How the CFTC Sets Salaries
Starting salaries are determined based on an assessment of the selectee’s total experience. This includes directly-related experience, relevant experience, similar role experience, proficiency of skills, and scarcity of talent. In determining a salary offer, the CFTC applies structured “pay matrices” that assign the criteria listed above in order to receive a specific pay rate between the minimum and maximum rates of the band for the position. Note that the upper end of each pay band is generally applicable only to candidates with significant years of work experience and qualifications.
“Relevant experience” is defined as the number of months and years of prior experience that is not directly related to the duties of the position, but which nonetheless prepares the candidate for success in the position. “Directly related experience” is defined as the number of months and years of prior technical experience at a level that provides the scope and complexity necessary to equip the candidate with the knowledge, skills, and abilities to successfully perform the duties of the position and it includes the months/years spent in the current position. “Similar role experience” is defined as the degree in which the candidate has performed identical duties and responsibilities to the position. “Proficiency of skills” is defined as the degree in which the candidate has fully developed the skills required for the position. “Scarcity of talent” is defined as the degree in which the candidate’s skillsets are difficult to source and not available in the labor market.
Information Used by Human Resources Branch Staff to Set Pay
The resume that a selectee submits when applying for a CFTC position is used by Human Resources Branch (HRB) Compensation team to identify creditable experience. To ensure that your experience is accurately credited, it is essential that you submit a resume that includes your complete work history with a description of your specific job duties, start and end dates for each position, and full or part-time status (with hours per week).
Adjusted salary is made up of two parts, base pay and locality pay. Base pay is determined by the Compensation team, through the initial pay setting process, accounting for specific objective criteria. Locality pay is based on your specific geographic duty location, whereby higher cost-of-living-areas receive higher locality pay, and lower cost-of-living-areas receive lower locality pay. Use the calculator below to identify the band minimum and band maximum for a specific locality.
Salary Calculator by Pay Band and Locality*
*Note that these are the minimums and maximums for a specific locality and band combination. Starting salaries will be set in accordance with the above information.