👀 Coinbase APM: Application to Offer – iykyk

Crypto, Product, and Triathlons

Hi there 👋 — Who are you and what’s your background?

My name is Jake, and I'm a second-year APM at Coinbase based in the Bay Area, where I graduated from UC Berkeley. I started working at Coinbase back in August of 2021, which was the first APM class that Coinbase had. As for teams, I currently work on the staking product at Coinbase, which allows users to earn interest on their crypto passively while participating in the protocol.

What I really enjoy about Product is that there's a lot of variety, which means some days are really good and some days can be rough. But it also means you're always learning which is great considering the perspective of someone that's right out of college and wants to learn and optimize for that path of their career. You may make more money elsewhere or have a less stressful job elsewhere too, but in PM you can really learn a lot and see how the business functions on a more comprehensive level compared to other positions.

And as for hobbies, I like to do triathlons and trail runs! I also am a huge reader. I just finished “Greenlights” by Matthew McConaughey. It's a super great book, so I've been listening on Audible or just reading when I have a chance.

Teams and Mentorship

How is the program structured, for those that are unfamiliar?

The Coinbase APM program is made up of two, one-year rotations. Essentially, the first rotations are chosen based on your preferences that you submit once the program starts. And then, during the second year, you're able to put in your top preferences based on the teams that have spots available, so you have a lot more say about what team you get to be on in your second year.

As for the structure, there's a set of 4-5 more senior PMs at Coinbase that kind of run the program and each of them is in charge of a different pillar or part such as training or travel. We also have an executive sponsor who is a VP at Coinbase in charge of making wide-sweeping changes to the program and checking in with us on a regular basis. In addition to the regular manager, APMs get a mentor who is a few levels above them or has been in the company for a while. Mentors help out with any work-related questions, questions that are at a higher level than just the day-to-day, or more career-focused questions. So, having that mentor is super helpful.

Also, we've had another APM class come in and there are plenty of points for us to interact between different APM classes. My class will interact every couple of weeks with the class below us in a more structured form and then more informally at other times throughout the week. I think that allows us to support each other and commiserate when things are going poorly and we're stressed out, or just ask for advice in a more casual form from people that are thought of as friends. It's not like you always have to go to your manager, but you have this support group around you.

Ownership and Opportunities

Is there anything the landing page doesn't tell us about the APM program?

One thing is the amount of ownership that someone gets in the APM program or as a new PM. The APM program does a good job of giving you plenty of ownership early on if you want it. That's something that's really exciting about Coinbase, since there's so much going on, and there are typically not enough people to do what we need to get done. And so, as an APM, you get a lot of ownership and a lot of opportunities to work on cool, exciting things.

Secondly, APMs are thought of very highly within the company. People are aware of the program and they're aware that APMs are real PMs and treat them as such. So I think the program has a pretty elevated standard internally within Coinbase.

Prepping for the Coinbase Interview

What do you think made you stand out as an applicant and is there a recruitment strategy that nobody is doing right now, but should be?

When I interviewed for Coinbase, it was not necessarily mandatory or expected that the applicant has a ton of knowledge of cryptocurrency or the various products out there in the market today. I think that has changed and now it is more expected that people that are applying to the APM program know all the products that Coinbase and its competitors offer and have an understanding of the NFT marketplaces out there and other products in the space. So I think that's a big key that was not true for me when I interviewed but certainly will be true in the future.

As for other tips I'd have for applicants, Coinbase has a number of cultural tenants or values that are really important to Brian, the founder, and anyone else in the company. Some of those include “clear communication” and “act like an owner” and they’re listed on the website here. It helped me prepare well for the interviews to think through how my past experiences have helped me develop those cultural tenants and have those come through in the interview process. In my mind, that makes a big difference and Coinbase is big on cultural fit and how well you're able to show those tenants.

Note from Joseph:

A key way to get ahead is to know what questions you’ll be asked ahead of time. Here is the most asked design question at Coinbase as reported by candidates and customers of Product Alliance:

Design a product to help people pick vacation destinations.

Another product question as a bonus:

How would you increase Uber's growth in developing countries?

If you want to see the other 50+ most-asked questions at Coinbase, you will find it in the Product Alliance’s Specific Company Deep Dives course.

As part of their Full Library Access Pass, which includes all their 9 courses, you will see strategies to ace any PM interview question and sample 10/10 answers, taught by calibrated product interviewers.

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Salary Expectations and Progression

What is the average starting salary (or salary range)for program participants and what does the salary progression look like once you’ve graduated from the program?

The starting salary for APMs is about 140K base. And then, of course, there's equity that comes with that as well. Bonuses aren’t a big part of compensation at Coinbase and are not guaranteed as it depends on company performance.

As for Coinbase APM salary progression, none of the APMs have been promoted yet from L-threes to L-fours. They've given us guidance that that should happen within the two-year program, so, maybe in the next few months or when we complete our two years, but it hasn't happened yet. So I'm hesitant to say it will happen after a year and a half. We don't quite know, and because we're the first class that is going to complete the two years, we're kind of the guinea pigs in that sense. So that is still TBD. But I believe the starting base salary for L-four this month is 165K. The plan for many of us APMs is to stay at Coinbase and hopefully get promoted up to the next level.

PM, AI, and Crypto

What’s your next play after graduating from this program and how has this program impacted your 5-10 year career plan?

To be frank, I haven't figured out what my next step is. Given the layoffs that we've had recently at Coinbase, it's changed my perspective a little bit. Partially in that, I'm hoping to learn a lot through this phase and try to grow more as a person and as a PM at Coinbase for a little bit longer. Just given the gaps that have been left after the layoffs, there's still a lot to do.

On the other hand, the job market is a little bit scary and looks different than it did maybe six months ago. And so I think that also may play into how soon I leave. To be honest, there are not that many other opportunities I'd rather, pursue that I would leave Coinbase for. So, until I find one that I'm really interested in, I think I would probably hang around. I am still interested in being a PM at a similar-sized tech company in an emerging field like AI or crypto, you know, in two interests of mine. And then, in the future, I’d love to start my own company, but I do appreciate the education and experience I'm getting right now at Coinbase.