Thinking of switching into Finance. #help

Jan 28, 2018 61 Comments

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+
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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?

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TOP 61 Comments
  • Microsoft UMbR31
    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.
    Jan 29, 2018 6
    • Microsoft UMbR31
      Alright ma'am I gotta go but please don't make this mistake without doing your homework. Happy to chat tomorrow if needed.
      Jan 29, 2018
    • OP
      Thanks so much! 😘
      Jan 29, 2018
  • Microsoft Lond1
    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.
    Jan 29, 2018 1
    • OP
      VP, Product Management - Consumer side. So building apps, features and so on
      Jan 29, 2018
  • Bloomberg Laughin
    I would get third party verification (I.e. From people actually working there) because these numbers seem astronomically high and unrealistic overall
    Jan 29, 2018 2
    • OP
      Yeah not sure about the other roles, but the offer for VP is definitely more than what I'm at now
      Jan 29, 2018
    • 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.
      Feb 2, 2018
  • New / Mgmt shallot
    I’m an MD at JP Morgan Chase and can tell you your numbers are inflated. You’d be lucky if you get offered $140-160k as VP. Good luck!
    Jan 29, 2018 2
    • OP
      Maybe different department? Or the recruiter I'm talking to is outright lying
      Jan 29, 2018
    • Chase / Product T3CH13
      Correct, I’m a VP and total comp below 120k (however just promoted). Not NY metro but still severely inflated.
      Jan 30, 2018
  • Microsoft / Other
    Excel merc

    Microsoft Other

    BIO
    Spreadsheet jockey
    Excel mercmore
    VP = group manager 64/65 FYI. Far below your current level.

    I work in finance and deal with bankers all the time. There are plenty of VPs with 5 years of experience.

    If they are quoting you 650k then I would guess that a lot of that is non guaranteed bonus because that's far higher than I've ever heard a vp getting paid. VP salary probably tops out near 150k. Total comp maybe 250 but that's really pushing it.

    And that's for investment banking which Chase is not. So I'd say these numbers are bs.
    Jan 29, 2018 4
    • Microsoft / Other
      Excel merc

      Microsoft Other

      BIO
      Spreadsheet jockey
      Excel mercmore
      I mean investment banking in the broad sense. Like jpm is an investment bank but Chase is commercial.
      My numbers are based on convos Ive had with my coverage over the years and I assume much closer to what the mean is for the Bank. I'd assume developers are going to be paid much closer to that mean than actual investment bankers.
      Feb 2, 2018
    • Amazon didbdisn
      How about Executive Director? Comparing with Microsoft level?
      Mar 15, 2019
  • This comment was deleted by original commenter.

  • Amazon gotaga
    I worked in investment bank tech before. No work life balance for VP. Not worth it imo unless you plan to retire soon and this is just to bump the savings
    Jan 29, 2018 3
    • Amazon gotaga
      Why. It's the same except the code is shitter and the infrastructure older
      Jan 29, 2018
    • This. THIS AND SPOT ON THIS.
      Jan 31, 2018
  • Microsoft / Sales rainsucks
    Haha. The person who posted this nonsense is not a level 67 and has absolutely no idea what they are talking about. She pulled salaries across boutiques and bulge bracket banks for investment bankers and the broad finance community.

    Anyone can be a VP in IB if you get in after business school and out in 3 years, you won’t make the crazy numbers above though. Finance at Microsoft is data analytics since you only see revenue, cogs, op ex, etc. the only people within Microsoft who can make the jump to the street are the folks in Corp Dev or treasury, the product finance folks can’t do that! Also, VPs at banks still work 60-70 hours a week.

    Also, Chase is the commercial bank of JPM... the IB is JP Morgan. No way in hell the commercial / business bank will pay you that kind of money.
    Jan 29, 2018 2
    • Microsoft / Other
      Excel merc

      Microsoft Other

      BIO
      Spreadsheet jockey
      Excel mercmore
      ^truth
      Jan 29, 2018
    • New / Other
      skreeeam

      New Other

      BIO
      Investment Banking
      skreeeammore
      Yep. Work in banking and this post is a joke.
      Jan 31, 2018
  • CareerBuilder hdTI13
    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?"
    Jan 29, 2018 2
    • OP
      I care deeply about culture, which is why this is a struggle
      Jan 29, 2018
    • CareerBuilder hdTI13
      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.
      Jan 29, 2018
  • Wells Fargo kcn38
    Those numbers seem really high to me.
    Jan 29, 2018 2
    • OP
      Well the VP pay is definitely higher than what I'm at now
      Jan 29, 2018
    • Wells Fargo kcn38
      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.
      Jan 29, 2018

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