Of course, the reason that people listen is that they want to make money. Andrew Bailey’s speeches move a G7 currency and sovereign bond market, and how many hedge fund managers earning even a thousand times as much as he does can say that? For most sell-side economists, life is a desperate struggle to get anyone to read a single word of your output, but when Tobias Adrian of the IMF makes a call on the likelihood of a bond market sell-off, the world listens. But it’s in conditions like this that the biggest psychic benefit of these high-profile jobs comes to the fore.Īnd that benefit is that you matter.
Public service, as a motivation, shouldn’t be underestimated the Government of Singapore reckons it might be worth as much as a 40% discount off what would otherwise be the going rate. Most of the former central bank governors who are in high-paying roles today are people like Mark Carney or Philipp Hildebrand who had already been in those kinds of job before they went into public service. There are some cases where it happens – Mohamed El-Erian went from the IMF to PIMCO, for example – but these seem to be the exception rather than the rule.
But on inspection, it doesn’t look like that’s true. One obvious answer might be that it’s the kind of high profile role that burnishes your resume for a few years, after which you can go off and earn the real money. Working like an IBD junior, taking risks like an senior trader, having to travel and schmooze like a coverage MD, all for the pay of a middle ranking Executive Director this is not the description of an obviously attractive job.
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