Salary Story: I Went From Wanting To Teach To Making $140,000 A Year
Last Updated May 16, 2023, 8:34 PM
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In our series Salary Stories, women with long-term career experience open up about the most intimate details of their jobs: compensation. It’s an honest look at how real people navigate the complicated world of negotiating, raises, promotions and job loss, with the hope it will give young people more insight into how to advocate for themselves — and maybe take a few risks along the way.
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Age: 30
Location: New York, New York
Current industry and job title: Human Resources, Manager, Administration
Current salary: $140,000
Number of years employed since school or university: 10
Starting salary: $10/hour
Biggest salary jump: From $14,400 per year (I was in a program that gave me a monthly stipend for living expenses — rent was included in the program) to $55,000 per year. I had quit the program when I realized teaching was not for me and wanted to move into the city. I got an assistant job at an investment bank. It was my first real corporate job. I had zero idea what I was getting into. I was 24 years old.
Location: New York, New York
Current industry and job title: Human Resources, Manager, Administration
Current salary: $140,000
Number of years employed since school or university: 10
Starting salary: $10/hour
Biggest salary jump: From $14,400 per year (I was in a program that gave me a monthly stipend for living expenses — rent was included in the program) to $55,000 per year. I had quit the program when I realized teaching was not for me and wanted to move into the city. I got an assistant job at an investment bank. It was my first real corporate job. I had zero idea what I was getting into. I was 24 years old.
Biggest salary drop: From $120,000 ($80,000 base salary + $20,000 profit sharing + $2,000 pro rated bonus). My company had a profit sharing program, so on top of our yearly salary and bonus we were also given $20,000 for the year pre-tax. During my second year in 2019, the company took this benefit away. While it didn't impact my base salary — I actually got a raise that year — my yearly take home pay was $20,000 less than I expected. The adjustment resulted in $96,000 annually ($88,000 base salary + $8,000 bonus).
Biggest negotiation regret: I wish I had negotiated slightly more. In 2021 I was really fed up with my job. I eventually started interviewing and got an offer at a competing firm where the structure was $130,000 for the first three months for a probationary period and $140,000 after that. I presented my offer to my current firm and asked them to match at $130,000. I feel greedy but I also wish I got the $140,000 from my current firm out right.
Best salary advice: If you plan to negotiate or ask for a raise, do so at the optimal time. Present your case with facts and examples. It also helps to have a competing offer to give yourself leverage.
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