Currently L5 with 350k TC, 16 YOE. Boss is chill and is fine with remote work (even before Covid situation). Live in a MCOL area with a nice house. Usually getting EE. However, it’s likely I won’t get promoted for a very long time given my team, scope of work and the fact that I’m remote. Semi bored and unchallenged. Getting to offer stage with Goldman Sachs. Offer will likely be in the 450-500k range for a VP (senior/staff equivalent role) in NYC. Will start remote, but will have to move after Covid. Is it worth the jump in pay, or not worth the stress?
I feel like it comes down to whether or not you want to move to NYC
Don’t do it. It’s not worth it.
Is it really that stressful?
I don’t know WLB at Goldman Sachs. I am not sure your TC is a mix of base and bonus. If it is. You may or may not get bonus. More importantly you are down-leveled with those YOE. Go for manager/ED level.
GS offering 500k for VP for software position. Hard to believe. Depends on team really. Heard they are developing new low latency trading infrastructure from scratch. Is it that team?
Not low latency trading, but it’s a high priority initiative that CTO is pushing so I think they’re more “generous” with comp than usual.
TC is awesome for VP. GS is the biggest name in Investment banking. VP is respected title but mostly everyone will be VP. If you don't have finance experience, i doubt they'll give you higher than VP. But its similar to your current job i.e getting to next level is generally very difficult in banks. Question is why would you want to leave from tech to a different world of finance? Why not jump to tech? Really curious.
VP at investment bank is not a good title. Everyone with a bit of experience is a VP. As the JPM guy said, aim for Exec Director or something similar.
Evidently, GS goes from VP to MD and there is no ED. I’m definitely out of the running for MD given I have no management experience.
95% of people never make it to MD
VP to MD is one of the most difficult promotions at GS. It’s like jumping two positions at a go as there is no ED level. What’s the base/bonus distribution? You should join only if the bonus is guaranteed and you get a written guarantee
Offer is in progress, but recruiter said to expect base in the low 200s with the rest being bonus.
Do not go for GS. You have been warned
Please don’t go to Goldman Sachs. Google is far better place.
500k in NYC compared with 350k in MCOL actually seems like a downgrade in compensation, once adjusted. You likely won't have a "nice house" anymore. I would only do it if it better aligns with your values / what you want to work in. Best of luck
You may or may not get the bonus. nothing is 100%.
Any other considerations like family/friends in your current city?
And is this what you really want to do as a career?
Used to live in NYC. Have friends there, but high cost of living isn’t great. Role and team seemed pretty good, mainly worried about layoffs and stress.