How do you prepare to ask for a significant raise in your annual review? I have 4 YOE and according to the internet, my salary is pretty below average. I'm worried that asking for a raise will make things tense and unpleasant if it doesn't go well.

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I think the only way to get a significant pay raise is by having other offers you’re willing to take if your current firm doesn’t budge. That said would love to hear if others have different advice.

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The only thing to add here is that it’s important to remember (at least in big firms) unless you report directly into your overall department MD, it’s usually not your managers decision to give you a raise or keep you on the same salary. They’re generally just stuck in a difficult position. So getting annoyed with them doesn’t really achieve much. I’ve found they’re usually in a similar boat.

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Making you uncomfortable is how they pay you below market. Remember that at the end it is not coming out of your managers personal pocket. They just don't want to make the effort of escalating the issue.

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Not sure how to ask for a raise. Maybe ask for a promotion is more reasonable? Or would mentioning the higher inflation work?

Best option is to just leave, your company won’t pay you more if they know you got no where to be. You have to play the game

Yeah I mean always give it a shot depending on how much of a bump you’re looking for; but long term if you’re not hopping employers you’re going to make less then someone else who is.

If you can get intel regarding what peers are being paid on the same level, that would be great. Also, if you’re under market rate for the type of firm you work for, that’s a good case. It’s HR’s job to ensure they’re at the forefront re pay parity. In my recent experience as a manager, someone who reports to me expressed a significant salary increase during her midyear review. We were already looking to increase her salary significantly but having this conversation during mid-year reviews is definitely helpful to ensure everyone is aligned especially because we value our talented analysts.

What is your base and TC? We are unable to comment without that data to compare

Do some research about what you think you're worth. Talk to people at other firms to see what competition is paying. Talk to your manager before year end. By then budget is set and it's too late. Get their take on if they think you are under market salary. The key is to bring it up early and ask about it periodically. If that fails get another offer but be prepared to take it and leave if they don't counter offer.

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