FAANG (Facebook, Amazon, Apple, Netflix, Google) companies are known for offering attractive salaries and benefits. However, many wonder if it’s possible to earn similar compensation outside of these tech giants. Let’s explore whether high salaries can be achieved in non-FAANG companies and the strategies to make it happen.
1. Salary Differences Between FAANG and Non-FAANG: The Numbers Reveal Reality
Staff engineers at FAANG companies typically receive high base salaries along with significant stock compensation. For instance, in High Cost of Living (HCOL) areas, the base salary might be around $250,000, with stock awards reaching $1 million over four years. On the other hand, engineers at non-FAANG companies may receive a similar base salary but far less in stock compensation.
However, there are cases where high salaries are achievable outside of FAANG. For example, some startups or high-frequency trading (HFT) companies offer compensation exceeding $300k, with cash bonuses replacing limited stock options.
2. Jobs and Strategies to Earn High Salaries Outside FAANG
To achieve FAANG-level compensation in non-FAANG companies, specific strategies are necessary. First, you need to specialize in areas that most people can’t or won’t work in. These areas may involve difficult, obscure, or unpleasant tasks, but they are highly valued.
Second, consider building a reputation through networking and offering consulting services that address companies’ pain points. While earnings may vary depending on the project’s success, the rewards can be substantial if you succeed.
Third, some professionals in software development for finance or health systems/hospitals can earn high salaries. For instance, experts in legacy languages like COBOL and MUMPS can earn over $500k annually by working just 400 hours a year. In these fields, the ability to manage long-standing systems, rather than new technologies, turns experience and knowledge into valuable assets.
3. Becoming an Entrepreneur Is Another Option
If you desire FAANG-level compensation but feel unlikely to secure a position at a large company, starting your own business might be an alternative. While there is a cap on the salary you can earn as an employee, the income potential as a business owner is limitless. Specifically, providing a SAAS (Software as a Service) that solves real business problems, rather than developing a venture-backed social app, is more realistic and profitable.
Conclusion: Achieving High Salaries Outside FAANG Is Possible, but Strategy Is Key
It is entirely possible to earn high salaries outside of FAANG, but it requires specific strategies and expertise. Cultivating unique specializations and earning recognition through networking are crucial. If you succeed with these strategies, you can achieve compensation comparable to FAANG.
Everyone has their path to success. I hope this article helps you explore options beyond FAANG and craft your success strategy. Take the first step toward new opportunities today!
References: Hacker News, “Is it possible to earn FAANG-level salaries while working elsewhere?”