Just curious the types of salary increases people have been getting after obtaining the charter. How much do you get paid? what is your job title? Years of experience? Did you get raises in between passing the exams?
No specific reason for asking. Just for fun. I guess I’d like to see where my hard work is taking me.
I didn’t receive any direct compensation effects. That is, no one said “I hereby pay you more money for passing the CFA”. However, it probably contributed to the pool of “intangible” qualities that affect compensation. Maybe there was like a 5% effect. Who knows.
I work with derivatives, <5 years. Level of compensation is not important to disclose..
“I’m a CPA! I got money b***h!”
$0.00
I have heard of 1 situation where an employee got more money for passing L2 or L3.
But that’s only 1 out of many people who got nothing. It may indirectly boost your share of bonus if the company does well at year end.
Hope. It is the quintessential human delusion, simultaneously the source of your greatest strength, and greatest weakness.
No direct salary increase for charter or any particular level. Potentially accelerated a promotion by a year and gave me something to write down in the “Professional Development” section of my annual review form.
You can fondle the cube, but it will not respond.
My firm gave me a modest bonus as a passing incentive, but not a permanent increase in salary.
Yeah, no direct compensation for me, either. However, I think it helped me impress our CFO (better thought out / more complete analysis, etc) so much that she’s bringing me over to her new company.
I’ve heard holding the Charter offers a lot more promotional opportunities. If that was true, it would be hard to judge where you would have been without the charter. So there probably isn’t any specific bonuses just for passing.
Studying With
This was exactly my situation. Nothing direct, but I think it helped my bosses make the case to their bosses around review time.
After passing level II I was hired to a promotional position in my firm with a 40% raise in pay. However, the CFA was only a partial contributor to getting the job and my raise in pay was not because of passing level II. Another interesting twist is that my old department used to pay for any attempt at each level, where this department will only pay if I pass so I’d better pass level III or it’s on me.
yea i got a 50% raise after passing each level and an additiional HCB admin assistant with each level passed. of course they let me hold ‘auditions’ for each HCB admin role.
I’m pretty sure this is market for CFAs.
KISS MY CONVERSE.
Turd, where do you work? are you guys hiring? i have a thing for HCBs and a great eye for them….i can spot class from trash a mile away….please consider.
Frank, unfortunately our HCB/CFA ratio was thrown out of whack during the recession. HCBs can be pricey, but now that things are recovered I have 100 HCBs to audition for 10 coveted spots under CFAs. perhaps when the ratio gets back to normal we’ll look at adding a CFA.
KISS MY CONVERSE.
i will work for free!
A friend of mine worked in a firm that have a direct compensation bonus with passing each level of the exam. From what she told me, it seem like it generates a lot of unfairness in that office. Some get to study on company time and some do not. I imagine people be a little more “edgy” and office morale suffers.
I got nothing until I left for another firm (after passing L3), at which point my compensation doubled all in. That was a nice bump but I still hate the CFA program.
“I lost my wife to a margin call. Wives get mad when you come home and say, ‘Sweetheart, I lost the house today.’” - Dennis Gartman on trading mistakes
LOL.
I got $500 for passing level 1 & 2 and $1000 for passing level 3.
Soddy1979, CFA
was that to reimburse your exam costs?
Hope. It is the quintessential human delusion, simultaneously the source of your greatest strength, and greatest weakness.
No, got those reimbursed seperately.
Soddy1979, CFA
My firm offered a $5k salary bump when you passed level 2 and another $5k bump when you got your CFA.
^that’s not bad assuming it is in addition to your normal annual increase.
Like many here, I did not receive any discrete payment for passing any of the levels but am confident it has helped in ascending the ranks at my company.
Received $5k for each level but was included in total annual bonus number so no way to prove it was incremental rather than creative engineering. No permanent increase, no reimbursement for test/materials.
I got some celebratory pastries!
Studying With
Beers on the train back from Boston…and the nice job switch like Bromion.
“Some people make shoes. Some people make houses. We make money and people are willing pay us a lot to make money for them.”
I think my GF was going to take me to dinner to celebrate. Then she decided to have dinner with her girlfriend and didn’t bother to tell me about the change in plans.
So I celebrated by dumping her (though not on the same day).
You want a quote? Haven’t I written enough already???
+1
“I lost my wife to a margin call. Wives get mad when you come home and say, ‘Sweetheart, I lost the house today.’” - Dennis Gartman on trading mistakes
I should do that
Hope. It is the quintessential human delusion, simultaneously the source of your greatest strength, and greatest weakness.
My old employer subscribed to the CFAI Platinum Plan which was nice. Essentially, the minute results were released the payroll dept at my company recieved an automated feed from CFAI. Maybe 15 minutes later emails went out automatically to individuals who passed that they need to go pick up their checks. I got ~ 50k for passing level I.
It was a nice perk at the time.
~~~~~Live. Laugh. Love.~~~~~
A $500 bottle of red wine on passing L3, but no other contribution to the program costs.
If I pass I get to expense 50% of my exam costs, else it comes out of my pocket.
For level 1 I got a $2,000 bonus net of taxes
For level 2 I got a $2,500 bonus net of taxes
If I pass level 3 I’ll get a $3,000 bonus net of taxes
I also recieved a $10K raise last year and a $20K raise this year. These aren’t due to my status in the program though, mostly because I was so under paid. Also eveident by coworker who recieved the same raises and has no status in the program.
Beside the knowledge learner, I dont think I’ll get a salary increase from it until I have the charter, at least 5-7+ years work experience and can apply for jobs where Im qualifies for non-associate style positions.
Pages