Discover your dream Career
For Recruiters

You’re likely not getting a pay raise because you haven’t asked

There are thousands of articles out there with differing advice on how to go about getting a pay raise. But they all share one key principle: you actually have to walk into your boss’s office and do the asking. Too few people are getting past step one, it appears.

Less than 10% of U.S. workers report being satisfied with their pay, yet only 43% asked for a raise last year, according to compensation-data firm PayScale. Around one-third of those who didn’t ask for a raise didn’t need to – they were handed one before they had the chance. But the rest said they were uncomfortable negotiating salary and/or feared losing their job or appearing “pushy.”

Obviously, each situation is different. But the data suggests that if you feel you deserve a raise, you should definitely be asking. Only one-quarter of those who asked for a raise were denied.

Plus, the numbers are even better for those who have impressive salaries, like, say, bankers and other financial services workers. Around 70% of those making more than $150,000 who negotiated a raise got the full amount they were targeting. Meanwhile, the overall average was 44%, with those in the bottom percentile only receiving their asking price 25% of the time.

Another interesting part of the survey, first covered by the Wall Street Journal, is the gender gap, or lack thereof. Around 44% of men requested raises last year, just ahead of the 42% of women who did the same. Earlier studies have suggested that women are more likely to fear asking for a bump in pay.

However, the success rate for highly educated women – those with MBAs – is shockingly low, according to the Journal. Only 48% of female business school grads who asked for raises got what they requested. That number jumps to 63% for men. Female MBAs were also twice as likely as men to get no raise at all.

Exam-Day Advice From Veteran CFA Takers (eFinancialCareers)

The CFA Institute has started offering mock exams this month. With that in mind, we put together an accumulation of advice that veteran test-takers have previously given to rookies.

London Whale Blame (Bloomberg)

The $6.2 billion trading loss at J.P. Morgan could have potentially been avoided if two regulators worked better together, a new report suggests. Investigators described a lack of cooperation between the New York Fed and the Office of the Comptroller of the Currency in their supervision of J.P. Morgan’s chief investment office.

Fund Execs Launch New Funds (CNBC)

Meet Leda Braga, the world’s most powerful female hedge fund manger. She just launched her own fund, Systematica Investments. Brevan Howard alum David Warren just did the same, launching DW Partners in New York earlier this month.

Tax Probe Leads to Police Raid (Reuters)

Being investigated by authorities is nothing new to large banks. But when police physically show up to search your offices, like what just happened at Credit Suisse, it can be a bit disconcerting.

Goldman Still the Top Dog (NY Times)

Goldman Sachs paid its 121 European “material risk takers” an average of $4.7 million in 2013. That’s more the J.P. Morgan ($2.4 million), Barclays ($2.2 million) and Citi ($2.1 million). Sadly, the U.S. doesn’t demand such disclosures, but surely Goldman is on top over here too.

Hope Extinguished (Bloomberg)

Alex Hope, the infamous “FX trader” who quite literally took all the money he raised and spent it on himself, pleaded guilty to fraud in London. He cheated investors out of $7.6 million, spending much of it on one evening. He spent over $300,000 on a single night out that included a $190,000 bottle of champagne. He was 23 at the time. Who invested with this guy?

A Good VC to Work For (Fortune)

Fortune’s Dan Primack thinks he found the best-performing VC fund ever. They invested in Uber, Facebook and Twitter at all the right times. It was just an $8.4 million seed fund that’s overall return multiple on committed capital is around 216x. Whoa.

Buzz Around the Office

An Extended Vacation (IBN)

An executive engineer at India’s Central Public Works Department was fired last week after not showing up to work for 24 years. Apparently he isn’t very memorable.

Quote of the Day: “When people tell me ‘you’re going to regret that in the morning,’ I sleep in till noon because I’m a problem solver.” – Zach Galifianakis

AUTHORBeecher Tuttle US Editor

Sign up to our Newsletter

The essential daily roundup of news and analysis read by everyone from senior bankers and traders to new recruits.

Boost your career

Find thousands of job opportunities by signing up to eFinancialCareers today.
Latest Jobs
Ameriprise Financial, Inc.
Forecasting/Capacity Planning Analyst II
Ameriprise Financial, Inc.
Minneapolis, United States
Ameriprise Financial, Inc.
Senior Accountant
Ameriprise Financial, Inc.
Charlotte, United States
Ameriprise Financial, Inc.
Client Service Specialist
Ameriprise Financial, Inc.
Cincinnati, United States
Ameriprise Financial, Inc.
Financial Advisor in Training Internship - Las Vegas
Ameriprise Financial, Inc.
Las Vegas, United States
Ameriprise Financial, Inc.
Advisor Licensing Program
Ameriprise Financial, Inc.
Midvale, United States
Ameriprise Financial, Inc.
Financial Advisor
Ameriprise Financial, Inc.
New Haven, United States

Sign up to our Newsletter

The essential daily roundup of news and analysis read by everyone from senior bankers and traders to new recruits.