[Painted_Jeans]

I’ve heard that getting a license adds some dollars to your pay, but how much is it really? is it more valuable in the beginning of your career or later on when you have more experience? do public accounting firms usually bump the pay once you get a license or is it worth changing firms after to get extra “appreciation”?

[mbg112]

I cannot say from experience as I do not currently have one.

That being said, most public firms require managers to have CPAs, and anything above a manger is expected to be (and will not promote you unless you have one).
As for immediate bump? I work at a small firm (less than 50 employees). I was told I'd get a $4000 bump upon passing. Bigger firms can obviously offer far more.

[Saps]

From what I have heard when I was in undergrad, a CPA designation ends up adding about a million dollars over a lifetime.

[Recked]

I recall researching this about 10 years ago, and it seemed that the CPA designation would add about $20k per year to your salary, on average.
You might be able to find more accurate results from glass door or payscale or similar websites.
I can pretty much guarantee you will never regret DOING it, but you will most certainly regret NOT doing it.
Trust me on this, the older you get, the harder it gets. Do it now.
___
This article sites a $40k differential.
https://www.sapling.com/8463688/salary-differences-cpa-noncpa
***
To answer your questions, the CPA is a long game. patience is a must.
Just because you have a CPA doesn't mean you are suddenly much more experienced or qualified. The CPA without the work experience doesn't really mean anything.
You might expect a 10% bump, or maybe $4-5k salary increase, but in the long run, when a non-CPA is making 50k, and you are pulling $100k, the difference is profound once you have the experience to back it up.

[Anonymous]

I've been curious about the pay bump as well.. I'm closing in on completing mine and have only been full time for 1.5 years. I've tried researching but the range of pay seems quite vast! I'm considering just sitting down with my boss's boss and talking about what I should expect after obtaining it and if the increase is negotiable or things like that. Any thoughts on this strategy?

[Recked]

Don't rush it. Pass the exams, have them sign off on your experience first. Then negotiate salary, and if the number isn't right for you, look elsewhere.
Once they know you are wanting more money, and potentially leaving after you are licensed, they can drag their feet on your experience forms. Play it cool.

[alloverit]

I would base it on percentage increase rather than $ amount due to massive differences in cost of living across the country. I've always heard 20%. When I looked at my raise it was actually 20.8% so that seems about right.

Also, I get commissions too. And I can tell you already that it is much easier to bring in clients as a CPA than as a non-CPA…so that's another benefit….at least for me.

[Golfing NY CPA]

Recked is 100% correct with what he said

He and I are around the same age and take his advice to heart. It always bugged me not to pass the CPA exam for many years after initially taking the exam in November 2001 back when it was paper and pencil. Every year it used to be the one thing that ate me up inside. Finished my last exam in December 2017 and it was the best decision of my entire life.

[Zyx]

I worked for a regional firm for almost 2yrs. When I passed the exam, no bump but got $4k bonus for passing for exam. It was like a reimbursement because I paid out of my pocket until I passed. I got 2% raise on my first year which was barely nothing.

REG: 77 x2
BEC: 81 x3
FAR: 68 retake 10/1
AUD: 8/27

[Adam]

Listen to recked..hes one of the smarter more experienced posters on here..From my experience you might not get a bump at your firm,(usually they give you a reimbursement between (1500-5k)…BUT you will have nearly any firm out there open to talking you and giving you a 20-25 percent raise..this job market is hot for skilled help right now.

I went from a 45k year staff to 75k a year Senior with CPA in less than two years..I work in the very competitive Chicago job market.

I was screwed over by my first firm and laid off in Jan after 6 months..which is about as bad of a thing you can do to a first year associate, second place was seasonal though they lied to me and told me full time perm..afte tax season hours were cut to nothing..third place was an EA office bumped me to 58k. the guy hired associate degreed people and waitresses from his restaurant to do SALY accounting so nothing was done correct..then the FBI OC division showed up and I left for a tax attorney..only got to 60k at that point..the public accounting dream continued as he employed largely people with no accounting degrees as well to file fraudulent returns..I mean no financial statements or records at all in some cases just made up..so after refusing to do this i was let go in april..

Took UE and had two offers over the summer at 70-75k took the 75k one doing simply 990 audits and tax work..however have had numerous firms approach me wanting to interview me in the weeks after i accepted the position..

Get the CPA get public experience and3-4 years learn as much as you can and life will be a lot easier when youre 50

Soooo my poiint is the CPA will guarantee you employment and comfortable living for the rest of your life if you have the right experience..its respected by those that have also completed the journey..and those that haven't are looked down upon to an extent as in a lot of cases they lack a lot of skills necessary to do full cycle accounting. Being able to speak the audit language or tax language and interview well will help boost your earnings, but you will more then likley need to move around a bit in your first several years in order to see large increases.

[jpj230]

I got a 7.95% raise for passing the exam and was not happy with that. I felt like I was underpaid to begin with and expected a much larger bump. So I changed firms a few months later and ended up with an additional 20.2% increase in pay.

[MR.93]

It really depends on where in the country you live because variables like cost of living kick in. What firm/company you work at also plays a huge role in what you will be rewarded with. I passed the exam but didn't get any bonus/raise in my salary. We recently got acquired by a global conglomerate and despite being told that these certifications are highly valued on their end, all I got was a congrats and that our benefits still haven't “merged” with the parent company so there's nothing to offer -_-. Although I have almost 2 years of experience, and I did look for jobs elsewhere, I still chose to stay with the company I'm currently with a little longer because of other “benefits” like commute being 5 mins and I'm ok with the salary I was hired at for now. I also said to myself I'd like to gain more experience in this role and solidify concepts before making a move elsewhere if there are no rewards forthcoming for passing the exam and acquiring the license hopefully before end of this year.

[MIsconnie]

Easy formula

Private = yes
Public = Not really (i.e. just about everyone has it)

Just a sweeping generalization that holds true more

[ruggercpa2b]

When I worked in public at a big 4 you did not get extra pay for passing. You got a bonus if you did it in the time period to qualify for a bonus. Otherwise you got a congrats and maybe a team lunch out of it. Everyone is expected to work towards their CPA and a lot of people start already having passed the exam. When I switched to private I remember one supervisor telling me flat out not to expect more money because a CPA was not needed to perform the job. I think you see a reward when you switch to a different role within your company or jump ship to another company. My current role I will get promoted once I get certified. They value certifications since most of our management is from public accounting.

AUD - 73, 72 retake 7/2/2016
BEC - 8/20/2016
REG - TBD
FAR - TBD

I am so ready for this nightmare to be over. Been at this way too long.

[Recked]

I got roughly a 40% raise, but that's because I was substantially underpaid, and the boss had the leverage because I needed him to sign off on my experience.
Once I was licensed the leverage situation changed drastically. Still bitter about being paid less than I was worth for so long, simply because he could.

[Author]

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