Hello,This is my first post. I came to know of this website from stackexchange.com as a place for finace + programming hotshots and I am overwhelmed at the level of knowledge in this forum.I have 6+ yrs of IT development experience (mostly Java/J2EE, no C++/C#). After looking at the career path of a programmer in IT line, it appears that the pay kind of gets stagnated after the 10 yr mark.I am currently in Toronto and earn market rate (75k+ bonus (around 6%)+benefits).I wish to do a gradual career change. IT --> Quant Development --> Quant --> Trading.Currently I am 29, and I am planning the following milestones1. By age 35, Quant development ( salary expectation : 120k+ bonus)2. By age 40 , Quant (salary expectation : 170k+ bonus3. By age 45, Trader (Salary expectation : 500k + bonus)4. By 50, (Salary expectation : 1mil+ bonus)My B.E. was in electrical engineering from a not well known uni in India. Currently I am canadian citizen. I realise without substantial further education, my career goals in the Americas/UK is stalled. I am looking for advice as to how a monetary investment in MS/MBA can be partially avoided.Maybe a combination of part time courses + prograssive job shifts towards the desired role? Any recommendations?Is my dream achievable? If not, how should my expectations be tailored to be realistic with my current situation?Thank you.P.S.- the only plus side is that I am single and probably will remain so. So there is nothing holding me back on the personal side.

QuoteOriginally posted by: worldofvictorI am currently in Toronto and earn market rate (75k+ bonus (around 6%)+benefits).you have to change your location, not profession. it's more efficient.just move to US, that alone will bump your salary by 30% at least.

QuoteOriginally posted by: quantmehQuoteOriginally posted by: worldofvictorI am currently in Toronto and earn market rate (75k+ bonus (around 6%)+benefits).you have to change your location, not profession. it's more efficient.just move to US, that alone will bump your salary by 30% at least.moving to NY will bump his expenses by 50%

QuoteOriginally posted by: lexingtonQuoteOriginally posted by: quantmehQuoteOriginally posted by: worldofvictorI am currently in Toronto and earn market rate (75k+ bonus (around 6%)+benefits).you have to change your location, not profession. it's more efficient.just move to US, that alone will bump your salary by 30% at least.moving to NY will bump his expenses by 50%even more than 50%. that's why maybe it's not a good idea to move to NY. he can lookup a place with better pay/expenses ratio, such as VA. taxes are low, pay is high

Thank you. I was thinking just moving to US will give a one time bump to salary and then again follow the stagnation curve.That is why I am thinking long term (20 yrs) so I can have gradual continual growth.But since I have no background in finance or maths...I am looking for advice on how to get started. Which MS programs to pursue.

QuoteOriginally posted by: worldofvictorThank you. I was thinking just moving to US will give a one time bump to salary and then again follow the stagnation curve.i think that you'll have the same stagnation in finance, except that you won't have any bump at all.if you come to US and stay in IT, you'll get an initial bump, then about 10 years of salary growth, until you reach the plateau. at which point you can move to architect or management role, and continue growth.

QuoteOriginally posted by: quantmehQuoteOriginally posted by: worldofvictorThank you. I was thinking just moving to US will give a one time bump to salary and then again follow the stagnation curve.i think that you'll have the same stagnation in finance, except that you won't have any bump at all.if you come to US and stay in IT, you'll get an initial bump, then about 10 years of salary growth, until you reach the plateau. at which point you can move to architect or management role, and continue growth.Thanks.By salary surveys , it appears that a person of around 20 yrs in IT earns a max of 150k (all inclusive) unless he is a superstar. After 20 yrs in technical, shifting to mgmt is not an option that people prefer...maybe a change at that point seems too much...??Can you elaborate what you mean by :you'll have the same stagnation in finance,except that you won't have any bump at all.I thought a career in quant enabled you to progress continuously. Am I wrong?

QuoteOriginally posted by: worldofvictorI thought a career in quant enabled you to progress continuously. Am I wrong?It's pretty much the same, except for superstars you stagnate unless you shift to management.

QuoteOriginally posted by: worldofvictorI thought a career in quant enabled you to progress continuously. Am I wrong?it's only my opinion, but i think that you're wrong. you're not trying to become a trader or fund manager, you're thinking of quant finance. it's somewhat similar to IT in that regard.you won't get any bump at all, because you're going to be novice in the field. why would they pay you more than in IT, where you're an expert? it doesn't make any sense. your salary will go down, then slowly grow to _maybe_ slightly higher than what you'd get in IT.

If you want to make the really big bucks (over $500 K) you need to get an MBA from Top 5 Business School and then take a management career track. Quant and IT are both technical career tracks.

QuoteOriginally posted by: worldofvictorI wish to do a gradual career change. IT --> Quant Development --> Quant --> Trading.Currently I am 29, and I am planning the following milestones1. By age 35, Quant development ( salary expectation : 120k+ bonus)2. By age 40 , Quant (salary expectation : 170k+ bonus3. By age 45, Trader (Salary expectation : 500k + bonus)4. By 50, (Salary expectation : 1mil+ bonus)That's a really strange plan. You are saying that for 5 years you want to be a computer programmer, then for 5 years a mathematician, then for 5 years a salesman, and then somehow a rich person.Going to grad school is a great way to switch careers. Why don't you pick one of programming / maths / sales, get some education in that area and then spend 15 years doing that?

Management is not really big bucks.If you want to make the really big bucks fast (admittedly with some risk), you should become an entrepreneur. Start the next facebook, google, amazonYou must have lots of techie colleagues who could come work for you - all you need is a good idea...

Good post, plus. Just as you were putting that up, I was reviewing this to post here.Forbes Billionaires 2010Some have Bachelors in Arts/Sciences. A few with Masters. High percentage of college drop outs and two with "no education" at all.No MBAs, no MFEs, no PhDs.This path is not for everyone. As you say, very high risk and, I would add, lots of uncertainty and problems to solve all the time (not usually intriguing intellectual problems either.) You have to have a pretty understanding significant other/spouse or just stay single for a long time. I disagree with "fast". That only happens with lots of luck and riding a tech wave just right. And of course, how many make it to this level? But Billionaires aside, the best chance for significant wealth and an interesting career path to boot is to go out on your own.Some people here do not seem to realize it, but MBA programs are in as much of a crisis, (if not more so) as MFE programs are. Especially those centered on General Management.

QuoteOriginally posted by: trackstarGood post, plus. Just as you were putting that up, I was reviewing this to post here. You have to have a pretty understanding significant other/spouse or just stay single for a long time. .Well, the plan was to make the big bucks by 50, and then team up with Charlie Sheen. And I am pretty sure some of the people in this forum are living that life..

QuoteOriginally posted by: ArthurDentQuoteOriginally posted by: worldofvictorGoing to grad school is a great way to switch careers. Why don't you pick one of programming / maths / sales, get some education in that area and then spend 15 years doing that?Thanks. As I mentioned, according to my research, programming for next 15 yrs would see me get capped at 100k(all inclusive..bonus and all)..within the next 8 yrs maybe. Maybe you cna share your opinion on maths/sales...My objective is to continue to grow slow but steady so by 50, I reach the 1mil mark.Entrepreneurship is not very appealing to me...I prefer to work for a big company. I crashed and burned(and got fired) from a startup recently and honestly, sitting in a skycraper is necessary for me to put in 10+ hrs(which I do currently...10+ hrs + weekends). Most startups have bad offices.