Realistic Salary bump in new job?

[nomadic_butterfly]

Sorry if this is semi-long. So I attained my MA in Business Management with a concentration in Fashion in London (I am an American citizen). In between the time of graduation and getting my post-study work visa I had to find a job/paid internship to survive. Unlike NYC, most fashion internships in London don't pay anything so with my transferable skills, I ended up doing marketing within the finance industry.

 

I then started working for a Marketing agency back in America a year later. The HR lady told me the budget for my position was between 40-45k. At this point I desperately needed a job w/ all my student loans so I tried to negotiate 42k since I had a little under two years' experience but they were firm at 40k but had excellent benefits (i.e. full health/dental, weekly massages, lunches, etc.); so I took it.

 

Less than three months into the job, they were very pleased with my performance and gave me a 2k bump. By end of year, I got another 4k bump (without even a title promotion but my position is a bit trickier).

 

This puts me at about 46k within only 9 months from my start date. My company seems to give most people a cumulative raise of about 4-6k/yr on average; even more if you are promoted depending on how many people you manage (based on what people working there for a long time have told me).

 

Provided by next spring I'm at about 50-52k, how realistic would it be for me to request 60k from my next job? I will go back into fashion marketing or work in marketing for a consulting company such as Accenture; whichever falls into my lap/pays more to help me get rid of my student loans quicker)? I'm most likely will be moving back to NY (which has a higher cost of living as well). I hope I am not being unrealistic.

 

So by next spring:

 

• Over 4yrs experience in marketing
  
• Over 2 yrs experience within fashion
  
• MA in Fashion Business Management (Distinction/Summa Cum Laude)
  

 

Also keep in mind:

 

• I have a highly valuable skill set
  
• Love creating extra projects on my own to better the company and increase efficiency (business audits, competitive analyses, etc.) and a lot of my ideas were implemented throughout the company
  
• Stellar recommendations/references
  

 

Thanks in advance!!

[theothersully]

You can usually write your own ticket n finance if you kick ass at work.

 

Money=finance.

[CarrieT]

I wouldn't rely on your recent salary growth history as a bench-mark for a future job as much as what the market will bear.

 

What are others in the same industry making for the same job? How long have they been in said job? What are the salary expectations for that job in New York?

 

For having only worked your job for a year, a future employer may not believe you are worth $60k if others doing the same job are making $60k and have been working for a decade.

 

Too many variables...

[lucy_in_disguise]

I am with Carrie... It is not about how much you are making now, but how much you're worth to the employer based on the market.

 

That said, I have always heard 20% was a good salary bump to aim for when job hopping, so to me, 60k sounds totally reasonable.

 

Just make sure you should not be earning more, and don't be shy to ask for what you deserve!

 

I have found it's best to dodge the question regarding your current salary as much as possible.

[nomadic_butterfly]

I wouldn't rely on your recent salary growth history as a bench-mark for a future job as much as what the market will bear.

 

What are others in the same industry making for the same job? How long have they been in said job? What are the salary expectations for that job in New York?

 

For having only worked your job for a year, a future employer may not believe you are worth $60k if others doing the same job are making $60k and have been working for a decade.

 

Too many variables...

 

By next year I will have over 4yrs of overall marketing experience with over 3yrs specifically as a marketing analyst (including the 2 yrs as an analyst for my current company) so it wouldn't be after 1yr experience. That would be a bit unrealistic.

 

Part of why I am even staying until next year is because I know based on how I perform and how my company operates, I will be making $50-52k so I'm staying until I reach a certain financial plateau and level of seniority to have more negotiation leverage and so my MA in Fashion Business will be useful. I know my company is very generous with raises so that's why it's important for my next salary to be one I'm comfortable with only having an average of 1-3% annual raise most companies give plus factoring in the increased cost of living in NYC. Hopefully my next company gives bonuses. If only I had known a Masters in my case would only be beneficial AFTER I had a good amount of experience first. ::sigh::

 

It's tricky to know what people doing what I am doing in fashion are making b/c there's tons of variables and the info is not easily found. None of my friends work in the marketing side of Fashion. Even on Glassdoor if I've found the same job title's salary within a fashion company, but I still have no idea how many years experience that particular person had.

 

I do know that if I worked in consulting for like companies like Deloitte or Accenture, it would be even beyond the $60k based on glassdoor.com and the years of experience/title I would have (as detailed in their job descriptions). They're a bit more transparent and "standard."

Edited February 23, 2014 by nomadic_butterfly

[pink_sugar]

I was making 40k with a bachelors in Business Management and some marketing experience. With a Masters you should at least be getting 50k. I got laid off of my job and moved to a cheaper area, so 30-40k is more realistic based on my experience. Does this company have room to grow? If you aren't going to be making more anytime soon, I would look for other opportunities.

[nomadic_butterfly]

I was making 40k with a bachelors in Business Management and some marketing experience. With a Masters you should at least be getting 50k. I got laid off of my job and moved to a cheaper area, so 30-40k is more realistic based on my experience. Does this company have room to grow? If you aren't going to be making more anytime soon, I would look for other opportunities.

 

The glass ceiling within my department is pretty low but salary wise I probably wouldn't make 60k until early to mid 2016. I am not interested in staying there longer than next spring tbh. I will hit a certain salary + have enough experience that would facilitate my goal of 60k next year at a new job and back in my original industry of fashion (consulting firm is a backup plan).

 

My work on a day to day doesn't challenge me enough (or in the right way) and doesn't stimulate me intellectually. I feel like I am becoming dull at things I was once great at like writing. They aren't using my talents and most of what I do I am not fond of. Even an executive told me he was worried I'd bail because I seem cut out for a greater challenge. Only the side projects I create help me to maintain my sanity keep me from going off the wall. I hate mindless or what I view as inconsequential work. I am used to more hands on, using my brain, solving problems type of jobs with a splash of creativity. That's where I am passionate and I thrive.

 

I'd have to switch departments and change titles for that to happen and I refuse to start from scratch/be derailed when my same exact title has favorable and pertinent job responsibilities congruent to my skills and interests at other companies. I've never worked agency side before this but I realized am more cut out for in-house, client side.

 

This is just a means to an ends. I also have two 1 year stints on my resume so I don't want to come across as a noncommittal job hopper so it's prudent to stay for one more year although the creative industries are much more understanding. I've also moved like 5 times within the past 3 yrs and I don't want to deal with that again until next year. Next move will be a long term one.

 

Eventually I will to run my own fashion business full time so this is all a means to an ends to save up, learn more and gain contacts.

[Got it]

Try using PayScale - Salary Comparison, Salary Survey, Search Wages to find out what employees and employers are reporting with similar skill set and zip code. It is a good barometer on what you can expect and ask for.

 

That or talk to some recruiters in the industry to find out what they think your range should be. They are a good way to help you source your next position as well.

[nomadic_butterfly]

Try using PayScale - Salary Comparison, Salary Survey, Search Wages to find out what employees and employers are reporting with similar skill set and zip code. It is a good barometer on what you can expect and ask for.

 

That or talk to some recruiters in the industry to find out what they think your range should be. They are a good way to help you source your next position as well.

 

Yea, I will try that again. I got my second to last job through a recruiter. Some of them are a bit reluctant to dole out this advice unless there's a job I already qualified for. My last job in London when converted to USD I was making $34k and a recruiter (before I got this job) was trying to pitch me for $50k. The company really liked me but would have preferred someone with at least one more year of experience.

 

Thank all of you for your feedback! I am confident now that the 60k I am aiming far isn't so "out of reach" as I was initially concerned with!