big tech PM vs top 5 BB s&t quant
i'm deciding between both of these offers for a junior internship. i'm concerned about s&t job security and the overall industry, but i feel like it might be more fun and i'd be able to make more money in the long run.
thoughts?
Is the big tech PM job FAANG?
I would say think deeply about your interest. Sell-side quant roles are a great place to start a career but you have to make a move to the buyside quickly if you want a more interesting role plus better pay (ex. exit to prop trading/HF's) only issue with quant is your skillset is limited and trying to go into other parts of finance is an uphill battle...you could maybe exit into tech as a swe or data scientist but again its a lot more work and your story has to checkout. Tech PM roles build a pretty good skillset and a groundwork for a great career in an industry that is expanding greatly. If you like taking risks and finance is what drives you go with quant but don't think of it as a safe and permanent career path. Go to tech if you're more interested in solving tomorrow's problem with a greater sense of job security/stability
yes it's FAANG. this is really helpful, thank you. do you think comp should play in a part in how i decide? 1st year comp is nearly double in tech, but I realize finance might grow a lot quicker. curious to hear your thoughts
overall i think you'll be working on interesting problems in tech and finance will get to a point where it's just process-oriented and less creativity is involved. Are you a cs major? Do you know which desks you will be rotating through or if you will be on the sales or trading part of the role?
From a pure compensation perspective...the conventional wisdom is that Tech ALWAYS pays more out of undergrad but you hit a pay ceiling rapidly (said pay ceiling is about 500-700K all in give or take...there are some outstanding distinguished engineers who make $1-2mm at FAANG but they're extreme outliers) and once you hit that ceiling the only way to keep increasing your earnings is one of two ways 1. Join the Investing world, become a VC guy and work your way up the ladder to partner and you can see big paydays. 2. Branch off and go the startup route and pray for a solid exit. In finance however there is no pay ceiling and if you crush it one year and make a killing or your group hits a homerun then you will be compensated amazingly in the form of bonus. When I say no pay ceiling the sky is truly the limit here. All in comp can range from 500K well into the millions. So if you're purely concerned with compensation and compensation alone then YES, finance is the winner here because one very very good / lucky year can put you in a position where you may exceed earning far beyond than what you could have accomplished in Tech. It is a stressful and at times confusing route but if compensation is the only factor that you decide on then finance will make you great money in the long term. Hope this helps.
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