starting salary for MBA?

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bbriscoe

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What should a starting salary be for this position?
Corporate Financial Analyst at a small private energy marketing and trading firm. Reports to CFO, exposure to Sr. Mgmt. Requirements are BS degree and 1-3 years.
Location is in the South.
I have MBA, Passed Level II and several years IT consulting and ERP/Financial systems report writing experience, but no full-time experience as a financial analyst. The experience I do have is only partially relevent to the position.

Salary.com lists FA 1 at 43K, FA2 at 52K, then up to FA4 at $77K in my area. FA1 description is a BS degree and 0-2 years experience.

Any idea where I should come in with an MBA?
 
Well...

I too have an MBA and it hasn't done me much good. Granted it's not from a Top 20 school, either.

Is your MBA from a Top 20 school, or one that at least has name recognition? For example, Yale doesn't have a Top 20 program, but it has name recognition that would be more valuable than my alma mater, Wright State University.

I think that unless the position requires an MBA, having one doesn't mean anything to the employer (with the possible exception that it's from a Top 20 school).

IMO, don't expect an MBA to do much for you other than make it more likely you'll be called in for an interview. It certainly won't be a reason for an employer to give you a higher salary.

In my experience, MBA does NOT equal BMW, as the old saying goes.

The only thing my MBA did for me was saddle me with more debt and give me career and salary expectations that the marketplace is not willing to fulfill.

Shoot for a $45k salary. Ask for $50k first, make $45k a point of resistence and have an absolute floor of $43k. And don't forget, having a job making less than you think you should make will always make more money than sitting at home unemployed. Don't let your ego turn down jobs, otherwise you will become jaded and bitter.

At the worst, work for this company for a year or two, and network. Don't be afraid to continue to actively job search while you are employed. Oh yes, and ***call headhunters***.

I speak from experience on all the above. I am still looking for a job that pays better than $10/hour to start in a major metropolitan city, 3 years out of grad school. Haven't found it yet, either.

That's why I'm going for a CFA.

What, you think I *like* accounting? lol

Good luck in your search. I hope you get a good job!
 
"Wright State University."

Toledo, OH?

It depends on the scope of the position. Financial Analyst is so broad. If its at an energy shop, Id say you'll have some M&A exposure, perhaps some external reporting (since youre reporting to the CFO). If its more an accounting role, Id say expect between 55-60K. If its more geared toward finance (with some exposure to the trading, generation, or marketing side) I'd maybe look a bit higher.
 
what you really need to be inquiring about is the bonus structure, since comp in this industry is so weighted on bonus.
 
You know, if this company is connected to a utility, then the bonus structure wont be as robust. Many times, you'll see an energy clearinghouse attached to a utility or O&G company. Its basically an IB setup, where you have your corp. fin guys upstairs working deals, you've got your traders, analysts, credit guys, S&M, etc all down in the pit, then you've got your BOM's in the back of the room doing accounting and trade clearing.
 
Its a very small company - 33 employees, but they are owned by a $4+ Billion PE fund run by Ex-Harvard endowment mgrs. My position would probably be to provide info to feed them. They do want to grow the company.

My degree is from Oklahoma State - not a top 20 school, but this job is in OK, so the school has good exposure here.
 
It doesn't make sense if they look at your MBA degree and pay you less than 70K a year, otherwise, its impossible to keep you at the firm.

You should look for a total earning with bonus + salary at $75K a year.

Just my 2cents
 
APM Wrote:
-------------------------------------------------------
> It doesn't make sense if they look at your MBA
> degree and pay you less than 70K a year,
> otherwise, its impossible to keep you at the
> firm.
>
> You should look for a total earning with bonus +
> salary at $75K a year.
>
> Just my 2cents


Uhh... Not to be contrarian, but expecting to walk into a job that pays $70k+/year just because you have an MBA is *not* the current state of affairs in the current job market. Again, I have an MBA and the best I was able to get was a job that started at $11.75/hour, with a peak salary of $35k/year in computer systems analysis, which had nothing to do with my education. Since then, the only other job I could get (had to quit the last job due to being randomly demoted and promoted to my old, entry-level job in customer service) was as a compliance clerk for an OSJ office making $20k/year. And that turned out to be a f*cking disaster, too.

In the end, apply for jobs you actually want to do. Don't expect a high salary, because a $70k salary to start for a non-Top 20 MBA grad is not a guaranteed thing.

Man, do I know that for a fact. Ugh...
 
c_hayhurst,

You are definitely making me feel thankful. I will make sure that I count my blessings each day.

Stay tough. I don't know how you do it. If I was in that situation, I think I would consider construction. Or, maybe holding one of those "stop/slow" signs (that has to pay at least $15/hr).
 
Mr.Good.Guy Wrote:
-------------------------------------------------------
> Write State Wrong college


Hahahahahahaha... No @#$%&.


As I mentioned earlier, if you don't graduate from a Top-20 or Top-25 school, it doesn't really matter where you get your MBA.

(don't mean to sound beligerent, just a bit frustrated)
 
finance_machine Wrote:
-------------------------------------------------------
> c_hayhurst,
>
> You are definitely making me feel thankful. I will
> make sure that I count my blessings each day.
>
> Stay tough. I don't know how you do it. If I was
> in that situation, I think I would consider
> construction. Or, maybe holding one of those
> "stop/slow" signs (that has to pay at least
> $15/hr).

LOL. I don't think a construction job would really lend contintuity to my resume if I expect to work in Investment Banking, Portfolio Management, etc. So for now, I'll just have to keep taking the entry-level jobs that high school graduates can get just as easily since that's all I can get. Then, once I am in a decent company, leverage my current position and experience to get promoted to a *real* position.

That's the plan as long as I am not getting any decent opportunities, which I am not.

On that note, finance_machine, are you guys hiring? If you would like I can email you my resume. Let me know at [email protected]. I'll relocate, too. Really.

It beats what I'm doing now, which is studying and looking for a job.
 
Id agree except some regional mba's are worth it. For instance SMU isnt top 25 but if you plan on staying in Dallas its a very good choice. Another would be Rice and Houston. Im sure there are others out there as well. I find it hard to believe that your job search has been that bad recently. the market is very good right now imo, what city are you in?
 
c_hayhurst,
My group typically hires PhD's and PhD dropouts. Honestly, hang in there. I would suspect most people have felt stuck, or felt like they were going nowhere quick (I felt like this when I was an RA).

I do respect your ability to stick with it. Things will look up.
 
jax26, good point about regional schools. I live in Columbus, Ohio and have been out of grad school for 3 years. If you don't believe the job market is that tough, tell you what you can do to believe me: quit your job, and without using any personal contacts you currently have, use *my* resume to start finding a job in the Columbus, Cleveland and Chicago markets.

Let me know how you do.

Finance_machine, thanks for the encouragement. Things have to look up, eventually- the law of number, don't you know.

bbriscoe, did you get the job yet, or what? what did they end up giving you?
 
if I was you I would certainly target Chicago as that is the closest city where you will find the most opportunities. its going to be tough for someone 3 years post mba to crack into a career in finance but that doesnt mean it cant happen. you've got to hustle and cold call people and try to build a network of contacts. you'll get hung up on plenty of times but many people will be willing to talk and explain how they got where they are today & offer you advice, you just have to be persistent.
 
My 2nd interview is tomorrow. Still no idea on the salary. Think I should ask point blank?
 
I strongly urge you to not bring up salary first. Let the interviewer mention it first. When they bring it up, that means they are serious about hiring you. As far as how to handle discussing it, I have no idea, since my employers did not allow for salary negotiations- take it or leave it.

What is important is that you show enthusiasm for the job first, and almost act like the salary is an afterthought, like, "Oh, and you want to *pay* me for doing this job, too? Great!".

IMO, you need to establish your absolute floor of a salary. Whatever number they give you, immediately ask for an extra 10% more and negotiate down from there (provided the initial number is above your floor).

Now, I have never been in a position to negotiate a signing bonus or other perks, but if you cannot get anywhere with negotiating a higher salary, perhaps someone here could give you pointers on what types of perks you could ask for and how you go about discussing those. Examples would be: company car, gym membership, guaranteed attendance at trade shows, deferred salary, stock options, vacation pay, 401k or IRA contributions from day one.

Ultimately, you need to decide how you approach this topic in a way which fits your personality and style.

Good luck, we are rooting for you. Let us know how it turns out.
 
Had my 2nd interview yesterday. They are down to the final 2 candidates. The other one comes in on Thursday.
He asked me what my requirements are and I said I was pretty flexible, then asked what they were expecting to offer. He said $55-60K, which would be great. Right now I make $64 and change but this company would pay all my insurance premiums, plus probably my CFA membership and tests, so it would be close to a wash. I'm just very relieved that they aren't going to offer something like $43K.

So now I suppose I have a 50% chance of landing the job and I should hopefully hear something within a week.

If that doesn't work out, I have an interview scheduled at a small investment company in Arkansas in May. They want an equity analyst.
 
Awesome! You did the right thing. I'm taking notes.

Let us know when you get the job!
 
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