[Anonymous]

Hello!

I’ve got a job offer from another firm, I haven’t negotiated my salary/benefits, that I will need to do tomorrow, but I am pretty sure they are going to be competitive. I have no idea what to do! I work for a privately-held company, and I think that it is the main reason why things are so clunky there, nobody is responsible for anything, financial reporting-wise, and nobody cares, because “the year-end audit is far away”. Since there’s no need to please shareholders and go through quarterly reviews, the quality of accounting is the least concern. I just can’t stand it anymore!

That’s why I am willing to move to a public company, where due to reporting requirements things just cannot be THAT ugly (from what I understand), plus I just need to have the experience of working with the SEC stuff to continue moving forward in my career. The problem is that the company I want to start with is basically of the same size (my current one is 170 mils, the new one – 220 mils), I am loosing the bonus that will be paid out in March if I leave, and one week of PTO’s, so I don’t know if that’ worth it. What do you think? Public vs. Private company, accounting-wise? Is 50 mils that big of a step forward in terms of complexity of accounting and quality of work of financial departments overall? My biggest concern is that once I pass the CPA, I will have even better opportunities, and I might be better off if I chill right now and start my job search in September, once I am done with all CPA exams. Please give me some peace of advice!!!

[Missy]

I think all your questions are moot until you're talking salary and benefits with them. But I will tell you PTO is one of the easier things to negotiate.

Old timer,  A71'er since 2010.

Finance manager/HR manager

 

 

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

[Anonymous]

I would stay at the current job if you think you can pass all the CPA exam by September unless the new job is significantly better or you really HATE your current job. Closing time for public company might be longer hours than private since there are required deadlines. This might affect your study time.

[fuzyfro89]

Generally speaking, company size is secondary to the type of work and complexity of transactions and reporting requirements for that company/industry.

Also, you will give up plenty of bonuses throughout your career due to job changes. In theory, as you advance and become more valuable, your new employer will generally pay you a signing bonus which should be at least as much as what you are giving up. If not, then you're probably not as valuable as you think you are…

Can you report back when you find out, at least verbally, the details of your offer? It's too speculative for me, or anyone else, to give very good and relevant advice without knowing what they are offering.

Generally speaking, assuming you are in the 45-60k range now, it's not really worth switching too often for less than 10% or 5k, MINIMUM, and at least a promotion in title and/or experience. Of course, personal factors (commute, type of experience, industry, better company, training program, etc) can sway that decision, so please fill in once you know more.

[JohnWayneIsGod]

Like fuzyfro89 said, the nature of the transactions that you'll be recording are a big factor in answering your question. Another factor is the audit risk of the company. My last job was with a multi-billion dollar company that was a high audit risk, so good controls and creating a sold audit trail was always at the top of everyone's minds. Even the most simple of journal entries can become complicated in such an environment. This is not to mention the frequent questions and request from auditors. However I can't imagine a company with $220M in revenues getting too complicated/crazy.

Before making the move, I'd honestly ask yourself if you are a person who likes a fast-paced environment or something a little bit slower. Perhaps the $220M company is a good move so that you can get your feet wet with public reporting without the added pressure that comes with a large company.

FAR - 80

Courage is being scared to death, but saddling up anyway.

-John Wayne

[Anonymous]

Thanks everyone for your $0.2!

I talked to their HR today and they told me that before I get an offer I will need to see their CFO. I will have a meeting with him on Wednesday. I graduated a year ago, and I am currently at $48,000 (I got a $8,000 raise 2 months ago after I had a serious conversation with management, before nobody was paying attention – no timely performance reviews, no goals, no nothing…), but that is still below the market rate in the region, so I asked the new company for $53,000, which is the fair market rate. They said it's no problem. The title is the same though. Once I see their CFO, and if I get an offer, I will try to negotiate the CPA reimbursement and make them pay for future CPE classes. Also, I will ask for possible raise once I pass all four parts. I think, I can get the same 53,000 from my current company, but as of Jan 1st, I am not sure about the CPA reimbursement though.

But the main thing is that I can't just work there anymore! I am bored to death after month close. It is too slow!!! I would love to have a fast-paced environment and good knowledgeable team around me. The accountants who I work with are more suitable for small businesses, they don't even fully understand accrual accounting 🙂 Everyone above Staff Accountant is knowledgeable though (previous auditors and CPAs).

[nicole2035]

i'd wait because many doors open with the CPA. also it can be messy/a nightmare for some people to get their past work signed off by previous employers.

i don't know if working at a larger public company will be as fast paced as you think. i find the opposite to be true that the SMALLER the company you work for the more fast paced. They don't have as much help, so you get to touch more than the basic functions/not get lost in the size. Also you find that in larger companies people do set functions, can hide errors, and usually want to clock in/out. The size of a company in my opinion is moot, and says nothing about career progress. You need to know how much help they need, opportunity for growth and TRULY take ownership of certain functions. Usually the larger the company the more monkey/mindless work you do

That's my opinion, i think you look well on track to pass the CPA since you got the hardest parts out the way and passed with flying colors. I'd personally stay until i pass, get my hours signed off. Plus they may immediately give you a raise which will increase your bargaining even more when you start looking in September

[fuzyfro89]

Seems you need to make the move for reasons other than pay? For even a small raise, I'd take it. The ability to have your future experience qualify for your license is important.

Many companies will fund certifications and some/all study materials if it's relevant. In accounting, I'd be shocked if that did not include a CPA. It's something to ask about AFTER you receive an offer, unless they state it is supported up front. Also, it is very common for companies to fund CPE and be accommodating to give you time to attend classes in order to maintain licensure. Again, if the company values CPA's and requires them to some degree as you advance in the function, it will likely be supported in some way. If it is not… then that's a sign they aren't really as top notch of a place as you thought before.

Remember, in recruiting, the first goal is to get an offer. The SECOND goal is to get a better offer (either with the same company, or a different one). Don't worry about negotiating until AFTER they present an initial offer and detail surrounding licensing/CPE/salary/benefits/bonus/etc. Once you receive at least an initial offer, you can bring up things if you feel it is weak in some areas.

At this point, qualifying CPA experience and a 5k raise seem like enough to make you move. The only real question is whether you think you can get more from another bigger/better place… that is something I'll leave to your judgment.

[Anonymous]

Thanks fuzypro89! I am not quite sure what you mean by “qualifying CPA experience”. Could you clarify please? I would appreciate that. It' just, I already have 1 year of experience that fulfills that requirement in my state, basically the work I do now is good enough. So, I am not sure what you mean. Thanks for your advice though!

Also, nicole2035, I don't see any problem sighing off before I leave during the last two weeks, because I already have the required one year.

[Missy]

Be sure of one thing, you mentioned in your first post about the experience of working with SEC stuff. You may not have anything to do with SEC stuff depending on the size of their accounting department. Not everybody in a public company is exposed to SEC stuff. I was a senior accountant, did recs and journal entries and accruals but cannot say that I have any SEC filing experience, or even participated much. That was all handled at the management level.

Just seems like you are making some assumptions (first you had an offer, now you're waiting for an offer, you gave them a # and while some HR person may have said “no problem” you don't have that as an offer yet.) Be thorough, ask questions, get confirmations.

Old timer,  A71'er since 2010.

Finance manager/HR manager

 

 

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

[wr8280]

In the long run, the SEC exposure will garner a bigger salary.

FAR- 82
REG- 93
AUD- 89
BEC- 88

You are smarter, more focused, and more brilliant than you give yourself credit for. Believe in yourself and truly know in your heart that you can do it.

[fuzyfro89]

“So, I am not sure what you mean. Thanks for your advice though!”

Sorry, maybe I misread. I thought your current job wouldn't qualify for the CPA experience requirement because you don't work under a CPA? If that's not the case, then never mind!

Get your license, and hold out for something better if you think there are better opportunities. I know it's tempting, but don't take the first offer you get without really thinking it through and taking a calculated risk. When I decided to leave my first job in big 4 audit, I almost took a position in risk advisory/internal audit at another public firm. Thankfully I dodged that bullet and ended up taking a job in industry… which I should add paid a whopping 20k more! Clearly, I didn't know my market value! Of course, maybe this was above market, but still, at least somewhere in the middle would be closer. I got lucky, and could be sitting today making far less than I am.

Know the job market. If you don't know it, study it. Read it. Read all the job boards and get all the comp information you can get. Talk to people. Talk to recruiters. If the company can't pay what you think your value is, then politely decline and continue looking elsewhere.

Good luck!

[Anonymous]

Best advice ever!

[Anonymous]

Hello everyone. I though, I'd report back to you with the real numbers…

Okay. I got an offer for $53,000 and 5% bonus, 14 days PTO. I am currently at $48,000, 10% bonus (was paid in full for last year), 18 days of PTO. I am disappointed if I take it, my bonus will be cut in half, and the negotiations were tough. I am thinking it doesn't make sense to switch jobs in the long-run, because the company for which couple thousand is so critical cannot be a good company to work for, all further raises will be tough to get. What do you think guys???

[Anonymous]

I just left a publically traded company after 7 years. They low ball you on salaries. I would check to see if they do annual reviews and are raises annual as well. Also, are raises performance based, COL??

All in all I can say that the 7 years there was crucial for my career. I had previous tax experience and just had to get out of the CPA firm. I started as a staff accountant and moved to Sr. after two years. I did not have hands on SEC experience until well into my Sr. role. The management did all of that, but then they started trickling that down. I was then promoted to Asst. Manager of Fin Acctg and I really drafted the 10q, 10K, etc. My staff did the write ups and all PBC's to support every single number in those documents. I obviously reviewed it all and used that for the write up. The only thing I didn't do is push the button (I did watch the Mgr. push the button though, so I have that, lol!)

My advice, if you can, take the job. SEC experience is great if you are going that direction in your career. If you get the job, learn as much as possible, ask questions, document everything and show initiative. In time, you will get to help I'm sure. Especially if they see you are willing and able. You have to take control of your career so put yourself out there. We always joked with the new people to take the 10k home and read it, but for real, if you want to really learn your company, read it!

Another thing, most public companies have compensation committees that also dictate what staff can be paid (ranges) and annual budgets that tell each department, you have x% you can increase salaries this year in your dept, make it work. So if you did outstanding, you may get a big chunk of that, where as the quiet person in the corner waiting on someone to notice them will get half of that. (I use to be the quiet one in the corner and then I had my ahha moment)

Good luck! sorry so long.

Also: I was involved in Preferred Stock offerings, Business acquisitions, Sale Leaseback transactions, Consolidated entities, attempted hostile takeover, etc. I touched on just about everything you study in FAR so I feel like the knowledge I have now is way more than I would have gotten elsewhere.

[Missy]

Its probably not worth the move you are correct.

But you did get what you asked for, salary wise so I really don't see why you're disappointed. Sounds like you lowballed yourself when you asked for 53k. Had you asked for 56 or 58 you just might have gotten it.

I mentioned it before but I think you got swept up in your assumptions rather than basing any of this in fact. You assumed the salary would be great because of the size of the company, when you asked for 53k you assumed your bonus would still be 10% and you assumed you wouldn't lose PTO. For future reference when you are asked salary take your current PLUS bonus and increase it by at least 5%. Ask for 56k and let them come back and tell you they can do 54k plus a 10% bonus.

Keep looking and take what you've learned from this experience into your next offer.

Old timer,  A71'er since 2010.

Finance manager/HR manager

 

 

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

[Author]

Replies