CFA500, you never want to be in a situation where they catch your lie (now or near future). Thats only going to hurt you. If you’re good, you can really drive the interview your way without even touching the salary part. Most employers won’t ask but if you’re going thru a recruiter, they will and you will have to come up with something (give them a range maybe? 35 to 55K + Bonus potential). If they (the recruiter) press on exact salary, tell them you are not comfortable talking about Salary at this point because you don’t know what the new job entails and your current salary would be irrelavant (i’m sure you can come up with better words). Anyhow, key point is not to lie, don’t talk about salary (give range if pressed on) and talk more about your accomplishments and what you bring to the table. Good luck!
If you are truly a value-add a company won’t pay you based on what you were making but on the value you’re creating
If you play your cards right you could easily find something in 40-45k range and expect that to go up to about 55-60k in two years. Stay honest about your current comp. In my opinion, it is unethical to avoid mentioning your current comp if asked. If I asked you what your current comp is, and you said “market”, the interview would be over.
most large shops will contact HR at your current/former firm once offer has been accepted to verify comp so DO NOT lie about it. that’s a good way to see an offer explode.
People that do word processing make 50-70k for work that doesn’t require a brain to do.
WOOOOOWWWWWWWW! - you make less than my friend who works in the bank reconciliation group. 35k + 10% bonus. What’s your average yearly return? Negative? Or are you in charge of mock trades for your firm?
CFA500 what currency does your 33k get paid in (although i cant think of any currency that makes it more attractive)? in oz, you’d be on about US$90k to US$120k. I know salaries are alot higher here but surely not that much different??? short answer - yes you are grossly underpaid…
You don’t necessarily need to leave. There are other ways to get paid. Be creative. Does your office have a supply room? A kitchen with sodas?
And if they have any spare computers lying around…
This can’t be for real. I made 30% more than that when I started my 1st job out of undergrad. That was 11 years ago…
aspiring-analyst Wrote: ------------------------------------------------------- > CFA500, you never want to be in a situation where > they catch your lie (now or near future). Thats > only going to hurt you. > > If you’re good, you can really drive the interview > your way without even touching the salary part. > Most employers won’t ask but if you’re going thru > a recruiter, they will and you will have to come > up with something (give them a range maybe? 35 to > 55K + Bonus potential). If they (the recruiter) > press on exact salary, tell them you are not > comfortable talking about Salary at this point > because you don’t know what the new job entails > and your current salary would be irrelavant (i’m > sure you can come up with better words). > > Anyhow, key point is not to lie, don’t talk about > salary (give range if pressed on) and talk more > about your accomplishments and what you bring to > the table. > Good luck! Good advice! in the part of the world I am in, they usually ask for current salary quite at the beginning…so annoying!
CFA500 Wrote: ------------------------------------------------------- > 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… Do not Do not be the first one to talk about salary……… If the recruiter or prospective employer gives you a form to fill before the interview which asks for current salary info, write “would be glad to discuss salary during the interview”. This way you don’t have to lie and you avoid giving them your true salary. During the interview, come up with loads of excuses like: If pressed for your current salary early on during the interview, defer the question by saying that you will be happy to talk about salary and once you have a good understanding of the requirements of the job and what’s expected of you. Any smart interviewer would take the cue and move on. As the interview progresses and you become comfortable and the salary issue comes up, say something like that you have a range in your head but you would be more comfortable getting a number from the interviewer as they have good understanding of the pace and requirements of the role etc etc… Once you have a figure from them….it makes it a lot more easier to negotiate….Just my two cents…….
I agree 100% with oldmonk, wait for them to ask first and defer it to the last thing you discuss. You have nothing to discuss unless there is an offer on the table. If they ask you for your current income, you do not have to disclose it. You can say you would rather not discuss it as it is not relevant to the current discussion. The point is you are trying to get a fair to good wage for your current skill set and experience. Also, have a band of what you would consider an acceptable salary after having done some research. Basically you know that you are looking for a salary in the range of XX-YY%. This is the beginning of your negotiations and your counter if they low ball you. Make sure that your range is one that will make you happy to ecstatic. Have what you call a walk-away position, i.e. you would not accept anything below this number (can include benefits such as paying for CFA…). Anything above this number/package should be a winning situation for you. I have never moved anywhere for less than a 20% pay bump. I am assuming from the above that you could possibly double yours and maybe then some. I also managed a 20% bump with an internal move, but that was because the team I was moving to wanted me at that time. It might still give you options if your firm is that large. Lastly, there is an abundance of good interviewing and negotiating techniques all over the web, so go and google it. Best of.
mh7 Wrote: ------------------------------------------------------- > This can’t be for real. I made 30% more than that > when I started my 1st job out of undergrad. That > was 11 years ago… yep… i worked intern in college (sophomore year) I made $15/hr + 50% overtime. That’s 31.2K with no overtime, granted no benefits. I worked average ~6 hours OT so that’s extra 7K to make around 39K. that was 1998 in a very affordable location.
If you want to be paid market rate, you’ve got to go to the market. Considering the current finance market, it’s not the ideal time to do this, but you have zippo to lose. You can at least get some interview practice. And if you get an offer somewhere else, you can go to your current bosses and see if they match. I’m also a big believer in not discussing salary history or specific salary expectations until an offer is on the table. Once in an interview, I made the mistake of answering the question about what kind of salary I expected when 1) I hadn’t done any salary research on the position and 2) I was unemployed and in need of a paycheck. I didn’t get an offer, and I wonder if it’s because they decided I was completely stupid.
The reason they ask for your salary expectations is because they have a budget. If your range doesn’t fit into their range, then you are wasting each other’s time. Better to know if you guys are in the same ballpark than going through with several interviews only to find out your respective figures are no where close.
CFA500 Wrote: ------------------------------------------------------- > 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… CFA500 – Do you live/work in the NYC area? If so, I may have a business idea that might appeal to you.
The thing that I don’t understand is why you would put yourself in this position - did you not have other options after graduating from college?
Ermarkhans-I do not live in the NYC area, however if the right opportunity presented itself I would consider relocating. What’s your e-mail address? Projectplatnyc-The fact of the matter is, responsibility wise it’s developed into a job most college grads would kill to get three years out of college. For only being 25 years old I will have quite an impressive resume (manage $183 million in discretionary assets, portfolio manager title etc). How many 25 year olds can write that on their resume?? Salary wise, it’s absolutely terrible.