Finance Analyst -> Finance Manager Promotion, No Pay Increase
Hi everyone, looking to bounce some thoughts off you guys. I am in a little bit of a pickle. I am being promoted to the Factory Consolidations Finance Manager for the manufacturing arm of a F250 multinational. I am coming up on 5 years of experience (multifunctional- accounting/ops and then 2.5 years of finance), and this is really seen as early for a promotion due to the first 3 years being in completely different roles (rotation program). Additionally, this particular role is very complex and carries a lot more responsibility than finance manager positions in the business unit or other support areas. Not to toot my own horn, but basically I've kicked ass the last few years and made myself extremely valuable and am finally getting rewarded for it.
The kicker is that I believe they are going to try to hold me at my current salary. Mid-Jan I had my comp review with my manager and it was good...8% raise and a job grade bump. I felt I was underpaid before and this brought me closer to where I should be ($75k base sal, but up to 20% profit sharing which we got the last few years which put me at $90k...got $4k cash, $4k options, $4k RSU on top so just over $100k total comp). But I posed the question to my boss how the upcoming job change would affect my comp and was basically told "that's already factored into your comp review here". Which of course is BS. No company is going to give anyone a pay raise before they get a promotion. Additionally, looking on Glassdoor says finance managers at my company get $100k base sal, with profit sharing/equity/etc. on top. Granted, most finance managers at my company probably have a few more years of experience, but they say they "pay for performance", not tenure...
I feel confident that I am worth more like $100k + other comp, and would settle for $90k knowing that I'll still probably get ~5% raises which will bring me up quickly. But $75k is a no-go. However, the pickle I'm in is trying to get another offer. All Finance Manager job postings at other companies want significant amounts of experience and experience managing people, of which I have neither. I am a high performer and confident I could come in, ramp quickly, and manage people well (I have not had direct reports but have had significant responsibility in developing people around me and have been told I do it well). I think it will be hard for me to get an offer for a Finance Manager position to bring to the table and bolster my walk-away power due to this.
- Do you have any tips on how to go about getting a Finance Manager offer without 7-9 years experience and management experience?
- Should I press the issue when I have the conversation with the Director when we go to make the transition official? Or should I just take the position, wait and use that title to job-shop and get a better offer and try to negotiate later? My concern there is, I really want to start my MBA this fall. There is a top-20 program in town and my company will pay for half of it as long as I stick around for 2 years after. I don't want to wait to negotiate salary when I'm in the middle of that because they know that I won't want to make a career change mid-MBA, I can't relocate, etc. They know I'm stuck and they have the leverage. I don't want to wait to get my MBA though because I think the time is right.
Thoughts?
Paying half of an MBA is worth it to not jump ship imo. If I were in your shoes I would wait it out and with 8-9 years of experience and an MBA you should shop around and gete around 110-115k in salary
Delectus ratione reprehenderit sed ratione est. Cupiditate dolor voluptatem quam. Officia laborum consequatur sed aut nemo. Doloremque sed voluptatem quis.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...