Earlier quoted context omitted.
There’s probably a middle ground given how little phds are paid. Consult as a software engineer for 1/3 time, make double janitor comp, 2/3 time on research.
Is it really worth it to consult anymore? Considering some FANG engineers are pulling down $300,000 to $400,000 USD? That translates to between $144/hour to $192/hour, respectively. Even senior engineers at other non-FANG companies, that makes less than that, still has a high hourly rate. And what ends up killing you, are taxes, either self employed taxes, S-Corp taxes, or health care costs. The health care insurance…
Good question. It's tough. Anyone who has 5+ years of experience and works at one of FAANG or Lyft, Uber, Square, Stripe, Airbnb, etc in NYC/SFBA/SEA is almost certainly earning $300k+, yes (probably closer to $400k now).
That being said if you are qualified to work for one of those companies and they're paying you for expertise in a specialty, you definitely have the technical skills needed to earn more as a solo consultant. For example, leading projects in distributed systems as an L6/E6 engineer at Google/Facebook would neatly set you up to start a boutique consultancy like Jepsen/Aphyr.
At that point whether or not you earn more becomes a question of your network, because you have everything else going for you. Very experienced security consultants can also make $500k+ at a 70% utilization rate by charging as much as the larger shops, doing better work and pocketing the spread on the weekly rate.
Speaking as a former consultant who earned more than a FAANG salary at equivalent years of experience: full time work trades off autonomy and uncertainty for lower but relatively guaranteed pay. You're never paid what you're actually worth at these companies, in the sense of value contributed. You're paid according to the cost of labor in your area.
Sorry to ramble, this is something I like chatting about.