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Wait until they find out how rich people in finance are getting. And, just like in tech, I don't mean the very tippy-top. I mean people who are barely above the
by notacoward 6y ago
Wait until they find out how rich people in finance are getting. And, just like in tech, I don't mean the very tippy-top. I mean people who are barely above the equivalent of line workers, pulling in even more than their college roommates make in tech. But that's old news, and not NYT's sworn enemies, so I guess it's not as interesting to them.
- mikeyouse 6y agoThere are roughly ~0 people in finance making a quarter million dollars per year right out of school, and there are tens of thousands of people in tech, probably hundreds of thousands. I know people in non-engineering, non-sales roles (e.g. recruiting and HR) at large tech cos buying 3rd houses in the Bay Area because their RSUs have appreciated so much so they're diversifying. It's absolutely insane how much wealth is being generated by the stock price run-up.
- hesarenu 6y agoquarter million dollars per year right out of school - really?
- jeffreyrogers 6y agoI heard of that happening when I graduated, which was in 2016, so I would not be at all shocked if it's more common now.
- kaesar14 6y agoLook at a new grad compensation thread on r/cscareerquestions if you don't believe it.
- mikeyouse 6y agoIn total comp - yeah. It's insane. That's what the OP twitter post is talking about. If we see a stock market crash, a lot of that will evaporate, but there is a really large cash component and RSUs are buoying everything to really high levels right now. Just a new grad thread from Reddit: https://www.reddit.com/r/cscareerquestions/comments/m635u7/official_salary_sharing_thread_for_new_grads/gr3koj5/ https://www.reddit.com/r/cscareerquestions/comments/m635u7/o... Anecdotally, my friend who just closed on their 3rd house runs engineering recruiting for a large public Bay Area company (and used to run their new grad hiring) so they've told me specifically what that company pays for grads of their target schools which they've obviously honed based on competing offers from other tech companies.
- paulpauper 6y agoso much for that narrative by the media of millennials and gen-z struggling. Some are but many are not. The media always tries to make these huge generalities.
- seattle_spring 6y ago> Some are but many are not The more correct summary of the situation is, "some are not, but many are."
- logicslave 6y agoPlenty of people make 250k in finance jobs out of school. The most elite roles go up to 400k
- mikeyouse 6y agoAverage new grad salary at FB in the Bay Area is well over $200k. Average new grad salary (e.g. Analyst) at Goldman in NYC is more like $130k. The "finance jobs" that pay new grads that well are typically software engineering roles at finance companies.
- logicslave 6y agoThere are plenty of jobs outside IB. And within IB the pay rises so fast that the 200k starting at FB is a joke. I work at FAANG, the money is good, but its nothing like finance.
- notacoward 6y agoA software developer in finance is still a person in finance. Also, I wasn't talking only about starting salaries. The shape of the whole ramp counts. Our oversized finance sector really doesn't need more people providing excuses and rationalizations for how much rent they collect.
- jeffreyrogers 6y agoI think there are fewer of those than their are in tech though. But upper limit in finance is a lot higher (for a relatively normal employee, obviously if you start Stripe or something you're going to make a lot more than the average VP or whatever).
- pjbk 6y agoOh, I thought the lines blurred quite a while ago and they are the same bunch now?