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BNY Mellon technology specific questions -
#0 How much max salary for grade K ?
#1 How long does it take to promote in bny from grade K to L ?
#2 Any specific criteria for promotion? Expr , certification etc...?
#3 How much % hike to expect post promotion ?
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How do i see my utilization?
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If you’re going to quit anyway you might as well. The worst they can do is say no, which if that will lead you to quitting anyway you’re no worse off
They will try to work with you. The bigger the firm the less power a partner has to give you more money and so their hands may be tied. A friend just left as a manager and the partner called him and about 2 other high ranking people called him to try to get him to stay. Money was getting better but even then they couldn't match what he was offered in industry.
Yes
You planning to move ahead without an exit strategy? Would be curious to know how you will approach this.
Starting should be around 55, 2nd yr 58, S1 is 62 is what I think. 64 is not bad for S1. But partner never negotiate salary even for managers is what I know
I started at 56k when I joined as A1. Talking to an A2, he is paid 61.3k. I know matching an offer from industry may not be doable, but would like to be paid fairly at market which I think is closer to 68-70k
I work in Philly in assurance. Currently a senior and I’m making 65k. I was always under the assumption that tax makes more than assurance. Saying that, I would think a senior 1 in tax is making 67-70 depending on ratings. With all that said, yes you are underpaid
^in a senior 1. I didn’t put that piece in
64k s1 isn’t really being underpaid in the Philly area. It’s low but that’s the average.
Is the colo just really low? S1 at 65k Jesus
So there are a lot of factors at play...
It is much easier to establish your market value if you have another offer in hand. It gives the firm a concrete number to match. It also makes it easier for a partner to get you more money if he/she can say X firm is offering $70K versus the person is complaining about being underpaid.
Also, the firm now sets salaries based on market pay. They spend a lot of money on market research to ensure they don’t pay too much or too little. So another option is to have the discussion with the partner now and ask if you’ll be adjusted to market average with the next raise. That is also easier for a partner to sell versus getting you a pay bump right now.
Local supply and demand matters too. If local staff are all fully utilized then that helps you bc the practice can’t afford to lose people. If you guys are struggling to meet utilization goals then the firm may say we can lose a person and everyone else can pick up the slack. Your ratings matter too - partners are generally less willing to spend personal capital fighting for an average performer.
@EY1 if I know I’m underpaid at the moment and want to raise the question to the partner on whether my Senior 1 salary will be adjusted to market, when should I raise this? After evaluations when the partner provides the promotion and salary info or before? What would be the best approach?
Before
Once salaries are set, that’s it. But there is time now for him/her to say X person appears to be below market, when factoring in raises want to adjust this person’s pay to market. If you catch it early then they can do something about it
Moving for a 4-6k jump is a bad decision. I hope there are other factors at play. Once you move to industry, raises are slower compared to big 4. To maximize your long term earning potential, I suggest you stick it out until manager.
Agree with TM1, although OP didn’t say jumping to industry. Could be going to another firm where pay raises as good or better than current firm
I was making 68K on day 1 as an experienced tax associate in a similar city, so yes I’d say that’s pretty underpaid. Then again B4 loves to underpay, even compared to nationals and regionals, so even switching PA firms could get you over 10K for sure.
Have you involved your performance manager in this process? I’d get them involved to get her information and approach before finalizing your decision. On how to proceed