The Inaugural Slick Deals Career Thoughts and Compensation Thread

Is there such a thing as a standard percentage of pay on a staffing contract? I mean, do staffing companies usually stick to say a 50-70% payout in salary/benefits compared to the total contract price?

Quote from shuriken : ...If you're a good poker player, then I'm sure you'd have potential to be a good trader too. No, I'm not likening trading to gambling--I'm saying that if you can detach emotion from your trades: think about them logically, be nimble about your wins, and not get your losses you away at you, then you're already a step ahead of everyone that can't do this. Have you noticed bad poker players who change their style of play to reckless once they've experienced a bad beat? You can be assured that for every poker player that plays like this: there is a trader who does the same after a trade has gotten away from them.

Interesting read, thanks for sharing Shuriken.

Quote from huskercubfan : Occupation: Info Tech Intern Education: High School, currently in pursuit of a Quadruple major in Business/Finance at a local university 2010 Compensation: $20-35k - based on hourly so it all depends on how much I work ($16 an hour)

This is enlightening to me. Your company pays interns at the same rate as the established guys on my team with degrees.

Gender: Male
Age: 30
Location: FL
Occupation: Dentist (county health dept.)
Education: Univ. of Florida Finance/Insurance Undergrad, Dentistry Grad
2010 Compensation: $170k "soft" dollars: 120K salary + 12K in 401k + full medical/dental/vision + 32K/yr lean repayment (NHSC)
Future Salary Projection: ?
Whats the job like: Work on child medicaid patients. See 15-25 pt /day. Make my own tx plans. Administrators are non-dentist, strict but reasonable.

Gender: Male
Age: 27
Location: NYC suburbs
Occupation: Embedded software engineer
Education: MS in EE, BS in CompE
2010 Compensation: low 6 figures + maybe a bonus (finger crossed). Also want to mention that my salary may seem high, but where I live the cost of living is very high, so I don't make THAT much. For example, my brother makes maybe a third of what I make and he had two houses before I had 1 because he lives in a different state with lower cost of living.
Future Salary Projection: 3-5% a year and 10-15% on promotions. Probably max out at the $200k range at around age 50 or so from what I can tell from colleagues. I'll also retire with about 1-2 million in my 401k (again based on colleagues).
Environment: typical engineering environment. Everyone is smart and does their job, so there is no one hovering over you. I don't clock in or out. Lunches/breaks at my discretion. I work from home whenever I don't feel like coming in. Only negative aspect comes into play at the end of a project. Engineers love to perfect things, so they spend too much of their time doing more than they are tasked with, so at the end of the project, its always a time crunch to get everything else done on time.
Would I recommend this career to others? I would if you like good pay and calm work environment. I also think this career is pretty recession proof, but I could be wrong. My only complaint is that the work can be boring at times. I don't like doing tedious tasks like documentation and I don't like doing the same thing over and over again. Luckily I have worked in a lot of different projects, but I do have colleagues who have worked on the same project for 30+ years. Another bad thing is that you can get too comfortable in this type of work. I'm a career/goal oriented person, but I find myself lagging a bit. For instance, I always planned on getting a phd growing up and now I see no point to it. Also, I've been meaning to develop a website/cell phone app to make me filthy rich and I can't make myself put the time into it.
If not this, then what? Good question! Probably an accountant or day trader. Maybe start my own business? Something with a lot of math would come easy. A college professor also seems plausible.

Quote from sdslick : Gender: Male Age: 27 Location: NYC suburbs Occupation: Embedded software engineer Education: MS in EE, BS in CompE 2010 Compensation: low 6 figures + maybe a bonus (finger crossed). Also want to mention that my salary may seem high, but where I live the cost of living is very high, so I don't make THAT much. For example, my brother makes maybe a third of what I make and he had two houses before I had 1 because he lives in a different state with lower cost of living. Future Salary Projection: 3-5% a year and 10-15% on promotions. Probably max out at the $200k range at around age 50 or so from what I can tell from colleagues. I'll also retire with about 1-2 million in my 401k (again based on colleagues). Environment: typical engineering environment. Everyone is smart and does their job, so there is no one hovering over you. I don't clock in or out. Lunches/breaks at my discretion. I work from home whenever I don't feel like coming in. Only negative aspect comes into play at the end of a project. Engineers love to perfect things, so they spend too much of their time doing more than they are tasked with, so at the end of the project, its always a time crunch to get everything else done on time. Would I recommend this career to others? I would if you like good pay and calm work environment. I also think this career is pretty recession proof, but I could be wrong. My only complaint is that the work can be boring at times. I don't like doing tedious tasks like documentation and I don't like doing the same thing over and over again. Luckily I have worked in a lot of different projects, but I do have colleagues who have worked on the same project for 30+ years. Another bad thing is that you can get too comfortable in this type of work. I'm a career/goal oriented person, but I find myself lagging a bit. For instance, I always planned on getting a phd growing up and now I see no point to it. Also, I've been meaning to develop a website/cell phone app to make me filthy rich and I can't make myself put the time into it. If not this, then what? Good question! Probably an accountant or day trader. Maybe start my own business? Something with a lot of math would come easy. A college professor also seems plausible.

I'd kind of lean towards recession proof as well there - I mean nothing is 100% but during the worst of this last one I still saw tons of postings for embedded software engineers while postings for other kinds of software dev pretty much dried up entirely (other than those 'if you work for me for cheap or free i have an awesome idea that will make us millionaires' postings). I'm guessing its because a lot of them were for places that get big longish-term contracts that don't shift quickly with changes in the general economy.

Quote from redpoint5 : This is enlightening to me. Your company pays interns at the same rate as the established guys on my team with degrees.

and we have a relatively low cost of living here as well.

Where are you located? and how big is your company? Both play big roles.

Quote from Talyssa : I'd kind of lean towards recession proof as well there - I mean nothing is 100% but during the worst of this last one I still saw tons of postings for embedded software engineers while postings for other kinds of software dev pretty much dried up entirely (other than those 'if you work for me for cheap or free i have an awesome idea that will make us millionaires' postings). I'm guessing its because a lot of them were for places that get big longish-term contracts that don't shift quickly with changes in the general economy.

Yeah, i actually switched jobs in the middle of the recession in 2009. Negotiated good pay raise and a decent sign on as if there was no recession.

I think I might be better stimulated with a different type of software development, like internet or game development. But there are fewer of those jobs here in the east coast, they pay less and are probably more stressful.

Gender: Male
Age: 32
Location: Utah
Occupation: CFO of a technology company
Education: BS Financial Economics; MS Accounting
2010 Compensation: mid 6 figures + a bonus + equity.
Future Salary Projection: 10-15% a year and equity. Probably will settle at about $200k until we sell the company and I cash out my equity.
Environment: Technology start-up. Lots of cool people, cool technology, very relaxed (jeans to work. etc.). 45 hours/week.
Would I recommend this career to others? Yes, but getting to where I am at is very difficult and usually requires some long hours at consulting firms prior to getting to this point.
If not this, then what? Ski Patrol or National Park Ranger (maybe after I cash out)

Quote from crazygrow : Gender: Male Age: 32 Location: Utah Occupation: CFO of a technology company Education: BS Financial Economics; MS Accounting 2010 Compensation: mid 6 figures + a bonus + equity. Future Salary Projection: 10-15% a year and equity. Probably will settle at about $200k until we sell the company and I cash out my equity. Environment: Technology start-up. Lots of cool people, cool technology, very relaxed (jeans to work. etc.). 45 hours/week. Would I recommend this career to others? Yes, but getting to where I am at is very difficult and usually requires some long hours at consulting firms prior to getting to this point. If not this, then what? Ski Patrol or National Park Ranger (maybe after I cash out)

May I ask if you have your CPA under your belt and if you have public accounting experience? I am currently hold a BS in Accounting and pursuing my CPA license. At the moment, I work for as a A/R accountant for a management firm. It is my goal to be in your position 7-10 years from now. Any advice would be greatly appreciated. Thank you!

Quote from archon144 : May I ask if you have your CPA under your belt and if you have public accounting experience? I am currently hold a BS in Accounting and pursuing my CPA license. At the moment, I work for as a A/R accountant for a management firm. It is my goal to be in your position 7-10 years from now. Any advice would be greatly appreciated. Thank you!

I do have my CPA and worked at a big 4 accounting firm for 4 years in audit. I then switched and became a management consultant in mergers and acquisitions (which is what really qualified me for where I am now).

Why I would never say it isn't possible, being in public accounting or in an accounting job does not typically qualify one for a CFO role as the breadth of experience and thought processes are not expansive enough (which is why most accountants become controllers at the top of their corporate careers and not CFOs).

I would say your path is even more difficult since you do not have public accounting experience, which gives you a very different experience than an inhouse corporate accounting job.

You probably need to make a major change somewhere in your career path either through leaving for additional schooling (MAcc or MBA) at the best school you can and then reentering the work force in a different position.

I hope this post does not sound harsh, but most of my accounting friends will never be in a CFO role even though most target that position.

Quote from crazygrow : I do have my CPA and worked at a big 4 accounting firm for 4 years in audit. I then switched and became a management consultant in mergers and acquisitions (which is what really qualified me for where I am now). Why I would never say it isn't possible, being in public accounting or in an accounting job does not typically qualify one for a CFO role as the breadth of experience and thought processes are not expansive enough (which is why most accountants become controllers at the top of their corporate careers and not CFOs). I would say your path is even more difficult since you do not have public accounting experience, which gives you a very different experience than an inhouse corporate accounting job. You probably need to make a major change somewhere in your career path either through leaving for additional schooling (MAcc or MBA) at the best school you can and then reentering the work force in a different position. I hope this post does not sound harsh, but most of my accounting friends will never be in a CFO role even though most target that position.

Thank you for your detailed answer!

I graduated December of 2009, and did not received an offer to work at big 4 accounting firms. The only offer I received was from a management firm as an A/R accountant.

I will definitely look into going back to school this year and look to jump in to public accounting.

Would you recommend going into public accounting or going back to school for MBA? And should I aim for big 4 firms or large regional accounting firms will look just as good on my resume?

Hopefully I will be able to move up the ladder like you did

Thanks again for answering! Repped you!

Gender: Male

Age: 28

Location: FL

Occupation: Jail Guard

Education: B.S. Public Safety Administration

2010 Compensation: Wage is approximately $20/hr, but that doesn't take into account shift differential, overtime and other extra pay (I nearly cleared 50k in 2010). Our benefits are incredibly generous. We have outstanding medical and dental insurance of which I pay a modest premium. Our retirement truly shines; we are on the Florida Retirement System which is fully employer funded. We can choose between a pension with a 3% yearly multiplier of our highest five grossing years or an investment plan (18% into a 401k without any employee contribution). Other fringe benefits include free access to several gyms and tuition re-reimbursement up $1500/yr.

Future Salary Projection: That depends on if I am able to move up the ranks. Provided I am able to earn a promotion to a supervisory role I will see a dramatic increase in pay. Without such a promotion the future looks much bleaker. Our wages have been frozen for the last three years and we do not have a step plan in place.

Environment: The environment is not nearly as bad as movies and television programs portray. That being said it is a far cry from regular office work and you never know exactly what to expect on a daily basis, but sure as hell better be ready for it. Working in a jail we deal predominately with inmates awaiting trial or those convicted of misdemeanors. This environment differs from prisons which are much more ripe for violence and attacks against staff. I worked a lot of shitty dead end jobs (Target, Hollywood Video, Winn Dixie, etc.) prior to this job and I can say without hesitation this is the easiest and least labor intensive job I've ever held. Obviously there are downsides to this line of work as you are dealing with the dregs of society (for the most part) and it is often difficult to find anything remotely rewarding about this type of work. It can be outright depressing when you consider your duty is to make sure the alleged child rapist has sufficient toilet paper.
Working the night shift there are hours and hours of downtime. When I started this job I only possessed a HS Diploma, but I managed to obtain my BS while limiting myself to studying only at work. We are on 12 hour shifts with rotating days off. I absolutely love this schedule and cherish all the free time it provides me. You can't beat coming into work only fifteen days a month!

Would I recommend this career to others? Only if you lacked the education to do something else. The pay and benefits are phenomenal for the job requirements. If I am unable to promote I see myself leaving this line of work as there are so few redeeming qualities outside of the steady paycheck and benefits.

If not this, then what? No idea! I fell into this line of work because of my general apathy and laziness. Looking to the future I think I would try the medical field if I end up starting over. Nursing looks like a brighter and brighter option, especially now that Scott is the Gov and eager to gut FRS

Apparently no one told my company that the job market is bad. 20% pay raises for all interns.

Quote from Sugar_Scrub : Apparently no one told my company that the job market is bad. 20% pay raises for all interns.

job market isn't bad for EVERYONE, my company is hiring. Its just a little weak and in certain segments its VERY weak -- I've definitely seen and heard from others that there is a turnaround this year in terms of hiring but it seems to apply mostly to skilled and experienced workers. People without degrees and without any particular job skills (like basic office workers and construction contractors) are still struggling.

Gender: Male

Age: 23

Location: Washington DC

Occupation: IT Consultant at a gov't contractor

Education: BBA - Computer Information Systems

2010 Compensation: $75,000 Base Pay

Future Salary Projection: I'm not entirely sure on this one, I've only been in the job market for two years and after 1 year at my first job, I left to take this one and got a 25% raise. I can't expect a 25% raise every year, but I would expect 5-6% a year until my next promotion.

Benefits: Full medical, dental and vision. 401k entry once a year as a part of profit sharing. Fully paying for my Top Secret clearance. 18 days paid time off a year.


What's the job like?
IT Consultant is an extremely broad term, so I'll break it down to what I do. I was hired as a Web Services developer with experience in Service Oriented Architecture. As I await my clearance I am on a temporary project as an Extract, Transform and Load Developer.

Day to day at both jobs, I am attending status meetings with my company, meeting with client for requirements, making presentations to the client with prototypes and writing documentation discussing and explaining what I am doing. That is about 60% of my time.

The other 40% is what I like doing. Writing and troubleshooting code, testing my processes and trying to fit them together. Taking a legacy application and creating a service to let it talk to another legacy app within the organization that could be written in an entirely different language.

Would you recommend the career to others?

I have a few recomendations;
1) The IT World: It is not for everyone. You have to enjoy logical problem solving and you absolutely can not be a person who gets easily frustrated. A lot of trial and error goes in to what I do, and also a lot of research. It is impossible to know everything, and a lot of the time, more work is being thrown on to you, while you are still trying to understand the original scope. Also you have to be ok with some monotany. After I've done all the interesting and new part of a project, I then have to go back and put in the mindless error protections.

2) The Consulting World: I was not a consultant until I took this job and it has been a fairly large culture shift. You always have to remember what your contract says. I'm constantly being asked to look into this, or try to develop this; which normally would be fine. But since my contract calls for me to develop one thing, is this specific way, with these specific deliverables; that is what I must do. Anything else is a contact ammendment. Also little things like time and expense reporting become a much bigger deal or even what to do when the client has off, but you don't.

As a whole, I can't complain. I didn't think I'd be making 75k/yr 18 months out of college. Now if I could only save some of that...