Compensation at Banks (Chase, Goldman, BOA, Citi): Analyst - First Year: $70k - $150k Analyst - Third Year: $120K - $350K Associate - First Year: $150K - $350K Associate - Third Year: $250K - $500K Vice President: $350K - $1.5MM Managing Director/Partner: $500K - $20MM+ -- Banks are building tech products now and paying a lot more for same years of experience. Anyone have thoughts on work life balance or thoughts from their experience? Or even anecdotal stories? I'm level 67 (at $460k) but have been interviewing to take on a Vice President role at Chase (Recruiter has given a preliminary figure of $650k, possibly more depending on the onsite). It wouldn't be an increase in responsibilities and it sounds like a lateral jump but increase in pay. Send your opinions please?
Bank 'VP' is absolutely nothing compared to a 'Microsoft Principal'. The compensation levels seem off, far too low for analysts, 1.5 million far too high for VP (tech roles). Also Bank considers you a cost center, a second class citizen, poor work life balance. I would say that it is a really bad call unless you are able to double your MSFT pay. And get a designation higher than VP, I don't know what it is, but 'Bank VP' has the same amount of street cred as SDE3 Amazon. I'm surprised someone who's so high up in MSFT is asking this question.
Genuinely no offense, but are you holding Microsoft Principals too high on the pedestal? I'd be moving from $460k to $650k, even if the prestige isn't there. I'd be interested in hearing more about the work life balance if you have more details?
This seems like such a bad call (I'm sorry). I'm happy to answer any questions of yours, we can even talk if you want if you DM me, I left MSFT sometime back.
What kind of work are you going to be doing as VP there? As I know, going to VP at investment banking is not same as being VP at Microsoft or any other tech company.
Yes, I know that. But the pay would definitely be higher than what I'm at now. I would be doing the same thing I'm doing now. I'm currently a m2, overseeing a product team. Sorry for the lack of details, I want to stay anonymous. I guess I'm looking for reasons to go to the finance industry or stay in tech? Thanks in advance
VP in IB equals to a Senior tier...
Not in terms of pay though right? You just mean prestige?
In terms of pay too. Actually most tech VPs get lesser TC than SSE in FANG. That's why I told you to go for a Director position - you are effectively getting a demotion - and forget the 100% bonus
I would get third party verification (I.e. From people actually working there) because these numbers seem astronomically high and unrealistic overall
Yeah not sure about the other roles, but the offer for VP is definitely more than what I'm at now
I'm a VP at Chase and my pay is absolutely nowhere near that. I'm at the $100k threshold. I don't know where you got those numbers, but check around.
Treated poorly how? Any examples?
Those numbers seem really high to me.
Well the VP pay is definitely higher than what I'm at now
Are you interviewing on the investment side? That's the only way I could see these numbers as being realistic. Officer titles are not that uncommon. I can't speak for Chase, but the two big banks I've worked for generally like to keep you well below max market reference for your level.
I worked at a bank for a year and a half, but nowhere near the VP level. Titles are definitely inflated relative to tech, but VP is still a very high position in my old company. It sounds like your question is really: what would I be giving up and is the extra money worth it? It’s true that engineering is more “bolt on” instead of integrated at the core, even though they’ll go to great lengths to convince you otherwise. It’s also true that the talent level is much lower and the culture won’t be what you’re used to probably. I found most of my time was spent trying to convince my peers and bosses that basic SWE principles were valuable, like functions are better than copy/pasting the same logic with different variable names 10s of times. This may be worse because I was in the data science org and was dealing with legacy statisticians. After a year of fighting, I still lost. So recognize that you might be hired because you’re expected to bring culture change, which is a very different job than performing or setting the vision for willing participants. I found the constant battle over the basics to be exhausting and not mentally engaging. Also, the domain was super boring to me. The tech challenges were fine, but you’ll find yourself in a lot of meetings where people are talking about interest rates or some such boring shit. I had low tolerance for this, but YMMV. On the other hand, that’s a big pile of cash. Might be worth trying it for a year.
Can you talk more about the culture? Is everyone still in suits?
I think it depends. Where I was working, they really wanted to pretend to be like a tech company, so they dressed the part and did things that looked techy. But if you’re at an investment bank in New York City, it might be a totally different ballgame. You’re willing to give away so few details that you’re not going to get very precise data. Ask someone that works in the same business unit.
Have 2 friends at banks in NYC and from what I've heard it's a mixed bag along the lines of what everybody else is saying: more money, mediocre work culture. But they do work on very hard problems and if you're into finance, interesting ones. How much do you care about fuzzy things like "culture?"
I care deeply about culture, which is why this is a struggle
Save that extra $200k and within 5 years you can do your own thing. Starting a microSaaS business that will earn you $100-150k per year is pretty easy. Between that and your annual dividend checks you'll be set for life. An extra 7 figures brings flexibility working for FANG can't come close to matching.
Tech Industry
2d
54646
Goog Employees Arrested
Tech Industry
Yesterday
24583
Google doing more layoffs, restructuring including country moves
2024 Tax
Yesterday
3949
Biden’s new tax proposal is wild
India
6h
275
Vote for democracy!
Tech Industry
Yesterday
768
Chances of meta clearing E5 with screwing up one coding one round and acing all other
Which role at those banks? I think the salary range is for investment bankers. My husband is an investment banker at a bank and his work life balance is non-existent. He can only take one guaranteed weekend off per quarter. Works every single other day. The same goes for other large banks for investment bankers. For other roles, it shouldn’t be that bad but I don’t think you can make that much.
VP, Product Management - Consumer side. So building apps, features and so on