How much should I be making? Am I underpaid?

[Gunnar]

I honestly didnt want to post this, but I need an opinion from someone who isnt trying to wrangle me.

I graduated from Cornell with a Masters of Engineering in Computer Engineering and an undergrad degree in Computer Science. I have 1 year work experience in the financial industry, and I can program in Java and C/C++.

Anyone want to venture to say how much I should be making(Im in the financial industry)? I am thinking about switching jobs because I believe I am being underpaid (I have an offer to move). But I think that the company I am moving to is lowballing me because I accepted a job for much less than i thought i was worth.

I just want some opinions, I dont want to state how much I make, or what the offer is for. You can insult me if you like, but I think there are people here who have experience, and could give me a ballpark figure.

Thanks.

 

[dxkj]

Worth? Doing what?

Working at McDonalds, probably $7/hr


Software engineer? Network Analyst? Systems Admin?


See my point?

 

[Yossarian]

If they haven't said no yet, you haven't asked for a high enough salary at the new job.

 

[777php]

I think it is also important to post where your jobs are located. Someone in Arkansas is not going to be paid the same as someone in Seattle or New York.

 

[Vic]

You're worth what you're paid or what you can negotiate, but the more you negotiate, the more is expected. Otherwise, I've met lots of fools with fancy expensive degrees who couldn't find their way to the restroom without help.

 

I just want some opinions, I dont want to state how much I make, or what the offer is for. You can insult me if you like, but I think there are people here who have experience, and could give me a ballpark figure.

So you want us to give opinions with little basis to form them around?

You need to be more specific.

 

[GasX]

/me puts pinky on chin...

ONE MILLION DOLLARS!

 

[waggy]

sheesh for someone with a masters you dont seem to bright.

Someone in say Iowa is going to make less then someone in say NY or LA or such. Also what do you expect to be doing? janitor? managment? lackie?

if you dont think you are getting paid enough then ask for a raise. if they say no then you know you are getting what they will pay you.

 

[fumbduck]

I wouldn't got for less than 70-80k a year, and at that only with great benefits. You have a masters. You went to cornell. Enough said.

 

[Hector13]

It obviously impossible to say if you don't give us any numbers. When you say you accepted a job for much less that what you think you are worth, do you mean the job at the new company or the old one? Do you think you are underpaid at the old job, the new job, or both??
For reference, I work in the finance industry on wall st. (but not in IT). At our firm, first year IT people made around 60k + 2.5k bonuses last year (I don't know if they had signing bonuses or not). Second year people made 65k + 15 to 17k bonuses. On the "business side", my firm is known for paying less than other firms, but I don't if that applies to the IT salaries as well.

 

[agnitrate]

How the hell do you expect people to tell you if you're underpaid if you don't post your salary or what your new offer is for?

-silver

 

[Ameesh]

With only 1 year of work experience i would say $80K wouldn't be out of line depending on where you live.

edit: and of course your job duties.

 

[Hector13]

Originally posted by: fumbduck
I wouldn't got for less than 70-80k a year, and at that only with great benefits. You have a masters. You went to cornell. Enough said.

he is working in IT... he has one year of real experience. Good luck getting 80k a year for that.

 

[rutchtkim]

dude give us mo info, what is ur position, what are u doing? I would say with a bachelors $50-60, with a masters $80-100k

 

[cressida]

Originally posted by: Vic
You're worth what you're paid or what you can negotiate, but the more you negotiate, the more is expected. Otherwise, I've met lots of fools with fancy expensive degrees who couldn't find their way to the restroom without help.

Heheh I think I prove your theory right. I was at a resturant (didn't have my glasses on) and went to the bathroom and the bathroom doors had no signs but just different colors (one yellow and one red). I didn't know which one was which so I just peeped through a door and saw a women washing her hands ... felt pretty after that.

 

[Gunnar]

sorry about the lack of details.

Ive been programming options trading programs for the past year or so, its a small firm, but I needed the job, and the money to start paying back the college loans. My mistake was that I so desperately wanted a job, I quoted a low number. So Im in the city, doing financial computer work, my title is Software Engineer.

The company that is offering me a job is a major investment firm, Id be joining their debt trading division, working as a programmer/analyst.

So I guess what should a Masters degree holder with one year of experience in the financial industry expect from a major investment bank?

I said my numbers when I interviewed with the HR guy, but he is saying that the other associates would be underpaid if they gave me that number. (They offered me less than 70k, I quoted 75k) So I wanted to ask you guys.

I dont think i feel comfortable discussing the exact numbers, so if you require that to formulate an opinion, I cant help you.

 

[adlep]

dude give us mo info, what is ur position, what are u doing? I would say with a bachelors $50-60, with a masters $80-100k

Ha ha..
With a current market situation, divide you number by .75, IF you can get a job....
Edit: However, if you have some financial backround (options, stock market, etc, etc) I would go for at least $80,000/yr.

 

Low of 50k, high of 100k.

 

[gittyup]

What company?
What position?
What responsibilities?
What state?
How many years experience?
Financial items other than salary (stock options, bonuses, etc)?

 

[Gunnar]

forgot to mention it is New York City

No options or anything up front. But I do get a bonus at the end of the year (which I did this past year at the small firm too).

I dont usually count the bonus, because if the firm doesnt do well, you get little, I count on only my base.

PS - I edited my post above with details. Thanks for the opinions.

 

[Ameesh]

Originally posted by: Gunnar
forgot to mention it is New York City

what are your duties?

 

[dxkj]

I would say 65k... you need more experience for more money.

 

[Kadarin]

If you know you are underpaid for the job you are currently working, quote a higher salary (that's inline with industry standards) when the new company asks how much you're currently making.

 

[CanOWorms]

What field is your MS in?

As a normal programmer, I'd think you'd be paid less than a traditional CompE or EE.

 

[CrazyDe1]

65k-75k is fair. HP pays their basically entrylevel masters degree candidates that and they pay their people pretty well. The only place where you could really expect to make more than that is at microsoft.

Intern pay scale at small companies: 13-15.00
Intern pay scale at large companies: 17-20.00
Intern pay scale at HP: 24.00
Intern pay scale at MS: 28.00

Real entry level pay scales usually have huge differencese like this as well. Basically, normal companies start people at 48-52k, 55-60k with a masters, HP does 56-60k, 65-75k with a masters, and I'm not sure what MS pays their masters people but I've heard that each employee makes them about a million a year and they're willing to spend up to 250k on you either through benefits, stock purchase programs and salary to keep you. Of course, it's also not that easy to get a job at MS. These are all numbers for ECE grads I knew both with MS degrees and with bachelor's degrees and what people I knew got offered.

Finally, you could look at salary.com for salaries in your area for a good judge of what you should be making.