@PurpleK I am rolling in my grave right now!! “Doesn't get you much.” I make like 1/4 of what you do and live in a 2 bedroom apartment by myself by the beach and travel internationally frequently. If I had 4 times what I have right now, I don't know what I would do with myself (obviously I desperately would love to have it). I don't need a mortgage of $10,000 a month, that is hugely wasteful!
I can give you an estimate for NJ based upon the company I work for but you also have to figure our housing costs are insane. My property taxes alone are $12K a year for just a run of the mill 4 bedroom 2 bath suburban home built in 1969…
$50K Staff Accountant (No CPA needed, 2 yrs experience)
$75K Senior Accountant (No CPA needed, 5 yrs experience)
$100K Accounting Manager (No CPA needed, 7 yrs experience)
$140K Director (CPA Needed, Big 4 preferred, 7-10 yrs experience)
“Unfortunately $175k doesn't get you much especially with a mortgage in an overpriced housing market.”
I don't know about where everyone grew up or what kind of household they grew up in but anything over $50,000-60,000 is a lot of money to me. The thought of being a senior accountant making $75,000-95,000 is mind blowing to me. My mom raised myself and 2 brothers on $32,000. $175K is something I would find myself baffled to have.
BEC 8/14/14 - Passed
Graduated from college 12/13/14
AUD 8/31/15 - 74. Retake - Passed
REG
FAR
The thing is, Accounting is not the job for huge salaries.
You put in a lot of work at school, often get a masters, work your butt off for your CPA, and then get a job with an ‘entry-level' big 4 salary – that is typically between 45k and 55k in most parts of the country.
I'd say most CPA's who start in Big4 never make over $100k. Even more so, most CPAs, starting in either Private or Public, don't ever make over $100k. However, most CPA's do earn a comfortable living according to me (but apparently not according to you).
At the peak of my career, if I continue to work hard (will do!) and climb the ladder (I hope so – but not as certain), I may have a salary in the 80's. Which is still a good salary as far as I'm concerned.
175k as a starting point? That's ridiculous. You can afford a 3br house on 50k/year in most places. 175k is top 10% income wise, you can live a modest middle class lifestyle for a third of that.
A salary is not where a majority of “wealthy” people generate there income. Usually through investments , generating revenue while your allocating your time to your job or something else. Also a lot of CPA's end up being partners at larger firms or small ones so your income wouldn't necessarily be based on a salary but a % on company income. I'm surprised future CPA's are focusing so much on a salary! Dream bigger, think about opening your own firm, invest, take risks.. Putting in all this work to make what sales man can make in commission sounds like an extremely depressing life!
A - 89 10/23/2014
R - 90 2/27/2014
F - 75 5/25/2014
B - 83 8/28/2014
I think senior managers, asst controllers, controllers, etc, that I have been in contact with range anywhere from mid-100s to high 200s all in. Some may go over depending on tenure and company size.
Agree with all the comments above about $200k being a starting point to have a decent home, afford kids, and your spouse can stay at home. I work in industry, make $70k currently (3 years experience) and have all 3 of those things.
In my company my controller (CPA, 25 years overall experience almost exclusively in industry) makes about $1.5mil annually.
Latrell Sprewell….is that you?? Sorry bad joke. š
Like many said, a big factor is COL in your area. I saw a listing for Controller the other day. Salary was listed as 35-40K. Even in MN where I feel has a pretty average COL, I'd be very curious to see how many ‘qualified' candidates apply for that position and figure.
I do know a few CPA's that do quite well where I am. They are usually out selling themselves and their brand to potential clients to make those salaries.
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