Pay Raise After Earning Degree?

Good evening fellow learners!

Do many employers give substantial raises after an employee achieves their new degree while working full time?

I'm just finishing up my MBA/MoT from Ellis College of NYIT. It has been a wonderful ride! But the reason I decided on getting a Master's degree in the first place was to increase my earning potential and enhance my career. I feel my career is enhanced and have gained much experience. Not to be greedy, but it would be nice to have the money too!

I'm hoping to get at least a 15% increase. I don't know if this is alot but I think considering my salary, it is modest. In my county and state, based on 2005 public records, I am earning $40K less than the average IT manager. Since my company is growing quite rapidly, my role is becoming ever challenging and important to the success of the company. My bosses have congratulated me often on my accomplishments over the past 5 years and are very satisfied with my performance. However, they are VERY CHEAP!!!

I'm looking forward to hearing your stories! I love my job but if I feel that I'm not earning my potential, I might relocate to get the optimal payoff.

Sincerely,
Q_c

 

Your employer is underpaying you by $40,000 a year?

I say it's time to find another job.

 

I earned a MBA while working for an insurance company and paying all tuition out of pocket with no reimbursement. After earning the degree, I received no pay increase attributable solely to the new degree.

However, when I left that company and moved to my current employer, the MBA was a key component of increasing my compensation package by $ 30,000.

 

My situation was similar to what Mr. Lloyd experienced. I received no pay increase after earning my MBA but I did get a new job with higher pay. Its possible the MBA played no part at all in getting the new job but I'm sure it didn't hurt. Education is just one piece of the overall package an employee offers.

 

Based on my own salary with a masters and my wife's salary with a PhD in an equivalent job at the same employer, I'm expecting a PhD to net me a $2500/year raise. Woohoo!

 

You are very unlikely to see any employer give you a raise just because you earned a degree, any degree in any major. The way to get what you need monetarily is to move on from that company. Where pay is concerned, one has to look at the big picture. While your employer may be paying you $40k less, it could be you gain in other "perks" like shorter work hours (exactly 40 hours versus 60-70 hours), working from home, etc. etc. And sometimes for some people, depending on the period in their lives for i.e. going to school, they may need the shorter work hours. There are always of course cheap employers who pay crap and expect the world. Not sure if this is the case with yours. If you want more and don't have any other reasons why you need to stay, then start prepping to move on to a better company.

There are better paying jobs out there but there are also often catches that go with them, i.e. much longer working hours and the list goes on. It all depends on what you want to put up with and what you need in your life.

 

Re: Re: Pay Raise After Earning Degree?

I have gotten several promotions/raises (40K in base pay) over the past six years but I can not say they are only because of a degree. I can say that I have landed on online teaching gig and am doing quite well. This semester I will make an extra $8K.

 

I got a new job and an 8k pay raise about 8 months after earning my degree. I would say it was worth it.

 

Re: Re: Pay Raise After Earning Degree?

ROTFLMAO!

That about sums it up - it's the American way.

 

I agree that employers are unlikely to give you a raise simply for earning a master's degree unless the master's is the encouraged standard (rather common in healthcare). You probably need a new job to let your degree make money for you, and unfortunately your current employer may realize this too.