Job/Salary advice for a unique situation

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Job/Salary advice for a unique situation

28 posts from 14 voices

Started 7 months ago by 808CDR
Latest reply from senbi575

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808CDR

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OK, so here is my story I will try to keep it short, if you don't care about background info just scroll to the bottom for my main question!

I graduated in KY in 2010 with a Bachelors in Business-Accounting. I pretty much hated the state(except for basketball of course) and all the surrounding ones so I moved to Hawaii(best decision ever!). I really enjoyed school so I figured that it would be better to just keeping going rather than bumming around trying to find a job right away. I had already gotten my degree with an emphasis in Accounting and had met the CPA requirements so I thought it was a little pointless to get my MACC and went for my MBA instead. School here has been awesome, I've gained a much broader understanding of how businesses operate in every aspect. I also had the opportunity to work with people from various cultures that I otherwise never would have come into contact with.

Over summer I began to work on the CPA exam and passed BEC, REG, and FAR, and have no doubts that I will pass AUD sometime within the next few months. During my undergraduate studies I worked for 3 years(part-time) as an accounting assistant, finance/accounting intern, and in AP. In Hawaii I have only done a small amount of bookkeeping.

Now I am starting to apply and begin interviewing with CPA firms in the area and I am just curious if anyone has any idea of what I should expect. We have 3 of the big 4, no PWC, and a few regional firms, I plan on applying to most if not all. I know the starting salary for a fresh college graduate is anywhere from 38~55.

So my main question is...What should I expect as a starting salary for a 24 yr old MBA graduate(3.8~3.9) who has passed all 4 sections, and has, relatively speaking, decent work experience?

Thanks for your help! Of course if you have any questions or need more info let me know.

FAR 86
BEC 86
REG 78
AUD 80
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Posted 7 months ago #
mla1169

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I think you're going to have to look on Robert Half. I assume that in Hawaii (and we're all invited to come crash at your place, I assume) its a bit different than on the mainland. I don't know if the education/credentials are as common as they might be in Boston or NY and if I remember correctly the standard of living out there is high (btw what does a gallon of milk or a gallon of gas go for there? Maybe I don't want to know!)

FAR- 77
AUD -49, 71, 84
REG -56,75!
BEC -75

If I can do this, YOU can do this! Hang in there :)

Posted 7 months ago #
808CDR

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Yeah I have checked out Robert Half and I know the salary range. I'm just wondering that because of my credentials if I will have any type of salary bump, just have a stronger application than most other applicants, or maybe even be considered overqualified(which I am assuming is impossible for a CPA lol). As for milk it is at 4.75 at Wal-Mart right now which is a killer for me as I typically go through 2 gallons a week! Gas is really a non-issue, I drive a moped (having a car just seems absurd to me at this point) so i get like 80 mpg and never have to drive more than 5-10 miles because everything I ever need is right here, beach, downtown, school, mall, ocean, grocery store, and more beach! But to answer your question I think it is around $4.20.

FAR 86
BEC 86
REG 78
AUD 80

Posted 7 months ago #
Peanut

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@808CDR, my best girlfriend lives in Hawaii and I had originally planned to move there after my exams. After stalking all of the job related forums I mentally switched to wanting to move to a different warmer state instead (possibly Cali) this is because I could neverrr find anything for accounting in Hawaii! Actually, now that I reread your post.. You must not be referring to Maui? I was looking exclusively in Maui. I have done so much research on jobs out there for accounting, and the consensus was they generally pay lower than the mainland. You never know though, especially since it seems you're looking more towards big island. On a serious note, if you find jobs out there on big, you best let me know because I would still move out there in a heartbeat to be with my best girl and to live in the most beautiful place! Try scouting indeed.com, they usually have salary ranges by location. Best of luck! Seriously.. keep me update!

AUD 59, 72 :( 72 AGAIN :( :(
REG 59, 60, 80
FAR 67, 75
BEC 58, 79

Posted 7 months ago #
CalCPASoon

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Like you said, the average starting salary is $35-55k. You dont have any audit experiance, the accounting experience you do have is very entry level, and it was a few years ago (as you said, that was during your undergrad years, right?). The fact that you have an MBA i really dont think will help you get a higher salary because its not relevant to the position of an audit staff, but the fact that you will have passed the CPA exam is a plus. The MBA might help you be more attractive to an employer because of your potential to be promoted, but i dont think it will add too much to the starting salary.

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Posted 7 months ago #
808CDR

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@peanut Yes I live on Oahu, much larger metropolitan area with around 750,000 population. From what I have seen our economy is not even close to being affected as the rest of the mainland. Mainly because we rely on tourism from Japan, other Asian countries, Australia, Europe, and the U.S. There seems to always be help wanted signs in many of the small businesses and always a plentiful supply of accounting jobs on the accountemps and roberthalf websites. This all makes sense considering our unemployment rate is around 6% compare with the national average of around 9%.

FAR 86
BEC 86
REG 78
AUD 80

Posted 7 months ago #
808CDR

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@calcpasoon...I agree, I felt that the MBA would open more doors later on for advancement into management positions. When I first got here a did a couple informational interviews and was told that they like to recruit MBA's because they generally have better communication/social skills and a broader understanding of the companies they are working with.

Also audit is kind of like the default position to start for me but I would really love to get into the consulting/solutions side of accounting. I know that its possible to start here but rare. Does anyone have an experience with the amount of time it takes to get into this position or is it based more on a firms immediate needs?

FAR 86
BEC 86
REG 78
AUD 80

Posted 7 months ago #
markiux88

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808CDR..you're my hero!!!!!!!! haha

Posted 7 months ago #
OnMyWayToCPA

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@808, Your credentials make you a better candidate and will probably get you the job but they dont really help out much more than that (esp in reference to salary) until you get into a job that is not entry level. My guess is that you will be hired on at somewhere close to the bottom of the salary range for accountants in Hawaii.

I say this because you dont have any experience after graduation, yet.

Just a guess but the entry level salary range for any given position probably is not much bigger than $4000-$5000. In Oklahoma its about $37000 -$42000

From what I have seen the only thing that really makes salary go up is experience (after graduating)

However, your education and credentials will change the types of positions you qualify for and that could make a difference in your salary.

So, in my opinion, it really depends more on your work experience (after graduation) the job you apply for than the extra credentials you bring to the table

Just as an example, say you are applying for a job and it is you, and another person with just a bachelors and maybe he is working on his CPA but has only passed on part. You would be the clear winner, barring any other weird circumstances but just because they picked you doesnt mean they would want to give you $5000 than they would have given the other guy. Especially when you will be doing the same job. The only caveat to that is if you have experience under your belt, because then you are billable at a higher rate for one thing and you can get the job done faster

Again, just my opinion...

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Posted 7 months ago #
jamesjohnson11

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I honestly don't think the MBA matters this early on in your work life. yes it's a great thing but I think most firms just see it as you spent more time in school and you don't have any real business experience that can add to the MBA. I think once you get older it will become a great thing to have because a lot of firms look for someone having an MBA, but I don't think it will increase your salary. It's the same thing at the big 4. From what I hear they don't give people with masters any more money than someone with a BBA, at least not in audit, I think its different in tax.

Posted 7 months ago #
808CDR

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@onmywaytocpa....Thanks that is some great insight to my situation! I feel like you are on track.

Another question I have...Generally firms give a bonus when you pass the exam within the first year or two...How does that work with someone who comes in passing all four parts? Do they just get the short end of the stick or is the bonus tacked on to the signing bonus if applicable? That is one reason why I have not yet taken AUD haha

FAR 86
BEC 86
REG 78
AUD 80

Posted 7 months ago #
808CDR

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@markiuxx88....haha thanks!! did I mention I get to surf about every other day!

FAR 86
BEC 86
REG 78
AUD 80

Posted 7 months ago #
CPAer

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I hate you :)

Posted 7 months ago #
markiux88

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Hate no good...I'm going to Acapulco and Cancun when I'm done with this... lol...

Posted 7 months ago #
katiekanton

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808CDR said, "Another question I have...Generally firms give a bonus when you pass the exam within the first year or two...How does that work with someone who comes in passing all four parts? Do they just get the short end of the stick or is the bonus tacked on to the signing bonus if applicable? That is one reason why I have not yet taken AUD haha?"

I have had the same question and wondered if I needed to put off one section, or if having all four down would give me the edge. Having the job and no bonus is better than not having the job at all.

808, I can only add this advice, if you're going through $9 a week of milk, get a jersey cow. Also, I hate you. Sooooo jealous. :)

My CPA firm owning boss is a world traveler, literally. He went to Hawaii last year for the first time and said that it was the most beautiful place he had EVER been. He said he talked to lawyers and other professionals who, after visiting Hawaii, quit their mainland jobs and moved there, taking whatever jobs they had to, even waiting tables. They said it was worth it.

AUD - 88 - using Bisk, and btw, Bob Monette ROCKS
FAR - 90
REG - 85
BEC -
Ethics - 100

Posted 7 months ago #
NECain

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808CDR

I don't have an MBA, but I work with people that do and I'm pretty sure that I make more than they do. Plus, they're older than me. I think that work experience and degrees are some of it, but I also think how effective you work plays a big part. It's nice to have all those plaques hanging up in your office, but they don't mean a whole lot until you get down to the nitty gritty and start banging out some quality work.

With that said, I'm sure you'll move up fast cuz you appear to be pretty driven and you're a hop, skip, and an AUD test (plus 2 years of work experience) away from becoming a CPA.

REG - 79
BEC - 75
AUD - 84
FAR - 75
Done...Thank you Wiley Books, Wiley Test Bank, and the NINJA Notes

Posted 7 months ago #
katiekanton

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@markiux88 I'm trying to plan a "reward" vacation when this is all over to motivate me. I'm thinking Disneyland, believe it or not. We went a few years ago and loved it, and I have about $800 in Disney gift certificates. Acapulco sounds good too, though. Also considered a short cruise to the Bahamas, just to relax on the "days at sea", plus they're dirt cheap.

AUD - 88 - using Bisk, and btw, Bob Monette ROCKS
FAR - 90
REG - 85
BEC -
Ethics - 100

Posted 7 months ago #
markiux88

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@katiekanton...I just remembered that I don't know how to swim, so Acapulco, Cancun, and Hawaii are out of my list..Plus I live 1 mile away from the beach so I'm tired of it......I'd like to go to the Rocky Mountains and all those beautiful places..I miss mother nature...I just hope they give a 12k raise once I pass this;otheriwse I'm quitting...lol

Posted 7 months ago #
katiekanton

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Well, ok, but I'm a little confused. What exactly does swimming have to do with lying on the beach drinking a margarita? For mountains, I am DYING to go the Tetons after seeing Shane recently.

AUD - 88 - using Bisk, and btw, Bob Monette ROCKS
FAR - 90
REG - 85
BEC -
Ethics - 100

Posted 7 months ago #
markiux88

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I don't like alcohol, but I'll drink a Coca-Cola with peanuts on the side...damnnnnnnn..life will be good in 12 months..haha

Posted 7 months ago #
Peanut

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Oh a little side of peanut ehhh?? ha

AUD 59, 72 :( 72 AGAIN :( :(
REG 59, 60, 80
FAR 67, 75
BEC 58, 79

Posted 7 months ago #
kandisjoy

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@katiekanton - I vote Disneyland. I've been there many times throughout my life, but I went about a year and a half ago with my fiance (boyfriend at the time) and we had such an amazing time. We still talk about it. I think I'm going to try to go back within the next six months or so.

FAR: 71, 77
BEC: 70, 82
AUD: 62, 78
REG: 71, 68, 85

CA Licensed 11/2011

Posted 7 months ago #
ScruffMcGruff

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I skipped pretty much all the responses, so sorry if someone has said this. The starting salary for my class this year at a B4 firm in one of the top 5 cities in the U.S. was 55K (w a 5k bonus for passing the CPA). I'm pretty sure this is pretty standard no matter what city you start at for a B4 firm.

AUD - 85
FAR - 78 (lol@ FAR Sims)
REG - Oct
BEC - Nov

Posted 7 months ago #
808CDR

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NEW QUESTION

Seeing that someone else in the thread had a similar concern here is the other question I had...

Generally firms give a bonus when you pass the exam within the first year or two...How does that work with someone who comes in passing all four parts? Do they just get the short end of the stick or is the bonus tacked on to the signing bonus if applicable?

FAR 86
BEC 86
REG 78
AUD 80

Posted 7 months ago #
ScruffMcGruff

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Uh, TBH, IDK what they would do if you have already passed all 4 parts. Have you also passed the ethics portion as well? If you haven't maybe you could try to say you still haven't technically 'passed' the CPA yet, and you might still be eligible (if you weren't in the first place).

Basically this is how it works for most people coming straight out of college:

1) You are given a job offer 1-2 semesters before you graduate..During this time you are given info on how to signup to get 'free' CPA study materials (i.e.Becker).

2) After you have passed all 4 parts of the CPA (and the ethics exam) you fill out a form in your office which shows that you have all the requirements completed and you will eventually get your $5000 bonus in 1-2 pay periods. At this time you can also fill out a form to get reimbursed for any fees you paid to take the exam (limit is $3000 in various fees in my office and DOES NOT include reimbursement of fees for having to re-take an exam)

Anyhow, I would bet that as long as you haven't actually applied and/or gotten your CPA license yet you would still be eligible to get the $5000 bonus.

AUD - 85
FAR - 78 (lol@ FAR Sims)
REG - Oct
BEC - Nov

Posted 7 months ago #
calisteph6

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I really don't know, but imo the salaries in Hawaii probably aren't that great because there aren't that many big companies HQ there. The big4 probably have very small offices there and don't employ many people and it's probably pretty competitive which means they can afford to pay less (unfortunately). And when you talk about the unemployment rate and the tourism...tourism doesn't necessarily keep low unemployment rates for professionals, although of course tourism being high will still employ everyone. There still may be a shortage or a tough job market for highly educated professionals, you really never know until you get out there. The market will show you what salary you will earn...

I've learned and seen that high COL doesn't mean high wages. Here in Southern CA the wages aren't much higher than the midwest or texas, but a house is 2-4x as much for example. Sunshine tax!! It's worth it though to me and I would LOOOVVVEEE to live in Hawaii. I was just in Oahu last year and it's an awesome island, but Maui is my fave, for now. I hope to visit Kauai soon!!

Good luck in your job search!!

Posted 7 months ago #
calisteph6

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In theory if you've passed the CPA exam your bonus should be a higher starting wage. And if you've passed all 4 parts or have your license I would certainly use that to your advantage in salary negotiations!

Posted 7 months ago #
senbi575

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Been involved with the Honolulu accounting industry for 10 years. Friend worked for Hawaii PWC office with an MBA (before the local office turned into Acuity), only got a $1-$2k premium over BBA 1st years. If you don't have CPA firm (public accounting) experience then I doubt if it will help you get a higher salary/position. Keep in mind that other UH Manoa business students will have a leg up on you unless you were active in some business club while doing your MAcc. I know the larger firms already scout the top students to fill their next few hiring seasons. What I think helps is how you interview, I know firms offer a premium for people that have interviewed well and would be a good fit to their company, however 9 out of 10 times these are business club students that the firm has already built a relationship with prior to the student's graduation.

Posted 7 months ago #