MBA Graduate, 5 yrs. Financal Service Exp., 6 months in a large IB. Pay??
As the topic states I am a recent MBA in Finance graduate from a known NYC school with 5 years financial service exp. I do not have the technical finance skills experience but I am considering taking the CFA exams. I recently got employed at one of the larger IBs for the past 6 months but in a service role and having convos with some people as an MBA I may be underpaid. I feel like I am blackballing myself for the rest of my career. My question is two fold.
Whats the market indicating for an MBA with exp?
Should I actively start looking else where again to get the pay I deserve or use the name of the IB to boost my profile?
All MBA's are not created equal. Are you talking Columbia or NYU? I assume not. Having an MBA from bumblefuck university doesn't get you the pay or opportunities that top MBA's get. IMO, if your MBA is not from a program ranked in the top 20-25 (some might even narrow that down to top 15), you might as well not have done it because it doesn't provide you any more money or opportunities than your undergrad. It's just money out the door, with no ROI. The kids that really want to be competitive at landing IB gigs post MBA are targeting the top 7 schools.
Conclusion: I'd be careful about concluding that you're underpaid, especially in this economic environment.
If you are working in MO/BO, that may be why you feel like you're underpaid. I'm sure the MBAs in front office of your IBD are paid much higher. That said, you are a support role to the IBD so yes, you probably are blackballing yourself for the rest of your career. Why get an MBA just to go into MO/BO? Doesn't make sense.
Nobody in IBD cares if you have Merrill Lynch or JPM on your resume if it's for a support role. I suggest you start looking for something else asap, otherwise you just wasted a ton of money on, what sounds like, a poop MBA.
Baruch?
MBA's don't mean dogshit man. You have any real skills? coding/stats/math etc etc? If so, use them to leverage your way to a FO role elsewhere.
Pace? I'm guessing you worked as a financial advisor or in some BO role when you say financial services exp. It's getting kinda late in the career to be thinking about switching, and it sounds like you've already blown your one trump card (top MBA).
And to echo what the person said above you are not underpaid at all, some Indian dude from IIT could do your job twice as well for half the pay, get over it, and be lucky you have anything.
Your pay will depend more on your actual role, firm (and performance to some extent) rather than your qualifications.
To state the obvious... Make sure you are comparing similar roles (in terms of nature of the job, level, and firm) when assessing whether or not you are underpaid. As an example, an IBD associate is going to have different pay from a risk manager at the same firm even if they went to the same schools and had the same "years" of previous work experience... Furthermore, the IBD associate would probably make more than the risk manager even if the associate went to a lesser ranked school and didn't have an MBA. Guys from IIT, outsourcing, etc... are irrelevant to this discussion.
After doing this, if you still feel you are underpaid with regards to your qualifications, work experience and professional background, test the market to see what offers you could get elsewhere. The key test of whether or not you are underpaid... Can you get better offers?
From what I've seen with some classmates: Post-MBA you would be a 1st year Associate; the only exception is if you are returning to Ibanking. All your financial service pre-mba experience will not get credit in banking.
computer engineer-> MBA ->1st year associates and Ibanking associate ->MBA -> VP
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