Wall Street Trader Turned Tutor Earns $500K A Year – 'There's No Substitute For Waking Up Knowing You're Serving Others'

When Steve Menking first stepped onto Wall Street in his early 20s, he thought he had found his dream career. By 25, however, he realized the fast-paced life of an equities trader wasn't what he wanted. 

"I watched colleagues my age – or younger – excelling in their careers," Menking recently told CNBC Make It. "But seeing people stay in the office until 1 a.m., I couldn't imagine that being my future. It just wasn't the lifestyle for me."

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Menking, now 36, made a bold pivot that many dream of but few attempt: leaving finance to pursue his passion for teaching. He didn't want to start from scratch in the classroom, though. Instead, he turned to private tutoring. 

What began as a career experiment in 2014 has grown into a thriving business, earning him over $500,000 annually – a figure he's on track to replicate in 2024. He works 20 to 25 hours a week from his Connecticut home, where he lives with his wife and three children.

"I realized teaching brought out a more patient, purpose-driven version of myself," Menking explained. His love for helping others learn stems from his time as a college teaching assistant and tutor, experiences that gave him a deep sense of meaning.

According to Grand View Research, the global private tutoring market is anticipated to reach 154.8 billion by 2030 and Menking's career is a prime example of why. 

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His journey began humbly: he submitted résumés to dozens of tutoring agencies in New York and created a profile on Wyzant, an online tutoring marketplace. Charging just under $100 an hour, he relied on his Wall Street expertise to carve a niche helping students with math, finance and accounting.

As word spread and referrals poured in, Menking gradually increased his rates. By 2017, he was earning $150 an hour. That same year, Thomas Howell, founder of Forum Education, reached out to him with a game-changing offer. 

Forum's expansive network connected Menking with Ivy League students from schools like Princeton and Yale, catapulting his annual income from $95,000 to $200,000. "That's when my earning potential really took off," Menking recalled.

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Today, Menking charges approximately $1,000 per hour. He works with undergraduates to simplify complex finance concepts, prepare for exams and nail internship interviews. 

His clientele spans the nation and his schedule is as dynamic as the students he teaches. During summer, he might work eight to 10 hours a week, but that workload can climb to 40 hours in the lead-up to final exams.

Despite the occasional late-night email from a stressed student, Menking says tutoring offers an "extraordinary work-life balance." When he's not helping students crack tough problems, he's growing his business, Menking Tutoring LLC, which he launched in 2020. Beyond one-on-one sessions, the company offers online test prep and corporate training for budding investment banking analysts.

"There's no substitute for waking up every day knowing you're serving others in a way that aligns with your unique expertise," Menking said. 

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