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Urgent help needed!!
Hi Mates,
YOE : 4+ ( IT backend PHP APIs devlp)
Current Profile -frontend React JS ( 1.5 years) Looking for a Switch in React JS.
Please suggest - how much max CTC should I ask. Worked for 6 months in the organization).
but now I have to leave the org. because the client's Project stopped. Please help by advice , referrals and name of companies for permanent wfh also welcome.
Also help me by sharing job invites.
Thankyou Tata Consultancy Accenture Deloitte Adidas
You will learn:
- Statistics regarding the pay gap for women in tech
- How to research salary ranges
- How to research your market value
- How to negotiate salary (current job)
- How to negotiate salary (new job)
- How to negotiate a signing bonus
- How to command your worth...and add tax
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Principal income is higher over time and much bigger pension.
Principal can attain greater and more senior leadership positions vs MD
Sounds like you have a good thing going. Unless you like the prestige of saying you’re a partner and believe in the long term vision of Deloitte and join the club, sounds like MD with sustained high performance is a fantastic career path
OP you have good logic. Partner isn’t for everyone so follow your heart and be happy!
Little known fact - the Partner/Principals unit-based compensation is banded based one your level (ABCD or E) while MDs have no caps or bands. Many senior MDs earn much more than most Partners and get ‘employee' benefits that Partners pay for themselves. Also, MD tax burden is less. Do the math - MD is the smarter long term play.
Easier to get fired as a non equity MD.
OP - all solid points. If you are excellent at what you do, results are clear and the comp aligns and freedom exists - I don’t know that your missing anything.
If comp really is similar, then maybe they see your success and are trying to lock you up?
Isn't the pension supposed to be equalized now (same formula)? That is what I have been told. I get the somewhat higher income and the leadership positions (not something everyone wants). It is being suggested to me that I could be asked if I want to switch to principal as a newish MD that has blown out targets for a couple of years. No details yet, but it doesn't look terribly attractive to someone like me in my limited understanding. I don't like firm leadership responsibilities. I don't want to retire at 62. I like my clients and what I do. Yes, my income would be somewhat higher at age 62, but not dramatically as I think as my raises and bonuses are very substantive based on my performance. I also like at least the idea of freedom to move without some of the handcuffs of a principal. Am I missing something?
I wasn’t aware that the pension was now the same formula
Thanks all. You have helped a bunch with my decision if they do end up following through. I love my job. Thank God I can say that.
D3 - I have no direct knowledge of the D system, but that sounds counterintuitive to me. Why would the owners of the firm set up a system where MDs make more than most partners while doing the same work?
D3 - there are three levels of MD and yes, the third level is technically uncapped but that doesn’t mean the upside is unlimited or that the upside is higher than a principal. My perception of why the uncapped third level of MD is so that we have the flexibility to higher industry luminaries as direct hire MDs. Think we do that with former high level government officials.
I believe you make more as a principal on average, but not a lot more. You also have to take in additional firm responsibilities as part of that somewhat higher comp. But in my case it isn't worth it I think. I am MD2 and told I am easily going into MD3 or get a principal offer. I have pretty much decided to stick with MD. Overall better value for me. And I think I could end up back in industry at much higher compensation than any normal principal so less ties would make that easier I think. I don't really care about consulting. I have not always been a consultant and can do many roles in my industry.
OP what other roles have you had in the past?
I have spent most of my career in industry but have been in consulting for over a decade, both as an equity partner, and now as a non-equity partner