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What is the retirement plan like at BlackRock?

4 English reviews out of 4

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13 July 2020

Pros

- I know this could vary by team, but my team is laid back and chill - You get to learn a lot about financial stuff (if you are open to learn anyways) especially investing and money management - Good benefits including unlimited PTO, 401k matching and boost

Cons

- Pay is not that good compared to tech companies. I wouldn't have complained if that at least increased (a little if not a lot) every year but no. It'd be the same for several years and they don't care about your life changes, inflation, etc. EVERY YEAR they say the same thing "oh it's not been that good a year", even though the earnings are good? - Promotion process is a huge mess. I saw people bootlicking senior management get promoted even though they are unworthy and some talented and hard working people ignored because they actually work and not waste time talking BS and entertaining those senior management. This kind of culture is HIGHLY TOXIC and its high time people corrected it. People have taken cue and started working less and boot licking more. Also there is no clear path or definition to promotion or any measurement scale for the criteria. Its just too abstract and they expect you to already be doing the work of the role that you are trying to get promoted to. Why would I do that when I'm not getting paid for it yet? - Developer experience sucks - you get all kind of "security" crap installed on the computers that make them super slow for developers. If you don't trust software engineers to not click on stupid spam or get virus onto the computers, why hire them in the first place? The dev process becomes SUPER SLOW because of thousands of background processes running and becomes super irritating and you lose all the remaining motivation to code. How hard is it to have different policies for developers and non developers?

Advice to Management

Pay well. That will not only motivate existing engineers to do great things but also attract new talent that can make BlackRock the tech company it wants to be. And please fix the promotion process, this will retain the talent who will not then feel like they can never progress their career here. This is not just my view, I've heard this frustration from several people.

Good benefits including unlimited PTO, 401k matching and boost

13 July 2020

Reviewed by: Associate Software Engineer in United States (Current Employee)

17 October 2018

Pros

Cutting edge of AM: Fink & co have identified correct trends in AM and have capitalized through inorganic growth (passive over active, alts, tech). Firm trades at a multiple 1.5x peers because of this. Benefits are solid: Flexible time off (team specific) is really dope. Matching 50% 401k contributions is good. Global focus and culture: loads of good people work here and the firm emphasizes diversity and being global.

Cons

Vulnerable: zero fee proliferation threat, still a very high reliance on public markets that are increasingly volatile as rates and macro risks increase. A lot of fat across the board: Many individuals (and teams) add little value for what they’re compensated for. Plurality of culture exists... is healthy to some degree and natural due to the inorganic growth of the company, but creates asymmetric expectations.

Advice to Management

Cut some fat. Pay out performers. Go private to focus on long term transformational trends...

Matching 50% 401k contributions is good.

17 October 2018

Reviewed by: Analyst in San Francisco, CA (Current Employee)

17 July 2019

Pros

High performing company, you feel like you work for the best firm in finance. Executives inspire confidence within the firm. In some (almost all) years on top of usual 401k match, company contributes an additional 5% of pay to 401k as added bonus.

Cons

Strict hierarchy of job levels, mid level managers often act entitled (not all that different anywhere else with a firm of its size).

In some (almost all) years on top of usual 401k match, company contributes an additional 5% of pay to 401k as added bonus.

17 July 2019

Reviewed by: Systems Engineer in New York, NY (Former Employee)

29 August 2018

Pros

Unlimited vacation, strong name recognition which is useful for applying elsewhere, talent pool is very good, WFH is possible depending on team (also a con), video chat which is very useful as many teams have global spread

Cons

Promotion track is difficult to follow. Prior exp within firm is ignored for promotions when switching teams so expect to “start over” if you are interested in moving around, pay is below average against industry. 401k match is poor, vesting is 3 yrs which is also poor. Profit sharing is only included after a full year of service has been obtained. Technology offering is poor. Hardware options are limited. Some systems are very outdated. WFH is by team and should be an offering across firm (depending on region and connectivity concerns)

Advice to Management

Associate lvl includes 1-2 yrs of exp out of undergrad up through +12 yrs specialized exp with higher education. Firm claims they’re flat but not really. Groups have different promotion expectations which make it difficult for transferring teams or entire groups realigning with sudden expectation shift that changes before team can properly adapt.

401k match is poor, vesting is 3 yrs which is also poor.

29 August 2018

Reviewed by: Associate in New York, NY (Current Employee)

4 English reviews out of 4