[mooseonloose]

I have been working at a private firm since 2013 as staff accountant. I started as a temp then I was asked if I wanted to work full time. Last year my CFO asked me if I can accept more responsibilities. I asked him if my compensation will increase and he replied, “of course.” Throughout the years, my responsibilities has increased tremendously but my compensation has been the same (43k a year). I asked him two weeks ago again regarding a raise or a promotion. He replied, “I will let you know tomorrow.” Another week passed and I reminded him again and he replied, “its not up to me, its up to the CEO, I have to ask him.”
I reminded him again yesterday, and he replied, “The president said, I have to come up with an evaluation and only then he will decide if he can give me a raise.”

I feel like he is milking me for the passed 3 years. I don’t know what to do anymore.

[Trele6]

Definitely sounds like you have been taken. Carrot dangled in front of you for three years and nothing.

I'd look elsewhere.

First go at the CPA! Only using Becker
Reg / Nov 2015 - 87
Far / Apr 2016 - 79
Bec / May 2016 - 80
Aud / Aug 2016

[NeedsA75]

Yea, I'd start looking for something else moose. You've got a few years of experience there…time to move on!

[Missy]

Lesson learned the hard way to get a commitment and when additonal responsibilities are requested ask for a promotion/increase. Especially the promotion becuase if you're doing the work of a senior/supervisor/manager you should be able to say as much on a resume.

Get your resume out there, you've been taken.

Meantime I'd ask him flat out what his timeline is for this evaluation and review by the CEO. Be polite but firm.

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

[Anonymous]

I am interested with the outcome of this and whether you decide to stay or leave and what happens between you and management. Also curious what kind of firm this is and what location? I see private equity firm, but can you be more specific about the size, industry, and region/location?

Also that sucks, but I am all too familiar with stories like this that I've heard from others and experienced firsthand. Sometimes I wonder if I should have just stuck to wanting to become an astronaut.

[smoothiezguy]

Been in that situation before… So many promises of raises and never did any of them happen. There was always some excuse of why they hadn't lived up to their word. I know how frustrating it is. In my case, the only thing that resolved it was moving on from that job. Now I get raises every year without having to ask. My employer is already ready to offer me a big raise once I finish my CPA. I never even had to mention it.

CMA - 430
BEC - 83
FAR - ?
AUD -
REG -

[StudyNowCPA]

I have to agree that you have been taken advantage of. I have been at my job 2 years and have gotten 2 raises. The second I didn’t even ask for because they laid off half of the company so I didn’t want to look bad for asking when so many people lost their jobs. I walked in one day and my boss said it was time for my raise. If they wanted to give you a raise you would have had one by now. I don’t know where you live but that salary is very low for an accounting degree/cpa candidate. I’m in Houston so I don’t know if that makes a difference. We’re looking at a $15-20k difference.

[mooseonloose]

Its a mid size electrical contractor in NYC. I am the youngest individual in the firm and the second person with a MBA after our CFO, the controller doesn't even have MBA. I get paid the least out of the 70ish people in the office. I saved the company lots of money by negotiating with vendors/suppliers. CFO said, “you are definitely worthy of an increase.”
My sister works for a similar industry and she started at 75k.

Advantages:
I live 7 minutes away
Union benefits
no pressure environment other than end of the month/end of the year

disadvantages
No room for growth imo
low pay

I will ask him again in 2 weeks. And yes, I just fixed up my resume and started to apply elsewhere.

[Anonymous]

I believe you can easily land a job start at 70k with your experience and degree in NYC. The union benefit is not gonna be cash-able until you retire which mean another 30 plus years. I won't even bother reminding your CFO, as even if they were to give you a raise, it's probably not gonna be in your desired level.

Start looking, since the economy is good right now.

[Anonymous]

From my experience they only listen if you got an offer from somewhere else. Your raise will be much better if you go to a different company too. I had to come in at entry level at 40k at a public fortune 1000 company. Staff accountant. I asked for a raise and was basically led on. Then I just responded to a recruiter from linked in and got a nearly 30% raise 3 months later.

Since then I don't even bother asking for a raise. I was at that company a year and a half, got a nearly perfect performance review, but a 3% raise. I was unhappy at that company due to an older, insecure employee who was senior to me, but junior to me in skills and thought she could overcompensate by being bossy, puffed up and unfriendly – always trying to play “gotcha”, but only calling out a real mistake 5% of the time (it was insane, she would look ridiculous trying to say I didn't do something I was supposed to do, but our bigger boss correcting her that I did). Due to politics and company needs they didn't move me off her team, just would give me more sensitive, demanding work due to my higher competence. I felt used. So I replied to several linked in recruiters and took like 3 and 1/2 months to get into the next pay bracket, mid 60's.

Don't expect sympathy or fairness in capitalism. It's all supply and demand. You're supplying their demand, and accepting your pay for it. Another company demands your skill, and will pay you more to supply it. Find that other company!

[Anonymous]

There's two ways to establish your value. Value in use or value in exchange.

They are using you and saying your value is $43k, based on the money coming in due to your work… after they skim their profit off the top.

Contact a recruiter, and put yourself out on the market. Get a written offer or two. This establishes your value in exchange, or your market rate. It will be for way more than $43k, I guaran-damn-tee you. Then slap that written offer on their desk and say, match it or I walk. If you plead and negotiate with them directly, you might get a 3% or a 5% raise… eventually. But if you use this method, you'll get 20% or greater either by staying and getting a proper raise or taking your new offer.

[mooseonloose]

@ebeezy thank you for the insight, I am and applying to new position and will continue until I get another offer. second, how did you increase audit from 70 to 98.

@chyanblue thats a good idea. If they can match an offer of 65-70k I would be really happy, but I highly doubt it.

[Anonymous]

I underestimated AUD, it was my first exam. I was overconfident. I went to a top public college for accountancy (U of I Champaign). I went on vacation and didn't study at all a couple weeks before my first take.

I got a 98, due to an intense fear of failing again, so I had a maniacal overkill studying method. Due to my score, Gleim interviewed me on how I got a 98:

Basically obsessive overkill of the material and practice problems, driven by fear of failing again.

[ellejay]

I don't have much advice. I'm in a somewhat similar situation. I just wanted to let you know you aren't alone. Perhaps your super is just very busy but I'd keep pressing him, however I would look for a different position as it sounds like you won't see much growth unless you fight for it. I'm looking for a new job as well, after busy season is over (and of course I get my signed experience qual for the accounting board, lol).

[mooseonloose]

I reminded him again and he said, “we are working on it.” Like what the eff does that mean? I have already applied to my other places.
Lets say if I start work elsewhere. will I need to work another year towards my CPA work experience?

[Amortized and Energized]

Happened to me at my last employer. I covered for co-workers, stepped up when some left. Took over a manager's role and was told I hadn't been a Sr. Acct long enough to be promoted to manager. Stayed in the role long enough to get the experience I wanted and gave my notice. They freaked out and offered me the raise I should have been given the prior year and I told them absolutely not. I learned the role on my own without any training and support from my superiors. I asked them, what happens next year when I'm due a raise or bonus and it doesn't come? Best feeling ever walking out of that place, and easy to get a new job because the companies I interviewed at were impressed with the work load I'd assumed and experience gained.

FAR - Aug 2015 (58), Feb 2016 (81)
u
BEC - May 2016 (79)
AUD - Jul 2016
REG - Aug 2016

[Author]

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