How do very regular people with normal business degrees jump around so much and get huge increases when they do? I have stayed with the same company for the past 14 years and have just reached $150,000, which seems to be nothing now with inflation. However, it seems like my friends that are jumping around from company to company could be making around the same if not more then me.....HOW??? If I decided to leave I don't see how I could possibly find a job that would start me at $150,000.

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Because that's how companies attract top talent these days. And as an employee, it's the quickest and most effective way to skyrocket your income. Most people don't stay put for more than a decade.

likeuplifting

Yes. I agree with that as well. The problem with receiving promotions at the same company is that you have to wait until the person above you gets promoted or leaves the company and the sad part is that you may not get that promotion when they do leave or get promoted and another colleague might get it. When it comes to top executive management positions like Vice President, Executive Vice President, Senior Director, Executive Director, Managing Director, Senior Managing Director, etc. There is only one vacancy for such positions so the individuals below each level has to fight basically with each other for that one position. Which is why it is best to move on to other companies if you want to be successful.

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If you actually have 14 YOE and are indeed a CFO you need to find a recruiter specializing in executive job searches. They do the hard work and will 100% land you a pay raise. I’ve made jumps every 2-3 years and am out earning you with half the experience. Don’t know if it’s skill related at all as I don’t think I’m special, I found good recruiters who were able to help land me at good places that paid well.

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If you’re actually a CFO, you should be breaking 150k, easy. Regardless, it comes down to this.

1.) Network
2.) Having a killer resume
3.) Practice your pitch
4.) Knowing when the cycle is in your favor

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If you stay at a company for more than two years generally you’re losing money

likehelpful

Worst mistake a person can make is spending more than 3 years (truthfully 2) with the same company. You need to build a strong resume’ and then literally think daily - am I learning things or building skills that will look super awesome on my resume’? Companies don’t value tenure at all; their goal and MO is to fool you into THINKING they do. Ideally, move every two years, live outside your comfort zone, and get in with companies growing 20% or more.

likesmartfunny

I usually stay until I become fully vested. At my previous company, I stayed 5 years bc I moved internally to get experience in the field before I moved. End of the day, you’re just a number to a company. No need to show loyalty

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$150k is extremely low for a CFO - they make $250k+ depending on the industry

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Loyalty is no longer rewarded. And even COL raises are a thing of the past. The best way to increase your salary is by changing companies every couple of years.

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Absolutely true as many have learnt harder way.

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I started as a college graduate on 100k , of course you could find 150k +

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You have to jump companies now to make money. Recruiters have said that people who stay with one company for an extended period of time make significantly less than those that job-hop. Loyalty is not rewarded in corporate America.

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Depends in which City. 150k in Texas is different from 150k in NYC. So based on pay scales and cost of living (given your skills are in demand) >150k is likely possible

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Well if you already live in the area, you might as well get paid the most

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Here's the problem:
'If I decided to leave I don't see how I could possibly find a job that would start me at $150,000'

Ask yourself, 'What do I really have to offer?' Are you up to speed in your industry or are you simply comfortable and want to stay that way? Your current pay is really low for a guy/gal in such a position.

As a CFO who's going to substantially move ahead you need to be aggressive. You are not.

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What metro area are you located in? And what’s the size of your company? In Philadelphia there are some finance managers that pull in $150k and directors pull that in easily.

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I don’t doubt it. What cities and what companies?

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Loyalty just doesn’t pay off anymore. You gotta hop around to make real money

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Couldn’t agree more. I learned this the hard way and have been job searching for about a year now. Over 19 years with my company (mutual bank) and making just over $70k now… know your worth and don’t settle.

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I stayed at the same company for 15 years and progressed from $60k to $250k base only, BS degree no graduate degrees. I should have moved around more too

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Loyalty does not translate to rewards unfortunately. Every job hop I’ve done was carefully thought out and I considered the overall market, industry trends, used my network and lover the last 6 years have tripled my total comp. During the great resignation era, I was totally happy with my role and salary but knew that the red hot market was about to come to a halt and so I made a very tough choice to leave and get my market rate. Good luck to you.

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Loyalty doesn’t compensate as highly as needed skills.

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So I make roughly $220,000+ annually currently as my total compensation package. I live in NJ with family.

I left my job in 2023 and negotiated my compensation package for a tech company. Instead of receiving cash I would get stock which has been doing very well. The stock is fixed on the positions amount, not the cash value amount.

I worked at BNYM for 5 years as my first job out of college. My base salary was $100K when I left. In my time there I earned a master’s degree, certificates, and more to add on to my resume.

When job searching I thought the same as I almost felt like I was being robbed by my current employer by how much everyone else was making. I got my new job somewhere else and I only look back to poach former coworkers.

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Because you’re never going to get more than 3-4% a year, that’s a lofty dream this year, but you get my point. Whereas you can go to a different bank every 5 years and get a 40% jump each time

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Exactly! Big banks hire from outside because they have to get competitor knowledge and fresh ideas. It’s key to the fast changing environment. They pay a premium for new talent rather than promote from within

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Loyalty tax.

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Seems to grow more hefty over time

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It's nearly impossible to find open roles now, market is trash for job seekers. Whether you are well qualified or only have a few years experience, everyone is having a hard time finding a new/better gig.

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