Internship and New Grad compensation at Tech companies revealed vol. 1 reason for Bay Area housing m

My old roommate was an IT consultant and his life was wack. I think it's hilarious the brutality some new grads will endure to be loyal to companies that don't care about them and they can be easily replaced. He was paid very well, and was miserable due to his hours and demanding managers.
 
Hennessy said:
My old roommate was an IT consultant and his life was wack. I think it's hilarious the brutality some new grads will endure to be loyal to companies that don't care about them and they can be easily replaced. He was paid very well, and was miserable due to his hours and demanding managers.
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Consulting companies always hire green behind the ear new grads from top schools because they are super optimistic and can be molded.

Lot of young people have realized that you should always be loyal to your own career before any company so most cats bounce companies every 3-5 yrs which is why most of the old gaure companies are trying to figure out ways to keep millenials because soon there will probably be a work force shortage since baby boomers are retiring and there arent as many Gen Xers compared to Millenials.
 
LuckyLuchiano said:
 
Hennessy said:
My old roommate was an IT consultant and his life was wack. I think it's hilarious the brutality some new grads will endure to be loyal to companies that don't care about them and they can be easily replaced. He was paid very well, and was miserable due to his hours and demanding managers.
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Consulting companies always hire green behind the ear new grads from top schools because they are super optimistic and can be molded.

Lot of young people have realized that you should always be loyal to your own career before any company so most cats bounce companies every 3-5 yrs which is why most of the old gaure companies are trying to figure out ways to keep millenials because soon there will probably be a work force shortage since baby boomers are retiring and there arent as many Gen Xers compared to Millenials.
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Yep, all the grads are picking tech over finance/consulting due to perks, culture, "wanting to change the world", etc.

Let's be real though: spend 2-3 years in a good position at any of these companies and you're set to do whatever you want after. For example, you can't discount a kid who spent time at Goldman M&A -- the experience speaks for itself.
 
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handullz said:
You are VERY concerned about other people's pockets, my g.
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That's his number 1 hobby. Pocket watching and telling people what's an impossible amount of money to make unless you work 100+ hours.

Also this is very old news. Software interns been eating forever , still in college making more money than their parents
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@Hennessy  #1 Reason why I will never work for a consultant company (Booz Allen, Accenture, Deloitte, etc) . They run you into the ground then replace you.

Work a more technical position and you are much more valuable.

@EAski3  hope this wasn't your first time seeing these numbers.
 
Slighted said:
Yep, all the grads are picking tech over finance/consulting due to perks, culture, "wanting to change the world", etc.

Let's be real though: spend 2-3 years in a good position at any of these companies and you're set to do whatever you want after. For example, you can't discount a kid who spent time at Goldman M&A -- the experience speaks for itself.
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Yeah its gotten to the point where Google opened a Start up incubator at their HQ Because top talent would stay 2-5 yrs then go start a start up and then you factor in cats being poached to work elsewhere because they have Google or anyone of the "unicorn" tech companies on their resume.

I probably wouldnt move to SF for less than 300k in salary.
 
LuckyLuchiano said:
Yeah its gotten to the point where Google opened a Start up incubator at their HQ Because top talent would stay 2-5 yrs then go start a start up and then you factor in cats being poached to work elsewhere because they have Google or anyone of the "unicorn" tech companies on their resume.

I probably wouldnt move to SF for less than 300k in salary.
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That's my number too man. Cost of living is too high.

300 for cali. 200 for NY.
 
BeezyGotSole said:
That's my number too man. Cost of living is too high.

300 for cali. 200 for NY.
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Yup. It's realistic to get it at the "Unicorn" companies too the only thing is when you are young it's rather tough to get into those companies unless you have someone on the inside.
 
Slighted said:
HugheyFreeman said:
 
Pdino said:
After cost of living in Bay area is taken into account, these wages aren't that lucrative.


My good friend works in and lives in Oakland ("cheaper " for bay area), lives in rent controlled area and splits a 800 square foot 2 bedroom for 3k/month not including utilities.

He graduated from ivy league and he makes 105k/year and doesn't spend lavishly, he saves up 1k/month.


Compared to 99% of the US the numbers look crazy, but the bay area is its own world
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how he makin 105 k a year and only save a grand a month?
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$105k gross annual salary = $8750 gross per month = $5700 after 35% tax rate

Bay Area's COL is ridiculously high, so the #s make sense.
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Lets add health insurance, maybe HSA, 401k, and IRA and you will be seeing about half that if lucky. Not to mention Cali taxes are even higher than our taxes in NYC on income so that's another thing.
 
Biggie62 said:
Lets add health insurance, maybe HSA, 401k, and IRA and you will be seeing about half that if lucky. Not to mention Cali taxes are even higher than our taxes in NYC on income so that's another thing.
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YUP. Thats how they get young people. Avg person is just happy to get offered 100k especially when their friends are only making 30-40k.
 
401k contributions should be seen as a part of your compensation imo. I consider my firm match and all the benefits I get as a part of my comp. It's a tremendous value add.

Keep it 100 that spot on my resume is a tremendous value add and plays a part in my future compensation.
 
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What kind of lifestyle do you lead where you'd need 300k before considering moving to sf?
 
Antidope said:
401k contributions should be seen as a part of your compensation imo. I consider my firm match and all the benefits I get as a part of my comp. It's a tremendous value add.

Keep it 100 that spot on my resume is a tremendous value add and plays a part in my future compensation.
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I agree about the match but you usually have to contribute a minimum to get their max match anyway and as you make more money it's advantageous to put the full amount that is tax deductible so you pay less taxes right now. It's all capital gains when you cash out anyway which is at a lower level.
 
Those Yelp figures are for tech grads. They have a large number of staff making minimum wage or slightly above that.
 
Good luck to you if you think you're actually getting that Amazon signing bonus.
 
What's the biggest signing bonus for a full-time entry level position?

The only one I heard was a homie who got $50k at an investment bank, but it had a 3-year minimum or it'd be clawed back.
 
derrty6232 said:
What kind of lifestyle do you lead where you'd need 300k before considering moving to sf?
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The kind of lifestyle where you know your worth and know how valuable your skills are lol .You also understand how high cost of living effects quality of life.

Here in the DC area I really only need half or a lil over half of that to be content. 150 isn't s*** out in SF as you can see. Interns and recent grads are making big money .

I'm not gonna pack up and move to another state to be living the same or worst quality of life. Doesn't make sense.
 
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