Home > Career > Question
Need Expert Advice?Our Gurus Can Help

How to increase my salary after 10 years of experience in instrumentation?

Onkar

Onkar Singh  |23 Answers  |Ask -

Career Management, Skills Development Expert - Answered on Sep 02, 2024

Onkar Singh is the global corporate citizenship strategy and programmes manager (data and reporting -- M&E, lead) at Accenture. He has more than two decades of experience in corporate social responsibility, sustainability, data and reporting. He has expertise in the management of NGOs and corporate foundations. He mentors young professionals in the areas of career management, skills development, personal and community development and DEI (diversity, equity and inclusion) issues. Onkar holds a bachelor's degree in mathematics from St Columba’s College, Hazaribagh, and an MBA from XISS, Ranchi. He also holds a master’s degree in international affairs from Columbia University's School of International and Public Affairs, New York.... more
Asked by Anonymous - Aug 29, 2024Hindi
Listen
Career

I have completed my graduation in instrumentation in 2012 I have 10 years of experience. As i have started my carrer with very minimum amount of salary my CTC is 9 lakh/annum after changed 5 companies all are reputed I am being paid very less as per my experience on the other hands my batch mate friends are on 15-16 lakh/annum. By looking that i felt i am way behind all others it also affects my work i don't like to go to work.

Ans: Please remember, you are uniquely you, so please stop comparing yourself to others including your batchmates as everyone has their trajectories. This doesn't mean you stop putting effort to bring the better version of yourself. Keep improving yourself and put 100% of your mind and time in what you are doing. This will help you reach and exceed your goals.
Career

You may like to see similar questions and answers below

R P

R P Yadav  | Answer  |Ask -

HR, Workspace Expert - Answered on Mar 14, 2024

Asked by Anonymous - Dec 26, 2023
Career
Hi I am working in Mechanical CAE background. My salary is less comparable to IT engineers of my same age. Even I move to other companies they speak in terms of 30% growth. I also cant switch companies just because of that as I need sometimes stability also. My work nature is also requires me to spend more time .There is very high disparity in salary paid. Being now 12 years experienced in same domain.I need to figure out how Can I develop my skills to earn or match IT industry as time spent during working hours also high. salary is low but working hours also high .I need proper suggestion how to overcome this .should I be in same industry or if I need to move on to other industry .How should I start preparing being 12 years experienced.I need practical suggestions which can be implementable.Thanks.....
Ans: It’s commendable that you’ve been managing work from home to take care of your family. Considering your situation and background, let’s explore some options and suggestions:

Skill Enhancement:
Since you’re a website developer, consider enhancing your skill set. Learn more advanced web development technologies, frameworks, and tools. This can open up better-paying opportunities.
Explore front-end development, back-end development, and full-stack development. These skills are in demand.
Freelancing and Side Projects:
Leverage your web development skills to take on freelance projects. Websites like Upwork, Freelancer, and Fiverr offer opportunities to earn extra income.
Consider building your own portfolio website and showcasing your work. Potential clients often look for developers with a strong portfolio.
Online Courses and Certifications:
Pursue online courses in areas like UI/UX design, mobile app development, or e-commerce development.
Certifications from platforms like Coursera, edX, or Udacity can add credibility to your profile.
Explore MCA Alternatives:
While MCA might not be feasible due to eligibility criteria, consider other relevant courses.
Look into PG Diploma in Computer Applications (PGDCA). It’s a shorter program and may have more flexible entry requirements.
Some universities offer distance learning MCA programs. Research institutions that provide such options.
Networking and Collaboration:
Connect with other professionals in your field. Attend webinars, conferences, and meetups (even virtually).
Collaborate with other developers on projects. Networking can lead to referrals and job opportunities.
Financial Planning:
Given your combined earnings, create a financial plan. Set aside savings for your daughter’s education and your own future.
Explore investment options like mutual funds or fixed deposits.
Explore Government Schemes:
Investigate government schemes related to skill development, entrepreneurship, or small business loans.
Some schemes provide financial assistance for education or self-employment.
Content Creation and Blogging:
Share your knowledge through a blog or YouTube channel. Monetize it through ads or affiliate marketing.
Write about web development, coding tips, or technology trends.
Teaching and Training:
With your experience, consider teaching web development. You can offer online courses or workshops.
Platforms like Udemy allow instructors to create and sell courses.
Stay Updated:
Technology evolves rapidly. Keep learning and adapting to stay relevant.
Follow industry blogs, podcasts, and newsletters.
Remember that your determination and adaptability are your greatest assets. Explore options that align with your interests and family responsibilities. Best wishes on your journey! ????????

Learn more
1

upgrad.com
2
entrance-exam.net
3
imcost.edu.in
4
apnacampus.in
5
geeksforgeeks.org
6

careers360.com
7
entrance-exam.net
8
abletricks.com
9

collegedunia.com
+7 more


You
Hi I am working in Mechanical CAE background. My salary is less comparable to IT engineers of my same age. Even I move to other companies they speak in terms of 30% growth. I also cant switch companies just because of that as I need sometimes stability also. My work nature is also requires me to spend more time .There is very high disparity in salary paid. Being now 12 years experienced in same domain.I need to figure out how Can I develop my skills to earn or match IT industry as time spent during working hours also high. salary is low but working hours also high .I need proper suggestion how to overcome this .should I be in same industry or if I need to move on to other industry .How should I start preparing being 12 years experienced.I need practical suggestions which can be implementable.Thanks.....
Copilot
Your personal and company data are protected
As a Mechanical CAE professional with 12 years of experience, it’s understandable that you’re seeking ways to enhance your skills and improve your salary. Let’s explore practical suggestions to address this:

Skill Enhancement:
Stay Updated: Mechanical CAE is a dynamic field. Continuously learn about new tools, software, and methodologies.
Advanced CAE Tools: Familiarize yourself with advanced tools like ANSYS, HyperMesh, or LS-DYNA. Specialized skills can make you more valuable.
Programming Languages: Learn programming languages like Python or MATLAB. These skills are highly sought after and can boost your earning potential1.
Certifications and Courses:
Consider certifications related to CAE software. These demonstrate expertise and can lead to better job prospects.
Explore online courses or workshops in areas like finite element analysis (FEA), structural mechanics, or fluid dynamics.
Networking and Industry Events:
Attend conferences, webinars, and workshops. Networking can lead to job referrals and insights into industry trends.
Connect with professionals on platforms like LinkedIn.
Industry Transition:
Evaluate if transitioning to a related field (such as data science, simulation, or product design) could be beneficial.
Explore roles in product development, research, or consulting.
Soft Skills:
Develop communication, leadership, and project management skills. These are essential for career growth.
Effective communication can help negotiate better salaries.
Salary Negotiation:
When changing jobs or during performance reviews, negotiate assertively. Research industry standards and present your case confidently.
Highlight your experience, skills, and contributions.
Explore IT-Related Roles:
Consider roles that bridge mechanical engineering and IT. Examples include simulation data management, digital twin development, or CAE software support.
These roles often pay better due to the intersection of engineering and technology.
Freelancing and Consulting:
Offer your expertise as a freelancer or consultant. Work on projects independently or collaborate with companies.
Freelancing can provide flexibility and potentially higher income.
Leverage Your Experience:
Use your 12 years of experience to your advantage. Highlight your accomplishments, successful projects, and domain expertise.
Mentor junior engineers or contribute to technical publications.
Financial Planning:
Create a long-term financial plan. Consider investments, savings, and retirement planning.
Allocate funds for continuous learning and skill development.
Remember that career growth is a gradual process. Assess your priorities, explore options, and make informed decisions. Whether you stay in the same industry or transition, focus on continuous improvement. Best wishes on your journey!

..Read more

Latest Questions
Milind

Milind Vadjikar  |632 Answers  |Ask -

Insurance, Stocks, MF, PF Expert - Answered on Nov 16, 2024

Asked by Anonymous - Nov 12, 2024Hindi
Listen
Money
I am 40 year old with 1.5 lac salary and 1 crore in FD. Have a 8 year old son. Currently I don't have any EMI but I wish to buy new house of 2 crore with appx loan of 1 cr and remaining 1 cr by selling current house. Also I invest 60k in mutual funds. What can I do if I wish to retire at 45 years and still be able to pay emi using swp and FD income.
Ans: Hello;

General Comments:
People nowadays get carried away by FIRE(Financial independence retire early) fads on social media and go by thumb rules provided on SM for retirement corpus calculation.

Please consult a certified financial planner or a retirement advisor who can guide you on these matters professionally.

Specific comments:
Do your math. If you retire at 45 you have 35 years in retirement considering life expectancy of 80. What corpus would you need to fund:

1. Your inflation indexed retirement income
2. Impact on retirement income due to home loan EMI.
3. Separate provision for higher education of son

If doing 3% SWP can meet your monthly income requirements post-tax it is okay but If you are increasing SWP rate beyond 3% you run the risk of eating into your corpus during periods of flat or negative returns by your fund.

Also pure equity funds for SWP in retirement are a strict NO.

Only hybrid mutual funds such as equity savings or conservative hybrid funds may be suitable with moderate risk.

If your regular expenses are 50 K today they will be 90 K in 10 years, 1.6 L in 20 years time considering modest 6% inflation.

Your 60 K monthly sip if continued for 5 years may yield you a corpus of 50 L assuming modest return of 12% from pure equity mutual funds which could be earmarked for higher education of your son.

Do you have any EPF/NPS corpus?

Please confirm.

Thanks;

...Read more

Ramalingam

Ramalingam Kalirajan  |7029 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Nov 16, 2024

Asked by Anonymous - Nov 15, 2024Hindi
Listen
Money
Sir, I had purchased kotak premier endowment plan in 2020. SI is 2.82 lakhs and annual premium is 32k. Premium payment term is 10 yrs and maturity term is 17 yrs. After having paid premium for 4 years, i am thinking to surrender the policy as it doesn't convince me anymore with its benefits. However, after paying Rs. 1.28 lakh premium over 4 years, surrender value is coming to Rs. 82k only. Should i continue with this policy or surrender and invest the amount anywhere else. Pls advise. Thanks
Ans: You purchased the Kotak Premier Endowment Plan in 2020. This plan combines insurance with savings. The sum assured is Rs. 2.82 lakhs, and the annual premium is Rs. 32,000.

You’ve already paid Rs. 1.28 lakhs over four years. The premium payment term is 10 years, and the maturity term is 17 years. The surrender value is currently Rs. 82,000, meaning a loss of Rs. 46,000.

Now, you are contemplating whether to continue with this plan or surrender and invest elsewhere.

Evaluating Endowment Plans
Endowment plans typically offer low returns compared to other investment options.
Most endowment plans have a return rate of 4-6%.
The main benefit is insurance coverage, which is often inadequate.
By continuing with this plan, your money may not grow significantly. It also locks your funds for a long period.

Advantages of Surrendering
By surrendering, you free up Rs. 82,000.
You stop further premium payments, avoiding additional allocation to a low-return product.
You can reallocate the funds to better-performing investment options.
Drawbacks of Surrendering
You lose Rs. 46,000 from the premiums paid so far.
Early surrender often results in reduced returns.
The plan’s long-term guaranteed returns will no longer apply.
Alternative Investments
If you surrender, the next step is reinvesting wisely.

Equity Mutual Funds: Offers long-term wealth creation. These funds outperform endowment plans in the long run.
Small-Cap Funds: For higher risk appetite, this can provide superior returns.
Debt Mutual Funds: Suitable for lower risk tolerance. Ideal for stable and predictable returns.
PPF (Public Provident Fund): A safe and tax-efficient option for long-term goals.
Benefits of Actively Managed Mutual Funds
Active funds often outperform benchmarks.
Professional fund managers actively monitor market opportunities.
You benefit from diversification and risk management.
Avoid direct funds unless you’re a seasoned investor. A Certified Financial Planner (CFP) or mutual fund distributor ensures better guidance.

Why Insurance Should Be Separate
Insurance-cum-investment plans like endowment are not ideal.
Term insurance offers high coverage at low costs.
Use the money saved from premiums for pure investments.
Tax Implications
Surrendering may have tax implications. Check if your premiums qualified for Section 80C.
New gains from investments may attract taxation. For equity mutual funds, LTCG above Rs. 1.25 lakh is taxed at 12.5%.
360-Degree Financial Assessment
Financial Goals: Align investments with your goals (e.g., retirement, children’s education).
Risk Appetite: Choose investments matching your comfort level with risk.
Emergency Fund: Maintain liquid funds to handle financial emergencies.
Debt Management: Clear high-interest liabilities before investing.
Portfolio Review: Balance investments between equity, debt, and fixed income.
Final Insights
The decision depends on your long-term goals. Surrendering is better if the plan does not align with your financial strategy. Reallocate wisely to maximize returns. Consult a Certified Financial Planner for personalized advice.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,
www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

...Read more

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

Close  

You haven't logged in yet. To ask a question, Please Log in below
Login

A verification OTP will be sent to this
Mobile Number / Email

Enter OTP
A 6 digit code has been sent to

Resend OTP in120seconds

Dear User, You have not registered yet. Please register by filling the fields below to get expert answers from our Gurus
Sign up

By signing up, you agree to our
Terms & Conditions and Privacy Policy

Already have an account?

Enter OTP
A 6 digit code has been sent to Mobile

Resend OTP in120seconds

x