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Fishes, how were the appraisals in general at Deutsche Bank for roles in Mumbai location? Understand that they got concluded only recently so it will be interesting to know. While it may vary from function to function but we will atleast got to know a ballpark figure. Also if you could add your designations, will be great.
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Culture is vastly more important. If you work somewhere with a great culture you will excel and comp will take care of itself. I spent 12 years in industry and have 19 years in consulting. Have followed that model my entire career and have never had a comp conversation with my managers or anyone who reported to me that performed well. You have a long runway ahead of you. If you don’t like the culture you will be miserable no matter how much you are paid.
Very good advice.
Honestly, depends what's important to you to define the tradeoff. Some people need better flexibility for family or other reasons.
As long as you have enough for what you need and enough to get things you want without breaking the bank then get the culture you like.
I dont know that there is an equation to give an exact answer but you do you!
Start with long term goals first like retirement, marriage family and things you’d consider necessities and do an estimation - I hear you guys are good at that ;) ... then define more short and medium term wants like that new RS6 or whatever it is - then it’s a trade off between wants and comp really. The less tied you are to material wants the more flexible you can be.
For some, $100k (a fortune to many!). For others $100m (a fortune to all!). What matters to You?
$100m a “fortune”??? Peasants!
As someone who has a few years and experience in both industry and consulting...you can absolutely have it all, you just generally can't have it all at the same time time. So some thoughts to ponder.
1) Map out a general plan on where you are and where you want to go. Understand that a plan means nothing will fall into it the way you think, but helps you to determine what your professional priorities are
2) What are your personal priorities? Now and in the future? Life falling into the plan? See above.
3) Culture vs. Income... I'm a culture person. I like to have some independence in my daily activities, I like knowing my role today is still helping people (you can take the woman out of the caregiver role...) If you're an income person, own it. There's no shame in that - just make sure you are checking with yourself regularly that where you are and what you thought would be your happy-maker are still in alignment.
3) It's easy to end up too far on one side or the other, but figuring out what you can be flexible about and what your hard limits are helps.
4) Understand that early in your career (and life :) ) what is important to you will most likely change over time. And what you think you will love may turn out to be something you don't, and vice versa.
5) Don't be afraid to re-evaluate regularly. Be honest with yourself. Being miserable with aspects of your personal or professional life that you feel you can't change usually manifest in other areas of your life. Nothing is ever set in stone. Even if it seems like it.
I'm 25, worked the last 2 years in consulting and am looking to break into tech Bizops or PM.
Confused about how to tradeoff learning experience from a potential job vs comp offered.
As I far as I can see, there is a plateau around $200k in most jobs. Unless you get a promotion to exec levels, most good jobs pay around that...
Can you give an example? Which industry which titles?
Where do you want to live? What kind of lifestyle (i.e. vacations, material, kids, private vs public education for kids, public/industry influence) do you want to have? How soon do you want it?
I look at it based on monthly cash flow in and out and also long term savings target. What do you need to support the lifestyle you’re looking for.
I personally would like a 200k base with about 75k in variable pay (RSU, Bonus). I use the base the pay off my monthly expenses (rent, student loans) and save all the variable pay. I also max out my 401k.
I’d recommend focusing on long term growth, work culture/satisfaction and learning opportunities in addition to pay. I know it’s at hard and I struggle with it, but given that I’m 30, I’m hoping to not make a long term decision only based on comp.