Comment by moralestapia
3 years ago
I read this here and there and don't doubt it, but then again I've never seen/met anyone IRL (outside of C-level) making this much money as an employee.
Are they just extremely rare cases or am I just not aware of the valley and their customs?
I believe you are just not aware.
C-Level folks make many millions a year, either liquid or paper.
I am at FAANG and virtually everyone at L6 (staff Eng level, many thousands of people) is paid at least $500k, with monthly liquidity (no cliff).
With a bit of luck stock wise, it’s also not uncommon at all to get to $500k+ at L5 (senior eng level, many dozens of thousands of people).
Everyone in my SF network (hundreds of people) virtually make above $500k.
Yeah, I’ve worked at both FAANG and non-FAANG series C companies, and made between $450k-$550k between 2018 and 2021. And I wasn’t even staff level.
I decided I was tired of all that bureaucracy and decided to join a series C startup making $230k + worthless stock options. It was fun for a year, but it actually hurts now. And there’s been a bunch of nickling and diming on perks and benefits too, and no comp adjustments.
And here in NYC it’s surprisingly easy to blow through that paycheck. Didn’t feel that way when I lived in SF.
> staff Eng level, many thousands of people
I don’t work at a FAANG so I could be totally off but I think there’s only about 1,000 L6+ at google [0] and they employ the most. So it’s not thousands of people at this level within a company. Maybe only a few thousand in total of all companies in the US.
[0] https://www.quora.com/How-many-people-are-at-each-level-of-t...
I firmly believe you are off by an order of magnitude at least.
First, the comment you linked is 7 years old. Most FAANG companies increased their headcount many fold ever since.
Second, there is such a thing as title inflation, over time more and more people get promoted to their terminal level, which at my FAANG is very often L6, each tiny team has always at least one or two of them. There are many, many more than 937 L6s at my company. Hell, I know for a fact that there are several hundreds of distinguished engineers (L9) at my company, which is an incredibly hard level to reach, so do the math and then scale it across the entire valley.
Third, do not discount my comment about L5 compensation reaching that $500k+ level very often. L5 represent a very large portion of the talent pool, probably the first or second largest (after L4).
You clearly do not have to believe me nor take my word for it. Not a problem. I just want to make sure other readers hear both sides of the conversation.
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I can tell you for certain that that number is off by a few orders of magnitude
With a GDP per capita of just about 50k, that means each of those people earn no less than 10 shares of the nation's wealth...
That means 10 people have to be completely destitute to achieve that level of distribution...
Though GDP can always grow, the simple truth is that a nation has a fixed amount of production in any given year and this shit is a disgusting manifestation of the imbalances of its distribution.
Now do the same calculation with a tech CEO earning $100M+ a year.
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Reading anecdotes like this blows my mind. The most I've ever made is $129k. Granted, I don't live in the valley and I don't work at a FAANG, but still...
There's a very strange phenomenon in US cities where it seems every salary is slowly converging to the $110-140k range. People who used to make $80k for borderline unskilled work (cold calling to sell business internet, for example) are now in the $110-120k range but people who were already at $120k have barely had any upward mobility in their pay.
Even at large "boring" corporate developer jobs that don't pay a fraction of the FAANG salaries, it seems the decent engineers either escaped this trap (promoted to $150k+) or have settled into the $130-140k quicksand with little to no annual raise.
Right? Make 300k for 2-3 years then quit and just go back and get another degree without needing to work outside of it whatsoever. Sounds amazing.
Would be fun to try your luck
I was like that until I read levels.fyi data and blind app and gave it a shot
Worse they can say is no
>Everyone in my SF network (hundreds of people) virtually make above $500k.
Wow, great to hear that.
Do you know of any "outsiders" (people not living in the valley, working remotely) making that much money as well?
I know plenty of people in my department at BigTech - cloud consulting - working remotely who are making $350K+ a year in senior position.
There are also people working in the office making that much as software developers working in Nashville, the DC suburbs, Dallas, etc.
Recently? That's wild. Work 4 or 5 years and retire lol
Yes, recently.
That has basically been my strategy. After a bit more than a decade of working in the Bay Area, immigrating from Europe, I accumulated $4M in liquid net worth invested in fairly diversified assets, so I’ll be pulling the plug not too far into the future, and retire in Europe. I still cannot believe that these opportunities exist: in my own country, doing the exact same job I’ve been doing, I would probably have less than €200k saved up.
I understand that people’s circumstances are incredibly different, but to the extent that one is willing to go through the discomfort of uprooting their lives, spending a few years in the Bay Area and making a lot of money is a no brainer arbitrage opportunity that is still wide open IMHO.
I made that much for 4 years and have a total of 10 years work experience. I’m nowhere near retired. And I’ve been single the entire time.
$500k is more like $275k after taxes. Assuming $60k/yr in living expenses, which is pretty frugal in the Bay Area, that’s barely over $1M in savings in 5 years. Let’s say $1.3M after return on investments over 5 years.
Nowhere close to retirement money anywhere in the US.
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No this is not rare at all. Meta offers E5 ("senior" level) new hires a 400-500k total package in the US (given that you negotiate, I know the levels.fyi numbers are a bit lower), and this isn't some exception. If your performance is good and/or stock appreciation happens, then that number goes even higher.
I'm a very average engineer (probably way below average amongst the HN crowd) and I'm in that range.
> If your performance is good and/or stock appreciation happens
Stock appreciation is the key + performance for sticking around
Have you met any IC8+/D1+ working for Meta in the US?
Honestly, no.
I mainly hang out w/ people from Europe and random parts of the States (like MA, they're paid good but not THAT good).
Dumb question maybe, but now I'm curious.
What does it really take to land a job like this one? Luck? Your network? Experience? All of it?
Mix of the above. It’s not dissimilar to investment banking or other highly compensated field. You need to get to the top of the top firms. The top of the top comes from the population of peer companies. The population of peer companies come from the population of lesser peers and top schools.
It’s not as easy as some posters make it sound, but it’s still on the order of 20-50k engineers. If you wonder why these firms move faster than the rest of the industry, this is a major contributor.
Luck, experience, and lots of Leetcode. Networking can get you a referral for an interview, but you definitely need the former.
I think there's a few other factors that impact visibility.
* The Bay Area is a place where you can make $100k a year and be classified as low-income [1].
* Tech employees tend to live low-key lifestyles that don't really show how much they're making. I know people who make $500k and still live with roommates.
* Income inequality and progressive politics combine to make people less reluctant to talk about their TC packages, unless you're also at a similar socio-economic level.
[1] https://www.sfgate.com/local/article/under-100k-low-income-s...
> Are they just extremely rare cases or am I just not aware of the valley and their customs?
Not aware. That's not unusual compensation for key contributors. Especially in AI or other niche fields. Even outside the valley.
We acquired something a while back in Montreal, Canada and it sure wasn't cheap. Salaries were in the same ballpark as our positions in the valley. We actually got most of the team to relocate to California on O-1s but still have some guys over there.
You are not aware. I have many personal friends, Engineers, making 600K+. These are old friends who have no reason to lie. I know a senior engineer who manages a small team who had a lucky take-home of over a million in a good year.
Before the pay cuts, staff at Lyft was making above 500k
See levels.fyi 500-900k comp For an IC isn’t that unheard of at FANG.