VP in tech branch of a finance company
On LinkedIn I noticed that a lot of folks with 10-12 years of total experience are VPs in the engineering branch of finance companies such as Goldman Sachs and JP Morgan. Is it considerably easier to become a VP in finance companies as compared to tech companies? Are such VPs viewed equally in Tech industry if/when they want to move to tech industry? Please ignore my ignorance.
VP in a finance company is manager level at anywhere else. It goes Analyst (2 years) > Associate (2-3 years) > Vice President (2-4 years) > Executive Director > Managing Director Managing Director = Tech Director level
MD can be head of division. I know a couple that pulls in 3 MM + a year
I know someone who’s an SVP of architecture at Citi. He doesn’t have any direct reports and makes the equivalent of senior engineer.
In banks, VPs (on the IT side) are very common and is basically a mid-level IC. Also their comp sucks! Even directors in most banks (on the IT side) make less than 250k. If you were on the money making side, this would be a lot different!
Comparing total comp for VP in tech at Chase, it is basically around mid level IC. Top of SDE 2 and low Senior SDE range for most VPs. However, responsibilities range from high level architecture and design to managing teams of at least a few people. Generally no stock options, so total comp is generally worse than a comparable role in tech. There is no prestige as a VP at a bank, even though the title means something else at non financial companies.
Yeah. That is what I hear from my friends in banking. Honestly, a lot would love to move to FAANG but haven’t interviewed in years (some over 10) and probably haven’t written much code in a long time.
Most VP developers would spend around ~60% of their time doing actual development at Citi. Citi NYC, your band as VP is anywhere between 80k-180k, bonus could be up to 100k at the top end, depending on your proximity to the revenue generators. The average is much lower.
https://news.efinancialcareers.com/uk-en/167611/banks-weird-hierarchies-analysts-associates-vps-mds-really