Are Large Salaries a Thing of the Past?
Is earning a large salary now more about time spent in the workforce rather than skill and education? It used to be the goal to leave college and make over €80k, with the opportunity to grow that income even further. However, it seems that starting with low pay and eventually progressing to a nice six-figure income is more common now.
My Situation
- Age: 24
- Qualifications: ACCA (CPA), CFA 1, halfway through PHD
- Experience: 2 years in Big4 financial instruments valuation
- Location: Ireland
I currently make approximately €45k. I took a unique path by skipping a year of high school, completing a three-year degree, and then a one-year masters program. Despite my qualifications and experience, I feel like I may need to learn to code and possibly pursue another masters in mathematics instead of finance to reach a salary of €80k, which may take another 2-3 years.
I can’t help but wonder if I would have been better off taking a more traditional route by getting a normal job and working for 4-5 years to reach a similar income level.
One response
Are large salaries dead?
It can seem disheartening when expectations of making a high salary right out of college are not met in reality, but it’s important to remember that large salaries are still achievable, they may just require more time and effort than initially anticipated. The traditional trajectory of entering the workforce and immediately earning a high salary is becoming less common, as the job market evolves and demands different skills from employees.
Factors to consider:
1. Skills and Education:
While having a high level of education and certifications such as ACCA, CFA, and a PhD can certainly increase your earning potential, it’s not the only factor that determines your salary. Employers also value practical skills, experience, and the ability to adapt to changing trends in the industry.
2. Industry and Location:
Salaries can vary greatly depending on the industry and location. It’s important to research the average salaries for your field in your specific location to have a better understanding of what a realistic salary expectation would be.
3. Career Progression:
In many industries, career progression is gradual and requires time to build experience and expertise. It’s not uncommon for professionals to start with lower salaries and work their way up to higher positions and salaries over time.
Your Situation:
Based on your current qualifications and experience, it’s understandable to feel frustrated with your current salary of €45k at the age of 24. However, it’s important to remember that your career is a journey and not a sprint.
Given your background in finance and your interest in coding and mathematics, expanding your skill set in these areas can certainly help you advance in your career and potentially earn a higher salary. Further education and certifications can open up new opportunities for you and increase your earning potential in the long run.
While it may seem like a slower path to reaching a higher salary, the additional skills and qualifications you acquire along the way can make you a more valuable asset to employers and lead to more lucrative job opportunities in the future.
In conclusion, large salaries are not necessarily dead, but they may require more time, effort, and a strategic approach to achieve. It’s important to focus on continuous learning, skill development, and building a strong network within your industry to increase your chances of landing a high-paying job in the future. Remember that everyone’s career path is unique, and success is not always measured by a starting salary but by the growth and fulfillment you experience along the way.