Perm in Facebook/Google vs IB contracting

[Optimus Prime]

Anyone know how the perm salaries at Facebook/Google for developers compares with contracting at an IB?

From what I could lookup at Glassdoor for FB and GOOG - it doesn't look like total pay exceeds £100K by much for Software Engineers. Most seem to be lower. That is roughly equal to a contract at 500pd which is the lower end in London and much lower than the 600/650 rates that a good rate would be.

So then, the Googlers and Facebookers are not better off at all than the IB contract folk in terms of money? Hmm. I think those guys are generally far better technologists though.

Or do I have my figures off? And are the long term benefits of spending a few years in a top tech company much higher?

Maybe you have more figures from someone you know?

[Spacecadet]

So then, the Googlers and Facebookers are not better off at all than the IB contract folk in terms of money? Hmm. I think those guys are generally far better technologists though.

Staffers at Facebook and Google may be better technologists but as anyone who has worked in IT for any length of time knows, there is only a loose correlation between skill and reward!

[BlasterBates]

On the whole banks will pay better, but the higher paid roles usually come with a sh*t load of stress. I would expect the culture of facebook/google to be better generally than most banks.

If you are already in a highing pay IB role and you like it, then stick with it. If you´re not then I think you´ll find it difficult to land one. You´re more likely to end up at the lower end (500 pd).

[AtW]

And are the long term benefits of spending a few years in a top tech company much higher?

Yes - your children will finally be able to say proudly in school where their dad works

[MyUserName]

Salary/rate for a position does not solely rely on technical skill. Some people who work for banks are not particuarly good technologists compared to a top notch google 'code ninja' but they might still earn more because they have detailed business knowledge and their job is stressful and uninteresting. A top level IB engineer might have only every worked in a small sector of technology with a limited problem set but knows it very well.

Working at google and facebook means you buy into their culture and get many perks above money such as a free restuarant, personal project time, ping pong tables etc.

IBs do not offer any of this, they compete by simlpy offering a lot of money. I work in Investment banks and the work is not exciting and can be fiddly and very difficult along with very stressful, I would not do this unless I was being paid well (or in my current case, I have a 20 minute commute).

[The Spartan]

The way I understand it is obviously there's a little negotiation over the salary and also you get to negotiate shares etc. That's the way it works in the Zurich office so I guess it would be pretty much standard across the board or at least I would hope so. There's also room to move to different offices across the world and Google tend to cover the relocation costs, promotion is a big part of the culture on certain teams there too recently 3 people got promoted on the team I work for and the promotion rate has been 20% every year for the past five years.

[Bunk]

I would take £100,000 salary over £500 a day. Going by the general rule of thumb, if you can get £100k salary you should be looking at £100 an hour, or £750-£800 a day. That would make it a harder choice. And then there's the added bonus of working somewhere interesting rather than banking. The thing that put me off was when they described the interview process.

[Optimus Prime]

The biggest plus point may be having smarter people around. Rubs off on you I'd guess. Maybe improve chances of a successful Plan B sometime down the line.

With immigrants from the new EU countries coming over in a few months, the need to upskill is probably higher than ever before methinks.

[Optimus Prime]

The thing that put me off was when they described the interview process.

They asked you to write some code? The nerve.

[Optimus Prime]

...promotion is a big part of the culture on certain teams there too recently 3 people got promoted on the team I work for and the promotion rate has been 20% every year for the past five years.

Do you happen to know what level they started at? I think they have levels like SE, SE II, SE III. I wouldn't like to start at SE if I give it a go. That's where kids who come in straight from college start. Now the debate about whether they are on the same competency level as I would be aside, it would be good to know if someone knew about lateral hires from banks getting onto the second or third levels.