[TheGuyCPA]

I currently work at a large investment management firm making $45K. I’ll be getting a CPA license soon and it states online the average CPA makes 61K a year. Is this starting or over a few years? I’d like to know what I’m worth as a CPA. My current job doesn’t require the CPA but it doesn’t hurt to have the license anyway.

Edit: 6/5 2:06PM: I live in Chicago and I work downtown as a staff accountant.

FAR - 80
REG - 78
AUD - 88
BEC - 84

State of Illinois Licensed CPA as of September 2015

[Anonymous]

There's a few factors that play into salary. Most important being location! You didn't state where you live. Second, if the CPA isn't required where you work than I wouldn't expect a raise just because you have it. I would consider looking for a job that does require a CPA. Also, their are websites you can go on to search salaries for your particular area (ex. Glass door, Robert half, salary.com). Lastly, it doesn't hurt to network and speak to others in your area. Good luck

[Missy]

Depends on your location, salary in NYC isn't the same as Smackover Arkansas.

What you're worth as a CPA will depend on so many factors, experience, industry, etc. Some CPA's do make 45k, others make nearly a half million.

So really theres no way to thoughtfully answer your questions.

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

[Wanna_B_TXCPA2014]

@TheGuyCPA my take on the salary calculator is that its all relative. To answer your question, you're worth it if you can find someone who will pay you that. Maybe its your employer maybe its not.

You can talk to your employer about getting you closer to average but dont hold your breath. That would be a 36% raise and most places are these days tend to be less than 5% on average for promotions. Also since your job does not require a CPA its probably less likely that they will pay you for it.

In my estimation I would say once you pass, be strategic about your next move. Its nice to make alot of money, but experience can be worth more than the short term gain in cash. I would look for promotions within the company or laterals that would add some experience to your resume to set you up for getting another job outside the company.

Hope this helps

[TheGuyCPA]

I live in Chicago and work as a staff accountant. The seniors here don't have CPAs and one of them makes 63K, and the other makes 55K. I would expect as a CPA I should make at least if not more than that. Maybe I can find an opening in my firm but it's hard to break the news to a manager and VP that might take it personally, since in the past there have been high turnover.

FAR - 80
REG - 78
AUD - 88
BEC - 84

State of Illinois Licensed CPA as of September 2015

[Missy]

If a CPA is not required they won't pay you what a senior makes just because you have one. The CPA adds value to your resume but don't expect it to add value to a Staff position.

45k seems low for Chicago at least to me but then again 55k seems low for a senior. Can't imagine a staff accountant ever making the same as a Senior. Is this your first job and how long have you been there?

Once you accept a certain salary its very rare to jump 20+% in 1-2 year period of time. Get your CPA and send out feelers for what kind of offers you could get.

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

[Anonymous]

Robert Half salary guide is an excellent resource for this:

https://www.roberthalf.com/workplace-research/salary-guides

[Anonymous]

YOU need to determine what you are worth. But I'd agree with the others that if a license isn't required for your job, you're not likely to get a raise or bonus for achieving it.

It's not so much an issue of having a license or not having a license; it's more about whether or not the company requires, or at least prefers a CPA, for the position and whether or not you bring something to the table that the company thinks will be difficult to replace. At a staff accountant level, this is unlikely. Unless you have a strong relationship with an important client or really specialized knowledge of some facet of their business that they routinely have trouble recruiting for, it probably doesn't apply to you.

My advice would be to talk to your chain of command or HR about pursuing your license and your interest in taking on a bigger role. They may be very interested in grooming someone for a certain role that does require a CPA license. At very least, they can probably give you a clue as to whether or not you should start looking outside the company. You would think an investment management firm would want to have a lot of CPAs on staff, but if you're not seeing many people above you who have a license, that's probably an indicator that it isn't a highly-valued credential in your particular firm, so you're better off not trying to make a career there.

[jw_83]

In my opinion, it is low for Chicago for a CPA. But the job doesn't require a CPA. I currently work for a small firm in central Illinois, where the cost of living is far less than Chicago. I make $43,000, but I am also changing firms in 2 weeks. I will start as a senior associate making $63,000. So from my perspective you seem to be underpaid.

REG - 64, 72, 81!
FAR - 77
AUD - 79
BEC - 72, 79! And Done!

[Anonymous]

If you have a senior title and are a CPA working in Chicago in industry you should make more than $61k. If you are entry level, mid 40's is fine but if you also have at least 1 year of experience & r a CPA you should b making more IMO, prob at least low 50s if not more.

[TheGuyCPA]

Thanks for all the input. Robert Half says I should be making a minimum of $53K, and that's probably without CPA. I've had a couple interviews with recruiting firms saying they are shooting for 50-55K for a position. I might have to consider very soon after receiving my license, or even aim for 60K. I have to receive my 1 year experience validation from my current employer to get licensed.

FAR - 80
REG - 78
AUD - 88
BEC - 84

State of Illinois Licensed CPA as of September 2015

[Fat Bunny]

@TheGuyCPA

$45K seems low for Chicago, maybe that's why they have a high turnover rate.

Good luck !

REG - 77, 10/18/2014
BEC- 84, 2/26/2015
FAR - 78, 7/16/2015
AUD - 86, 8/27/2015 (Yes!!! I am officially done )

[Fanalyst]

Unless you are getting a 15%-20% target bonus, you're underpaid.

[Missy]

Please keep 2 things in mind. When considering potential opportunities you have to consider total compensation (benefits, vacation time, 401k match, etc.) If I had an offer of 45k but the employer paid 80% of health insurance and a 5% 401k match it is a better offer than a job at 53k where the employer pays 50% of health insurance and no 401k match. The other thing is hours, if you've got a cushy 9-5 job at 45k an offer of 55k isn't going to make you happy if youre working 60 hours per week.

Also, the point has been made several times but I feel it bears repeating because you seem convinced that getting the license automatically increases your salary. You say “and thats probably without a CPA.” If a CPA is not adding value to a position (and it likely won't at a staff position) employers won't pay you more just because you have it. Your experience at this point in your career is what adds value to an employer.

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

[nolifecpa]

investment firms value CFAs more than CPAs and CPAs are only required at mgmt level and above. you might get a 1K bonus for passing but they probably paid for your review material and will probably pay your license fee and CPE. if you're straight outta college I think 50ish is reasonable but if you have some experience I would think 60-70, 10% more for senior.

REG-65,71,74,73,70,74,79
BEC-60's,60's,69,71,76*,78
FAR-67,66,65,79
AUD-54,60's,65,83*,69,80
*expired

DONE

[TheGuyCPA]

Sorry I forgot to include a lot of things including the benefits:

100% tuition reimbursement for graduate school up to $12,000 per year; 100% reimbursement for CFA; 50% health insurance match, 50% 401k match up to 7% of income election, and standard dental, vision, and other insurance including disability.

Working hours are very low and laid back, standard 9-5; and summer hours begin June 1st and end Aug 31st which means every Friday we work half day, but must work till 6 Mon – Thurs, however everyone leaves at around 5:30.

We have a cafe with free Starbucks coffee everyday until 2:00PM; a workout gym with showers and a sauna

20 days vacation not including the 9 holidays in the year.

FAR - 80
REG - 78
AUD - 88
BEC - 84

State of Illinois Licensed CPA as of September 2015

[Author]

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