Thu 24 May 2007
Professional ToolBox Most Managers Should Have To Earn Big Buck$
Posted by RichSlick under Careers
[9] Comments
Health care, Energy & Technology fields are red hot right now and various colleagues have been asking me how they can get in and make some real money in these industries. Most of the people I’m hiring these days are starting close to or above 100k in base salary and earning 10% to 20% bonuses on top of various other incentives (e.g. stock options) so they’re all licking their chops asking me what they can do to get in.

I’ve come up with a list of things you should have in your resume toolbox to get you in the door and hired:
1. Although I don’t particularly feel it necessary to have a college degree for many positions, most HR people won’t let you through the door unless you have a college diploma. You toolbox should include a degree, ANY degree to get you in the door. For goodness sake, even a liberal arts degree will help! Just don’t LIE about it because that will get you fired and tarnish your reputation.
2. Speaking of reputation, if you don’t have a college degree, it helps a great deal to have a network of references that will vouch for you and your work. I have a standard policy of writing letters of recommendations, recognition and commendation for people that do good work and am happy to be a reference for people that do quality work. NEVER burn any bridges, you’ll eventually come across them again in your lifetime.
3. If you are a manager or plan on being a manager (of any kind) you should consider training and certification in Project Management. The Project Management Institute is a great place to start – become a member. As a manager, it is inevitable that you’ll work on projects and having this certification and/or training is a great plus.
4. You should have professional certifications: If you are an accountant, you should receive and maintain your CPA; If you are in Technology, you should be certified in your specialty (e.g. Oracle, Microsoft, Cisco); If you are in Payroll, you should become a Certified Payroll Specialist; If you are a mechanic, you should get ASE certified. I could go on but you get the point.
5. You should have a professional wardrobe. I can’t tell you how many people I “skipped” over despite great credentials because a person dressed like a slob. When you’re climbing up the corporate ladder, you’ll be dealing with various executives, the media, and to some extent Wall Street pros, no one wants to see how frugal you can be with your money & wardrobe.
6. If you want to make some really big money, you’ll likely need to work for a public company that can issue you some juicy stock options. If you are a manager for a public company, you need to train yourself in Sarbanes Oxley compliance NO MATTER WHAT YOUR FIELD IS. I don’t care if you’re in HR or Marketing, knowing SOX compliance in a public company will make you MORE valuable than the person who doesn’t know it. Hence, when it comes around to issuing those stock options, the key people will remember how valuable you are to them with that SOX training.
7. If you’re working for a public company, you should know how to read the company’s financial statements. I don’t care if you’re in sales, marketing, technology,operations, human resources, or other department. If you’re lost, go over to or and start learning. As a manager, if you can intelligently discuss the company’s potential, problems and opportunities via the company’s financials then you’ll be much more valuable than someone who doesn’t.
8. If possible, learn a foreign language; real growth is coming from overseas these days and every edge helps. You don’t have to become fully fluent in another language but being able to get by helps tremendously.
9. You should have a mentor. You need someone to go to be able to talk about things when the going gets tough. Someone that can help you with salary negotiations when settling on a new job or help you through employee disputes or simply someone to celebrate your successes with; a person that you can trust implicitly.
10. You should have a career plan. I recommend 3 to 5 year goals, 8 year goals and 15 year goals. In essence, what title and salary do you want to earn 3 to 5 years from now, 8 years from now and 15 years from now. Write it down and work toward it everyday by doing 1 thu 9 above.
9 Responses to “ Professional ToolBox Most Managers Should Have To Earn Big Buck$ ”
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October 25th, 2007 at 10:48 am[...] education, although that helped, but it was a cumulation of all the other education and training along the way. The returns here have been astronomical when you consider the median salary out there is 40k [...]
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March 31st, 2008 at 10:00 am[...] of $100,000 or more. If you’re new here, you may want to subscribe to my RSS feed. I’ve recommended that as a professional worker you should maintain memberships in trade associations and [...]
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February 5th, 2009 at 8:51 am[...] ladder, you have to do some pretty time consuming things. I’ve talked about these in “Professional Toolbox Most Managers Should Have” but that wasn’t the complete [...]
July 13th, 2007 at 7:08 pm
This is a very good general list. When I was on the East coast working for a public company, I’d say it was dead on.
Now in Silicon Valley as a Software Engineer (read: not manager any more) at a start-up, I’d say that most of these rules are thrown out the window. I was told not to wear to a suit to the interview because it would look weird. It’s true, no one wears suits out here. I’ve found that certifications are vastly overrated for a software engineer – they mostly want to know your experience and if you know your stuff.
Actually, the more I look at these, the more they only seem to fit into bigger public companies. I think there’s a lot of money to be made in smaller companies.
I will definitely look into the Project Management Institute. I think that’s something that could be used to get ahead.
July 14th, 2007 at 7:55 am
I’ve worked for small to mid-size private companies (run by billionaire) and large multi-billion public companies. Public companies that offer employees stock grants/options is by far MUCH better than small private companies. The health insurance is always better/cheaper, the pay is always better, the bonuses are bigger and the potential for promotion is much greater.
The only exception is if the small private company you’re working with eventually plans on going public.
But at the end of the day, it all depends on what you’re after. Smaller companies offer flexibilities that public ones would never offer and some people don’t like the pressure of working for a public company.
Of course, all of this was geared toward people moving towards or in management positions.
March 19th, 2008 at 3:45 pm
Rich,
I know this is way too late, but I got to this page from one of your more recent postings. So here goes …
I work as the Manager of Enterprise Applications in I.T. for a medium sized company (based in the Midwest) that recently went public. Out of the 10 item list above, I have:
1. A Bachelor’s degree in Engineering (Electrical) and a Master’s degree in CIS.
2. A pretty good network of professionals.
3. Not yet … working towards the PMP certification.
4. A certification in Java programming (SCJP).
5. I dress formally, only in suit and tie every day.
6. I was a pivotal member of the 2-year SOX project in my company that helped my company become (and remain) SOX compliant after going public. I underwent SOX training at the company before start of the project.
7. I can’t claim that I know all the aspects of a company’s financial statements, but I get your point. Very valid! Working on it (did get to work on it in my Master’s degree Accounting class)
8. Being from overseas (been here for the past 10 years), I know more than a few foreign (South Asian) languages.
9. I believe I have a mentor at my organization. But I know I need to also seek one from outside.
10. I have a rough career plan (for example: soon I will be embarking on my MBA).
But, I don’t make a 6-figure salary! What’s missing?
Thanks,
March 19th, 2008 at 5:15 pm
By midwest, I’m assuming you’re not in a big city like Chicago or St. Louis right?
That could be part of the problem but what may be at issue is YOUR willingness to DEMAND a higher salary. Without more specific details I can only pinpoint as those two items being the most problematic.
In large cities there is huge demand for the skills I mentioned as companies compete for good workers. Based on your qualifications though you SHOULD be making at least 100k in even a mid-sized town!
March 20th, 2008 at 7:52 am
Rich,
Thanks for the prompt response! Although I live in Indy, I work in Kokomo, a small city/town, about 50 miles North of Indy. Could geography be a reason?
Thanks Again,
March 20th, 2008 at 9:04 pm
There are many salary guides out there and I’ll look up your region but you are in a smaller city and that will impact the competitive nature of your salary.