That's news to me. I have been under the impression that these software people, even in SF and NYC, are making 500k or more. People describe it as such but I had a feeling that is going to be impossible with just a 4 year degree otherwise everybody would go that route.
I know plenty of these software people, as in myself and a large chunk of my peers and above. I even know of 7-digit TCs in software well below VP. My stats were for fresh grads in the valley, which is one of the rare ways you can nail down a clean enough subpopulation to even give a usable range.
At senior engineer level, the range is approximately 300-600k, with a rough median around 450. At this point, more than half of your pay comes from stock grants, so it's effectively luck-based whether you joined the company at a good time, right before a stock price run-up (and that's exactly how the 500+s happen). Unless you count "predict which one of the FAANG will outperform as a stock analyst" as a relevant skill.
It is typical to get in with "only" a 4-year degree, and even with coding bootcamps and no degree. Graduate degrees are a minority, same as med. Similarly the selection filter is right at hire, with depressed success rates compared to med because it's so easy to apply. Ultimately, the total number of FAANG hires is roughly the same order as M1 seats, with far greater volatility on economics.
The career progression from new hire is about 0.5-1.5y to first promotion, and then 1-3y to promote to senior. Senior (and even midlevel these days) is considered a terminal level, so a majority of FAANG senior engineers will never promote to staff engineer, but their pay will move from 300 towards 450.
All these big name companies strongly devalue work experience outside their own circles - I've heard a half cut, so expect to have 5-10+YOE outside for them to even consider hiring you at senior level. It took me PhD+5 and serious results. It's common for 2-3YOE to be used to just qualify for the bottom rung.
This actually means joining as a new grad is the fastest way to get to FAANG senior. PhDs are generally valued at one promotion step, which means you spent 5 years inefficiently getting that promotion you could have gotten in 1. Fresh MScs aren't really hired at midlevel, more like extra doors to get in at the bottom for some roles. For an academic qualification that gets senior-on-hire, try tenured associate professor.
Also, expect a drop in title moving from smaller companies, usually one level. I've seen engineering directors at startups being hired as a mere senior (that's 3 rungs down), when they likely got a pay bump. Reverse holds; a FAANG senior is easily equivalent to a staff engineer or better at a less brand name company.
Tech is its own career path. The big problem with using it as a backup plan to med is that the success stories ala getting into FAANG are roughly comparable in difficulty to getting into med school outright. Plus, all your ECs, even your GPA, are worth exactly zip to a FAANG interviewer like me, as you live or die on your technical interview scores alone. Analogous hierarchical structure, completely different values.
