With the advancement of financial technology, Salesforce has become an increasingly popular platform in the investment banking industry. However, due to the high pressure and long hours inherent in investment banking, Salesforce developers and other tech talent tend to command high salaries. This article will analyze the Salesforce salary levels in investment banks compared to other industries, as well as the tradeoffs between compensation and work life balance.
Salesforce salaries at top investment banks
According to levels.fyi, which crowdsources tech compensation data, the average base salaries for Salesforce developers at major investment banks are:
Goldman Sachs: $120k
Morgan Stanley: $110k
JPMorgan: $108k
Bank of America: $104k
Citigroup: $102k
These figures are significantly higher than the average Salesforce developer salaries in other industries, which tend to range from $75k to $95k.
The high compensation at investment banks reflects the long hours and high pressure work. Junior employees often work 80-100 hours per week. The rewarding salary partly compensates for the grueling lifestyle.
In addition to base pay, investment banking Salesforce developers can earn sizable bonuses. First year bonuses often reach $50k-$80k. More experienced developers can get bonuses exceeding $150k in good years.
Intense workload and stress
While the pay is enticing, the intense workload and high stress make investment banking a challenging career.
Developers frequently work late into the night and on weekends to meet tight deadlines. Salesforce needs to integrate smoothly with the bank’s other systems and platforms, so bugs or downtime can be devastating.
The high pressure work takes a toll over time. Burnout is quite common in investment banking tech roles. Many developers switch to less stressful industries after a few years.
For those who can withstand the demanding lifestyle, investment banking offers fast career growth and higher pay ceilings. But developers should carefully assess their priorities before committing to this career path.
Strong competition for top graduates
Investment banks recruit aggressively from top universities for their Salesforce and tech roles. Positions are highly competitive, with banks favoring graduates with strong technical skills and high GPAs from prestigious programs.
Recruiting starts early, with banks participating in on-campus events and flying candidates out for superdays during junior or senior year. Interns are often given return offers for full time positions.
The bar is especially high for developers, since they handle mission critical systems. Salesforce and other tech positions have become vital in modern investment banking.
More flexibility in middle and back office roles
While front office investment banking roles require routinely grueling hours, there is more work-life balance in middle and back office positions in technology, operations, risk management, and compliance.
These roles still pay well, with average salaries ranging from $80k-$150k depending on experience. Hours are generally less extreme than in front office positions.
As a result, some Salesforce developers start in front office investment banking roles before transitioning to more sustainable long term positions in middle or back office.
In summary, Salesforce developers earn high salaries at investment banks, but the compensation comes with intense workloads and high stress. Developers should carefully weigh their priorities before committing to investment banking tech roles.