Happy Friday from a rainy London.

Today’s Career Conundrum:

“I’ve been in my current role (M&A) for almost 3 years and I’m not sure how best to go about asking for a larger salary raise. The money is good, but I see no harm in asking for more, especially if I’m working so hard. Any tips would be most useful. Thanks!”

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CAREER CONUNDRUM

8 Tips on Asking for a Salary Raise 💸

Reader: Male | 24 | New York | Investments Banking | 3 Years Experience

Question: “I’ve been in my current role (M&A) for almost 3 years and I’m not sure how best to go about asking for a larger salary raise. The money is good, but I see no harm in asking for more, especially if I’m working so hard. Any tips would be most useful. Thanks!”

1. Quantify Your Contributions - Compile a comprehensive list of your achievements, contributions, and the value you've added to the firm over the past three years. Format them into a nice PowerPoint presentation (1 to 4 slides) just to make it seem a little more formal as opposed to a random list on email. Use concrete examples, such as successful deals closed or worked on, revenue generated or that you helped generate, cost savings achieved, opportunities unlocked, or new clients acquired. Quantifying your contributions will provide evidence of your worth and justify your request for a larger salary raise. It’ll also make it harder for your manager to reject your request.

2. Prepare a Business Case - Develop a well-structured business case outlining the reasons why you deserve a larger salary raise and what could be expected of you in the future. Leverage your previous contributions that you’ve already quantified. Don’t forget to use data and examples to support each argument you make.

3. Research Market Rates - Carry out thorough research to understand the current market rates for professionals in similar M&A roles at similar sized firms with comparable experience and skill sets. Use salary benchmarking websites like Glassdoor, industry reports, and networking with colleagues/friends in the industry to gather information on salary ranges for your position.

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CAREER CONUNDRUM CONTINUED

8 Tips on Asking for a Salary Raise 💸

Reader: Male | 24 | New York | Investments Banking | 3 Years Experience

Question: “I’ve been in my current role (M&A) for almost 3 years and I’m not sure how best to go about asking for a larger salary raise. The money is good, but I see no harm in asking for more, especially if I’m working so hard. Any tips would be most useful. Thanks!”

4. Schedule a Meeting - Request a meeting with your manager to discuss your pay package. Make sure you’re prepared with an agenda, talking points, reasons, etc. going into this meeting. It’ll show them you’re taking this seriously. Choose a time when you think your manager is more likely to be receptive and not overwhelmed with other priorities. For example, avoid scheduling a meeting after they’ve had a long day of meetings or ahead of an important client pitch. You won’t have their full attention. Clearly communicate your intention to discuss your salary raise request in advance (do this in the email you send them to schedule the meeting) to ensure they’re prepared for the conversation. The last thing you want is your manager to think you’re meeting them for a general catch up and then you surprise them with a big salary conversation.

5. Understand Your Managers Perspective - Giving your manager the heads-up about your interest in having the conversation is important as they’ll have things they’ll need to prepare for the meeting. Don’t just spring it on them. Give them a heads-up to let them prepare. Schedule the meeting for at least 5 days after the day you send the initial meeting request so they have a decent amount of time to prepare.

6. Be Flexible and Open to Negotiation - It’s better to leave with something than nothing. Therefore, approach the salary raise discussion with a positive and collaborative mindset. Also, make sure you know what your ‘fall-back’ or ‘low’ offer would be. It’s better to have your manager on your side than against you. Be prepared to negotiate and consider alternative forms of compensation, such as additional benefits, bonuses, or professional development opportunities, if a higher base salary isn’t immediately feasible.

7. Don’t Overthink It - These conversations happen all the time and have probably been happening between your manager and colleagues. Don’t think you’re the only one keen on a raise. Everyone wants a higher salary. This is all a normal part of work. You’re completely within your rights to want this (and make a formal request). Don’t overthink it. Get the ball rolling asap.

8. Follow Up and Document Results - After the meeting, follow up with a ‘thank you’ email expressing your appreciation for the opportunity to discuss your salary raise request - even if the outcome wasn’t what you hoped for. If the outcome is positive and you receive a larger salary raise, make sure that the details are documented in writing (always keep a record of things, online is best - you never know when they’ll be helpful or even save your career!), such as an updated employment contract or salary adjustment letter. If the outcome isn’t as expected, seek constructive feedback and explore opportunities for future salary growth based on performance targets or milestones.

Hoping these points will be useful in your salary conversations and you get the raise that you deserve!

BEFORE YOU LEAVE

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Reply to this email (all responses are anonymous) with the following:

1. Gender, age, location, industry and years of experience

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I’ll share it in Monday’s Commercial Awareness newsletter and share responses and advice later in the week.

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That’s all for today. I’ll see you in the next one!

Afzal

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