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Quit trying to brag no one cares nice math by the way a 10 percent increase every year would not bring you from 35k to 100k.
Anyways....
In the office world getting a promotion is more politics than anything...it has very little to do with worth ethic or how smart you are. That's why there are so many horrible supervisors and managers at companies now and very few people respect their boss.
This is not really true at all I live near a major city and most finance jobs that pay that much want years of experience with creating reports and working with ERP systems and so on. I work in finance and study what companies want and what they pay every day. Entry level finance positions are generally in the accounting realm and pay like half that if you're lucky. Your claims about yourself may be true but I would say for the most part you just got really lucky and the vast majority of people will not be able to replicate what you did. Especially since you were probably competing against people with years of experience for the job. Very lucky.
You sound very bitter and jealous. The average starting pay of business grads in public information, as I already posted a link.
And saying promotions if office politics just shows that your not well liked. Thats always the excuse that the office outcasts and underperformers use to justify them not ever getting promotions. You do realized that if your going to be managing people, they actually have to like you right? If not, then employees like you would constantly be complaining even more about how they hate their bosses and how unhappy they are.
Seriously, for what its worth I started ay 35k in 2005 with a BS in finance, I have seen raises between 3% and 15% since and now am about at 100k.
Quote:
Originally Posted by jman07
You sound very bitter and jealous. The average starting pay of business grads in public information, as I already posted a link.
And saying promotions if office politics just shows that your not well liked. Thats always the excuse that the office outcasts and underperformers use to justify them not ever getting promotions. You do realized that if your going to be managing people, they actually have to like you right? If not, then employees like you would constantly be complaining even more about how they hate their bosses and how unhappy they are.
We already went over all this in the culture thread performance, intelligence, and ability should be the main thing not what sports team you like. You obviously haven't been paying attention. I'm not bitter or jealous I shell out the truth and the truth hurts people that can't face it....I guess when you have to face the fact that you didn't get a promotion based on how smart you are but more on how good of a bs'er you are at happy hour, that's a hard pill to swallow.
You failed to read the studies that show how many people are not happy with their boss in corporate America. This is a huge problem...inept supervisors and managers that really should have never got their job. This is business not some high school clique and a popularity contest.
What I said is true his numbers aren't standard for the industry or economy now it doesn't help anyone to come on here and brag and try to tell someone they're going to make good money right out of college when they probably won't. I live near a major city with a ton of finance jobs 55k right out of the gate is FAR from standard most want years and years of experience plus a bachelor's or better. Whatever numbers you're trying to skew to fit a point of view doesn't matter all you have to do is read job postings it's very easy to do. Figures in extreme high cost of living areas like Manhattan have to be taken into consideration.
I'm asking based on pay increases, ceilings, and ease of getting promoted. So lets say you have a marketing or accounting positions straight out of college at 55k a year. 2 years later you get a promotion. Does it keep getting harder and harder to get those promotions and pay raises as you get older. Do people typically top out on pay around a certain number of years or age? Its pretty easy and normal to get promoted when you start a career, but does the promotion curve just start to flatten out eventually for most people?
Be careful.
The thing I have found is that many young posters here assume that once they get out of school, their salary will rise incrementally, consistently and steadily. Part of the reason to blame is the posters who brag about how much they make and what they started at.
The truth is that companies who give sudden big raises also lay a lot of people off. Only certain people can be promoted. You can't have all chiefs and no Indians. Also, job hopping as vehicle to a higher salary may eventually backfire. You also cannot expect that you'll be at KPMG making 55K a year entry level. Some people do, not most by a long shot.
What I WOULD TELL young people who are thinking about what salary they will be making in some years is to look at salary surveys. Glassdoor, Payscale, etc. I have found they are accurate for the most part.
For a Bachelors degree holding accountant with 8 years of experience in NJ, the median salary is $54,000 a year, according to Payscale.
That's what I would tell young people coming out of the local accounting program to expect to be making in 2022. Are there accountants who will be making double, triple, quadruple that? Sure. But will you be one of them? I wouldn't COUNT on it. It's possible, but always err on the side of conservativeness.
We already went over all this in the culture thread performance, intelligence, and ability should be the main thing not what sports team you like. You obviously haven't been paying attention. I'm not bitter or jealous I shell out the truth and the truth hurts people that can't face it....I guess when you have to face the fact that you didn't get a promotion based on how smart you are but more on how good of a bs'er you are at happy hour, that's a hard pill to swallow.
You failed to read the studies that show how many people are not happy with their boss in corporate America. This is a huge problem...inept supervisors and managers that really should have never got their job. This is business not some high school clique and a popularity contest.
What I said is true his numbers aren't standard for the industry or economy now it doesn't help anyone to come on here and brag and try to tell someone they're going to make good money right out of college when they probably won't. I live near a major city with a ton of finance jobs 55k right out of the gate is FAR from standard most want years and years of experience plus a bachelor's or better. Whatever numbers you're trying to skew to fit a point of view doesn't matter all you have to do is read job postings it's very easy to do. Figures in extreme high cost of living areas like Manhattan have to be taken into consideration.
Well apparently your numbers are off.
[url=http://kelley.iu.edu/UCSO/Statistics/salaryStats/page40582.html]Salary Statistics: UCSO Home : Kelley School of Business: Indiana University[/url] (+ bonus)
[url=http://www.forbes.com/sites/susanadams/2013/04/15/college-degrees-with-the-highest-starting-salaries-3/]College Degrees With the Highest Starting Salaries - Forbes[/url]
And I'm sorry your co-workers don't like you. I can see why.
And I'm sorry your co-workers don't like you. I can see why.
Those numbers aren't accurate or real world worthy at all... that's hilarious a business school just trying to promote their program. Forbes articles are always a little off they come up with a new list of great jobs every day and don't put things into perspective. You may if extremely lucky get that salary right out of the gate but it is not the norm in this economy. People that aren't drinking the kool-ade that are actually in the field know the numbers. If you wish I can dig up about 20 REAL job postings in about 5 minutes and show you the real numbers and give you a rude awakening. Entry level if you can even get entry level right out of college on average is not going to get you anywhere near 55k in most areas of the country. Many want a CPA and years of experience before they pay anyone that. This is right up there with all the discussions about how college grads are given unrealistic expectations. Don't try to make this personal I can tell your maturity level is lacking you know nothing about me.
Those numbers aren't accurate or real world worthy at all... that's hilarious a business school just trying to promote their program. Forbes articles are always a little off they come up with a new list of great jobs every day and don't put things into perspective. You may if extremely lucky get that salary right out of the gate but it is not the norm in this economy. People that aren't drinking the kool-ade that are actually in the field know the numbers. If you wish I can dig up about 20 REAL job postings in about 5 minutes and show you the real numbers and give you a rude awakening. Entry level if you can even get entry level right out of college on average is not going to get you anywhere near 55k in most areas of the country. Many want a CPA and years of experience before they pay anyone that. This is right up there with all the discussions about how college grads are given unrealistic expectations. Don't try to make this personal I can tell your maturity level is lacking you know nothing about me.
We just had others who work in the industry verify these numbers. Most of the good entry level jobs aren't posted on online anyways. The good companies have relationships with the colleges and recruit straight from there, so the postings you found with salaries posted are bottom of the barrell salaries. Usually only headhunters post pay also, and those jobs usually don't pay the most.
If I had to guess, I would say 45-50k is more normal, but all the surveys say it is 55k.
I'm asking based on pay increases, ceilings, and ease of getting promoted. So lets say you have a marketing or accounting positions straight out of college at 55k a year. 2 years later you get a promotion. Does it keep getting harder and harder to get those promotions and pay raises as you get older. Do people typically top out on pay around a certain number of years or age? Its pretty easy and normal to get promoted when you start a career, but does the promotion curve just start to flatten out eventually for most people?
When you ge thired, your boss will lay out some performance standards for you, and at your evaluation, you will either not meet, meet, or exceed these standards. At any point before then if your performance is suffereing, your boss can take other actions such as put you on a performance improvement plan.
You pay is set to a market rate, you will fall in below, at, or above the market refernce point depending on your skill level. Assuming normal company performance; you will be given pay increases each year, this goes according to your performance, so you could get a .5% to 3% increase each year. You will get increases until you max out your market rate for that position, then you will just get lump sum each year. Bonuses are allotted to the departments, and the powers-to-be allot those bonuses out to employees, again, based on those performance evaluations.
"Does it keep getting harder and harder to get those promotions and pay raises as you get older."
Dpends on the type of person you are; some people, many people, cannot handle more responsibility, nor can handle subjective jobs and measurements, everything has to be objective for them to function. Nothing wrong with this.
"Do people typically top out on pay around a certain number of years or age?"
See what I wrote above, there is a market rate for jobs, you will not go past this though if you are real good, they will give you lump sum instead of a raise. But if you were that good, you should have advanced. Really, I have only seen people like engineers and IT types max out their market rate and get lump sums.
"Its pretty easy and normal to get promoted when you start a career, but does the promotion curve just start to flatten out eventually for most people?"
No, it can be very difficult to get promoted at any time in your career. There are plenty of people workign for years and not get a promotion, and a few people are promoted only thanks to job restructuring and nothing else. Organizations are a pyramid, so of course the further up you go, the harder it gets. This is due to the lack of available openings, and the specialization you gain versus more broad skill base at the beginning of your career. However, the good news is that soft skills become more important as you move up, and these skills are transferable across different fields more so than hard skills.
To answer your question at most corporations you expect annual cost of living increases in pay in between bigger bumps for promotions. Both will be driven by your performance and ability to network within the company. Standard non-promotion raises are typically 2 to 5 percent. Promotion raises are typically 7 to 15 percent depending on your rating and the size of the jump.
It is pretty well known that you need to go to another company to get a raise more than 15 percent.
The higher you get the harder it is to rise. Picture a pyramid if you will, there are 1000 staff positions, 300 supervisors, 100 managers, a hand full of VP's. That is a generic breakdown of most business unit structures.
Hope that helps!
Good post.
Truly, it is very hard to get anything out of a corporation, as they believe into "more work" for "less pay". Multitasking as forced modus operandi becomes a norm, disregarding how damaging on productivity it is.
In my career since 1998 in THIS country, good promo is hopping jobs. Otherwise, you will be snail speed "raised" or none at all.
Good promotion is based on current inflation ratio plus a mark up. If your company values you, mark up will be 5-7% atop of inflation ration; if not - just IR, maybe IR plus 2-3%.
Anyone I spoke with, so far, if they are good workers, says that sure way to get raise is to turn in your notice. Suddenly, they "come up" with "something" and funds magically appear for this. But then you can pull this number only once and you are tagged anyway.
Keep in mind that "entry level" these days in this job market doesn't mean what it used to. It seems that in some industries entry level positions these days already call for 2-3 years of experience among other things.
Anyone I spoke with, so far, if they are good workers, says that sure way to get raise is to turn in your notice. Suddenly, they "come up" with "something" and funds magically appear for this. But then you can pull this number only once and you are tagged anyway.
Another good way is to leave, and then come back again. If you are a good worker, many times your company will contact you in the future with a promotion and pay raise to try to woo you back.
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