Im currently an AVP at bofa making less than 100k a yr, and my 2024 salary increase was 1k. I’ve been encouraged by mentors to start looking for other jobs to maximize my career/salary projection as I’m hitting 2.5 yrs in the role. That said, I notice my same-band teammates are highly invested in “climbing the ladder” instead of leaving elsewhere. Is the AVP tier advantageous enough to “wait it out” or should I take advantage of having job security to start low-stress researching other paths? Im grateful for my role and very comfortable, so this is more slow and long term planning. Any insight is much appreciated!
AVP with that TC 🤣 banks love to throw titles around
Agreed. That’s the trade off for a relaxed low-stress environment and job security. At the time of my hire job security was my biggest concern, it was stressful finding offers. My bonus brings me slightly above the 100k mark, but this is still laps behind the market standard for the skills , pros and cons 🤷🏻♂️
BofA is a not a place for money for majority. If you want a easy low stress job then it’s a good place but you need to boomerang to maximize pay
I can definitely attest to that, thank you for your advice
Those who switch jobs every 2-3 years make 50% more money than those who stay
Typical for MO seat
Finally enough if you were making 95,000 and then you got a raise to 100,000 you would suddenly be bringing home a lot less because then the bank covers less of your insurance
Also if you compare the bonus and raises it's way less in the bank. That's what I fell for too. Only realized it after 1 year. I was literally making more with all benefits combined where I was working. Way more than bank.
One thing you did not mention is how much you are learning. At your current career stage, you should be learning a lot that makes you attractive in the job market. One reason to take under compensation is because you are gaining experience you can monetize later. To put it simply, if you're gaining valuable experience, then under compensation is ok for a while. If your compensation is bad and your experience is organization specific and not attractive to other companies, then you need to find something different.
Yes BofA is a comfortable place to be .. but not for salary. I myself think I am stagnant and now desperate to switch. Anyone hiring data architects?
How are you getting sub $100K? I just started here as a new graduate and I’m already at $115K in an expensive area, they do $105K in the cheaper South as well. Band 6 TAP.
Low-stress looking elsewhere. Worst case you stay here and do the climb with your cohorts. But if you don't look you won't know your market rate. Who knows you might actually get a nice raise out of this
Yes I like the strategy behind this, thank you