Something like this, but not quite this. The going rate for a good senior developer at a decent company is on the order of 80 - 90 k (maybe more). Where by "good" i mean "Pivotal Labs alumnus", and "senior" i mean 5+ years experience, and "decent company" i mean successful FTSE100 company or funded startup, since those are most of the data points i have.
That's base salary, and there will be pension contributions, benefits, maybe worthless options, etc, but not a stock package that doubles the total comp.
High finance and FAANGs with London offices pay much more - more base salary, and chunky stock or bonus packages. Not all of finance pays well - plenty of high-street banks pay their developers poorly (and it shows). I work in a successful trading firm and earn comparably to an L5 at Google, according to levels.fyi.
Day rates for contractors seem to vary a lot, but 400 - 600 a day, maybe? The contracting scene is still adapting to recent tax law changes, though.
This is assuming we're talking about programmers. Median salary across the whole of London is ~40k. Tons of people earning 20k working in a shop etc.
London day rates I've seen for contractors are more like 700 - 900/day on average at places that pay a bit better and 1000+ for specialists. And base salaries I've seen advertised for senior developers at funded startups (e.g. Wagestream, Truelayer) are more like 105k now (more for higher levelings - i.e. Principal/Staff).
Good news about the day rates! I wonder how much of this is about stack - most of my knowledge is of the generic Java development scene, and I'm extremely out of touch even with that now
On the permanent positions, that sounds like a seniority thing. The people I know aren't staff or principal. I know someone who's sort of head of engineering at a small but healthy startup, and I think he's on 120k or something.
I hope to see day rate contracting adapt to the new legislation and make a big return, though i'm not holding my breath.
As a data point, i'm London based, moved from £800 per day to £140k permanent position last year. "Lead Architect" role, whatever that means these days and ~18yrs experience in the industry. I'll be returning the contract work as soon as I see the market bouncing back.
>>> Day rates for contractors seem to vary a lot, but 400 - 600 a day, maybe? The contracting scene is still adapting to recent tax law changes, though.
Contracting has taken a massive hit with COVID and with the change in tax rate, that both happened almost at the same time.
Contracting was definitely the way to make it in London. You could charge £500-1000 easily a decade ago with very little taxes. Depends on the skillset. I think that was made it on-par with what you could make in the Silicon Valley and NYC depending on the exchange rate (2016 Brexit really hurt).
Some commenters may rightfully point out that it's not as high as L6 compensation, but it's much easier to get and you don't have to spend $60k for a year of college or a day in a hospital (that's the number one of my US coworker quoted for his daughter).
L6 at FAANG, never went to college and numerous other engineers at my level and across the company haven’t either. Also never spent a penny on health care in the US. Fully covered with Kaiser and company plan I am in 30’s, so maybe due to few issues, but health coverage is good.
Also, worked in London and TC of £500k+ was possible for an L6 after 4 years of refreshers and performance multiplier. Knew a few peers on packages closer to $1MM. Definitely possible, but maybe this is a small select group. FAANG are generally growing in London though. Easier to find talent than in the US right now.
At most US companies, certainly one of any size, you'll pay something for healthcare in terms of contributions to your insurance plan and deductible/co-pays. But the amounts are capped. The $60K may have been the "list price" pre-insurance for a hospital stay.
And while the list price of private schools may get into the quoted range, 1.) Relatively few people pay the list price and 2.) There are (often good) state schools which, while not free, are a lot cheaper especially for in-state residents.
That's base salary, and there will be pension contributions, benefits, maybe worthless options, etc, but not a stock package that doubles the total comp.
High finance and FAANGs with London offices pay much more - more base salary, and chunky stock or bonus packages. Not all of finance pays well - plenty of high-street banks pay their developers poorly (and it shows). I work in a successful trading firm and earn comparably to an L5 at Google, according to levels.fyi.
Day rates for contractors seem to vary a lot, but 400 - 600 a day, maybe? The contracting scene is still adapting to recent tax law changes, though.
This is assuming we're talking about programmers. Median salary across the whole of London is ~40k. Tons of people earning 20k working in a shop etc.