[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]

That's some amazing benefits!!!! I would take advantage of the CFA or go back to school for something if it was on someone else's dime. I would consider that before leaving 🙂 Also, something to consider is the hours. For example, you find a job making 53K lets say you work average 50 hours a week that calculates down to 20/hr. (53,000/52 weeks/50hours per week). Now, lets do the same thing with 43k and a 40 hour week- your looking at almost 22/hr. Plus, you still have a life which depending on your current situation could be more important than your paycheck. Can't put a price on spouse, children, sanity and of course traveling lol. Plus, if the new employer requires you to pay higher premium for insurance or give you less than 7% for 401k that makes a difference in your bottom line. Lastly, depending on how much you use starbucks an average drink cost you $3-6. If you drink once a day your looking at $60 a month low ball. And a gym membership these days will easily cost you $30-50 a month. I know these amounts may seem petty but over a 12 month period they add up. Especially if your used to getting them free! I would look at the bigger picture before making a decision. The grass isn't always greener on the other side 🙂

[TheGuyCPA]

I know all these benefits are good, but as of right now I'm more concerned with paying off my student loans faster rather than enjoying half day Fridays. I'll enjoy half day Fridays later when I have less debt to worry about.

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

State of Illinois Licensed CPA as of September 2015

[Anonymous]

@TheGuy have you considered getting a 2nd job of some sort, since you've got a nice schedule? You may be able to get something part-time from home that you could do, or something like helping out at a public firm after your other hours to pay off your loans. I understand the desire to get loans paid off ASAP and have at times worked a couple jobs myself for that very purpose. More tiring than 1 with longer hours, but lets you keep the sweet job for after loans are paid off. Of course if your loans are going to take a long time to pay off (say 10+ years), then the quality of life during payback will matter more than preserving possible high-quality life after payback.

[Tuffy11111]

How do you manage that? I had a hard enough time trying to pay for everything when I made as much as you in a city with a much, much lesser cost of living.

BEC - 83 7/25
REG - 76 5/2/15
AUD - Hopefully before MY Audit...7/5?
FAR - 83 5/2/16

[TheGuyCPA]

@Lilla, my loans will take approximately 5 years, so I think I have some time to do some part-time work.

@Tuffy, I work downtown but live 45 minutes on commute by train further from the city so my rent is much lower, plus I hardly ever go out or go on vacation. I definitely wish I did have more spendable income though.

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

State of Illinois Licensed CPA as of September 2015

[Mayo]

“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.”

$45k seems kind of low for a large company. However, like you mentioned, your position doesn't not require it, so it makes sense that it won't be in line with the salary average. I'd say 61k is after 3-4 years for a large metropolitan area and the position you're in.

Mayo, BBA, Macc

[Author]

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