Question by damn_it_feels_good_2_be_a_banker: MBA with some internships no full time experience good grades starting salary?
I have a B.S. in Corporate Finance at Colorado State University. I am now in the 11 month MBA program at University of Colorado at Denver. This is a full time MBA that completes the same courses as the two year program, but in eleven months. With higher entrance requirements, this is considered an Honors type MBA. My undergrad GPA is a 3.8 and my current MBA GPA is a 3.8. I got a 620 on the gmat. I have had a total of one year of internships, and a few years in a non-traditional independent contractor delivery job (I like to make it sound really good on resumes). I am 22 years old.
With no full time experience, I am hoping of a job as a Financial Analyst at ~65,000 + ~ 5,000 bonus.
I would like to move to Senior Financial Analyst, then Assistant Controller, Controller, and finally CFO.
I have also completed level one of the Is.
Is this a realistic salary? What salary should I expect with these credentials?
Spell check changed it, but I have completed the Level One CFA
Best answer:
Answer by tangek
You don’t mention what city you want to work in, and salary is definitely impacted by location.
I’ve been working at a financial services firm in NYC for the past 11 years, and was in the same situation as you. I completed both a BS and an MS before getting a full time job, but had plenty of experience in various internships. In the end, my starting salary wasn’t much impacted by the extra education, but it helped in the long run, I think.
Most people who jump straight into an associates role following an MBA program have already 3-5 yrs of full time experience. You wouldn’t be able to compete with that level of experience, even if someone did hire you as an associate. Most training is on-the-job style, which is why the experience is valuable.
So I’d expect that you’d join as an analyst. Starting salary in NYC tends to be K + bonus. The bonus differs a bit based on your role, the firm’s performance, and market conditions. In the financial field, the emphasis is definitely on total compensation, not just base. So be sure to ask what the expected total compensation range is for a successful person in an FA role.
If you are aiming for a small firm, which doesn’t hire new grads into a “class” with a standardized package, then you will probably be able to negotiate a slightly higher starting salary based on your extra education. But on the other hand, such firms might tend to pay less than Wall St in the first place.
BTW, salary tends to grow quickly on Wall St. What you’ll be earning after 5 yrs or 10 yrs far outstrips most other jobs. So don’t be too hung up negotiating for 65K out of school, when you could easily be earning double that in a few years if you are successful.
Good luck!
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