This month, I received my MBA. I will also earn a financial designation that I have been working on for your 2 years, so this has been a long time coming. Along with all of this comes the dreaded decision: Do I look for a new job or stay at my current one?
I have been asked multiple times if I am going to quit my job, that is the norm when you graduate with your MBA.
Usually your salary increase for earning your MBA is not the same as when you apply for a new job. I’ve heard that those who stay at their current company will earn between 10% and 20% more, whereas a new company altogether can possibly score you an extra 50% or more.
I decided to stay where I am. I enjoy my job and love working with the people that I work with.
I had my annual review a couple of months ago, where I received my annual inflationary raise. However, they told me that in August that I would have my MBA salary raise. They told me they want to do whatever it takes to keep me, and that includes paying me what a new company/position would give me.
I have done a lot of research, and I’m doing all that I can do in order to feel prepared.
Here are My Tips for Negotiating your Salary:
1. Has your position changed? Are you still doing the same tasks or are you adding more to your plate? If your company is downsizing and you are therefore taking on other people’s tasks, you most likely deserve one.
Try taking on more tasks at work if you can, and then show them your results and how you’ve helped the company. Once I fully earn my designation, then I will be forced to take on many more tasks, I will be factoring this into my salary increase request.
2. Offer new ideas for the company. Do you know how you could help improve the company? Speak up about ways that the company could possibly save money, make more money, new ideas, etc. If you have a larger voice, you are more likely to be heard.
I try to offer up my opinions or ideas whenever I can. This way I can show my contributions to the overall company.
3. What are you worth? Have you gained any new skills? Did you get your MBA, CPA, CFA, etc? Analyze what others are earnings for their designations/certifications/etc, and see what you are worth. Also, maybe try applying for other jobs (that you are honestly interested in) or looking at other job descriptions and see what other companies are offering.
I have 2 undergraduate degrees, lots of experience for my age (I’ve worked full-time since I was young), have my Finance MBA, and almost have my financial designation. This will all help me with my negotiation.
4. Be confident. Look up TONS of other salaries, reviews, and FAQs and know exactly what to ask for. If you are confident in knowing what to ask for, then you are more likely to get the raise that you want (maybe even higher!).
Have you negotiated for a higher salary?