377: After having my Bsc Banking and Finance with 2.1 and a Masters degree in Financial Economics and currently doing Msc in Financial Mathematics al[/b]l in Nigeria.is it fare for a good spirited Nigerian to send me appointment letter and saying that my salary is 25000.i feel so depressed when i got that letter pls what do u advice me to do.

tanimola22:

Hi,

Where in Nigeria do they offer the highlighted courses? I am impressed to know that these courses can be studied at a naija university. We are improving well!

Anyway, that 25K is too small. It is insultingly less than 200 dollars. That can hardly pay half a full month's rent. You should normally earn in the range of 1.8M-4.0M Naira per annum at any of the reputable asset management firms in Lagos.

Do as Violet has advised. Judiciously submit your CV to any finance and investment house that exists in Lagos and maybe Abuja. In fact, FCSL on 15 Ribadu Road off Awolowo Road, Ikoyi is currently recruiting management trainees. ARM is almost concluding its recruitment of entry level staff. Both companies are in Ikoyi; both companies pay above 2M on the average, per annum. Run there and submit your CV. Even sef, AIMS Asset Management, Investment Research Nigeria (Thaddeus Investment) and even CSL(FCMB investment and brokerage house) are all places you can submit your CV and be called for test before this month ends.

My fear is that you don't have any other selling point besides your impressive academic degrees. Have you ever written an equity research, debt research or economic research report in a professional capacity? If you have, then you may let me see a sample. If I am impressed with your writing skills, I may have your CV forwarded to someone who will favorably or unfavorably review it with the sole aim of hiring you.

T22.

377: I want to thank u all for ur advice.though i have finished d Masters in Financial Economics but d Msc Financial Mathematics am about to write my Final exams.though i dont have any experience yet on research or any other area.i believe God will see me true.

Dis Guy: do a PhD they will consider a fair deal

but with the way things are in nigeria, many companies can get away with paying what they consider fair wages o
though they might have to deal with lots of new faces every other month

too many graduates chasing very little jobs

mcstan_18:

I SENT YOU A MAIL. COULD YOU PLEASE READ AND KINDLY REPLY SIR. GOD BLESS YOU.

377: My first degree was in Abia state university,masters in financial economics university of Abuja.Msc Financial mathematics National mathematical Center abuja.is a joint degree programme with Uniabuja.i want to thank every body for ur advice.the position d gave me is project development officer.God will help me.

violent:

In which sector does this company operate?

In my opinion, you really can't complain of a lower wage if the company and the sector commands such. It wouldn't matter how brilliant your academics are. If my driver has an MBA from Harvard, i wouldn't really pay him a hundred grand because of his degree.

I know being out of Job is not easy, but sometimes, being pigeonholed in a company or a sector where you don't belong isn't necessarily better. Why, with a masters in Financial Mathematics would you want to work as a Project Development officer? You are bloody better than that mate!!!!

Get out there and network. Prove yourself and show people what kind of stuff you are made up. Write a sample proposal for a risk model and send it out to financial houses. Get on excel and design optimization spreadsheets that anyone will kill for. Truth is, people may not know what their company is missing until you show them.

Unfortunately, this is not as easy as i may be making it, but I've been there and i have done it, and i know it is doable. My experience is probably a lot worse than yours.

Saifullah01: I hope they restore part time programmes.... I fell in love with that financial mathematics at first sihgt, can anyone elaborate more on whether that collabo between uni abj and the math center is NUC accredited.?

oremiti: a lot of people in this contry are surfering , this surfer continue without closing date , but there is always solution to every problem , many people are lazy laziness ,But there is a global company that want to help lazy people the best poverty eradication company in the whole world , count yourself lucky if you read this post , do you know you can start business with zero capital and compete with cocane baron, this company stand the best of the best in the world , they will turn you around ,like me i have not invested kobo and i ma making hell of money everyday , i am not going to talk too much , i am not going to post link ,website or my phone number But loook very well you will see ,The easiest money on the planet , i am looking for buyer to buy my house so i can have more capital with this company , this company is ready to spoil u with money

tanimola22:

Bros, haba, people hardly surf in Naija. If you said a lot of people surf in Cape Town, for example, I would agree with you because I have seen that myself. But bros, how many people can surf in Lagos, not to now talk of the entire naija?

T22

AjanleKoko: Yes, it's fair.
Pay is not determined by the number of degrees you have. It's not a government decree. It is higher than the National minimum wage, after all

tanimola22:

Based on your wide industry experience, could you exhaustively enumerate the determinants of pay?

The theory is well-known, but a real world perspective, as is the case in naija, would be more than adequate.

T22

AjanleKoko:

It's not exactly empirical. Some industries, such as the financial sector, FMCG, telecom, oil and gas, have extensive processes for benchmarking pay. They look at average salaries in their industries, global trends, local cost of living, cost of experience, demand, and a few other factors.

That is why you can get something like 3m starting salary in banking, 2m starting salary in telecom, and maybe 8m starting salary in oil and gas.
Apart from oil and gas, other industries generally look at what they consider to be your typical costs (Cost of Living), and pay you a markup on top.

Outside the regulated industries, there is really no salary benchmarking. Entrepreneurs will pay you what they feel they can afford. It would be hard to expect a company with around 10-15m annual turnover to pay any one individual a salary of N3m a year, considering their overheads and cost of capital. I'm a part-time entrepreneur myself, and I hire people. I would never pay that amount of money to any individual, unless he is delivering at least 200% of that amount in value.

AjanleKoko:

It's not exactly empirical. Some industries, such as the financial sector, FMCG, telecom, oil and gas, have extensive processes for benchmarking pay. They look at average salaries in their industries, global trends, local cost of living, cost of experience, demand, and a few other factors.

That is why you can get something like 3m starting salary in banking, 2m starting salary in telecom, and maybe 8m starting salary in oil and gas.
Apart from oil and gas, other industries generally look at what they consider to be your typical costs (Cost of Living), and pay you a markup on top.

Outside the regulated industries, there is really no salary benchmarking. Entrepreneurs will pay you what they feel they can afford. It would be hard to expect a company with around 10-15m annual turnover to pay any one individual a salary of N3m a year, considering their overheads and cost of capital. I'm a part-time entrepreneur myself, and I hire people. I would never pay that amount of money to any individual, unless he is delivering at least 200% of that amount in value.

nitrogen:
Obviously, from the highlighted, it is only an indispensable employee that can zap almost 20-30% of the total revenue of a coy, but, how do one know whether the person about to be employed will be indispensable?, at least one wouldnt want to pay that large amount to the person without accessing his capabilities through workdone over a certain period, now, wont the unattractive and meagre salary offered at the onset drive him away (not forgetting that he is going to be an indispensable employee soon)?

If an employer is in that situation, what is the way out?

AjanleKoko:

All na negotiation plus risk.
I once hired someone (based on recommendation by someone I respect very much), and I paid exactly what the going rate would be if the person was working in, say, an ad agency. The job brief was business development. I fired the person after 4 months.

The next person, I offered half of what I paid person A. He complained and told me that was not his worth, but I asked him to prove himself before making any demands.. So far, not bad. I have recognized that I have to probably move the person further along the curve myself, till the point where he'll get a better offer and leave, but I must at least get the monetary value out of the person. Next person I hire after him will be better paid, because I'll be looking for more than what person B is offering right now.

I guess that is how entrepreneurs cope. For me, I get mostly young and eager people, sometimes youth corpers that a 30k salary will mean a lot to. Intersperse them with a few experienced people who will take up the bulk of your workload, and wage bill. The younguns will learn from the experienced people and take over from them, or fill in when the experienced guy gets fired or leaves. Yes, gets fired. We entrepreneurs are quite intolerant of incompetence, it usually costs us a lot of money we can ill afford