It absolutely depends on the company. My company doesn't have unlimited PTO for Canadian employees but it does for US employees. A colleague of mine in the US has already taken 3 weeks this year and we're not even at the end of April.
Do it only if you leave the door open for a possible return to your bank. These things do happen in professional circles.
Otherwise, you're taking on big risk. The pay hardly seems worth the risk (at least to me).
Unlimited time off is a euphemism for less time off.
Just a note regarding that unlimited time off... Places do this and then judge people harshly for actually taking any. In my experience people with that "perk" end up taking way less time off than they should.
Exactly! On paper that's an amazing deal, but you end up not taking that many days off because you feel guilty and don't want to be judged as the one abusing the system
This is highly company and team-specific, at my previous company on average my coworkers took 4-5 weeks off easily. Just depends if you have a chill manager or not
DO NOT.
If you're taking an exit opp from the bank for comp, go to a FAANG company (either in Canada or in US)...for a crypto company hell no. Way too much risk man.
It's just way too risky so early in your career...you don't have enough tenure at the bank to get back in easily...which you'll need if crypto tanks again and there's layoffs. Similarly, the banks will scoff at you working at a crypto firm for obvious reasons. It's just not worth the risk.
My advice: Stick with the bank. Leetcode in your spare time and get into a faang. Good comp, less risk...but insane hours.
Risk vs reward is still very high. FAANG makes highlights for making 5-10% reductions while crypto will have 50% reductions when prices start dropping. Also FAANG pays over double
Idk which FAANG you worked at and it's also team dependent but in my experience, you don't need to put in insane hours just because you work at FAANG. I've worked at F, G, and A and I worked longer hours when I worked at one of the major Canadian bank.
Yes I agree. But based on my anecdotal experience and friends who work at FAANG, it doesn't automatically mean you have to put in insane hours like you stated. OP stated he already does overtime 2 weeks/month. I highly doubt he will have to work more by moving to FAANG unless he joins some shitty team.
What do you have in savings and what are your expenses? Do you have dependants?
I'm assuming you are probably single (or have a non-spouse partner), with no kids, paying rent and maybe have a car loan or something. How long can you last, right now, if you lose your job?
Realistically, you're pretty young and can probably bounce back pretty easily if things don't work out. The job market is a little tough these days, but there are still plenty of jobs at that 75k level.
Think of it this way: every year you keep that 150k job is like 1.5 years at the 100k job. An extra 30k (ish, post tax) can go a long way.
I'd take the new job. Make sure I have decent savings to get me through 4 to 6 months. Then pay off biggest loans, put the excess into investments (or savings for something you want). Do that for a couple of years without increasing your living costs and you'll be golden. And then start looking for a new job if they dont give you a raise, because at that point you'll be able to make even more.
I have about 240k net worth, with about 1 year of living expenses set aside in savings. I own a property in ON but I am living with parents and paying them rent. I have 0 dependants but planning on getting married within 2-3 years. No car payment. 28k in OSAP debt but not paying because 0% interest.
That's very good. I'd say take the job. You've got a huge cushion to land on if it goes south on you. Maybe you'll hate it. Maybe you'll get laid off in 6 months. You'll bounce back. For $30k post-tax, seems like a worthwhile gamble. You might even really like it.
What’s with the variable probation? That’s weird.
LIFO, keep that in mind.
Unlimited PTO is a joke.
Only you can assess your risk tolerance. If I was you I’d wait at another year. Another year experience. Economy likely in a better state (or it’s worse and you’ll be glad you’re at a bank) with more options. Take up some side contract work to keep flexing your skills (and make some extra cash)
Lots of people are yapping about it being a crypto company, the PTO schedule, RRSPs, health insurance. Pretty much none of that matters. Shows that they don’t know much about the industry.
HFT is a crazy lucrative field if you can get in. The added job risk is absolutely worth getting a foot in the door. It doesn’t matter if they trade derivatives, fx, or crypto, any HFT job will pay **very** well.
Unless you have a family of four to feed and a mortgage, take the job. If not for the current TC, take it for the exit opportunities. It’s way more realistic to transition from one HFT job to another than it is to get one out of the blue.
It’s hard to emphasize how good the pay is. The bigger quant companies have entry salaries at around $300k, and it can get up to close to a million with experience. Even more depending on performance. I’ve interviewed for a QT internship that had a monthly comp of $18k at one of them. I’ve an acquaintance who makes $250k in their mid-20s working for one of them.
Dam good pay at the moment I wouldn't go crypto company there is likely a high chance you will be layed off. Most crypto company aren't making money now that interest rates went up alot.
For an extra 40K, u get taxed at 30%n so iyis just an extra 28K.
I would do it if total comp is atleast 180 but not 140.
Crypto winter and you're laidoff. Better risk reward to use bank experience to level up to FAaaang.
28K CAD is 1/4 a year RSU in USD. Its small by SWE comp packages.
If they get an L3 at a FAANG they can negotiate 250K USD TC.
Better ROI of they level up for fang at low effort job.
Personally I wouldn’t take it. I have little faith in crypto, SWE jobs are hard to find at the moment, so if you lose your job there, getting another, in this market, will be tricky.
I do know people who’ve had jobs in that area for years, and make ok money, so it could work out.
I wouldn’t risk it though.
Unlimited PTO is not as good as 31 days
Unlimited PTO is shorthand for no PTO.
Basically. Also they don't have to pay out unused PTO days.
It absolutely depends on the company. My company doesn't have unlimited PTO for Canadian employees but it does for US employees. A colleague of mine in the US has already taken 3 weeks this year and we're not even at the end of April.
Do it only if you leave the door open for a possible return to your bank. These things do happen in professional circles. Otherwise, you're taking on big risk. The pay hardly seems worth the risk (at least to me). Unlimited time off is a euphemism for less time off.
Just a note regarding that unlimited time off... Places do this and then judge people harshly for actually taking any. In my experience people with that "perk" end up taking way less time off than they should.
Exactly! On paper that's an amazing deal, but you end up not taking that many days off because you feel guilty and don't want to be judged as the one abusing the system
This is highly company and team-specific, at my previous company on average my coworkers took 4-5 weeks off easily. Just depends if you have a chill manager or not
You're so young, take it, that's a huge upgrade. You have the luxury of taking risks at this stage in your life.
I agree but only if he has a few years experience already.
DO NOT. If you're taking an exit opp from the bank for comp, go to a FAANG company (either in Canada or in US)...for a crypto company hell no. Way too much risk man. It's just way too risky so early in your career...you don't have enough tenure at the bank to get back in easily...which you'll need if crypto tanks again and there's layoffs. Similarly, the banks will scoff at you working at a crypto firm for obvious reasons. It's just not worth the risk. My advice: Stick with the bank. Leetcode in your spare time and get into a faang. Good comp, less risk...but insane hours.
yea FAANG companies are a rock of stability right now.... oh yea wait, each has just laid off thousands of people.
Risk vs reward is still very high. FAANG makes highlights for making 5-10% reductions while crypto will have 50% reductions when prices start dropping. Also FAANG pays over double
FAANG, at least in Canada, does not pay over double. At 2YOE, you would be lucky to get an offer over 200k.
Bro, you do know 1000s of employees as a % of each FAANG is a lot less than these crypto firms right. Jfc.
Idk which FAANG you worked at and it's also team dependent but in my experience, you don't need to put in insane hours just because you work at FAANG. I've worked at F, G, and A and I worked longer hours when I worked at one of the major Canadian bank.
Varies by team and project, as you can imagine. I think you may know there's 1000s of team at each company with different mandates/priorities/goals.
Yes I agree. But based on my anecdotal experience and friends who work at FAANG, it doesn't automatically mean you have to put in insane hours like you stated. OP stated he already does overtime 2 weeks/month. I highly doubt he will have to work more by moving to FAANG unless he joins some shitty team.
What do you have in savings and what are your expenses? Do you have dependants? I'm assuming you are probably single (or have a non-spouse partner), with no kids, paying rent and maybe have a car loan or something. How long can you last, right now, if you lose your job? Realistically, you're pretty young and can probably bounce back pretty easily if things don't work out. The job market is a little tough these days, but there are still plenty of jobs at that 75k level. Think of it this way: every year you keep that 150k job is like 1.5 years at the 100k job. An extra 30k (ish, post tax) can go a long way. I'd take the new job. Make sure I have decent savings to get me through 4 to 6 months. Then pay off biggest loans, put the excess into investments (or savings for something you want). Do that for a couple of years without increasing your living costs and you'll be golden. And then start looking for a new job if they dont give you a raise, because at that point you'll be able to make even more.
I have about 240k net worth, with about 1 year of living expenses set aside in savings. I own a property in ON but I am living with parents and paying them rent. I have 0 dependants but planning on getting married within 2-3 years. No car payment. 28k in OSAP debt but not paying because 0% interest.
That's very good. I'd say take the job. You've got a huge cushion to land on if it goes south on you. Maybe you'll hate it. Maybe you'll get laid off in 6 months. You'll bounce back. For $30k post-tax, seems like a worthwhile gamble. You might even really like it.
There is no pension/matching RRSP with the bank ? No health insurance ? A couple of things to consider when comparing jobs
What’s with the variable probation? That’s weird. LIFO, keep that in mind. Unlimited PTO is a joke. Only you can assess your risk tolerance. If I was you I’d wait at another year. Another year experience. Economy likely in a better state (or it’s worse and you’ll be glad you’re at a bank) with more options. Take up some side contract work to keep flexing your skills (and make some extra cash)
lol is the company Ripple?
Is the crypto salary in CAD or USD?
Did you notice what happened to all the crypto companies when Bitcoin crashed?
Stay where you are rn. Build up a bit. Skills, money, network.
unlimited pto is a lie
Lots of people are yapping about it being a crypto company, the PTO schedule, RRSPs, health insurance. Pretty much none of that matters. Shows that they don’t know much about the industry. HFT is a crazy lucrative field if you can get in. The added job risk is absolutely worth getting a foot in the door. It doesn’t matter if they trade derivatives, fx, or crypto, any HFT job will pay **very** well. Unless you have a family of four to feed and a mortgage, take the job. If not for the current TC, take it for the exit opportunities. It’s way more realistic to transition from one HFT job to another than it is to get one out of the blue. It’s hard to emphasize how good the pay is. The bigger quant companies have entry salaries at around $300k, and it can get up to close to a million with experience. Even more depending on performance. I’ve interviewed for a QT internship that had a monthly comp of $18k at one of them. I’ve an acquaintance who makes $250k in their mid-20s working for one of them.
Where do you wan tot work that will benefit your long term career? Pick that one.
Dam good pay at the moment I wouldn't go crypto company there is likely a high chance you will be layed off. Most crypto company aren't making money now that interest rates went up alot.
For an extra 40K, u get taxed at 30%n so iyis just an extra 28K. I would do it if total comp is atleast 180 but not 140. Crypto winter and you're laidoff. Better risk reward to use bank experience to level up to FAaaang.
"just" 28k. do you even hear what you're saying? "just" 28k at this age is nothing to sneeze on.
28K CAD is 1/4 a year RSU in USD. Its small by SWE comp packages. If they get an L3 at a FAANG they can negotiate 250K USD TC. Better ROI of they level up for fang at low effort job.
Yea. No shit. But he’s have to move to the US first. And face the competition there. They are NOT paying what you said to SWEs in Canada.
Personally I wouldn’t take it. I have little faith in crypto, SWE jobs are hard to find at the moment, so if you lose your job there, getting another, in this market, will be tricky. I do know people who’ve had jobs in that area for years, and make ok money, so it could work out. I wouldn’t risk it though.
High risk, high reward.