Thinking of leaving an investment bank to work for Facebook? If you’re in London, you’re in luck. Facebook recently announced plans to hire 800 new people for its U.K. headquarters in London’s West End. If you’re a tech person in banking, you might get a pay rise. If you’re a banker and you go to Facebook, you’ll probably get a pay cut.
Facebook U.K.’s most recent accounts, for the year ending December 2016, show that you don’t need to be an engineer to work there, although it helps.
Of 960 employees in London at the end of 2016, 537 were engineers and the remaining 423 were in sales, support and marketing. Moreover, sales, support and marketing are where the growth is: engineering headcount at Facebook’s UK operations rose 30% last year; headcount in sales, support and marketing rose at nearly double that rate (58%).
In other words, Facebook jobs aren’t only open to technologists.
While finance professionals with transferable skills in sales and marketing might be inclined to look for jobs at Facebook, however, they might be paid less. Average pay at Facebook in London (including pension and social security costs) is around £216k ($289k), around 57% of which is salary. At Goldman Sachs International, average compensation is £485k.
It’s easy to see why technologists at banks in London might be tempted by Facebook though. Although Goldman Sachs is said to have hiked pay for entry level engineers to $100k (£75k) in the U.S., juniors in London complain that it’s very hard to earn good money in banking. The arrival of hundreds of new and highly paid engineering jobs on banks’ doorsteps could yet turn out to be a major retention issue for 2018.
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