I think the saying comes from junior bankers and lawyers, before their first bonus check, although even then, the math does not work out to minimum wage.
When I graduated college, base salaries in banking were about $65,000, which leads to $12.50 / hour. After their first bonus check, this doubles, of course, but that first year can feel pretty bad. Still not minimum wage, but I think the point they want to make is that, yes, we make lots of money, but is it worth it with the hours. In comparison, a $120,000 tech job at a big company (not counting equity), working 40 hours a week with 2 weeks vacation comes to about $60 / hour.
The difference is that the professional services compensation grows at a much faster rate than the tech compensation, unless you happen to pick the next Google/FB/whatever and get on-board early on.
When I graduated college, base salaries in banking were about $65,000, which leads to $12.50 / hour. After their first bonus check, this doubles, of course, but that first year can feel pretty bad. Still not minimum wage, but I think the point they want to make is that, yes, we make lots of money, but is it worth it with the hours. In comparison, a $120,000 tech job at a big company (not counting equity), working 40 hours a week with 2 weeks vacation comes to about $60 / hour.
The difference is that the professional services compensation grows at a much faster rate than the tech compensation, unless you happen to pick the next Google/FB/whatever and get on-board early on.