In this post I’m going to discuss something that’s usually a more discreet topic of conversation, salary. My four short years in the corporate world after college have been adventuresome, challenging and exciting. Upon graduation I never had a goal of accumulating 6 figures by X point in time. My goal was to get a stable job in the business world. My intent of sharing my unique journey is to ignite a fire and belief in your heart – of what’s possible and what you deserve. I’m a firm believer in “if it happened to me, it can happen to you.” Success stories exist to insight hope. I hope mine propels you into a state of wonder, enlightenment, and faith.
Humble Beginnings – Financial Analyst @ small LLC, Unpaid, Nacogdoches, TX, 20 years old
When I was in undergrad, I did something stupid. I passed on an internship opportunity because I wanted to stay close to my boyfriend in Houston during the summer. The summer was great, spending time with my love, going on dates, enjoying the time off. However, when the fall semester hit, reality began to sink in: I was gradating in a couple of years’ time and I didn’t have any internship experience. Time was progressing and I was not. I knew some sort of internship was important. Companies don’t care that you’ve been attending classes and working on group projects for the past four years and graduated with a decent GPA. They want people with experience. With a heightened understanding of this, I began to seek out opportunities in Nacogdoches (where my university was located). I knew I needed something soon and the clock was ticking. I saw a posting on campus of a professor building her YouTube brand in need of interns. The opportunity was unpaid but she promised to tailor the internship to your specific major-needs. I worked with her over the spring semester organizing her financials, budgets, and brand planning. It was this unpaid internship that gave me talking points and experiences to share in my interviews for the Wall Street fellowship.
Internship – Summer Analyst @ Wall Street Bank, $65,000, New York, NY, 21 years old
The following fall semester a friend told me about a non-profit that existed for placing top minority students in internship roles on Wall Street. Because the undergraduate school I attended was “non-target” (i.e. not a “flagship” school like Texas A&M or University of Texas) most companies, and this non-profit, did not visit our campus for recruitment and interviews. I however was fresh off a summer with a great GPA and had internship experience from the prior semester. I wanted an opportunity in the Investment Banking, a highly competitive role. With self-belief, intense interview preparation, and studying I excelled in all of my interviews. I however still was not competitive enough for a spot in Investment Banking cohort specifically since most of my peers had higher GPA’s and prior corporate internship experience. They did however extend me an offer in Finance and Accounting. The standard pay for interns in this department was $65,000, prorated for the 3 months you’d actually be employed. Most Wall Street banks pay interns the exact amount they’d make as an actual analyst at the firm.
First Job Post-College – Trade Control Analyst @ Investment Bank, $58,000, Houston, TX, 22 years old
After graduation I was without a job for about a month. Unfortunately, my internship did not lead to a full-time offer in New York. I was unemployed for about three weeks after graduating in December 2013. Utilizing LinkedIn, I came across a position that was almost identical to my internship, at an Investment Bank in Houston. I applied, the recruiter reached out, and an interview followed shortly. Even though I wasn’t extended an offer at the end of my internship, I was still able to talk from my experiences and newly gained skill-sets. This role was actually a contract position and was at a lower pay-rate than my internship. I could’ve turned my nose up at this opportunity and had the mindset of “I can’t make this much. I made more as an intern!” I however knew that would be unwise. The cost of living in Texas and New York is drastically different. Additionally, I knew I needed an entry back into the corporate banking world. If the position paid $50,000, I would’ve taken it. You can’t place a price tag on life-altering opportunities.
Second Job Post-College – ETRM Consultant, Software Consulting Firm, $55,000 before bonuses ~ $60,000 after bonuses, Houston, TX, 22 years old
Within 3 months of working at the investment bank, the company made the decision to exit the Commodities business, thus shutting down the Houston office. I’d signed a contract to start building a house just the day before so the pressure was on to find something soon. I couldn’t afford to ride the wave and hang around until the doors actually closed. Utilizing LinkedIn again, I came across an opportunity for a Graduate Training Program for ETRM (Energy Trading and Risk Management) consulting. Although I’d already began working I was still considered a recent grad and thus qualified for the role. This company had a firm standard of paying the grads in the grad training program a base salary of $55,000. This was lower than what I was making in my current contract position. I tried negotiating a higher salary since I had prior work experience but they would not budge. Once again, I could’ve passed on this opportunity because of the initial salary. I didn’t because I saw opportunity for advancement and potential bonuses. I ended up staying in the role for just short under 3 years. I advanced from Analyst to Consultant while working on a myriad of projects and travel opportunities. I’d gained a reputation around the company of “figuring things out and getting it done.” In short, my peers and managers knew they could stick me on any project or assignment and I’d find a way to get it done. This made me an invaluable asset to the company and eventually landed me the opportunity to work over-seas in Rome, Italy on a project. My time at this company was filled with warm reception and praise. That however was not reflected in my pay or job title. I received small, minimal raises each year and was constantly promised a Senior Consultant promotion, “because I deserved it”. I realized their promises were empty and decided to pursue a change. Lesson: we work for paper (US American dollars $$), not praise.
Third Job Post-College – Pricing Analyst, Retail Energy Company, $85,000 before bonuses, $106,250 after bonuses, Houston, TX 26 years old
My latest and final role came about through a relationship I’d built with a recruiter at a staffing agency over the years. She believed in my work ethic and intellect and had been trying to place me at one of her partner companies for a while. Upon reaching a frustrated state in my consulting role, I reached out to her and she told me about a position as a Pricing Analyst at a Retail Energy company in Houston. I was reluctant to pursue this opportunity because I had no prior experience in this field and knew I’d have to work hard to learn things from scratch. At the time, I’d made around $78,000 the prior year consulting after bonuses kicked in. I let the recruiter know I couldn’t pursue this role for anything less than $80k. I knew my problem solving abilities were transferable to any industry so that amount was not asking for too much. In addition, I knew I’d be put under a lot of stress in trying to understand the new role and industry. This should also be accounted for when negotiating salary. More stress = more dollars. In short, I went in for an interview and landed the role. Reminder, this was for a job I was unqualified for, and did not apply to. This speaks to the power of working with recruiters, which I will cover in a blog post to come. My offer was $5k higher than what I’d asked for at $85k. The following year, my strong performance lead to a 25% bonus which put me over the 6 figures mark.
I’ve shared this journey to show you it’s possible. Hard work, wisdom in decision making (not passing on opportunities because they are unpaid or lower pay than your previous role), and not working for less than your worth can lead to dividends that pay for the rest of your life. Everyone’s path isn’t the same but everyone can learn key lessons from a success story to apply to their own journey. I hope this post has enlightened and excited you to exceed barriers, move past your own limitations, and pursue greatness in whatever your field of choice is. Blessings.
