Why does Navy Federal Credit Union Pay so much?
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Anonymous
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I went in a job interview there a few months back (did not get) and know people who work there.
I was kinda surprised the VP role paid almost $400k all in. And at time only one day a week in office. Normally Credit Unions don’t pay well. But they are paying people big. Why? |
Anonymous
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400K for a VP level position at a financial institution is not that much.
But, to answer your question, Navy FCU is huge -- over three times as big as the next largest CU (https://www.mx.com/blog/biggest-us-credit-unions-by-asset-size/). If they were a bank, I think they'd be in the top 25 by assets. |
Anonymous
| Shhhh! Delete this. Get yourself in first |
Anonymous
| World’s largest Credit Union, with locations around the globe at various military bases in addition to the USA. Some parts of NFCU are more like a big bank than a classic small town credit union. |
Anonymous
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OP but surprising they pay so much as a non profit member owned company.
Other credit unions pay like a non profit. Navy pays like it is JPMorgan. |
Anonymous
| is that 400k base does it include stocks or bonuses? |
Anonymous
| Wow that is insane! |
Anonymous
Credit Unions do not have stock. Bonuses are likely, but would be cash. |
Anonymous
| I guess it depends on the specific team. I interviewed for a job in AML and the salary wasn’t that competitive |
Anonymous
Agreed. I am currently employed at a company in the south and they weren't willing to offer me more than $20k over my current salary. I'd still be making under six figures, which is pennies in the DC area. They do offer a pension which is nice, but I'm not looking to decrease my quality of living. |
Anonymous
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They need to get good executives in the door.
A recruiter set me up to meet with them before (was a manager at that time), they saw that I was a minority woman and only wanted me to interview quant jobs lol |
Anonymous
NFCU is “not for profit” not a nonprofit. It’s more than semantics. It’s an actusl distinction. Since they can’t make a profit, the more money they make every year they put back into their employees and other expenses. They are growing and have been hiring a lot of remote employees - in states that are. It near their offices, like NY, Chicago, and charlotte. I think they’re growing and theirs a lot of “banking” talent in those areas. These would be 100% remote and nonmember facing roles. Others who are local go in once per week. If you are local and as high as a VP you’d be expected to go into the office 2 to 3 days a week but I think that depends on the team though. |
Anonymous
| Did that $400 include their bonus? It pays out well but is in no way guaranteed. They also quote total comp and include things like gym access |
Anonymous
I work for a "not for profit" www.companyx.org organization with 5,000 employees where the CEO is making 4.3M in salary. A VP there makes 400K in salary and 100K in annual bonus. Navy Credit Union has 24,000 employees so 400K at the VP level is severely underpaid, IMHO. |
Anonymous
| 400k without stock is peanuts z Google pays their software engineers more. |