So I just passed CFA level 3…director (PM) and team were very supportive and seems to be recognized. I will not have 4 years of work experience until June so I can’t apply for the charter…but having passed all three exams, should I bring up a salary increase? I mean I know this topic has been discussed and wondering what peoples experiences have been with this. All thoughts appreciated. Thanks.
Unless your company actually has such a policy or other people were given salary increases after passing L3, don’t do it. If I did this, people would literally laugh at me and spread the story across the whole office.
Edit: Seriously, don’t do it.
dont do it brosky. get raise the old way - working hard and making money for the company.
or blackmail the PM
The best way to get a raise after a new qualification is to leave.
just wait until the end of year and see if its reflected in your review before you get jumpy with 4 months to wait around.
Best way to get a salary increase is to have somewhere else to go if they say no.
Another way is to ask for a promotion (but don’t say it’s because you passed the exams, use some other benchmark). If you must, make the exams a data point in your argument, but not the centerpoint of it. They may balk at a promotion, but offer you a bump as a consoluation prize, as long as your argument passes the laugh test.
Often, I think it’s best to prepare the ground a month or two in advance by asking your boss “What would it take, to get a promotion and/or raise.” This says “I’m looking for more, and I’m willing to prove to you that I deserve it,” which sounds, less entitled and whiny than “I want more now,” or “Why haven’t I had a salary bump yet.”
As always, YMMV
In many cases, the best way to get paid more is to actually be in the top 5% of employees in that role. However, 95% of people cannot do this, even if they believe they can.
If there are other factors that warrant (in your opinion) a raise, then you could use passing L3 as the icing on the cake. But, as others have said, don’t ask for/expect one for simply passing it.
Can’t ask for a raise/promotion without leverage. Unfortunately passing L3 isn’t leverage.
Didn’t you just start a new job? And if so, why didn’t you negotiate for a higher salary before accepting that offer? Not sure what exactly you’re doing right now but if it’s private equity something or other I don’t think they will see you as warranting a pay increase either.
Anyway, I could be thinking of the wrong guy so let me know if I’m mistaken
Yea I started in April…I did negotiate and was happy with the offer. Im only asking if anyone thought passing L3 was a reason to bring up an increase…consensus appears to be no…thanks for the insight fellas.
You only started 4 months ago. Too soon to rock the boat. Wait until your end of year review and see what they say. If you are not offered a raise you are happy with, maybe bring it up gently then.
Whoa, 4 months and looking for an increase?
tell Henry Kravis youre walking if he doesnt give you that 200% raise after passing a test.
If you’ve spent four months in private equity, and assuming you’re on the transaction side, I think you know that the CFA doesn’t hold much clout (if at all). I think asking for a raise at this time might show questionable situational awareness.
Your team is supportive of you because they seem like decent human beings. However, the reality is that nobody cares about the exam unless it helps you be a better deal team member, and then you will hopefully get a good bonus and raise come year-end based on your contributions, and not because you passed a test.
New term I’m going to be using: “questionable situational awareness”…
Thanks Numi, good euphemism.
Yea I know…guess I was just hoping was all.
Instead of a raise, you should demand a second R for Ramos at the end of the firm’s name because you passed.
I had a friend who, after passing level 3, instead of asking his boss for a raise, asked the 22yo secretary for a BJ. Let’s just say money isnt the only way to get recognized for your accomplishments.
Thanks Roberto. The other term I heard recently, which I also like, is “career limiting move” (probably the most useful thing I have ever learned from a management consultant).
The two phrases are basically synonymous, but use them both in the same sentence for extra emphasis / style points.