How underpaid am I?

“In Finance, you need to have balls to succeed” While I agree that I need to have more “balls” in my quest for a higher salary and I agree that a lot of investment industry jobs require some “balls” (sales, investment banking etc), but if your job is to make smart investment decisions for clients…I don’t see the relation. Sorry.

CFA500 Wrote: ------------------------------------------------------- > Good question. While I would like to think that > the value I add through research etc is > irreplaceable I’m not that ignorant. As far as > disruptions go, I’m the only one that knows how to > do some trading functions, compliance items etc > and it would be pretty hard for the rest of the > group to pick up 600 extra accounts. suggest you roll the dice then

CFA500 Wrote: ------------------------------------------------------- > “In Finance, you need to have balls to succeed” > > While I agree that I need to have more “balls” in > my quest for a higher salary and I agree that a > lot of investment industry jobs require some > “balls” (sales, investment banking etc), but if > your job is to make smart investment decisions for > clients…I don’t see the relation. Sorry. So what is it? You like your job but want a raise which you will never receive? OR do you want our sympathy for being underpaid? OR do you want to feel motivated enough to go out and look for a job that will properly align your skills with the appropriate salary? Pick one

Try lining up another job and then get them to pay you what you deserve. If they are unwilling, you can move and they would realize that the goose has flown. Actually they will then pay for a different person. They have also not understood how important you are. Some managers tend to rationalize their own decisions one way or the other.

I can’t believe how silly this thread is.

Seems like you haven’t been around very long. I used to be like this… “keep on working hard and for sure it will be recognized” type attitude mixed with a touch of feeling “lucky just to be here”. Unfortunately, this is a setup for ending up in your shoes. I’m a girl and here’s my 2 cents: 1. If you know you do a good job and would be hard to replace the company will do what it takes to keep you. **this being said, give yourself some credit. Being young you may not recognize how tricky it can be to fill positions w/ a capable person that fits the team dynamic. Its quite expensive for a company to find a good new hire (thats why there are headhunters, and they get a pretty penny for filling spots). I’ve seen first hand how much departments and even companies can suffer when they lose a few key players. If you think you’re one of them your crazy not to raise your voice. 2. You are shortchanging your future. In terms of future salary potential and showing your value. **The simple fact that you are in this position makes you seem like a doormat. When its time to move on it will seem strange that you only had a <10% adjustment in salary over 3 yrs. Thats barely a cost of living adjustment. A good progression signifies you proved yourself and worked up in terms of responsibilities, etc. You do not have that pattern even though you have seemingly done so. I think you need to get the 2 to line up. I agree w/ the idea of possibly doing an MBA programme as that will justify a big jump in salary. I think you need to think seriously about how you perceive yourself and how you demand to be recognized. Numi is right in a sense, but 35k is just absurd. It might be acceptable if you were at some 9-4 Sep-May uni gig w/ full pension and paid summers, but I don’t think that exists anymore. Even as a “stepping stone”, 3 yrs is a while- so get on with it already!

Go get another offer and then ask for more money. If you are really that valuable to your firm (I am not taking a position on this one way or the other since I have no idea), then they will pony up. If they don’t really care if you leave, then you are better leaving anyway, because you will never get what you deserve in your current role. You say that any other job will be a step down, but have you interviewed with other firms? I amsure you can get something pretty decent, if not outright good, with your skillset. Don’t let them walk on you.

ZeroBonus Wrote: ------------------------------------------------------- > In Finance, you need to have balls to succeed. > (Figuratively speaking of course) hopefully she doesn’t get the wrong idea…especially if she’s cute “no…not *those* kinds of balls!!!” (famous last words)

Thanks guys. I really appreciate the advice. When you lay it all out there the situation is pretty clear. There’s no denying it, I know what I need to do, and that is to start searching!

CFA500 Wrote: ------------------------------------------------------- > Thanks guys. I really appreciate the advice. When > you lay it all out there the situation is pretty > clear. There’s no denying it, I know what I need > to do, and that is to start searching! This is easier said than done, but to start with I would recommend purchasing a subscription to the CFAI jobline (not a local one – buy the big daddy and get access to jobs worldwide). It’s only about $40 and there are a ton of jobs on there, even in this super crap job market.

do a quick TVM of what you are missing out on by sitting there everyday instead of not making (and saving) an extra 10-20k/yr. Sitting there is costing you tons of money. And yes you need “balls” to invest money too, not just bankers and salespeople, pulling the trigger on some decent size positions takes some balls in my book. Another favorite thing to do is to call in sick a few days or take a vacation day midweek and then watch people start thinking you are interviewing around…maybe that will loosen the purse strings a bit…its a nice bluff, but in your case the right thing to do is just move on already, hit the career search

this is completely absurd. BO jobs straight out of undergrad make more, considerably more if you are non-exempt and work OT.

The sucky part is, when she does find a job, i don’t think they will give her the much deserved raise/package (unless she really pulls it off in an interview that they would make a ton with her). At tops 20% maybe? Thats 42K. I guess better than what she is already earning.

^^^ She has to avoid at all costs telling the new employer or recruiter how much she is currently making, and still be able to interview well. market pay comes to mind…

I completely agree. I can’t reveal my current salary in an interview. If asked, is there any way to get out of it? I’m a very ethical person, but given the situation it is tempting to exaggerate and bump myself up to at least 45k. Chances of them finding out are slim to nil, chances of them taking advantage of my current salary position are almost guaranteed. Thoughts?

CFA500 Wrote: ------------------------------------------------------- > I completely agree. I can’t reveal my current > salary in an interview. If asked, is there any way > to get out of it? I’m a very ethical person, but > given the situation it is tempting to exaggerate > and bump myself up to at least 45k. Chances of > them finding out are slim to nil, chances of them > taking advantage of my current salary position are > almost guaranteed. Thoughts? It’s not nil. What are you going to do if they ask for a pay stub?

bromion Wrote: ------------------------------------------------------- > CFA500 Wrote: > -------------------------------------------------- > ----- > > I completely agree. I can’t reveal my current > > salary in an interview. If asked, is there any > way > > to get out of it? I’m a very ethical person, > but > > given the situation it is tempting to > exaggerate > > and bump myself up to at least 45k. Chances of > > them finding out are slim to nil, chances of > them > > taking advantage of my current salary position > are > > almost guaranteed. Thoughts? > > It’s not nil. What are you going to do if they ask > for a pay stub? Would that ever happened? Has anyone ever had that happen?

CFA500 Wrote: ------------------------------------------------------- > I completely agree. I can’t reveal my current > salary in an interview. If asked, is there any way > to get out of it? I’m a very ethical person, but > given the situation it is tempting to exaggerate > and bump myself up to at least 45k. Chances of > them finding out are slim to nil, chances of them > taking advantage of my current salary position are > almost guaranteed. Thoughts? I doubt that will be the case. If you are the candidate they are looking for, then it shouldn’t be a problem for them to pay you the market rate. I am sure the employers know that the candidates will ask for market rate and they must be prepared to offer that.

CFA500 Wrote: ------------------------------------------------------- > bromion Wrote: > -------------------------------------------------- > ----- > > CFA500 Wrote: > > > -------------------------------------------------- > > > ----- > > > I completely agree. I can’t reveal my current > > > salary in an interview. If asked, is there > any > > way > > > to get out of it? I’m a very ethical person, > > but > > > given the situation it is tempting to > > exaggerate > > > and bump myself up to at least 45k. Chances > of > > > them finding out are slim to nil, chances of > > them > > > taking advantage of my current salary > position > > are > > > almost guaranteed. Thoughts? > > > > It’s not nil. What are you going to do if they > ask > > for a pay stub? > > > Would that ever happened? Has anyone ever had that > happen? It *usually* happens

Really? Yikes. That is something I have never considered. Just always planned on walking into a new company and getting at least a 50%+ increase in my salary. I really don’t want to be getting the short-end of the deal for the rest of my life. This is a pretty low place to start off. Maybe I should just jump off a bridge…