Survey: ONLY age & salary!
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@BCG2, graduated high school at 16, college at 19 with full time software engineering positions during college doing exactly what I'm doing now. Was able to leverage that to come in as an experienced hire + hot skill bonus and come in as Snr Analyst. Currently a consultant.
Correct. The relationship between age and salary is clearly not linear below adulthood and after retirement. We also don't have data above low 40s to know whether it is linear between then and retirement. However, the data we do have are fairly linear, and they exhibit only a very small amount of heteroskedasticity at higher ages. I see no utility in forcing a coefficient at zero.
So the purpose of the regression would be to plug in ones own age and see if you're above or below average for your age. As well as understanding the average dollar impact of additional years of age on salary. For those purposes, the regression is quite suitable.
For those curious.... right now we have n=38. Average age is 28.23 and avg salary is $123,552
26- $77k :(
32 - 205
😞 I need to switch Firms
😳🔫
Lol@ "mbbd", you aren't part of mbb or even close. More like mbb...............d
^ that's embarrassing... You should ask for a raise
This is depressing 💁🏼🔫
Regression yields 58% R-Square. -74,131 + 6,935 * Age. N = 102. I dropped a couple of questionable observations.
25 - 82k
Just base guys!
^same
Heteroskedasticity means the observed error is not constant across the entire range of data. In this case, the error gets a little bigger for higher ages. The reality is that raises are usually percentage increases rather than dollar increases, which is how this regression is assuming it works. So the error gets worse over many years and the regression doesn't account for it.
22 - $65k
34 - 200
Im including bonus
Damn @Mbbd what's your level?
240 = base. 525 = cash comp last year. base plus bonus plus half share of profit sharing.