[weed74]

Hi Everyone,

I was just wondering, and have found no better area to ask this question, but what sorts of benefits are people receving at their public accounting job? Please include a general location to help apply relevance to the situation for myself and others.

My qualifications:

BS – Accounting and Finance

Masters – Accounting

Passed 2 of 4 parts of CPA so far

4 years experience with one 20-30 person firm, Southern Ohio

Benefits:

2 weeks vacation

No set personal/sick time policy

No Comp Time

No reimbursement for CPA or Schooling

Interest free loans for CPA/School (up to $5k)

1% of salary max match on 401k

4-5% of salary profit sharing employer contribution

salary around $50k, bonus generally between $2500-4000

total hours around 2300-2400 each year, of which about 1400-1500 are chargeable

AUD - 84
BEC - 80
REG - 75
FAR - 80

[Minimorty]

@Jared –

I graduated in 2005 with a bachelors in Econ. I didn't really know what I wanted to do, but was pretty sure I wanted to do something in business. I took a job with Wells Fargo for $30k selling mortgage products and other secured and unsecured loans. I really didn't like that position (1. Sales is a grind and 2. I thought we were doing most of our clients a disservice by recommending high interest loans when there were other solutions for these people and better products out there). I started looking for a new job after 2.5 months.

I've played tennis all my life and through the course of my tennis career I have met a ton of people. A lot of these people have become good friends. Most of these people are older and well established in their careers. To this day, I look to these people for guidance, opportunities, and advice. One of these people is the managing director of a national business valuation firm. He offered me a position starting at $38k. This was the beginning of my valuation career. Six months later I was given a raise to $50k.

After 1 year, I got a little bored with it and decided to go in another direction entirely. Another one of my tennis contacts offered me a sales position at a packaging firm starting at $75k plus commissions. I only lasted about 1 year before deciding I wanted to go back to the business world. I actually went back to the same business valuation firm I had previously worked at.

They started me at $65k plus bonus and I hit the ground running. I made a little over $100k that year and I haven't made any less in a year since. I've been at the same valuation firm for another 4 plus years now. Ive gotten a few designations since and am well setup for the future.

Let me know if this helps or if you have any specific questions. Happy to help.

[sacredtheory]

That's awesome Mini. A prior post of yours caught my attention, where you had briefly mentioned what you did, that's why I was wondering. It's interesting to see how someone can take a non-traditional route and end up highly specialized like that (sounds like you're doing well).

I briefly looked at the valuation certification(s) out there, definitely sounds interesting. I love the place I work out now. It's a small public accounting firm, about a dozen CPAs and an attorney. The small atmosphere is great. Thinking long-term, it's the kind of place where becoming a partner may very well be viable. But I'm also thinking about specialization, etc, and it's interesting to hear stories like yours, to see what kind of possibilities are out there.

BEC: Passed
AUD: Passed
REG: Passed
FAR: Passed

Jared

[sacredtheory]

On a side note, tennis rocks, I love love love tennis (although trying to get my wife to play is a lost cause).

BEC: Passed
AUD: Passed
REG: Passed
FAR: Passed

Jared

[Mayo]

@mini, I've heard there's been some downward pressure in compensation in business val the couple of years due to an influx of inexperienced people with fly by night designations.

Do you think that's true or have any thoughts?

Mayo, BBA, Macc

[Anonymous]

2004, Houston Texas, Regional Accounting firm

Starting Salary 49k

Signing Bonus 3k

2 weeks vaca

1 week sick

Profit Sharing Plan

OT paid out at the end of busy season

Raise ~2% – 5%

Received bonus based on the % raise as well. Meaning, if you received a 3% raise you also got a 3% bonus and your OT pay out. Not a bad gig but you worked hard for your money.

I am in corporate now and I have friends that make less than I do with their CPA and more experience though.

[Smbundy13]

here's mine…… B-ham, AL wicked small firm… 8 employees total, two partners 3 professional (accountants), 3 support.

started in summer 07 straight out of college

40k salary.

fast forward almost 5 years

52.5k salary.

2 weeks vacation plus a day each quarter if I meet the hourly bonus requirement (not possible) plus a week if I meet the annual hourly bonus amount (really really not possible)

never been in a meeting with a client.. company isnt growing and doesnt want to… have to make a chargebly hours goal to get market salary which is not possible because of the work flow. (just hired another tax person with barely enough work for the two that were here).

main computer can't use a computer for anything except internet and outlook…

all in all, a very frustrating place to work, had a real life changing experience last year that put working at this place into perspective… since then it has been very difficult to “push through” being unhappy until I pass the exam to go somewhere else.

ultimate goal is to move back to Texas to work with or close to family.

FAR - 75 (Expires April 30, 2012)
BEC - 74,74,69,83
AUD - 72,65,70, 4/20 Last Score???
REG - 69,84

[Minimorty]

@Mayo – I'd say that pricing per engagement has come down a bit due to the competition, but I dont think that overall compensation for entry level or mid level personnel has really been effected. Interestingly enough, it's generally the accountants that “dabble” in business valuations that have driven down a lot of the prices. The AICPA's ABV designation is really easy to obtain, so you have a lot of accountants who get the designation and all of a sudden think they are business valuation experts. A lot of times, these accountants are pretty clueless when it comes to business valuations. A lot of these accountants are doing a lot of 409A valuations for financial reporting and are charging crazy low fees. On the flip side, the fees for gift and estate tax work and litigation support work are holding pretty steady because of the increased scrutiny of the appraisals (either by the IRS or opposing counsel/judge, respectively).

You mentioned in another thread the ASA designation, which is viewed by many as the best business valuation designation out there. The designation requires four, four day classes with a test passed at the end of each class, 5 years of experience in business valuations, and the submission of an actual business valuation report prepared for a client. None of the other business valuation credential associations have a threshold this high. I believe there are about 5 separate business valuation credentials out there right now (ASA, ABV, CVA, AVA, CBA). This is one of the problems in the industry right now. Clients need to be educated that some of the credentials are better than others.

[Anonymous]

Big 4 Chicago – Tax

My qualifications:

BS – Accounting

Masters – Accounting

Licensed CPA (passed three before I started and 1 within a couple months of starting).

20 months full time + 2 Big 4 internships

Starting salary $55,000. After one year bumped up to $64,500. Hoping for another good raise this year…

Benefits:

3+ weeks vacation when I started (currently 4+)

Unlimited sick days

13 paid holidays

CPA Exam reimbursement + Becker materials

$5,000 bonus for passing CPA exam within 1 year of starting (bonus incrementally decreases over a couple more years)

Net 1.5% of salary 401k matching

Additional retirement account fully funded by firm which vests incrementally over a 5 year period to reach 100% (3% of salary and increases each year….not sure what it goes up to)

Small performance type bonuses throughout the year. My first year these totaled about $3000.

I have my busy times but have never worked more than probably 65-70 hours/week. I'm usually around 45-50/week on average.

[jeff]

Welcome to the forum, ftw!

This guy works for EY, I believe …

https://www.youtube.com/watch?v=rzezG2E3e7U&feature=plcp&context=C442e0d7VDvjVQa1PpcFMHggoZpGtyRAH4DXCvfgH5yX7gVSbWMAo%3D

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[Anonymous]

I guess I am lost in the accounting world. Here is my story:

2002 – graduated in Finance and Bnaking yet can't find a Finance related job so I swiched to accounting. Work at a small local firm with $15/hour. Learn as much as I could and planning on looking for a better job.

2005 – moved to Banking Industry but only as Investment Accountant, make $40k a year. Lasted a year since the bank get acquired by bigger bank. Start taking CPA exam, pass 2 parts (FAR and BEC) but stop since I got engage and planning for my wedding.

2005 – Work for a software company as GL accountant, making $60k, still at the same company now making $75k but pass all my CPA exam in 2011.

More information, back in 2007 I planned to work for the FBI as their forensic accountant. I spoke 4 languages fluently, trying to retake my CPA exam and the only thing missing is the military background. So in 2008 take a LOA, join the military as reservist. Unfortunately once I am done with my training, I got pregnant so I have to let go my dream to work for the FBI.

2012 – pass the CPA exam, still work as GL accountant and want to look for another job so badly since I am sick and tired of the month end cycles. I don't have audit experience but I am part of internal audit team in my company.

@Mini: I look up on you as a ‘wise' person. What are my options? What should I do or pursue? I am in the Bay Area by the way.

Or anybody out there, any suggestions??? I am so lost…

[Witchkizzle]

here's mine…… Houston, Texas firm with about 80 employees that pays overtime (or you can keep it banked for extra time off)

August 2010 straight out of college as Staff (I had interned with them part time for a little while at about $23-$24 / hour) and then promoted to Senior in Oct 2011:

Staff Salary $53,000- 1st year Senior $59,000

Staff Overtime $5,400 – Senior $7,500

Staff Bonus $1,500 – Senior $5,000

Staff total

401k match $1,000 instant vest

Profit sharing = to 4% of salary so another $2,350 or so this year

$3,600 a year HSA contribution

Becker review paid for as well as all exam and licensing fees

Professional organizations paid for

Free cokes in the fridge (its the little things that matter!)

2 weeks vacation

40 hours comp time (i chose to use this as vacation time instead of getting this 40 hours of overtime paid out)

1 week sick

8 paid holidays, plus half days the day before half of the major holidays (4 half days a year)

Flex time (probably my favorite benefit)

So my first year out of college I made around $60,000-61,000 and my second year out I will make around $71,000 or so.

Im ok with this.

This brings up another interesting topic though: cost of living.

Avg home price in my city has got to be around 145,000. For example, my wife and I just bought a house last week for $124,900. It has nice features, new flooring, new paint and carpet, good landscaping, granite countertops and all that. It's a small house at 1,400 square feet ($89/sq ft). The lot is 7,800 square feet so a decent size yard for a suburb.

Overall the total price is less than 1 year salary for my wife and me (she is an RN with her bachelors degree working in the Houston Medical Center). We will pull in around $130,000 this year. I would say the area you are living in has a lot to do with how much you get paid. We live in an inexpensive area and make decent money and have no debt other than the house now.

Anyway, I'm not setting the world on fire with my salary but it is allowing my wife to quit working in a year or so to be a stay at home mom once we have kids 🙂 (I'm 25 and she is 24)

Texas CPA
Licensed 03/12

[Mayo]

@mini, that's basically what I've heard. Apparently public accounting firms are trying to branch out into this field, but some just don't have the experience.

Any thoughts on the value of the CFA in business val? I've heard it's useful, but I'd just want confirmation one way or the other. 🙂

Good to hear compensation is staying up there though. That's my planned field after my audit stint..

Mayo, BBA, Macc

[Minimorty]

@Mayo – Yeah, CFA is definitely solid in the business valuation world. Once you get into it, it will be easy to add a business valuation designation too. CPA + CFA + a bval designation is going to be pretty attractive to an employer. Of course though, experience goes a long way too.

@cinderella – Hmm, your situation is definitely tricky for me. I dont know a lot about audit and how to progress and what types of positions there are. I can, though, help you think through your situation a little bit.

First, I think you need to define your goals and really figure out what you want to do. Based on your timeline, am I correct in assuming you have a toddler running around? Do you plan to continue to work full time? Do you have your CPA license or have you just passed the exams? Do you want to continue to work in the private industry or do you want to be involved in public accounting? Do you want to work on audits or would you prefer to do something else? What do you have most of your experience doing and how can you translate that into something that an employer will find valuable?

The best way to get a great opportunity is through networking with the people you already know. Friends, family, and friends of friends and family are going to be great ways to try to get an opportunity. You are making $75k right now which is pretty good money. If you go into a new industry or position that you are not experienced in, you will likely have to take a cut in pay. You'll have to decide whether the long-term benefits of the switch outweigh the short-term lower salary. Or you can continue to do what you are doing, but switch companies. Or perhaps you stick it out a little bit longer at your company and try to expand your role and get more experience doing other things. Do you want to be a controller? Do you want to do audit?

I think the first step is really trying to figure out what you want to do, and then you can take the steps to try to figure out how to go about doing that.

[SportsNerd]

I currently work as an industry staff accountant and have been here for about a year. I have committed myself to passing the exam this year and spend about 30 hours/week studying. I emailed the recruiting manager of a regional public accounting firm and attached my sub-par resume. I mentioned that I knew an employee there that would refer me. She replied almost immediately and said they would love to talk to me and asked which office I would consider? I answered. She said outstanding and that they have positions available and to fill out the general application online.

Is it going to be that easy to swing this transition to public? Any thoughts?

Bec - 66, 71
Aud - 73

Going to enjoy some of the summer and retake both in August since my clock hasn't started ticking yet.

[Anonymous]

Gee! I thought cpa firms paid a little better. :-0 I'm wondering what I should do long term then? I work for a public company and make upper $60's plus $4-5k bonus, 25 pto days. However!!! I don't want to move out of state to climb the latter. Our headquarters is in Ohio.

[Author]

Replies