Humble CFA III candidate awaiting results from June Level III exam

SoonToBeCFAChar

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Hi All, looking for some career / salary advice. Earning $50,000 base in investment advisor role at large financial institution. Love the job, but feel under-appreciated. Confident about Level III and I do have more than the requisite experience to earn the charter if I pass. Have an MBA from top 50 program. I expect a promotion if I get the charter in August, but even with promotion, suspect my base pay will not exceed $60,000. May have more bonus potential or incentive comp though (say $15,000 instead of current $5000). Feel like I have very good advancement prospects long-term at this financial institution if I stay and have received hints from senior mgmt that they feel like I would make good future leader, but at the same time think $50,000 doesn’t cut it. What do you think? Do I jump ship? Would I be giving up long-term career and growth potential for short-term financial gain?
 
@Soon…
From what you say, it is evident that:
About you…
* You have a ‘respectable MBA (MBA from top 50… ) but there are quite a few from top 10 in the market any day and
* You will be a CFA charter holder sooner than later. (Confident about Level III and…) but there is no shortage of CFAs too though they may not be in plenty
About your job and prospects
* You ‘love’ the job which implies you have at least >50% job satisfaction (Love the job…}
* It is highly likely you will get a promotion soon on completing CFA (I expect a promotion if ….) which does prove that your organisation is rewarding you for your achievment which is not necessarily true for all organisations
* with better incentive / higher bonus (May have more bonus potential …) so it is very likely not only you will be better paid but also there is a possibility for you to negotiate these for still better terms as your management see a ‘future leader’ in you.
* You have assured long term advancement prospects in this organization ( Feel like I have very good advancement ……..) that simply means you are “sure of better prospects” in this job and organization which is not so common in most (yes , most) cases.
About your feeling:
* Your feeling that you are under appreciated (but feel under-appreciated …) is probably only you in imagination or part of some irrational thought as you yourself say, “received hints from senior mgmt that they feel like I would make good future leader”. No ‘unappreciative’ management will say so (after all they are not obliged to express it to you).
* Actually your grievance is (though you don’t wish to admit it directly) you feel you are being underpaid or in other words you deserve much more than what you are being paid. (but at the same time think $50,000 doesn’t cut it ).This also seems to be not justifiable as they are paying you that amount since long even when you were not a CFA but just an MBA and you have to remember that after MBA when you accepted it under all circumstances probably this is the best you could get in your opinion whether in short term or in long-term considerations (otherwise why should a ‘mature’ MBA would have accepted it at that time).
If one wants to be unhappy one can be so on so many rational or irrational reasons and create avoidable conflict in own mind leading to tension and unhappiness. It is not only a matter of a job with certain amount of $s but it is a part of your existence – that too a major part. Imagine spending minimum of 8-10 hours daily in a job which you don’t love but pays you a very high salary (prostitutes do so every day and night whether they like it or not…). There is a very fine line of distinction between aspiration and greed.
You may (rather ‘will) get a higher paying job now that you have this experience and with CFA Charter in hand but can you be sure of being in ‘love’ with that job , can you assure you that the top management will recognize you as a ‘leader’ from day 1, will you be sure to have the confidence that you will “have very good long-term advancement prospects “ at that financial institution if you stay for some time even after a year or two?? Very unlikely. But here you can still negotiate and probably get a mutually satisfying term. Unless you take that initiative how can you presume you will be better off somewhere else?
You may also do well to understand that it is easy to get a job with a few thousand $s more but it is really hard to get a job about which you can confidently say that you are in love with it and have a management who see a ‘future leader’ in you (that is one of the strong indications that they have trust in your ability and talent).
So answer to your questions, in my view, are:
Do I jump ship? Indeed you should jump only if you are ready to jump into the sea too (and not necessarily into another safer ship!).
Would I be giving up long-term career and growth potential for short-term financial gain? Any person with even a little knowledge of the employment market and first hand ‘experience’ of working in multiple organizations will simply say , “Without a doubt, you doubting Thomas! ”
Your organization will get many substitutes who may be better than you but can you say confidently that after leaving this job just for a fatter cheque the job you will get will be better than this in all respect in the long run? If you can be sure of it please go ahead, otherwise think twice.
Best of luck for whatever you decide finally.
 
Do you have another job offer lined up? If not, it’s a moot point, right?
 
Definitely underpaid. I posted in another forum, I am at 90k with the CFA charter and I feel underpaid.
Just remember, a lot of new graduates are getting a base pay of 45k to 60k as their first job out of university.
 
How old are you? Male? Female? It depends also on profitability of your institution. You better wait for the result in August.
 
whystudy wrote:
Definitely underpaid. I posted in another forum, I am at 90k with the CFA charter and I feel underpaid.
Just remember, a lot of new graduates are getting a base pay of 45k to 60k as their first job out of university.
Just remember, about 25% of new college graduates are getting a base pay of $0.00 per year and another 25% will say ”Would you like fries with that?” in the next 8 seconds.
 
higgmond wrote:
whystudy wrote:
Definitely underpaid. I posted in another forum, I am at 90k with the CFA charter and I feel underpaid.
Just remember, a lot of new graduates are getting a base pay of 45k to 60k as their first job out of university.
Just remember, about 25% of new college graduates are getting a base pay of $0.00 per year and another 25% will say ”Would you like fries with that?” in the next 8 seconds.
Exactly…
 
If you have a job lined up leave.
If management really thinks you are a future leader they will either give you a raise to keep you when you tell them you have another offer or they will understand your need to leave.
I was making about the same and I was not even on the side of the bank I wanted to be in. Management tried to work with me, but at the end of the day it did not work out. I left when I got another offer, but I left on 100% good terms. Good management knows they can’t keep motivated employees around long if they can’t offer them advancement fast enough. If anything you will have more experience and they may offer you the big pay check to come back some day.
But I second what was said previously, don’t just leave for the paycheck. A job you love will lead to higher paychecks because you will excel at what you love to do. And I would make sure you have given your company a fair chance at advancing you. Everyone hates a job jumper…
 
If you love your job, you are ahead of 90% of the population. I’m one of the few that loves my job as well. I know I’m substantially underpaid… but I also know what it’s like to work a job that I freakin dread going to every day.. so it’s a trade off that I’m willing to make. The caveat is that I do make enough to live a comfortable existence in my part of the world and my company has a great pension which is virtually unheard of these days.. so that has to be weighed in the compensation calculations. If you are scuffling to get by on what you make, you either need to lower your standards of living or find a higher paying job.. I’ve had a number of jobs with various different firms over the years, I can honestly say that I’ve had two that I truly love. I left the first for money and it took years to rectify that mistake.
 
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