Let me be brutally honest in this career insight.
Most of us want to earn a good salary to afford a comfortable living.
But most of us end up working 60 hours/week to see ourselves stuck within same salary band.
In this career insight, I will be sharing 3 practical insights with which you can increase your earnings/hour and earn a salary of Crore or more, as I am able to!
1. Don't spend more than 2 years in a job in your 20s:
This is a controversial one because it hurts employers' retention.
A. Leave your job if your annual salary raise is bare minimum taking care of inflation.
B. Leave your job if you aren't learning-
- KPMG consulting
-Government of India (aka low salary) role.
I picked latter because it came with an opportunity to work next to the former McKinsey & Company Chairman.
That decision paid me so well that eventually, I quickly became a manager which paid me way more than KPMG offer.
If you think, I just got lucky, then-
I was able to massively leverage my new learnings and connections to land a role at BCG later.
2. Pick consulting and VC roles:
There are 2 sectors in which your salary doesn't grow linearly, but exponentially-
A. Management consulting and
B. Private equity/venture capital
There is a huge annual bonus given to you based on your and the firm's performance.
On many occasions, it could be as big as your base salary, especially as you become partner level at firm.
When I joined Boston Consulting Group (BCG), my salary grew by 3X.
You get paid for the new role irrespective of your previous salary band.
3. Change your geography to a place where you earn in dollars.
I got the best of both worlds as I was earning dollars in Dubai where I could save on taxes also.
There will be analysts and influencers who have never stepped foot in US or outside India and would talk about how poor USD 130k salary is with PPP.
It's the most nonsense thing doing rounds on the internet these days because its never apples to apple comparison.
I have lost count of family and friends, who saved massively before returning!
My objective is not to make wealth the center of your life. It should never be!
My objective is to ensure your hard work earns the amount you deserve.
In life, smart work is important!
As I wrap up, if you marry yourself to learning, it will eventually pay you off so well that your income will simply become a byproduct and not your sole focus❤️.
If you are interested in learning about GGI's MBA Scholar program, you can learn here.
Author- Shatakshi Sharma, Co-founder Global Governance Initiative & GTI, Ex- BCG, Advisor; Tony Blair Institute