Fidelity Investment Compensation Expectation
Hi, I’m a SWE. I’m leaving Apple for a personal reason: I want to move to Boston and the teams in Boston aren’t hiring. I see that FI is hiring in Boston. I know that the base salary at FI is usually lower than the market. But I heard that FI has great benefits. I’m wondering if anyone can give me a breakdown of benefits I can expect for a L4 role, such as profit share, year end bonus, cost of health insurance(I have a family) and anything else. How much can a SWE make at FI yearly? The recruiter told me that the max is $105k(didn’t ask if that’s for TC or BC). Do you think that they will increase it if I have a competive offer? I don’t expect it to match my current TC, I just want to move. TC: $175k YOE: 3
If moving to Boston, IBM is a good bet. The health insurance is somewhat expensive unless you go with HSA, but the 401(k) match is 6%, WLB is top notch, and other benefits are good like paternal leave and family leave, vacation and sick time are super flexible etc. for $105k you could get it as entry level if you have some 1-2 years experience or easily get it at band 7 with 2 yoe. Pay at IBM is better than most non-ad-tech non-fintech non-FAANG
That sounds about right for upper end L4 base. L5 base is usually 100-125K-ish on East Coast, depending on how you negotiate. Fidelity benefits are okay. Not bad but really not up to what you’re probably used to. Be aware that they talk about their 401k match as being “Best in Class” at 7% and use that to try to make your offer look sweeter. Which is laughable because you don’t even qualify for matching until 12 months post-hire, and then their 401k contributions vest over 5 years, not immediately like many other companies’ do. So don’t plan to leave anytime soon. The same is true for the profit sharing. You’re eligible after 12 months + whatever wait time there is for a full fiscal review. When I joined, it was estimating to be 16 months before any profit sharing eligibility. Not sure what the bonus structure is for L4, but for L5 it was 20%, targeted at 85% of that. Healthcare, dental and vision were okay. Something like $1500 deductible, 2k OOP max with $50ish bi-weekly cost. Company did contribute to HSA but I can’t remember the exact cost.
Fidelity’s base compensation will be around 70% of the industry max. On top of that they offer 10% profit sharing and 7% 401K match (vested over 4 years). The annual bonus varies based on your level. 20% for sr/principal. 25-30% for directors. Directors (and above) also get stock bonuses that add up year over year. In my view, joining Fidelity is only worth if they offer Director level or above. Besides promotions within fidelity take forever.
$105k sounds around the correct ballpark for TC. Don't go to fidelity from apple, it's a stupid company
How stupid is it?
Op target l5 senior role. Fidelity is a super chill wlb company