3 ms·

In NYC, in financial services anyway, you are expected to work around 60 hours per week plus whatever more is needed. You are expected to house your wife in Con

In NYC, in financial services anyway, you are expected to work around 60 hours per week plus whatever more is needed. You are expected to house your wife in Connecticut and have your parents live with you to help your wife care for any children. The big draw for that is you can typically expect high end salary and bonus around 50% of salary or more - however only if you are present on the date distributed. It’s a very common practice to lay off in November or December, so employers can get the most work out of you without paying bonus or letting you cost through the holidays when things are slow and IT departments are in change freeze. Since leaving financial services I’ve worked in social media where things are much more family friendly, hours are closer to 40, but salary is about a third less and bonus is closer to 25%.

ascendantlogic 8y ago
What is this "bonus" thing you speak of?
- gcheong 8y ago
  Essentially it is a way for the company to allow some variability in your income, in case of an especially good or, more typically, bad year, as well as hinder turnover by withholding a large portion of your compensation until after, typically, the last fiscal quarter of the year. It's discretionary of course so the company isn't on the hook for it and called a "bonus" as if they are paying you beyond what your work is worth. You generally will not have any insight into how your bonus is calculated nor will you be given any idea how to move that number in a positive direction. That was my experience with the bonus pools in the financial industry anyway.
  - ascendantlogic 8y ago
    I was being facetious but thank you for the earnest answer.
bodilikewhoa 8y ago
I don't know about this. I've worked for numerous financial service firms in NYC for the past 8 years and the most I've ever worked is maybe 45-50 hours when we are doing a production deployment. Also, most people I know either live in the city if they don't have a family or NJ if they do, oddly enough. This is for senior and Director-level positions, too. But hey that's just my experience, purely anecdotal. Everyone's is different.

ascendantlogic 8y ago

What is this "bonus" thing you speak of?

gcheong 8y ago
Essentially it is a way for the company to allow some variability in your income, in case of an especially good or, more typically, bad year, as well as hinder turnover by withholding a large portion of your compensation until after, typically, the last fiscal quarter of the year. It's discretionary of course so the company isn't on the hook for it and called a "bonus" as if they are paying you beyond what your work is worth. You generally will not have any insight into how your bonus is calculated nor will you be given any idea how to move that number in a positive direction. That was my experience with the bonus pools in the financial industry anyway.
- ascendantlogic 8y ago
  I was being facetious but thank you for the earnest answer.

bodilikewhoa 8y ago

I don't know about this. I've worked for numerous financial service firms in NYC for the past 8 years and the most I've ever worked is maybe 45-50 hours when we are doing a production deployment. Also, most people I know either live in the city if they don't have a family or NJ if they do, oddly enough. This is for senior and Director-level positions, too. But hey that's just my experience, purely anecdotal. Everyone's is different.