I am the lowest paid CFA charterholder. Can u beat me?

B

bpdulog

New member
Joined
Aug 25, 2008
Messages
0
Reaction score
0
I am a CFA charterholder and make $58k a year. Is there anyone that makes less?
Area: NYC
Years of experience: 5
 
Yes I do know people that are in the 40s, but they don’t live in NYC. Maybe if you include cost of living, you are among the lowest.
That’s the reason why the CFA does not make anymore salary studies.
 
bpdulog wrote:
I am a CFA charterholder and make $58k a year. Is there anyone that makes less?
Area: NYC
Years of experience: 5
Click to expand...
Welcome back bpdulog. I thought you were planning on pursuing MBA. How is that coming along? Any improvement in GMAT score?
 
well technically, there are unemployed CFA Charterholders..
 
That is pretty low for NYC. Why can’t you find better paying work?
 
bpdulog wrote:
I am a CFA charterholder and make $58k a year. Is there anyone that makes less?
Area: NYC
Years of experience: 5
Click to expand...
Risk consultant at KPMG in NYC and only 58k? Hmmm…..this is interesting…have you asked for a raise..there’s a thread on how to ask for a raise somewhere here.
 
That thread was not particularly useful, as everyone said to get another job offer and then threaten your employer…
 
Not everyone. I did mention that there’s the alternative of asking your boss what would be required from you to get a raise or promotion, and then work to hit those targets. For many, though, it’s more fun to say, “I got another offer that pays more, so pay me more or I’m leaving,” though.
 
I always feel the way to get more money is to get creative and CONSISTENTLY bring new ideas to the table. Especially ones that help bring in more revenue, and they don’t have to be directly related to your own position. Like the sign in the subway says “see something, say something”. You read an article about something that can help the business, talk about it. Some company executives have been working in the same position for so long they suffer from stale thinking. I experience that all the time. My ideas got me an additional 25K plus 6K performance bonus worked into my contract for 2013, and my company laid off 4K in January. Get after it!
 
bchad wrote:
Not everyone. I did mention that there’s the alternative of asking your boss what would be required from you to get a raise or promotion.
Click to expand...
That’s true.
bchad wrote:
For many, though, it’s more fun to say, “I got another offer that pays more, so pay me more or I’m leaving,” though.
Click to expand...
I think a lot of people were expressing their work fantasy, rather than what they are likely to actually do..
 
nigelnyc wrote:
I always feel the way to get more money is to get creative and CONSISTENTLY bring new ideas to the table. Especially ones that help bring in more revenue, and they don’t have to be directly related to your own position.
Click to expand...
In my experience, this is usually a bad idea. Suits don’t like getting advice from underlings.
 
bchad wrote:
Not everyone. I did mention that there’s the alternative of asking your boss what would be required from you to get a raise or promotion, and then work to hit those targets. For many, though, it’s more fun to say, “I got another offer that pays more, so pay me more or I’m leaving,” though.
Click to expand...
I think what I said in that thread stands. If you want the possibility of a 10% or 15% raise then you can talk to your boss. But, then you will still be underpaid in NYC. The best way to move the needle on your comp if your company is not doing it is to move to another company or a new role. This is especially easy if you are underpaid for the amount you contribute because you can make a lateral move and still up your pay. If you are faily paid (I am) then acquiring a meaningful increase in comp means you probably need to move to a more advanced role or move into a role where you skills are better utilized (create more value for the company).
 
ohai wrote:
bchad wrote:
For many, though, it’s more fun to say, “I got another offer that pays more, so pay me more or I’m leaving,” though.
Click to expand...
I think a lot of people were expressing their work fantasy, rather than what they are likely to actually do..
Click to expand...
Admittedly, it is a nice fantasy.
 
Greenman72 wrote:
nigelnyc wrote:
I always feel the way to get more money is to get creative and CONSISTENTLY bring new ideas to the table. Especially ones that help bring in more revenue, and they don’t have to be directly related to your own position.
Click to expand...
In my experience, this is usually a bad idea. Suits don’t like getting advice from underlings.
Click to expand...
Maybe your superiors just didn’t think you had good ideas or your superiors did not respect you enough to listen. I am not knocking you in anyway , but more often when they don’t listen that is the case. Maybe you were just working at the wrong company.
 
I think it depends on your role and also how you express yourself. No one wants to work with young smartass who thinks he can do things better than everyone. So you need to temper your suggestions with respect for the pecking order. It’s also important to demonstrate that other people benefit from association with you - that is, make sure your boss and people you work with get some group credit where possible. It makes them like you and support your ideas.
Your job function is probably also important. If you are in a revenue generating role and everyone’s bonus is tied to group PnL, then people are likely to appreciate your contribution. If your job is just plugging numbers, then maybe your incremental contribution is less tangible and less likely to be valued.
 
@ohai, I certainly agree, I have learned to never throw anyone under the bus, ideas are always for the improvement of the “group”, and be very respectful and thoughtful when posing any ideas or potential improvements. Simple concepts to keep up front.
@bpdulog, hopefully my comments can be of beneficial use to you; you can either start speaking up ( I am not saying yell but well thought out ideas) and adding some value or sit quietly on your 58K and wait until they hire someone else who has better ideas. I remember when I interviewed for my current position one of the last questions they asked me was “If you were given the position what ideas can I expect you to bring to the table that will add value to our firm?”….Remember that a 1000 Hedge Funds go out of business every year. Management can’t always be that smart.
 
I’ve noticed that a lot of ideas I bring up suddenly end up as part of my main client’s marketing discussions and thinking. Sometimes I get credit for it, sometimes I don’t.
 
While I like nigelnyc’s approach and agree that this is how it *should* work for the most part, if we are talking about a Big 4 company here (someome mentioned above) nobody gives a $hit about your bright ideas. You advance by kissing as$, being extremely visible and well-liked among the partners around and plunging bravely into the depths of the sewage that is office politics. If generating bright and thoughtful ideas may result in stepping on someone superior’s toes, changing an organizational system or process or engagement procedure from the way it’s always been done - your audit partners running the show won’t like it, and they won’t like you.
 
You must log in or register to reply here.
Back
Top