Hello Everyone - I am currently in discussions & going through Interviews for a VP level role at USAA. I currently work in Fidelity Investments. Any one who have worked in Fidelity & then moved to USAA, please share your working experience. On separate note - Have two requests. 1. Current USAA employees, please share your Experiences about Cultural & Management related aspects in USAA to help me make final decisions 2. If I can go through the Interview process, What I can expect from offer perspective from USAA. Curret TC # 550K.
I can't speak to the bonus and salary breakdown for VP level, but it's worth noting that since USAA is a private company there's no stock bonuses to speak of. As a lead engineer, I have a base of $190k due to being remote in a higher COL area with a bonus target of 20% (it was 33k this year). Culture within my org is fantastic. USAA really commits to the mission of supporting our military and take it very seriously. People are friendly with LOTS of lifers that like what they do. Retirement benefits are good, 2:1 match up to 4% for 8% total 401k contribution.
Is there any tuition reimbursement?
There is - up to $10k annually (but you're taxed on any reimbursement over $5250 due to federal limits).
Not sure what VPs at USAA even do to be honest…majority of external c suite hires leave after a year (min time required to not pay back relocation expenses, hire bonus etc). I’d say we have way to many executive level employees coasting and providing minimal value.
Interesting. Can you please share more on your perspective why people at VP level leave in one year time ? Want to consider all points in case I am offered a role
Hey Fidel, there are long term bonuses that get paid out to executives after fulfilling contracted years but most execs leave after a year or two because of bureaucracy and lack of capital investment by the company. In my opinion, we have board members that have no business of being in the board for fortune 100 company. Military experience alone won’t have an impact on generating revenue. Also, it’s troublesome how tenured employees are reluctant to adopt the latest technology. For example, USAA had refused to buy simplified data governance/management tool just because “we have been using IBM infosphere” for a while. Its inability to let go of sink cost thinking led to massive executive departures.
I would add that based on your TC there might not be a lot upside, but I might be wrong. Also, depends on the functional area/Business unit, but USAA is definitely going through fair amount of challenges. At VP level, roughly 2/3 of the compensation is bonus, which is discretionary and for last few years, the payout has been 80% of the target. Imho, people are leaving because the compensation is lagging, accountability is totally broken. Also, I feel certain areas have hired too many high level executives, and to cut expenses, they might have to thin down their ranks.
Did you get the offer numbers ?
Yes. They offered me 10% above my total comp. I have declined it. I am doing good with my current situation in Fidelity. Moving for additional 50k is not worth in my opinion. If Total Comp was beyond 675K that would have me to think moving on. 750K was deal breaker.
That’s what I thought, at your current level not a lot of upside and you will be inheriting a big mess. Care to share functional area?
Technology
Probably a stupid question but Did you include long term incentives in analyzing USAA’s offer? I think it’s closed to a 1/3 of total compensation.
What is your level at fidelity ? YOE? Would you mind sharing break down of your TC
Vp - Base 180k, Bonus - 100k, Then rest shares etc
Thanks for sharing. Is it normal to get more than $250k in shares vest every year at VP level or you are at top end of the level / experience ?