Am I in any position to be requesting this raise?
I'm going on 8 months out of college, and I'm currently working as a financial analyst at a F200 company with a previous internship in FP&A at a medium sized company ($3B revenue). By the time this situation comes up I'll have 10-11 months experience here, depending on when it occurs.
When I was hired on I was told I would be coming in as a 'Financial Analyst', but when I started I realized I'm technically 'Financial Analyst II'. The salary they offered me for the former was competitive, probably even ~$2k above market, but since I'm actually 'Financial Analyst II' I realized I'm being underpaid by $7-10k. End of year reviews are going to be coming up (probably 6-8 weeks) and I'm wondering if this is something I should bring up? I'm still fresh out of school so I don't know if I'm really in any position to be asking this.
My boss has told me I'll be getting a merit increase, but it's obviously not going to be anywhere near the $10k. If I could even get $6k I'd be happy, but that'll even still be hard probably.
Along with salary data, some of my accomplishments that I want to use to make my case are:
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Created a model that was used to bring in $30k to our division's bottom line this year. It'll be used to bring in around $50-60k next year.
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Trying to be vague, but a project was delayed by over a year before I started because of the lack of a reliable and working model. After being here for 3 months they asked me to take it on and I was able to complete it. It's currently being used to advance the project. They also said in the beginning of the new year that they'll need me to tweak it to apply it to other situations.
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Currently working on a YoY growth and forecasting model that they want me to present to our division's leadership team. Request came from our VP and was given to me.
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This is all on top of the more day to day, weekly, and monthly reports I've taken over. Also, both my manager and director told me that next year they want to move my responsibilities away from the reporting and more to help them with strategic projects.
Not sure what I should do here, I feel like I have a solid case but I'm not sure how to bring this up or if my lack of experience is going to negate everything above.
Lol if I were your boss I’d laugh in your face. You’ve been there 8 months you’re not entitled to a raise of up to 5-10%. Wait about another year or two before someone will even entertain the idea. You’re doing the job you signed up to do nothing sounds over the top extraordinary. You’ve had success which is great but you’re just doing your job correctly.
I must've read over the part where I said I was entitled to it?
I'm underpaid, not by a small amount, and am trying to figure out how I can get to where I should be.
Where are you getting Financial Analyst II from? Even if that is your title, by experience and graduation year you are still a first-year analyst and are being paid above market for year 1 - other companies would not have brought you on as a 2nd year right out of college or paid you 2nd year salary, so I don't think you're underpaid.
Take the merit increase, keep your head down and work hard. Sounds like this is a great role and your senior leaders like you, don't jeopardize it over this.
How did you get the Financial Analyst II title? When you say "underpaid by $7-10k," is that relative to Financial Analyst II pay at your company, or your own market research?
My guess is the title is a weird HR treatment and Financial Analyst I is the appropriate title/comp for your experience at time of hire and your current job function. If so, instead of approaching your boss with a list of accomplishments and an early request for a raise, I would suggest asking him for a better understanding of how your current title affects your opportunity for progression. I would acknowledge that your current comp is/was appropriate for your experience, but then ask "since I'm already technically a Financial Analyst II, how does that impact my ability to be promoted and have my comp reflect my growth?" To me, this is the best way to draw attention to how your current comp and title aren't aligned, without claiming you're underpaid
I bonus pretty aggressively (as in I've given out 2.4x yearly salary as bonus) and even then IMO nothing you did really warrants anything special. You're at a large co. too so I wouldn't really expect much unless there's an eat what you kill culture, which there isn't going off of what you said.
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