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re: 5 Years Outlook For A Given Career
Posted on 8/17/15 at 4:20 pm to TigerRob20
Posted on 8/17/15 at 4:20 pm to TigerRob20
A promotion every 2-3 years is reasonable early in your career. Of course, this slows down a little as you get more senior in an organization but it should never be 5 years in the same position.
If you are looking to maximize your salary, then you have to change companies (with the exception of a few, forward thinking companies or a special boss).
Most people advancing quickly early on do something like this:
- Position 1 for 2 years
- Promotion to Position 2 (+15% salary bump), stay for 1 year
- Leave Company 1 for Company 2 and either (A) Stay in Position level 2 (+15% salary bump for changing company) or (B) promoted to Position level 3 (+25% salary bump for new company and new title)
Position 3 roughly begins the start of middle management so the key is how you get from Position 3 to Position 5 because there is likely a hundred-plus thousand dollar difference in salary between them.
Just my $0.02. Naturally, this is a broad generalization so there will be many exceptions.
If you are looking to maximize your salary, then you have to change companies (with the exception of a few, forward thinking companies or a special boss).
Most people advancing quickly early on do something like this:
- Position 1 for 2 years
- Promotion to Position 2 (+15% salary bump), stay for 1 year
- Leave Company 1 for Company 2 and either (A) Stay in Position level 2 (+15% salary bump for changing company) or (B) promoted to Position level 3 (+25% salary bump for new company and new title)
Position 3 roughly begins the start of middle management so the key is how you get from Position 3 to Position 5 because there is likely a hundred-plus thousand dollar difference in salary between them.
Just my $0.02. Naturally, this is a broad generalization so there will be many exceptions.
This post was edited on 8/17/15 at 4:24 pm
3
Posted on 8/17/15 at 5:29 pm to lynxcat
quote:
Most people advancing quickly early on do something like this:
- Position 1 for 2 years
- Promotion to Position 2 (+15% salary bump), stay for 1 year
- Leave Company 1 for Company 2 and either (A) Stay in Position level 2 (+15% salary bump for changing company) or (B) promoted to Position level 3 (+25% salary bump for new company and new title)
Position 3 roughly begins the start of middle management so the key is how you get from Position 3 to Position 5 because there is likely a hundred-plus thousand dollar difference in salary between them.
I'm about 5.5 years into my career and this is a very similar path that I've taken. I have acquaintances who I graduated from undergrad with who are still in their first job out of college (working at the same place that I was when I was first out of college). I don't "get it", whatever works for them, though.
Posted on 8/17/15 at 8:27 pm to lynxcat
Yup. And if you haven't figured out your next step after 2 years you are making a huge mistake. Being the FNG for 4 years doesn't look great on your resume.
OP- I'd be interested to know what industry you work in. The generalizations made here are probably based on large firms that bring in a fresh batch of analysts every summer.
OP- I'd be interested to know what industry you work in. The generalizations made here are probably based on large firms that bring in a fresh batch of analysts every summer.
Posted on 8/19/15 at 9:31 am to lynxcat
What you have described for career growth sounds logical. I have allowed myself to lose sight of the big picture, essentially get comfortable with what I have. I could certainly continue working the same job I have now, and probably be happy with it still in 5 years. The catch is knowing that career path might not make me marketable for management or beyond. Is there any suggested reading materials, or resources that can be helpful with figuring out the next step?
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