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Keep in mind that cost of living in London can be higher than even New York City, so that 40K GBP ($60K USD) isn't exactly raking in the dough. I know one guy

Keep in mind that cost of living in London can be higher than even New York City, so that 40K GBP ($60K USD) isn't exactly raking in the dough. I know one guy who contracts with a US-based company while staying in Asia, exploiting the gap between salary and living cost seems like a pretty smart play. Question for the Londoners around here: what is the salary range like? I gather that NYC and London living costs are similar (with London supposedly edging out NYC slightly), but around here $120K is common (80K GBP), and in finance frequently runs higher than that. 40K GBP sounds strangely low, but I may lack context.

oceola 14y ago
my first job out of uni was in medium-size finance software consultancy @£35k, up to £37k in less than a year. Trying to live a family life on that wasn't fun (definitely possible, just not fun). Moved 80 miles south for a £34k salary, reduced hours & stress, no dry cleaner bills, much cheaper rent and 0 commuting costs (cycling). Don't miss London one bit :-) OTOH, I've not had a raise yet and can't see one coming any time soon. p.s. all numbers are pre-bonus, but for junior devs they're near-negligible in both companies anyway. p.p.s both jobs are enterprise java.
guy_c 14y ago
I guess for a fair comparison you'd need to consider taxation and major costs. In UK £45,000pa would net you £2,750/month after tax. Most likely your employer would be paying or contributing to your pension. Health care is free. Assuming you want your own place, a typical apartment in semi-central London might be £350/week rent. Local taxes depend on your properties value, but could say £100/month typical. Then for simplicity estimate major household bills (gas & electricity) at £100/month. Net Income: £2750/month Major Expense: ~£1750/month
- guy_c 14y ago
  Few additions: Add £100/month more expenses for public transport to work (since in London it's not very common to live within walking distance of work). Probably a fair comparison might want to factor in university education cost. In the UK undergraduate fees are capped at £9,000/year. So a simplified sum: a 3-year undergraduate costs £27,000; spread over 10 years that's £225/month.

oceola 14y ago

my first job out of uni was in medium-size finance software consultancy @£35k, up to £37k in less than a year. Trying to live a family life on that wasn't fun (definitely possible, just not fun). Moved 80 miles south for a £34k salary, reduced hours & stress, no dry cleaner bills, much cheaper rent and 0 commuting costs (cycling). Don't miss London one bit :-) OTOH, I've not had a raise yet and can't see one coming any time soon. p.s. all numbers are pre-bonus, but for junior devs they're near-negligible in both companies anyway. p.p.s both jobs are enterprise java.

guy_c 14y ago

I guess for a fair comparison you'd need to consider taxation and major costs. In UK £45,000pa would net you £2,750/month after tax. Most likely your employer would be paying or contributing to your pension. Health care is free. Assuming you want your own place, a typical apartment in semi-central London might be £350/week rent. Local taxes depend on your properties value, but could say £100/month typical. Then for simplicity estimate major household bills (gas & electricity) at £100/month. Net Income: £2750/month Major Expense: ~£1750/month

guy_c 14y ago
Few additions: Add £100/month more expenses for public transport to work (since in London it's not very common to live within walking distance of work). Probably a fair comparison might want to factor in university education cost. In the UK undergraduate fees are capped at £9,000/year. So a simplified sum: a 3-year undergraduate costs £27,000; spread over 10 years that's £225/month.