Fidelity Investments - Director Compensation
I applied for a remote Director-Software Engineering position, a recruiter responded after about 4 weeks and requested for a 15 min meeting that day or the next day. When we spoke the next day, she said the TCO would be $205K with a base of $140. I backed out the next minute. I have 25+ years of experience. I cannot imagine what kind of talent they could retain with this level of compensation, or there is an enormous disparity in pay among employees, with favored ones getting more. #fidelityinvestments
That shit is low even for the general market of software engineers.
25 years of exp and only 205k TC is atrocious. Show them levelsfyi
With 25 years of exp , you should be offered atleast VP ! People with 12-13 years of exp become Directors at Fid . VP average base is over 200k . I am surprised they offered you a Director role . Work exp will pay a part .I hear ya though ! The compensation is less but the benefits are decent . How is it over at Fannie Mae . Not much better and am sure you can’t beat the benefits .
Yeah the recruiter has said she has forwarded my resume to recruiters handling VP positions. I wonder if these titles do really carry responsibility or just fancy ones like in Banks. I consult at Fannie Mae for $140/hr. I hear someone with my experience level could shoot for around 300k.
Well a VP at Fid is much closer to the title unlike JP Morgan or Bank of America where you get some “VP” title straight out of college! VP is L8 which is senior leadership and your exp fits the bill . Then there is L9 and L10 which is executive leadership . A avg VP TC can go way above 300k with bonus , stocks etc .
FI is notorious for offering super low packages, even at their HQ in Boston. I remember a recruiter offering me to apply for a Principal Software Engineer position (L5/L6 equivalent) and they stated that the max base was $130k...for Boston....
Fidelity ain't a tech company. Principal there js likely l63 or l64 scope here
IC or manager? Very difficult to get to VP level being an IC. And Director total comp can only get to 260-270 (with 160-170 base + 30%) if you are a high performer and getting more performance based comp. VP typical is 300k (base + bonus), and performance based incentives I heard can get upwards to 200k
IC but Cloud Architecture and Solutions Architecture type of experience in the recent past with several lead dev experience along the way. My profile is quite strong and I’m quite good at what I do.
I’m also very hands on build stuff outside work
I got an offer for Director role and I have 16 years exp. You should definitely look at VP/SVP levels. I must add that base is low at FI but there are other benefits if you stay long. The work culture is said to be amazing (I know people working there), the bonus is usually higher than regular tech companies, the 401k matches at 7% dollar for dollar. There's also profit sharing after the first year and you get stocks. The longer you stay the more benefits you start raking in. It might never get on par with FAANG companies but I'm currently working in a high tension role so I'm looking forward to some peace of mind. It totally depends on what you're looking at this stage in life.
I couldn’t find a single VP position advertised anywhere Do they usually fill them internally?
Nop. FI takes a looong time to fill positions because their salaries suck
What is the annual pay raise given in FI for a decent performer?
Pay raise is based on your salary range / compa-ratio. If you are at the low end, you could get 4-8% (recent year or two have seen market adjustments leading to a bit higher), but if you are at the high end already, it will be 0-3% even if decent performer. You just need to get promoted to get to the next salary range. The performance will make a big difference in bonus and shares, and the higher up you are, the bigger the difference. For L7/Director, say 2 people both have $150 base, top performer and bottom performer can have an incentive comp difference of $50-$70k ($175k vs $220-250k), depending on whether you experience "stacking effect" of vesting schedules
Why are you still here?
Wow that is low!