Come and discuss anything related to personal finance, directly or indirectly, with other Canadians!
We've got to normalize talking about pay rates for difference jobs so people get an idea of what they're worth.
I'm a P.Eng with 5 years of experience after graduation. I work in a small-mid sized (200 employees across 5 offices) consulting firm working with municipalities to do design of road and sewer reconstructions. Salary progress has been 45k-45k-65k-74k-85k each year, and we hit profit sharing this year, which added 9k. Typically I expect closer to 5k profit sharing.
Absolutely! It's a brilliant idea. We definitely need to normalize discussing pay rates for different jobs so that everyone has a clearer understanding of their worth. I hope more people will join in on this important conversation.
I'll do my part when I find the new job I'm looking for.
My career has been a bit all over, but I started off as a pre-med, then data science and now slowly transitioning into a more software engineer role.
2016-2018: ~24k (grad school stipend)
2018: 65k (research assistant at startup)
2019: 100k (new job as data scientist)
2020: 110k (got a raise)
2021: 120k- 146k (raises)
2022: 146k-190k (new job as software engineer)
2023: 190k
Not sure what the future will hold for me to be honest. By the numbers, my current salary is very good, but due to lifestyle changes (growing family, bigger house, etc.) my current salary feels like less fun money than my first job! Hoping to get a promotion this year and then see how things move from there.
I’d be interested in hearing from more tech people on here about their salary growth as well.
Holy shit! And here's my wife and I trying to figure out our combined $36k annual income.
To be fair, it's completely our choice. We decided that retiring was more important than anything else we could do.
Also, to be fair, I did have a job in 1975 in which I paid more income tax than the combined gross incomes of my parents, and they actually had decent jobs. But it sucked, and I never again put earnings ahead of working conditions or work-life balance.
As for tech specifically, I entered shifted my hobby to a career as programmer and instructor in 1993 at about $28k, went freelance in 1996, earning $50-60k, and went back to employment in 2004 earning quite a bit less, but with far less stress. I was at $65k when I left the field entirely in 2011 due to burn out, situational depression (my therapist's term), and excessive stress. It turns out that the employment was just a different kind of "sneaks up on you" stress than the stress of always chasing work.
After that, I can tell you what I was doing and what I was earning (much less!), but it doesn't really matter, because we were living the life we wanted and still managed to figure out how to retire.
I hope the same for you and everyone else.
How have your responsibilities changed as you grew your income? Things like more people and project managing compared against individual contributions?
I currently work as a quant in risk management at one of the big 5 banks. I've been there for 2 years and it is my first job in the private sector.
Overall, I've been pleased with the growth opportunities I've had in the role, but I've seen some consistent issues across my department. In particular, almost every team is understaffed and underbudgeted for the expected deliverables.
Is this just the norm for a cost center in big corporations?
I'm unfamiliar with the big 5/6, but that's also been my experience, even in smaller businesses. There's often pressure to minimize expenses in all areas, even more so with the current economic outlook, leading to understaffing or underbudgeting.