Curious... Where did you start and what kind or raises/promos did you get over time...
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Over 12 years I have moved 4 positions up the ladder and went from $35k at hire to $55k. This includes post-recession time period of literally zero raises until about 2011.
2010 - 30,000 in Treasury
2011 - 33,300 as a trust administration in Corp Trust
2013 - 36,000 in Asset Servicing as an ISS Specialist
Left in 2013, came back in 2018 to a corporate services role, 65,000 plus a small bonus. Never got a bonus from 2010 through 2013.
Started at 22,500. 19 years later 39,500
F to G to H to HH, the overtime change was the biggest jump by far. Over double my starting salary within 5 years.
My salary doubled in 10 years but probably not the norm as I went from level J to M.
You don't get promoted and your salary doesn't go up except cost of living increase-7 years
My salary has increased 60% in 15 years. During this time I have had four promotions. But this is the fourth place I’ve worked and my biggest jumps in salary and responsibility were always between jobs. Staying in one place was never a good idea for me, until thought I was getting what I was worth.
23 years my overall lags inflation. If you’re here long enough you’ll have a few 5+ year runs of 0.0% to sub 1.0% raises. No, I am not kidding, and it equates to an actual pay cut for take home pay as benefits costs increase regularly. You’ll also rarely have unexpectedly high raises and stunner bonuses but only if you are willing to move from the bad sub 1.0% situation.
Getting a promotion or becoming a manager has no impact on pay in financial services period, unless you are clerical staff or Senior Management. Worked at 3 banks, had multiple promotions and moves into management in each institution and never once a raise for the actual move. It is however a sign that you’ve made a good move and bonuses at least should increase.
The quality of your work, how hard you work, the hours you put in - these all actually have little to no impact on raises although it can unexpectedly result in a huge up or down move in bonus. Your annual increase are actually determined nearly a year before. There has never been “Pay/Performance” linkage with raises.
Things that impact pay:
Work in a marquis product line or a group which is rapidly growing, in particular if you are a hard worker. Private Wealth is a great example of a marquis product line. Easy on work life balance, great pay, low stress, relaxation on the job. Don’t even apply unless you honestly look great and everybody loves you. Never work for a loss leader or a cash cow... retail or corporate banking, mortgage,
Don’t work in any shared service except HR. Payroll is an HR function. Everybody feels that they are underpaid but HR actually can, has done and continues to do something about it here and elsewhere. Technology is an example of a shared service to avoid at BONY but definitely not true elsewhere in the industry
Don’t accept a job where the manager and directs are great friends working together across many decades. You will get the lowest percentages, less work life balance, different treatment, less information and the projects that nobody wants. If you shine your increase will be no higher. If you are in the in group, don’t leave unless you’re flying with the flock.
Joined the bank in 2015, salary went up every year but bonus went down the last 2 years. Overall, it's keeping up with inflation and cost-of-living, but definitely not a good place to stay long term if I want progress in my career.
Gross income increased ~84% in seven years for me.
20 years of insulting, fraction-of-inflation raises and bonuses that if you think of the percentage of your salary & gave that % as a tip in a restaurant would get your food spit in. Luckily commute is good as are my co-workers. 2 minor promotions over time but that did zip for salary.
105 to 120 a decade started at 3% went to less than 1. Bonuses up and down then be for no reason against direct manager wishes. He was forced bonus cut in half
First 4 years, 2% each year....the last 2 years 0%
To add on to what I posted previously...I was in a low-cost region; somebody in NYC or Everett may be way higher.
I started in 08 right after college, displaced in 19. Made about 25K more when I was let go. Three promotions. I was in asset management for most of that time, so that makes a difference.