What should I do about this job situation?
Hello all,
I currently work as a software developer for a prop trading firm. I have over 5 years of total experience. 1.5 of those years have been in finance so far. I made the mistake of not asking for enough when I moved to another city to take the prop trading firm job and leaving my old industry (aerospace). I definitely could've gotten something more lucrative with the experience I had at the time but wanted to move to another city more than making more money. I guess I wanted to guarantee the move at the time.
Anyway, I'm finding out that I'm a little below the market for software developers at my experience level. This month I'm going to find out what my raise is going to look like (I haven't gotten one in a year and a half now). Last year, they gave me the max bonus allowed (20% of my salary).
I like where I'm working at except I feel like I'm not being paid anywhere near enough for it.I'd hate to go through the stress of finding a new job again, but I feel like I will probably have to if I want to correct this mistake I made a long time ago. I have a feeling I will probably get a good raise only because it probably isn't a big deal to put someone up to market level after they've done a good job for the past year and a half.
I have a feeling they are going to give me anywhere between 10-15K more but who knows. But then as the years go by, the raises will be less and less. I overhear them talking about how it's an "employer's market" so they aren't giving out the biggest raises unless they are more junior-level'ish and doing really well (I really felt like they purposely did that nearby me, haha). That may be true, but this is a trading firm. Someone is making millions even in this recession I'm sure.
The nice thing about this job is that they seem to respect work-life balance here. I don't mind working a few extra hours each week, but not 100 hours a week sort of thing. Should I stick with prop trading firms? What are some other options? I've thought about IB's but I hear they will burn you out real quick. I was astonished by the salaries though. If I have a 5 year stable work history, would it be a big deal to a Wall Street employer if I've been at this prop trading firm for 1.5 years so far? Should I wait until next year?
Thanks!
My advice is wait and see what the raise is and take it from there. Why stress about something when you don't know how they are going to compensate. I would set a level that is: I am looking for new job. I am not looking for new job.
In addition, I would also work on quantifying what you did to contribute to P&L and also make a good pitch as to why you deserve a raise.
Is your goal to get to BB or just to be compensated for what you feel you're worth. Prop firms will pay more than BB in the future imo as long as they're profitable. BB comp is dropping. My take is you will stay with employer if pay remains good. So my advice is stay with it.
Do what anyone unhappy with their job does: Look for other more competitive jobs while keeping your current employment.
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