Hi WSO,
Junior Officer here, I was comparing my compensation to what my friends at corporations and banks make, and it seems that the total real compensation is higher as a junior officer than banking. Here's the general outline of the total compensation package as I see it:
Banking:
85k base ~70k bonus, total compensation of 145k. Average rent of 1.5-2k a month (many times higher), and food/living expenses that are far higher than the national average. Expenditure of several thousand dollars a year on professional goods: suits, shoes, ect. Very high taxes and expenses really pulls banking down...
Military:
52k total compensation up to ~70k after 2 years, 1/3 of which is non-taxable. If deployed, all compensation is not taxed. Rent average of 500 a month, and a minimum of 1/3 of yearly expenses covered (not using electricity or paying for food when in the field). You have access to many military perks: consumer good discounts, on post stores without taxes. Several thousand dollars of expenses on gear/uniforms for work, similar cost to banking. Education benefit is the real kicker, with yearly GI bill benefit totaling: minimum: 45k a year, average: ~60k, and Max: 90k (full ride+ room and board to schools like Berkeley Haas and Michigan Ross MBA). You also have to factor in the perpetuity of veteran healthcare (I know the VA system sucks) and veterans benefits for the rest of your life- value of this varies greatly depending on personal spending habits and propensity to take advantage of veteran status.
The above scenario is only possible for individuals entering through OCS or Non-scholarship ROTC, who get GI bill benefits right away with a commitment of 3 years. The compensation drops drastically when you stop earning GI Bill benefits. This calculation also assumes that you are using the full three years of GI bill benefits, attending a program like an MBA/MPA or law school after the military.
Bottom line: Although this could be handled much more quantitatively, it looks like the military beats out banking in terms of financial security. I am surprised that few people recognize the military as such a lucrative entry level career. For prospective monkeys who have a propensity for the military, I hope you take this into account.
