[ABTSC19]

So to keep this brief, my boss (the CFO) passed away unexpectedly 9 months ago. Since then I’ve maintained about 80% of my prior responsibilities (some were redistributed) and taken on 50% of the CFO’s. Since there hasn’t been anyone to train me for what he hadn’t taught me yet, I’ve had to deconstruct what he was doing, analyze it, reconstruct it and made sure it matched. This is in addition to knowing whether or not something was right or wrong for obvious reasons. This is for system generated reports, his workpapers, FS, budgeting and employee utilization, etc. The owners have expressed how pleased they’ve been and our external accountant says I’m doing controller-level work at a minimum….successfully.

Anyway, in this time I’ve received the equivalent of 2 annual raises but it was still less than their “top guys” regular raise and my bonus was near the bottom. I have access to the info so I did see where I compared….which is a double-edged sword. I’m overhead so I understand I won’t make as much as the direct labor guys, but my friends think I’m being shafted. I wanted your input since none of them are in accounting, but I feel it. I have management responsibilities and regularly work OT while trying to study and with several kids but have no authority and am paid as an assistant….although I’m an assistant to no one. There’s been no mention of a promotion being possible and the first (half) raise I got took 3 times of me bringing it up and they weren’t happy about it at all. It was no secret that the CFO wanted me to take over upon his retirement and when he passed I told the owners I could fill the position. They’ve said how pleased they are that I’m here and how I’ve done, but that’s about it. How would you feel? I don’t have public experience but I don’t feel that this is right.

I’m just so disappointed. My boss was my friend and CFO and I was so excited at the opportunities….but they’ve mentioned that they’re restructuring the dept and I feel it’s been dismantled. It’s a very small firm so anything could happen, but they’ve minimized the work that CPA’s do….as if they can do it just as easily. It’s a feeling my boss had as well….

[JRG24]

I was in a similar position (not with the death of a CFO, but doing the work of the controller/VP of finance without proper consideration). Of course, it was never in the budget to give me a proper raise to match my work. I guess that whole sacrificing part of your life to work hard and learn isn't the best idea since they will just use it as an excuse to hose you (too young, too important doing this one thing, etc.) But I digress. Anyway, I found another job, and magically as I was putting in my resignation they found a way to nearly double my salary and give up some equity. Its amazing how that works. This was when I learned that, despite what people and companies try to say, there is no loyalty. They will screw you over as long as they thought they can continue to get production out of you. It doesn't matter that you aren't direct labor. You add value. You set your value. The company can either choose to accept and pay that value or they can say “I'm sorry, but I don't think you are worth that much.” Both of these answers are perfectly acceptable and reasonable. What you are doing right now, though, is letting them get the milk for free. This is the one thing that is not acceptable.

My advice, go find another job and be willing to walk away. If you like the place and want to stay give them the opportunity to make it right. Otherwise, say goodbye and move on.

[ABTSC19]

Thank you JRG24. I actually felt a little better just from posting it but the past few months I hoped were a time for them to see what I can do, consistently. It's sadenning since I thought I'd retire from here but they've not only gotten this workload from me but they expect it monthly when my boss submitted it quarterly and annually. I even asked for a part time employee to take over the data entry stuff so I could focus on the executive-level work but they said it's still my job. My only coworker is a spouse so I have to oversee what she does as well….when she does what she should. I appreciate your feedback and feel better about it.

[ABTSC19]

BTW, did you take the other job or the increase? Just curious….

[Recked]

So I think the more important question right now is who will sign off on your experience after you have passed all 4 parts of the exam?
If you no longer have a CPA supervisor this is all a dead-end/moot point. (depending on your states rules…)

[ABTSC19]

I checked with my state and they said our external accountant could since he does our compilation and taxes so he sees what I do.

Besides, I'll still need to get my remaining 30 credits so I'll have time to get that experience under someone else. Thankfully that's not a loss!

[Jimmy Dugan]

I would find something else. It sounds like they want to pay the minimum for skilled accounting/finance and that won't ever change. My wife had a situation like this for years. She worked for a family owned business and they treated all of their employees like family in most facets. All except for that pesky little area where they could show the most love, compensation. She practically ran the company and they took advantage of her good nature while paying her chicken feed. Fast forward to a couple of years ago when they were bought out by a company that immediately recognized her value and, viola, she now makes $75k/year MORE than she did under the ownership that everyone loved so much. Hope you find a situation where your employers recognize what you bring to the table.

[ABTSC19]

Wow, it's sad to see how many people are sharing that they were in a similar situation and they're not shorted not by smaller amounts like $10-20k. I've done a lot of research and my salary should be near double, but they don't want to pay that. It's even more sad considering they're no longer paying a CFO salary which is 3x mine but it is a partnership so guess where that extra money is going….definitely not in my pocket.

Even more hurtful, I just overheard one owner talking about how indispensable the CFO was…how he was so efficient. It's hard to get things back quickly when I can't unload the remedial work and they keep adding new things they want on monthly reporting. I appreciate your feedback, very much.

[msu1234]

Sometimes you just have to put your foot down. And be willing to walk away. (With a plan of course)
Just tell them like it is.
“I want the CFO job and pay, or I want to go back to being an assistant, and you need to hire a CFO. I will continue to do what I am doing for X weeks, and after that I just can't do two jobs without additional compensation anymore.”
You just have to be prepared to leave if they say no.

[ABTSC19]

Thanks, MSU1234. My husband and I have actually been talking about moving to another state where we have more family. We stayed since I had the CFO position guaranteed to me upon his retirement, but since they've taken that away and shown how they feel, I'm just prepared to leave. I'm not too surprised as my boss often had complaints and he was my biggest advocate but he often had to fight for raises, so I think it'll be a recurring issue. I know I'll deal with it other places but it doesn't have to be here :-). They've already made it clear that the CPA isn't as difficult or valuable as the PE lol. No thanks, not looking for competition, just professional courtesy and compensation.

[JRG24]

@ABTSC19 I wrote a reply earlier,but apparently it was deleted somehow. In a nutshell: yes, I took the counter offer. It was far superior to the job offer that prompted my resignation. Had it only been a match or slightly better, I would have declined. The pay increase and title change put me into a new classification that changed how I was perceived professionally. It was absolutely the correct choice. Having said that, if a similar situation were to arise again (I am still with the same company) and had an offer on the table, I do not think I would take the counter. I am at the point now where I am running into a ceiling and don't particularly like the people over me (as bosses or as people). From here, I would have to be “in the club” and I am not, nor can I ever be because all of these people have decades of experience working together at previous companies or have close family/friend connections to the owner. The fact that I need to move on is the only reason I am pursuing my CPA.

[ABTSC19]

Thanks JRG24. I received the email with your original response but it wouldn't allow me to reply lol.

Thanks again for your input. I'm excited to move on, literally and physically lol.

[Author]

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