[joey088]

So I’ve been working for a small investment company for over five years, straight out of college. At first, I just took the job to get my foot in the door. But I liked that it was easy going, had a good boss, regular hours, and great benefits. However, things have changed and I really need to grow as well.

My duties include taking care of everything accounting related, full cycle, general ledger, recon, compliance, financial statement reports, expenses analysis, assisting with budget, etc. It was busy before but manageable. The workload has significantly increased but the pay is not that great. I’ve been having to work through lunch and go in over the weekend to keep my head above the water. It has become a lot more demanding which wouldn’t really bother me if I was compensated well.

Right now I’m making 50k. I talked to a recruiter a few weeks ago who was selling me on a similiar position for 42K. I’m looking for more a Senior Accountant position making at least 60K. I don’t have much experience in different jobs. I have a BS in Accounting. With that said, do you think my one accounting job experience is enough to land me a higher level position making more? Even with no CPA at the moment, I can’t be stuck.

Thanks for your input.

[alloverit]

The CPA will give you the options you desire.

Without knowing the cost of living for where you are, it's difficult to say if $50k or $42k is livable.

However, almost ANY job that allows you time to study for the CPA is worth having…because the CPA creates options that experience may or may not.

I know TONS of accountants who are more efficient than me. But their efficiency has allowed their employers to pile more on them. And while they may be an “invaluable” team member, they're stuck without holding a CPA.

Just my two cents.

Good luck!

[Missy]

The best way to know for sure if you are or are not underpaid is to get some job offers.

As for “can” you get a higher level job, yes. But remember that doesn't mean you will. Everyone seems to think a job search is conducted in a vacuum where if you meet some threshhold you're in. Thats not the way it works, though. Its about where you rank compared to others applying to the same job. If your resume is more desirable than others, absolutely. But if your competition is people with CPA's, more years experience, or more industry specific experience then they may be who gets the offers.

Licensed Massachusetts Non Reporting CPA since 2012
Finance/Admin/HR Manager

[zchen42]

Why is industry specific experience so important? It feels like once you work in one industry, you gotta focus on it forever and it's difficult to change. Every time Interviewed, I was asked if I had experience in specific industries. If you do not have the experience, how should you respond to the question?

[Recked]

If you have experience in a specific industry that means you have knowledge of that industry that they won't have to teach you.
For example: Some of my small business clients are restaurants. I know the ins and outs of restaurant financials, expenses, expected COGS, overhead, etc.
I can see problem areas for a restaurant before the owner is aware of it.
If I were looking for a job in the restaurant industry, I would have a leg up over another accountant, because they don't need to teach me the ins and outs.
If I were interviewing at an accounting firm that handled restaurant clients, they could charge a premium for my time working on those clients because I have experience with that industry and the skill set that goes along with it.

On the opposite end of the spectrum, I don't have any large construction clients. I might understand the basic concepts behind % of completion, or other methods of revenue recognition, but I don't know the industry well enough to properly advise a large contractor on how to best maximize his tax position given different scenarios, other than general overall tax planning and advice. There would be a lot of training and learning involved if I went to a firm that handled large contractors, or if I went into industry to work as an internal accountant at a large contracting firm.

People tend to gain skills through their employment over time. Their knowledge base in certain areas tends to increase over other areas, this creating their specialization that they can charge more $/hour for.

If you do not have the experience they are looking for in a specific industry, you can point out that you have experience in a different but somewhat comparable industry, you can mention that you don't know THAT specific industry but you dealt with similar circumstances or situations that you might encounter, or you can say no, but I have researched the industry, I am familiar with the basics of it and some specific trouble areas to look out for, and I am a fast learner.

[zchen42]

Thank you for your advice.

[Missy]

Well for a moment pretend you're a hiring manager. You are looking for a senior accountant for a company that builds power supplies. You've got 2 resumes in front of you, one with a candidate who's got 5 years experience as a senior accountant for a company that manufactures calculators and one for a candidate who's got 5 years experience as a senior accountant for a company that builds power supplies. Both candidates are perfectly capable of doing the job, and either would be a great hire. Given the fact that one candidate is already familiar lets say with the specific vendors, costing, sales cycle, customer base, etc for that industry thats usually enough to assume they can hit the ground running faster.

Licensed Massachusetts Non Reporting CPA since 2012
Finance/Admin/HR Manager

[LongShot]

Just start applying and interviewing. I spent 3 1/2 years at bank holding company putting up with a boss who's the worst human being I've ever met and I was underpaid like crazy-every person hired after me made minimum 25% more than I started at. At least. And I was the only one who could handle the IT parts of the job. And a CPA.
I sent some resumes, got some interviews and offers. Every offer was at least $10k more than I made. Even got offered controller position for BIG raise (but they weirded me out and I passed).
Ended up getting audit position at a CPA firm for slight raise-they offered the job same day my stupid boss gave me 10% raise just to keep me. Slight raise over the 10% raise, but raise over what I was making. Now I'm getting public acctg experience, making good money, and I love my bosses! I've even let them meet my kids. Don't think I even told my last boss my kids' names.
Note: I only applied for my current job because my old boss pissed me off just a bit too much one month-end. Figured it'd be entry level pay and a no-go, but they surprised the hell outta me! Sometimes ya catch a break.

FAR - 75
AUD - 72; 87
REG - 64; 74; 84
BEC - 88

Done!!

[Author]

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