Hey everyone, I had a job with a bank’s credit card division, the job only require high school graduate, and the salary is pretty low. I am a CFA level 2 Candidate, and hold a university degree. I recently interviewed for a Fund Accountant position with the same bank. I told the hiring manager salary is not my biggest concern thinking they will re-evaluate my salary based on my background or the position level. I got the position, however, because it is an internal transfer, the salary remains the same. The HR lady said they might increase my salary after my performance review with the credit card division. The highest salary increase is 5%, which is still much lower than a regular Fund Accountant’s salary. Now I have to sign the offer letter with the same low salary, and not knowing how much increase will I get. The new position is in another city with much higher leaving expense. I know if I applied outside of the company, I will at least be paid based on my background. I really want the job, but don’t want the company taking advantage of me. Anyone knows what to do with this situation? Thanks in advance.
In my opinion, it is just too much to be doing fund accounting all your life. If you want something better, why only look within your bank and only at fund accounting, you ought to look everywhere, i betcha better things are waiting…
In my opinion, look at it as a temporary job with only one purpose: for you to get to know the business logic behind funds and fund accounting. Once you know it, and especially once you’ve passed Level III, you’ll be in a better position to negotiate (probably outside your current firm).
Thanks phBOOM and wawa. I am still at the early stage of my career, I am sure the experience will be benefit in the future. the thing is, should I talk to my manager or HR about my salary before I sign the job offer, or should I wait until they see my potential and then talk to them?
Honestly just tell them your concern. There is a big difference between a high school grad and someone who has a univ degree along with CFA level 1. It’s ridiculous, as if your degree was worthless. Negotiate a higher salary or find other jobs. I’m sure you can find something with at least 20% increase in salary.
Be honest about your disappointment, tell them in a professional manner, say you still want the job and you have a lot to bring to the table, but think the fair market compensation is x% higher and show them statistics to prove that, and leave the conversation at that. start the job with the low salary and prove yourself in the new position.
Never ever agree to join a firm with a salary below a market level (in case market level is pretty much obvious and well-known).
As an FA, may I ask what level you are looking at and region. The going rate starting out would be around 35-40K, depending on region. That being said, FA is just about the worst experience of my life…it’s miserable to say the least. I wouldn’t take it as a second job. First maybe…but second, hell no.
thanks everyone. the job is in Toronto, and it is a faily big US bank. The company have a fixed salary range for each level. This department is expending, I guess that’s why they haven’t set the range yet. I think it’s better to let them know my concern too.
Neud Wrote: ------------------------------------------------------- > Never ever agree to join a firm with a salary > below a market level (in case market level is > pretty much obvious and well-known). I agree, especially at a big bank. They tend to always offer you a salary based on what you’re currently making, even if you switch to a completely different department with a different pay scale. If you start out under market level, you’ll generally always be under market level.
You working at State Street?
What are THEIR expectations for the position? Would they see the university degree and level 2 candidancy as being a real value-add to the position? I certainly would question how you feel about this employer, and I would be disappointed that they would not value your education and try to utilize it in the appropriate position. I only raise the question above because maybe for that particular FA position, the requriements are not that high? i.e. would you be over-qualified for it?
hkky Wrote: ------------------------------------------------------- > You working at State Street? I believe State Street in TO is the ultimate chop-shop…no?
I am not working for State Street. I don’t think I am over-qualified for this position. I don’t have related experience in the fund accounting filed. I believe the hiring manager is very interested in my CFA education. The hiring manager asked about my current salary, I stupidly said salary is not my biggest concern, as long as I get to do what I like and good at. He said the reason he asks is, he is not sure how internal transfer works, and want to make sure his employee gets paid fairly. Should I talk to the hiring manager or to HR? feels like the salary part is under HR’s mercy. Thanks everyone for the advise.