Monday, May 01, 2006

Comings and Goings

In the United States, men are glued to their TV sets, watching the National Football League's annual college draft. This is the time when 26 football teams throw a ridiculous amount of money at elite college atheletes.

On Wall Street, the annual post-bonus dance is almost complete. As people received their bonus checks in February or March, news comes almost every day that this person or that person has departed for company X or Y. This has dessimated several's company's IT departments, as the one person who knows a certain application inside and out is suddenly no more .... and the mad scramble for talent starts anew as companies try to backfill these positions.

(Wall Street is very small ... never burn your bridges.)

Just like the NFL draft, those of us in Wall Street IT sit back and await news to see where our colleagues end up. Such is the situation with me. I sit back and monitor the blogs, anxiously waiting to see where Matt, Pin, and Deglan end up. Matt announced his resignation on his blog, and invited all comers to bid on his services. In his last blog post, he said that he had many offers from his blog readers. Whoever the lucky company is who ends up with Matt, it will be money well spent.

The bar has been raised slightly in terms of compensation packages for senior developers. On Wall Street, a total compensation package of slightly over $200K is becoming more common. The calls from headhunters are becoming more frantic, as Wall Street scrambles to fill positions of their dearly departed developers. The base salary seems to still be $150K, but on Wall Street, bonus is everything. Managing Directors typically make 200-300% in bonus. Developers are still in the 30-40% range in most companies,except for the premier companies, where your 18-hour days might get you upwards of 80%. But, as a colleague of mine told me recently, many a marriage has been sacrificed in exchange for that bonus.

©2006 Marc Adler - All Rights Reserved

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