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I know for a fact that base pay for a first year SWE with a BS+MS in CS at Goldman just broke $100k a couple years ago. That probably sounds like a lot to most
by ZeroCool2u 5y ago
I know for a fact that base pay for a first year SWE with a BS+MS in CS at Goldman just broke $100k a couple years ago. That probably sounds like a lot to most people, but if you're hiring staff to live and work in NYC, especially when there's an absolutely massive Google campus 10 minutes North of the GS HQ, that's pretty much table stakes. Never mind the glaring cultural differences.
- elliekelly 5y agoDoes that take bonuses into account? Goldman (and others in the industry) tend to have lower base pay with a much higher bonus. It's typical for low level employees to get a year-end bonus equal to about 50-60% of their salary. As they advance to mid-level their bonus will equal their salary and, if they're in a senior position, it will greatly exceed their salary.
- game_the0ry 5y agoBonuses are not that high at Goldman and their comp still does not compare to FAANG, it never will.
- Tostino 5y agoKeep in mind it easily could at the stroke of a pen though. It's entirely their choice to not compensate competitively.
- onlyrealcuzzo 5y agohttps://tipalti.com/profit-per-employee/ https://tipalti.com/profit-per-employee/ Visa regularly makes double the profit per employee of FAANG - so, yes, they could easily pay more.
- Tostino 5y agoThanks for the source to backup that feeling.
- alasdair_ 5y agoDon't all the smart companies avoid making any profit at all, since profit is taxed (but share buybacks are not)?
- onlyrealcuzzo 5y agoYou have to buy your shares with FCF (usually profit) or debt. They have profits. They just aren't in the US.
- tsycho 5y ago"Back office" (which includes most programmers, with the exception of algo traders) bonuses are much much lower than "front office" (traders, ibankers, sales) bonuses. Google/FB devs total comp (including RSUs) will easily beat Goldman devs by 150-200%, depending upon your performance.
- ZeroCool2u 5y agoThis is strictly base pay, but the bonuses are simply not that good for the average SWE at the banks, because as others have said, technologists are seen as a supporting role. There are exceptions, but a much more senior coworker of mine that worked at a number of HF's and banks once told me a good rule of thumb is that the further away you are from executing a trade, the lower your comp. Of course, management doesn't really follow that rule. This is all with worse work/life balance, low flexibility, (GS was the first big bank to recall everyone and enforce working on site I believe.), a 'conservative' tech stack if you're lucky or a simply unpleasant one if you're not, and generally not being valued the same way as you would be at a FAANG or typical tech company.
- onlyrealcuzzo 5y agoDo banks not offer engineers RSUs? If so, $100k plus a 15% bonus is laughably low. Even shitty startups pay new grads more than that. My understanding is that GS's interview is actually harder to pass than a lot of FAANG companies. So you have to wonder why anyone would even interview there if the pay is that low...
- nobodyandproud 5y agoGoldman’s payday is through bonuses, not the base salary.
- feu 5y agoOnly if you're in a front office role, which the vast majority of SWEs aren't.
- nobodyandproud 5y agoNo? Even at entry level, you’re still getting $150k for base+bonus. You can expect at least 25% to be bonus if not more. Maybe you and I have a different concept of payday. What makes GS less than FAANG is the annual stock grant FAANGs throw at software engineers, and of course it Finance.