[Anonymous]

Hi All,

I have been working for a public corporation (non big4) for almost 1.5 years (55K p.a no bonus).

My roles have been Acc/payable, receivables, forecasting, analysis, processing checks/wires, introducing more efficient payable processes (converting from hard copy to electronic systems), compilations, preparing monthly reports on affiliates (separate revenues, p n l’s, employees to the parent), doing adjusting journal entries & complying with SBOX testing on AP. Programs used are QB and Hyperion.

I hopefully soon will have my CPA & I wanted to know how I should go about asking for a raise? I don’t want to be low balled but I also don’t want to push too much for a high number. I live in NYC.

Does anyone know what my value should be (what I should ask for). I’m thinking “maybe” 70-80 but would like some opinions as I have no idea.

[Anonymous]

I can't believe for someone who is a Finance Manager with a 15 billion dollar company and in NYC making 55k. You are way underpaid. The staff accountant in my company is making 65 plus bonus in CA.

[nika_cpa]

for NY it is way underpaid. Look for another job ASAP…..NY has tons of possibilities.

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[alboreland]

I'm a Sr. in NYC and make within your target range. 55K for a finance manager does seem low, however I have had experience with a company not paying well. Some companies, no matter how big and profitable including the one I worked for, just don't pay their lower level employess well, sometimes even managers and directors.

Do you manage any staff? How many people in your department? I have also noticed that some companies like to throw out titles like manager when a person might be a sr somewhere else. I would definitely look for a new job although it will be tough with the salary increase even when it is appropiate. I had people almost laugh at me on the phone when I discussed salary because it was similiar to the increase you are looking for. They were fine when I mentioned a range, but had a different opinion when I mentioned my current salary.

[Anonymous]

I think it's somewhat unfair for prospective employers to ask what you're making currently. 😐 I know it's fairly common practice, but I don't think it's a good practice. Obviously if you wanted to make what you were making doing what you're doing, you'd just keep doing what you're doing!

[Anonymous]

Thanks for the advice everyone!

@CPA88888 where in CA are you working?

@alboreland I do not ‘manage' staff in that no one reports directly to me. I'd say it is an inflamed title in that sense. In the department probably about 50 or so, in the team about 6.

I agree that if I were to stay in my current role I wouldn't be able to vouch for much of a raise with the CPA however I'd like to be promoted to some form of controllership role even if it is assisting the current controller of my department (which can justify the salary increase)

[san4596]

Aussie – I would simply request a salary bump of about $5,000. I would simply tell them the being certified shows that you have expanded your knowledge in your field. Just as receiving a BA in Accounting or an MBA would expand your knowledge of business. There is ‘VALUE” to having the CPA behind your name. However, I believe asking for anything above that may cause ripples. Keep your eyes open for new opportunities at all times, and do not be afraid to ask for more responsibility.

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[Anonymous]

@san4596 Thanks!

[fuzyfro89]

No one will pay a janitor an extra 5k because they got a Medical Degree.

My point?

Does your current position require a CPA? Probably not. Look for a new position that does require a CPA or at least someone in the accounting field, and you'll probably also start finding jobs that are 60k+.

There are drastic differences among companies and what titles mean. Finance managers at my company (large Fortune 50) make anywhere from 120-150k (base, bonus, etc), while other companies are closer to the 100-120 range all-in.

I'd be less concerned about title than the work responsibilities… as that will drive what you get in the future.

To conclude: ask for a new job, not a pay raise. The pay should follow in a position/group that values CPAs.

[san4596]

fuzy – your point is irrelevant, and makes no sense. A janitor having a medical degree has nothing to do with that career.

On the other hand, you have someone in finance/accounting/business who has a degree that relates to their career. Having a CPA just adds to your qualifications or makes you over qualified for the position you are in, which is why I suggested asking for more responsibility. Even if the position does not require a CPA, you have still added value to yourself as an asset to the company.

CPA EXAM: DONE!!!!
Ethics Course: Passed
Application Mailed: 3/16/15
Professional Conduct Exam: 97
Certification Date: 4/2/15!!!

[mkrohmer]

In my opinion you are definitely underpaid. You probably should have started around that salary and already received a bump after the one year mark. Check out Glassdoor.com it is a great site to see what others are making in comparable positions. It is also good resource if you are looking for a new job and want to see what the positions/pay increases will be a few years down the line.

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[Anonymous]

@fuzyfro that's the plan – to ask for a new role to justify the raise

@mkrohmer I thought it was weird too but apparently the company only does reviews every 1.5 years (i'm assuming when raises are determined).

Thanks for the advice everyone, you have helped me confirm that I am underpaid & once I have the CPA I should ask for a new role entirely otherwise a raise is not justifiable. I'm still not sure how much to ask for – Does 70-80 sound reasonable if I had some form of controller or assistant controller role from a promotion?

[mw798]

Again, even with a new role the company may not offer you any more than 10%. This is a common HR policy among large companies.

So don't be surprised if $5k more is the max they can offer you.

[Author]

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