36/39 plus 1 pre-school age child
Equity: ~$24 (vested now, distributing every year)
Vacation: 3 weeks plus major holidays/1 week winter shutdown
Pros: I like the people, the work, and the location
Cons: unstable employment, advancement prospects are not great coupled with weak raises on promotions, excessive bureaucracy (Megacorp)
Equity: $85k/yr which will start distributing in 1 year and ramp up to full distribution at 4 years ($25k--> $52 --> $79 --> $85)
ESSP: ~$4k+/yr (15% discount with lookback, vests immediately)
Vacation: 4(!) weeks + 2 floater days plus major holidays/1 week winter shutdown
Pros: better advancement opportunities, will learn a new part of the industry (this is exciting and should be fun/challenging), mid-size company (decent resources, less bureaucracy)
Cons: location, unstable employment, DW would lose a mediocre job (she doesn't like it, pay is low, but it's semi-flexible hours which is nice with a young kiddo), extended family will be 3k miles away instead of 150 (not that we see them that much now)
Wash: COLA is slightly higher but taxes are lower/roughly a wash'
EDIT: there were excellent questions/thoughts below. I've bucketed them and the responses below:
Taxes: Watty, good call on the taxes. I’ve already checked the income taxes, they do go up because of the increased income. If comparing even MA income-to-CA income, it’s about ~$4k less a year in Boston than CA.
Relo (@Watty and @Murgatroyd): relo package is nice. They provide packers and movers. Corporate housing for 2 months and a 5(!) day housing hunting trip with babysitting (!) plus 3 days of extra vacation the first year for moving. I pushed for a pre-decision tour but they won’t.
Living: we rent now (for way below market; I’m sad to give it up, but it's a temporary spot anyways). We’d probably rent there, especially the first year (settle into job, DW looks for jobs as commutes are a big deal, etc.). I’m agonistic on buy vs rent. Whatever the numbers tell me.
Commute: well understood! I’m from originally from LA and understand the life-sucking side of commuting. I will pay more for a better commute (along with school).
Wife’s outlook: DW feels “this is the right choice.” Boston is not her forever location or mine, but it’s fine for a career move for a number of years.
A big question isn't how this job compares to your current job, it is how it compares to other jobs you could get either on the west coast or someplace else.
Boston is by far the best area from my field with Bay area being the next. I’ve been looking for a move for ~14 months and turned down 2 other offers. This job certainly pays the most and is the biggest growth opportunity both in terms of position and being a new part of the pipeline.
GmanJeff wrote: Over an extended period of time, you could potentially accumulate significantly more wealth than you will if you stay put, enhancing your future retirement while perhaps modestly improving your current quality of life thanks to more disposable income.
That’s the plan. We currently save $71k/yr now plus ~half the equity that vests. I budget with a fear-like FIRE mindset due to the instability. I'm increasingly resistant to industry instability and have 3~4 years of living expenses in taxables. Moreover, instability/layoff is an opportunity for Roth conversions and realizing some gains!
BrooklynInvest wrote: I moved from the east coast to the west for a job a few years ago. I didn't like it and came back after a year.
BUT . . . not for one second do I regret the experience. I explored a different part of the country, met new people, learned and grew professionally and rode my motorcycle for miles through some of the most beautiful scenery in the country. Even though I only stayed a while it helped my career and my bank balance - the sizable raise I got to move was my new base when I came back east.
Exactly! I figure in the worst case this is a grand adventure and chance to learn about a huge part of the USA.
This looks like your step up job. I assume the next promotion is VP? Perhaps this is a junior VP. If your dream/ambition is the executive suite this looks like your shot. You are the right age.
Title wise, this is a baby bump (Senior Principal Scientist to Associate Director) with Director targeted soon after (deliver value while building a team, then reach critical mass, deliver more value --> promote) but the pay is a step up obviously. If you know the pharma world, this is moving closer to the MDs/clinical side, which commands higher titles/salaries than the rest of the field. You’re exactly right: the level of work I would like to reach is a Senior Director or VP (though this is less about title and more about scope).