In this issue of newsletter
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An anatomy of a Citadel (High Frequency Trading) job offer
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Career Coaching Quick Hit: How to deal with Performance Improvement Plan (PIP)
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Career and Interview Coaching Offers
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Cannot miss articles to stay on top of tech industry
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Check out other career guide books I have written
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A quote I'm pondering
An anatomy of a Citadel (High Frequency Trading) job offer
Today I’m going to share with you the breakdown of a recent Citadel job offer. In case you are not familiar with Citadel, it is one of the top high frequency trading firms.
(Disclaimer: I have changed the data slightly to protect confidentiality but both the numbers and structure of the compensation reflect the current reality of Citadel offers.)
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Year 1: $450,000
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Year 2: $350,000
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Year 3: $350,000
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Year 4: $350,000
Observations:
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This is an excellent offer for someone who is only a few years out of Computer Science Master program. The first year total compensation is $450K.
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However, High Frequency firm is not an easy environment. It is high pressure and you will have no place to hide. Your performance is measured by how much money you can make for the company. When the pay is so high, the stake and expectation are also very high.
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High Frequency Trading is not for everyone. It requires a unique blend of skill set, temperament, and inclination. If you are highly technical, enjoy solving really hard problems, not afraid of extreme pressure, and thrive in extreme meritocracy and have the burning desire to make a lot of money, then you should explore HFT jobs. Here are a few other HFT firms you might want to look into: Virtu Financial, Two Sigma, Jump Trading, Tower Research Capital, DRW, Optiver, etc. Reply this email if you need interview coaching and/or career coaching.
Career Coaching Quick hit: How to deal with Performance Improvement Plan (PIP)
I got a few urgent calls each week for Performance Improvement Plan (PIP) related issues. PIP is one of the most stressful situations at workplaces. If you have a mortgage to pay and a family to support, PIP could be very scary and threatening. I’m going to create an entire online course on how to deal with PIP for both employees and managers. But, given the urgency and the amount of inquiries I’m getting, below is a checklist for you to to deal with PIP.
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From employer’s perspective, the primary goal of PIP is for the company to let you go without getting into any legal trouble. The odd is against you to survive and beat the PIP. Plain and simple.
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Before you sign any PIP agreement, you should read the document thoroughly, and negotiate for longer duration and less stringent terms. You want to buy as much time as you can for yourself.
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Immediately start job search. If you’re put on a PIP, you should assume that you need to find another job. There is a small probability for you to beat the PIP, but that’s the exception. This is particularly true at Amazon.com.
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If you’re a member of a protected class and you feel you’re discriminated against, you should consult with an employment attorney as soon as possible. The current going rate for a good employment attorney in a city such as Seattle is in the $450-$500/hour range. Don’t try to save money here -- go for a top-tier, high quality employment attorney. There is a huge difference between a good attorney and a bad attorney.
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Employers like Amazon might offer you two options: take a severance package and leave in the next couple of weeks, or go through the PIP with a reduced severance if you end up failing the PIP in 6-8 weeks. In most cases, your best strategy is to try to extend the negotiation period as much as you can, and then take the severance.
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If you want to beat the PIP and stay at the company, you need to put together a structured plan for yourself to address the key concerns to hit the goals in the PIP. At the same time, you still need to actively apply for jobs because you need a contingency plan.
Career and Interview Coaching
Want to get into top companies such as Citadel, Google, Facebook, Amazon, Salesforce, Microsoft, Slack, AirBnb, Lyft, Slack, etc.? Sign up for 1-on-1 Interview Coaching. Reply to this email to sign up.
Feel stuck in your career? Need to figure out a plan to become a VP in 3-5 years? Hate your job and want to rediscover your passion? Struggle to make important career decisions to balance career, family, finance and location?
As an experienced corporate executive, marketer, former software developer and career coach, I’m uniquely positioned to help you via longer-term career coaching engagement.
Please note most job search expenses are tax deductible but please check with tax accountant to confirm.
Here are the details of 3 coaching programs I offer:
1) Interview preparation coaching (i.e. "personal trainer" to help you prepare for interviews with Amazon, Google, Microsoft, Facebook, Apple, Lyft, AirBnB, Uber, and other top firms): Our coaches will work with you on every single aspect of your interview. Highly targeted and personalized -- I'll personally design a program tailored to your background and need. I'll assign the right coach to address your specific needs. Our coach is your "personal trainer" to get you into Amazon, Google, Microsoft, Facebook, Apple, LinkedIn, etc. All of our coaches are current or former employees at the companies you're applying for. They have been through exactly the same process you're going through now.
Interview Coaching Packages:
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Express Package: 2 1-hour 1-on-1 coaching sessions plus unlimited email based consultation. $749
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All In Package: 4 1-hour coaching 1-on-1 coaching sessions plus unlimited email based consultation ($1,349 -- 10% off regular price of $1,499)
2) Career "ER Doctor": You're having a major career crisis. For example, you joined a new company but hated the job after a few months. You're laid off. You're being put on a performance improvement plan (PIP). You haven't interviewed for 10 years and you have an interview with Google next week. Our coach will cut to the chase and help you turn your problem into an opportunity. Price: $399 for one-hour coaching. Discount available for multi-hour coaching.
3) "From Employee to Executive" MEGA Course (1-on-1 coaching for 6-12 months): My single focus is to help you get to where you want to go -- I only take on a few clients a year as this requires 3-12 months of extensive coaching from me. This program also requires an application as the admission process is competitive. The goal is to get you to VP level or above in 3-5 years time frame. I'm your "wise mentor" who "has been there and done that". I'll share with you everything I learned to climb the corporate ladder while balancing family and work. I personally do all of the mega coaching myself. Coaching Package Price: $3,499 (10 1-hour sessions plus unlimited email based coaching) and up.
If you're interested, simply reply to this email for questions and sign-up.
Cannot miss articles to stay on top of tech industry
Check out best-selling books I have written
A quote I'm pondering
Take responsibility for decisions. A decision has not been made until people know:
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the name of the person accountable for carrying it out;
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the deadline;
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the names of the people who will be affected by the decision and therefore have to know about, understand, and approve it—or at least not be strongly opposed to it—and
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the names of the people who have to be informed of the decision, even if they are not directly affected by it.
-- Peter Drucker, The Effective Executive
Ask you for a favor
If you have read any of my books and like it, please write a review on Amazon.com. Thank you!
Cheers,
Andrew Franklin
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