Though we all feel we might be worth a little more than we are getting paid, in financial modeling, there might be a good reason you are not getting paid what you should. There are many reasons for this; however, with a little thought and personal examination, you might be able to figure out why you are not being paid the salary you think you deserve. Here are 3 reasons you might not be getting the best salary you could be getting in financial modeling.
#1 – You Forgot to Negotiate
One of the biggest mistakes that financial modeling professionals make is that they do not negotiate their salaries properly when they are first hired. Nor do they go to their annual review with the right negotiation data to help them get a bigger raise. It’s much easier to ask for more money out of the box – that is, as soon as you are offered the job. Though it can be risky because you don’t know who else is being offered the job, it generally is the best time to ask for a little more money. Once you have accepted the job, it is a much more difficult task to ask for a higher salary. At least until your annual review comes around. You have to decide whether it’s more important to get A job or get MORE money then you will be ready to negotiate for a higher salary.
#2 – You Haven’t Updated Your Skills
It is important to understand what your skills are worth in today’s financial modeling job market. If you don’t know, you are coming at estimating your salary from the wrong perspective. You need to do some research and understand what the financial modeling job market is looking for in regards to skills. If you haven’t updated your skills in a long time you may find that you think you are worth more than you actually are. You may also find that one class or license could drastically increase your worth. Be sure to do you research and know what your field is looking for and then update your skills appropriately.
#3 – You Haven’t Taken On Enough Responsibilities
Many people tend to overestimate their own worth. You think that your work is enough. However, if you have not taken on additional responsibilities or increased your contributions to the company, you may find that you think you are worth more to the company that you are. In financial modeling, you must make sure that you are continuing to produce more and contribute more if you want to be considered for the bigger raises. Just doing your job and going with the status quo will not get you a big raise. You must prove that your work is more valuable to the company than when your original salary was set and then proceed with negotiating a high salary or a bigger raise. Taking on additional responsibilities and contributing more productively to the company is the best way for you to prove you are worth that bigger salary.
Though there are obviously many other reasons you haven’t gotten a raise or been offered what you think you deserve in financial modeling, these three reasons are a good place to start. Remember, once you identify the reasons, you may be able to do something about them to improve your odds of being able to ask for a bigger raise or a higher salary. Just be sure to do your research and be realistic in your expectations and you will soon find yourself getting the salary you think you should be getting in financial modeling.