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It’s only big deal in the USA because outside FAANG, technology really doesn’t pay that well. There are a few other companies, but your income is capped elsewhere

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You’re forgetting finance. There are plenty coders in finance making multiples over FAANG.

Yes this is true. But there aren’t that many of those jobs.

Finance doesn't pay nearly as well as FAANG does. They used to, pre 2008, especially with enormous bonuses, but that is a thing of the past. Maybe with the exception of Goldman Sachs, the other banks rather pay market rates or even below.

Non-FAANG companies that I personally know pay senior engineers more than 400 k$/yr in TC: AirBnB, Slack, Square, Uber, Lyft, Dropbox, Twitter, Pinterest, Spotify.

(This isn't to name the even longer list of private companies that have comparable comp with reasonable assessment of their equity)

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