FT.

Accounting major.

[sabad66]

I would say anywhere between 60 and 68 is reasonable for a large E&P in accounting / finance. Engineer would be more, somewhere closer to 75?

[magicalpoop]

I can only speak for my friends that I know:

With 8-12 months co-op+summer, I know some friends who got into 100K+ ibanking positions. This is not typical but I know a handful.

For Marketing, I know a few who have landed as assistant account managers/coordinators at private equity firms with figures of 80-99K - those only had 4-8 month co-ops.

I also know a lot of haskayne people who got into strategy/management consulting with starting figures at 70K before compensation.

For accounting, you have to look at it this way. People who go into CA article typically make 40-45k, and that Haskayne document proves it. But then when they finish their audit hours and get their CA or move into consulting, suddenly they're making 100K+ within 3-4 years.



I think the bigger question is how much are you making 5 years down the road, a lot of people cap out as a senior business analyst at O&G after 10-15 years. Also, the CA/CMA magazine loves to focus on the CA/CMA accounting alumni who magically left the industry and made their own business/etc - I'd imagine the most successful are making a conservative range of at least 500k in revenue. You never hear about these magazines talking about X making Partner (But then again, that doesn't sell. I don't know anyone who wants to be a partner at the big4 haha)

[Type_S1]

^^ You have some baller friends.

Marketing - Good luck getting a decent job without connections...40k max 1st yr for my friends.

IBanking - If you aren't making 100k first year give up because your one of the lower end and your company see's you as that. All my buddies are well over 100k

Acct - 65k max at O&G.

Don't know anyone in strategy/management..can't really comment.

[FraserB]

The long and short of it is, the starting wage should not be the biggest concern for a new grad. Finding a job and gaining experience should be the main concern. Get the job, bust your ass, get noticed and the money and responsibility comes.

There will always be someone who gets a few more dollars an hour, or someone who has a big more responsibility. The biggest thing is to be happy with what you are making and doing. Want more money? Go and give your manager a reason to go to bat for you. Want more responsibility? Show them you deserve it.

[Mitsu3000gt]

I was working in Marketing even slightly before my degree was done, and right out of school (and a bit before) I was getting $72k but no benefits or bonus (I was a "consultant"). I would have been 23 at the time.

It's all about who you know in O&G though, most places could give a shit about your degree or your grades (except maybe your first ever job), and after that it's all about your experience and who you know.

With accounting, the only thing hat matters is your designations.

Most of my friends are engineers actually, but I don't have a clue what they make.