[Anonymous]

Hi All,

I have been working for a public corporation (non big4) for almost 1.5 years (55K p.a no bonus).

My roles have been Acc/payable, receivables, forecasting, analysis, processing checks/wires, introducing more efficient payable processes (converting from hard copy to electronic systems), compilations, preparing monthly reports on affiliates (separate revenues, p n l’s, employees to the parent), doing adjusting journal entries & complying with SBOX testing on AP. Programs used are QB and Hyperion.

I hopefully soon will have my CPA & I wanted to know how I should go about asking for a raise? I don’t want to be low balled but I also don’t want to push too much for a high number. I live in NYC.

Does anyone know what my value should be (what I should ask for). I’m thinking “maybe” 70-80 but would like some opinions as I have no idea.

[Anonymous]

Also my job title is ‘finance manager' if that helps

[Tripp11]

I work predominantly in the healthcare field, but most of our clients have had salaries frozen for the last 3-4 years. Zero raise. Zero bonus.

You would know better than us how your company is doing financially and the pressures they are feeling from whatever sector they operate in; however, I would be very cautious asking for a raise because you've passed the exam.

Just my two cents.

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[Anonymous]

Thanks for the advice!

My company has well over 15 Billion in market cap.

I believe that they are doing well.

[Tripp11]

LOL That certainly would make a difference! Might as well ask for a reserved parking spot too! 🙂

AUD - 93
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[Anonymous]

@Tripp11 thanks haha 😛

Really need some salary advice as I've been really nervous about doing this

[s2sylvir]

I don't see what's wrong with asking for a raise. My question is, what's the incentive for the company to do so? Have you been performing above protocol? What's your value-added?

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[Dog pounder1977]

The only things I see playing against you are: your short amount of time with the company, the fact you have only passed the exam which does not mean you are a CPA yet, and the fact that you are expecting nearly $20K in raises! That is a lot of money to be demanding. If someone in your situation approached me asking about a raise based off similar “accomplishments” as you and I said ‘No', I would keep a close eye on that individual as well as immediately begin looking for a replacement for them because now that I am aware of their intentions, they can no longer be trusted to stay with the company much longer. How do I know they are dedicated and passionate about the organization and their job, or are just concerned about the dollars? What if someone else approaches them with an offer at another business meeting their salary expectations; could I count on them to stay?

How do they know we did not already plan to give them a raise on our own without them having to ask? You see where I am going with this? This is how employers think. It is nothing wrong with asking but do keep in mind you are treading in shark territory when you ask for something like this; especially for someone who has only been with the organization for 17 months. However, if you feel that you deserve $20k more a year then what I would do is approach someone who you are comfortable with that is responsible for authorizing such decisions. I would overexaggerate how challenging the CPA exam is in addition to how important it is for accountants and how you are nearly close to receiving your CPA license (if you already fulfilled the experience requirement). However, I would ask for maybe a 1-5k increase to test the waters. Or if you want the 20K, spread it out over a period of years like NBA contracts are. Maybe an increase of 3-5k per year for the next six years or so. But to make things more in your favor, ask for an increase in responsibilities to make it seem like you are not just concerned about money but about your job as well. Just my opinion.

One day I will face that exam.

[Anonymous]

When I signed on for the job initially, my role was to be only Acc/Payables, forecasting, wires/checks, compilations and adjusting entries. The other things were extras I was asked if I'd be interested in doing in addition over the next few months which I accepted as I wanted to show I can do much more.

I'd be asking for a raise & a role change into something similar to a controller status or assistant controller so I believe the CPA + my experience so far + the fact that I'm eager for something more challenging would be the value added, whereas if I were to stick to my current role then yes I'm not really adding anything more except for the CPA name. I don't know if that helps?

[Anonymous]

Thanks for the advice lilperk! That's my worry too, I replied just after you that I would be looking for a change in role as well to move up, not just a raise on my current role to justify it.

[Anonymous]

What you're asking for is a 27-45% raise, which is HUGE. I'm not saying you are or aren't worth it (you know the NYC market better than I do, I'm sure), but your employer is going to see it as a 27-45% raise and be like “Are you serious?” From the NYC salaries that I have heard, I would guess that the 70-80k mark is probably reasonable, but the percentage increase is going to sound like a lot. My advice to you would be to do some research and find some reliable sources (the best answers on here won't count, sadly), know for sure what you're worth, and then approach it with them from the standpoint of the contributions you've made (aka putting the payables online) and contributions that you can continue to make (have some specific ideas of things you can improve) and, presuming your research supports it, try to allude to that your salary is below a fair level. You don't need to allude for your desire for a raise, but to just say “You're not being fair to me” will rub them wrong, so try to allude to it being unfair rather than to out-right say it.

All that being said, are you doing anything that's above and beyond what was expected of you when you were hired? If not, they'll probably be like “You're doing your job; $55k is what we pay for your job.” Do you know what sort of raises others have gotten recently? Does your boss like you? All those factors will play into the scenario as well.

EDIT: Personal opinion, I wouldn't push the CPA-aspect to them unless you were gaining a Controller title. Other than that, the CPA adds no value for them, only marketability for you to leave. I'd push your accomplishments on their behalf more than the CPA.

[Anonymous]

@Lilla

I would say that my boss likes me. I've always said yes to everything asked of me even when it is unrelated to my role. As above I have been doing more than I signed on for (though it does not sound that above and beyond, just above). I was told early on that no one discusses salaries with each other so I have no idea what my co-workers statuses are with raises etc.

From basic research that salary is what I got to as well however I've only been living in NY 2 years so my knowledge is not intimate. The raise would not be for the current role but for a new role/CPA combination. I appreciate the advice about the research and trying not to rub them wrong & to support it with facts 🙂

[Tux]

Maybe you can talk to a recruiter to get some feedback.

Don't ask them for advice about getting a raise at your current company, though.

Just tell them that, now that you've passed the CPA exam, you're trying to decide what's your next step in your career.

Tell them that you want to make more money, but aren't sure what you're worth.

Ask what opportunities are out there that fit your qualifications.

Ask for their opinion of salary based on your experience and having passed the exam.

They deal with LOTS of jobs and placements every day, so I would guess that they'd be a good resource.

I'd consider this “market research” for your career.

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[Anonymous]

@tux Thanks that sounds like a great idea

[Anonymous]

In my opinion, that kind of raise is what you would see with a promotion. I just don't think that's realistic, to be honest. I will say that 55k seems really, really, really low for an area like NYC.

[mw798]

I do hirings and merit increases in my current role and if your company is like most large companies, then salary increases are limited to no more than 10%. This includes promotions too. Even if your boss wanted to give you more, he probably can't as his hands are tied. The larger the company, the more restrictive these policies are.

That's why it's important to start out at a good starting salary.

[Author]

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