Technology/IT Consultants

Has anyone left consulting to join Fannie Mae or Freddie Mac technology?

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works at

They are a hot mess. Beware. Never worked for them... just know

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For benefits, good salary, bonus was easily attainable, up to 8% match on 401k, $150 per month towards metro or parking depending. Some learning and development opps but not as many as you would see in a consulting firm.

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I went the reverse direction, what do you wish to know?

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I actually had really good work life. It is a bit of a bureaucratic nightmare but at least at Fannie everybody is incredibly nice. There were occasional project managers that were super stressed, and some consultants worked insane hours, but for full time employees it was a cushy gig. Pay is good and generally the worklife was 35-40 hour weeks. Honestly great experience.

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For opportunities to grow- not really. Or at least to me there wasn’t a clearly defined hierarchy or growth pattern. That said, come in at manager level or higher and you’re fine. Many colleagues have several postgrad degrees or phds.

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following

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What is work life balance, benefits and opportunities to grow?

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If they did, probably wouldn’t be on here unless they boomeranged. So it’d be a pretty biased group

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@ PwC1 - thank you so much for such detailed insight! One last question, were you in technology there?

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I was on an analytic team that developed tableau products for different stakeholders across business units. Minor interaction with technology. The broader characteristics described above seemed to apply to Fannie as a whole. Of course you always run the risk of getting “that one” bad manager or boss. Those people were few and far between but existed.

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I actually came from Freddie Mac to consulting. It was my first job out of college. I got put in a rare good position where growth was inevitable. 2 months out of college I was put on as a PM to several projects replacing two Senior Project Managers who had just quit. The hours were crazy for me— 80+. But everything after 38.75 hours was time and a half. The pay is not great. And like others have said it’s a mess. But the training is really really good. They will pay upfront for certifications like CSM, CSPO and I think they’ve added a few others. But the biggest difference from consulting is the fact that you go from being a profit center for your company to being a cost center. And the effects are brutal. Business controls every aspect of everything on a given project. Everything is IT’s fault at Freddie Mac. No matter the situation They will drain half your budget on two “business analyst consultants” that are quadruple the cost of an IT FTE and then blame IT for being over budget. They will set the scope, budget, and schedule for IT projects. LOEs are just an exercise. At the end of the day the business decides. I have even seen them decide a shitty technical solution. It is my main driver for leaving. IT needs to help drive business not just serve them.

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@C1, oh wow sounds brutal. How long ago did you leave?

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