Snapchat Transforms New Grads Into Paper Millionaires
Most recent college graduates would be thrilled just to get a job fresh out of school. If it pays the bills and makes a dent in those student loans, so much the better. But for some graduates of select engineering schools like Stanford, going to work at Snapchat will do more than just make ends meet.
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“This year, [Snapchat is] offering seniors and finishing graduate students salaries between $100,000 and $150,000 and $300,000 in stock grants that vest over four years,” writes Nicholas Carson at Business Insider. “That’s down from last year, when Snapchat would offer students $400,000 in stock.”
Carson notes that last year’s crop of new Snapchat engineers are most likely already millionaires on paper.
If that sounds outrageous, keep in mind that many tech companies make similar offers to elite STEM grads:
- Google: Entry-level software engineers earn a median annual salary of $103,114, plus perks like free food, free rides to work, and the chance to bring their dogs to the office.
- Facebook: In 2012, an anonymous user on Quora said that he/she was offered a job as a software engineer at Facebook: “I am graduating in the spring of 2012, and I was offered $100,000 in salary, a $50,000 signing bonus, $5,000 in relocation, and as [much stock] as necessary to be worth $120,000.” PayScale’s Research Center shows an overall salary range of $98,633 – $181,448 for engineers at that company. Facebook’s perks include an onsite bike repair shop, no-cost computer accessories from vending machines accessible by swipecard, a candy shop, and a classic video arcade.
- Twitter: Software engineers at all levels make a median of $122,271 per year, according to PayScale’s Research Center. Some of Twitter’s perks include an onsite gym offering Crossfit and yoga, free massages, and beer and kombucha on tap.
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