Just passed CFA Level II exam, graduated from a good to average university, been working for 3 years as an associate portfolio manager for a mid-sized bank. Right now I am the investment officer on $180 million and responsible for all equity trading. What’s my salary??? Get ready for this (drumroll please)… a whooping $35,000 + 10% bonus. Oh and I have to pay for my own parking ($120/mo). Generally I enjoy my job, it’s what I want to do…but I really really can’t live on this salary much longer. With all this responsibility and limited compensation I feel like I am being taken advantage of. Any thoughts on how to approach this situation?? Or new paths to take?
wow sounds pretty bad… where do you live though?
Wow, I’m sorry but that seems really low given your experience. I am still in school working pt for a struggling company and making more than that. Just out of curiousity if you are in the US where are you located, that could have a lot to do with it.
I’d off myself. Sorry
Some positions have caps on how much you can make. You may be over qualified. I would get some offers onthe table from other firms and if you want to switch, switch, or if you want to stay, leverage the offers to raise your current salary.
Not to rub it in, but you sound somewhat similar to me as far as roles go…I am grossly underpaid in my mind and I am over double that number. Did you say you were a PM or a pm kindergarten teacher? Best way to take care of it, find a new gig. You are being taken advantage of! And the company will continue to do so as long as they can. I say find a new job, leverage it against them, and pick whoever comes out sounding best.
I live in a fairly large (top 20) metropolitan area with high average salaries Haha…and yes I am a PM (level I)
You live in DC don’t you… sounds like DC
There must be a reason why you are so underpaid. Tell us more about your job, where you’re at, what your salary progression has been like, and so forth. What do you actually do every day? I think the administrative assistants and office managers where I’ve worked earned higher salaries, and I’ve heard that their bonuses are in the low thousands range as well (like yours). Also, when did you come to the realization that you were so underpaid? Unfortunately, now is a rough time to be looking for a job, but better late than never right?
how did you even accept this position in the first place!!! My God, the more I look at it the sadder and funnier it becomes. Dude!!!
at least your parking is cheap.
Just out of curiousity … what was your starting salaray?
Yea, it’s absolutely ridiculous. This position was offered to me right out of college. I figured it was a great way to break into the investment industry. Originally it was an “investment analyst” position. My responsiblities included equity analysis and a few adminstrative responsibilities such as performance and complaince. Then one of the senior portfolio manager got fired (who was making around 150k) I got a bunch of his accounts and responsibilities and soon was “promoted” to Associate Portfolio Manager with NO raise. I’ve asked for a raise and my boss’s response is, it’s just not in the budget. That’s not how our company works. WHAT?! The truth is I look very young and because of this reason don’t get asked by the sales people to go on many client meetings (once a month generally). So, I manage money from “behind the scenes.” My boss told me he believes the difference between an associate and senior PM is going out on client meetings
Starting salary was around $33,000…which was already very very low
Time to jump ship. I don’t see another way. The CFA progress, job loyalty, and promotion should aid you well on your job search.
well you working for peanuts is not in your budget. And thats a lie, as they just saved 150k with the loss of the other PM, they can give you some of that cake. Bottom line is F them, go find a better job, and tell them the reason you left is cuz you were being paid like a kid with a paper route and you are obviously worth more than that.
How much could you make on unemployment? If you take that and add back the savings for your parking you might be better off just staying home and looking for jobs for awhile, plus F them, I hate companies like that…with that said I am basically with one…gross, I feel dirty.
Do they at least pay for your CFA exams? If so … get them to pay for L3 then quit!
What do you mean by portfolio manager? Are you responsible for executing trade requests or you are the one who is deciding on which stocks to pick? IF you are the former, then you are still underpaid but not as much as you would be with the latter.
You guys are completely right. My boss was able to side-step the budget question because he claims that he plans on replacing the senior portfolio manager so he needs room in the budget for that. It’s been two years since he’s left and not a bit of searching has happened. Seriously unemployment would not be much of a step down. They do pay for my CFA exams (after a pass).