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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.
22 99k
28, 163k
30, 154k base
29-135$
21 - 93k
✌️
22- 70
Acc19 - what's your story? 92k at 21 is very impressive. How long have you been working? What's your role?
Just the tip. 🎩
29, 130 base
That doesn't make sense, you should force a 0 coefficient. You can't earn negative at age 0.
25 - $105k
What's heteroskedasticity again? I learned it in bschool, but it's one of those things I forgot five minutes after the final.
I don't need a regression to know I'm above average for my age ;)
26 - 90k
I'm making 15k less than the regression says I should... Maybe it's time to ask for a raise
34, 140k
30, $70k
24, 140k. Just hopped to industry.
24, 95k