Passed all 3 levels, salary increase?

Water Cooler Careers
#1

Hello, I’m surprised this thread is missing.

To those who have passed all 3 levels. Have you asked for a salary increase ? How did it go ? Or do you plan to ask for one ?

Do you have data available on this topic ?

Me: I have not yet, I wanted to collect some data/do some research before going. My new boss is trying to save everywhere and won’t give away an increase easily, especially as he actually hates the designation (even if he passed all exams as well). Reasons I can think of: More attractive to clients, More knowledge and if that still does not work, more attractive to competitive firms.

#2

I didn’t have to ask for a raise… I received about a 25% bump in my base after passing each exam (not all of this is attributable to the exam, but much of it is) at my subsequent annual review. Annual bonuses have increased in multiples every year, as well, and it’s looking to continue since passing L3.

#3

20% increase after level 3. I can’t say it was the only factor but it was a major talking point.

#4

I got a small bonus based on company policy for the CFA exam. (I also confirmed/discussed this in advance)

I’m using the completion of L3 to ask for a bump in pay, but I do know I’m still going to be below the median base salary for any charterholder, and was due for an increase whether I took the 3rd exam or not.

Something I would anticipate is a simple question of… “What more will you bring to the team because of the designation?” While my current role does see some benefits, they’re not as extensive as other roles, and so I’m not emphasizing it as much for the time being. My plan is to switch into another role, which can make use of the CFA skillset and get that real bump in pay.

My general impression is that investment analysts will likely see some kind of promotion upon completion (maybe get senior added to their title, etc.), but those outside of an investments area are likely to be based on what they would have gotten anyway, but the CFA is just a catalyst to discuss that a little sooner.

#5

My salary has grown a lot since I passed level-I but none of the growth is from actually passing.

Firms generally find passing the exams impressive and can help aid your exit opportunities but unlikley results in a direct salary increase.

#6

Personally we are rewarded for passing at my work. Directly.

Passing should help compensation no matter how sutble it occured. It may happen in a performance review, recommending you for a promotion, but if the CFA is relevant in your job then it is a considerable + and so any healthy firm will find a way to compensate you for it.

Passing improves your exit opportunities (and thus decreases your current employer’s ability to retain you). If they are smart and need you to continue the ride with them they will compensate you for it. Hopefully before it is too late ! :wink:

#7

I had roughly 12% increase on each level i passed… it was part of my yearly objectives/performance and i had quiet good bonus after L3…

#8

No increase for passing each level. At least, they paid for the materials and the exam fee and provided us with 3 ful mock exams and 30 exercices each week.

Anyway, maybe I should start looking for a better paying firm…

#9

Thanks for the feedback. Anyone know about some statistics/studies ? There is an article on 300hours claiming that the charter usually comes with a 25% bump in average (depending on your position, 28% for PMs, much more for analysts, etc…)

#10

It really depends on your situation. Some started the program in underpaid positions and got large raises and others are hired into higher paid positions, often requiring participation in CFA program. Two totally different situations.

I wouldn’t ask for a 25% raise without anything to back it up. Your employer doesn’t seem to value the charter based on what you originally said. You say your boss “hates” the CFA designation – he’s not gonna fight to give you more money bc you passed these exams. You need to test the job market. Your best leverage for a raise is an offer letter from someone else. Your employer may not directly give you a raise for passing Level III, but indirectly may do so if you leverage it through another employer’s offter that may value the charter more.

#11

i got a 32% pop and it had nothing to do with the CFA. hollar!

#12

My managers congratulated me and essentially said we’ll be sad when you leave.

#13

I was asked “when will you leave?”

#14

20% jump, but it’s not related to CFA

#15

Crap. Is it really that valuable? There’s a lot of charterholder in my firm with really bad paid jobs…

I will start to look for jobs in London…

#16

I pay myself, and am very cheap, so my salary actually decreased after passing level 3.

#17

I didn’t take it for the money. I’m not materialistic. I’ve pursued the Charter for a better tomorrow;… trees, dolphins and stuff.

#18

After I passed level 2 I negotiated a 45% total comp increase. 28% for base. I am a PM

#19

For me I would have never gotten increase without CFA. I was a great employee and was going to get something but not that

#20

I think very differently here. Let me put it this way,CFA as a qualification is greatly valued at least by most employers , so to some extent it gives an edge over competition in the job market . However , after getting placed in a job , any future increases should be related to the work performance of the employee and not based on an exam success . CFA would definitely help you to increase to pay rise , if you apply what u learned in CFA ( remember the knowledge gained is superb, I am sure there is no second thought on this at least for most of us ) in your work , your performance will improve and you will get recognized , promoted and pay could even be doubled etc .

its the application of knowledge which is very important , than the knowledge itself .