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been a PM for 3 years now with total comp close to 200k. not much room for growth within the current company. if my goal is to continue to grow total comp ideally past the 1m annual mark, what do you guys suggest? My intiuition is that its virtually impossible to get that kindof money in tech unless youre at one of the majors. Even then do they have pckages that high or is wallstreet the only option haha.
What kind of time horizon are you thinking? If you seriously want to get 1MM type of comp, you have a few options that come to mind. - go work for FAANG type of companies and climb the ladder there for several years (we’re talking 10 years minimum). - Finance game. Go work on Wall Street and get in the banking game, perhaps pivot to a hedge fund or PE. Again, you are probably talking 10 years of solid hard work and some key successes if you seriously want 1MM in annual comp. - go start your own company (in Silicon Valley). If you’re lucky enough to pick the right product/market and work extremely hard, you might get a pay out equivalent to a 1MM total comp in 5-7 years. - join the next Uber/Airbnb/etc. at an early stage, one of the first 10 or so employees. Still requires hard work, luck in picking the right company, sufficient equity stake, and patience to wait several years for an exit event that MIGHT give you a big pay out. - raise a search fund to acquire a company and scale it. Unlikely you can do this unless you’re extremely well connected now, or you go to Stanford/HBS/Wharton for an MBA and make the connections there. - start your own VC fund (or hedge fund, really any kind of investment vehicle) and be very successful to the point where lots of LPs want to give you capital to deploy for them. As you can see, none of this stuff is easy. The tried and true, climb the ladder type of paths to that kind of comp require long hours and patience to get there. If you’re not willing to do that type of job for that long, then you must be willing to assume more personal and professional risk by taking a more entrepreneurial path. Just my two cents! I don’t think your goal is ridiculous, but Everything is a matter of risk/reward you’re willing to take and time horizon. 1MM comps are not easy to come by.
Well said!