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But competitively is the word. They can attract software engineers at those low wages, therefore they are competitive. This seems strange to me, as it takes a
by shubb 13y ago
But competitively is the word. They can attract software engineers at those low wages, therefore they are competitive.
This seems strange to me, as it takes a few years for someone to get good at software (the supply is constricted), and where I've been involved in recruitment, finding good people is difficult.
It's also interesting to see that people get paid so much more in finance, or at American companies. That is, a finance house could probably hire any good 5+ year C++ developer at the 'normal C++ developer' rate of 30k, and get good results. But they choose to pay 50K for a 'finance C++ developer', whether he was earning 30K last week or not.
That says to me that pay is not set by supply by labor supply and demand but something else. That is, you don't get rich by having rare skills that make people money, you get them by knowing which industries pay over the odds for labor. I think that's a good thing to realize if you want to be comfortable.
- doktrin 13y agoHow familiar are you with the finance industry? I'm not currently under the impression that anyone with C++ experience is interchangeable with a C++ dev with finance experience.
- UK-AL 13y agoIn reality pay is not set by supply and demand. People have fixed ideas about what a job is worth, and refuse to pay above this. When everyone thinks like this, you have implicit collusion. Banks, finance etc do tend think in supply and demand terms. Can't find good people? Raise the price. Hardly ever happens in other industries.
- elemeno 13y agoIt's not so much that they're paying for a C++ developer, they're paying for a C++ developer (or C#/Java/whatever developer) with a certain set of skills. The sort of developers that get well paid in finance (it should be noted that there's a vast range of dev salaries in banking depending on the sort of roles being worked in with Quants, Quant/Devs and Front Office developers being very much at the top of the pile) are those that have Masters or PhDs in Maths and work on pricing algorithms, those who work on high frequency type applications, those who have enough maths that they can turn algorithms into solid applications that can't fall over during the trading day (i.e. solid, highly optimised software), or those who can interact with the trading desks and build anything which helps the desk make more money. One thing they'll all have in common as well is a large amount of domain knowledge about the (financial) products that they work on, as well as the ability to work in environment which are often noisy and stressful. Anyone who needs their own office and a quiet environment in order to get into the zone and hack on some code is not going to thrive at a bank.
- easytiger 13y agoYEa i think the op is ignoring the value of domain knowledge