Just curious the types of salary increases people have been getting after obtaining the charter. How much do you get paid? what is your job title? Years of experience? Did you get raises in between passing the exams?
No specific reason for asking. Just for fun. I guess I’d like to see where my hard work is taking me.
I didn’t receive any direct compensation effects. That is, no one said “I hereby pay you more money for passing the CFA”. However, it probably contributed to the pool of “intangible” qualities that affect compensation. Maybe there was like a 5% effect. Who knows.
I work with derivatives, <5 years. Level of compensation is not important to disclose…
$0.00
I have heard of 1 situation where an employee got more money for passing L2 or L3.
But that’s only 1 out of many people who got nothing. It may indirectly boost your share of bonus if the company does well at year end.
No direct salary increase for charter or any particular level. Potentially accelerated a promotion by a year and gave me something to write down in the “Professional Development” section of my annual review form.
My firm gave me a modest bonus as a passing incentive, but not a permanent increase in salary.
Yeah, no direct compensation for me, either. However, I think it helped me impress our CFO (better thought out / more complete analysis, etc) so much that she’s bringing me over to her new company.
I’ve heard holding the Charter offers a lot more promotional opportunities. If that was true, it would be hard to judge where you would have been without the charter. So there probably isn’t any specific bonuses just for passing.
This was exactly my situation. Nothing direct, but I think it helped my bosses make the case to their bosses around review time.
After passing level II I was hired to a promotional position in my firm with a 40% raise in pay. However, the CFA was only a partial contributor to getting the job and my raise in pay was not because of passing level II. Another interesting twist is that my old department used to pay for any attempt at each level, where this department will only pay if I pass so I’d better pass level III or it’s on me.
yea i got a 50% raise after passing each level and an additiional HCB admin assistant with each level passed. of course they let me hold ‘auditions’ for each HCB admin role.
I’m pretty sure this is market for CFAs.
Turd, where do you work? are you guys hiring? i have a thing for HCBs and a great eye for them…i can spot class from trash a mile away…please consider.
Frank, unfortunately our HCB/CFA ratio was thrown out of whack during the recession. HCBs can be pricey, but now that things are recovered I have 100 HCBs to audition for 10 coveted spots under CFAs. perhaps when the ratio gets back to normal we’ll look at adding a CFA.
i will work for free!
A friend of mine worked in a firm that have a direct compensation bonus with passing each level of the exam. From what she told me, it seem like it generates a lot of unfairness in that office. Some get to study on company time and some do not. I imagine people be a little more “edgy” and office morale suffers.
I got nothing until I left for another firm (after passing L3), at which point my compensation doubled all in. That was a nice bump but I still hate the CFA program.
LOL.
I got $500 for passing level 1 & 2 and $1000 for passing level 3.
was that to reimburse your exam costs?
No, got those reimbursed seperately.