[Lari Sa]

Hello forum friends, seeking career advice:

I currently work for an affiliate of NYC, I have been here for almost 4 years. I passed my CPA exam last year and have received zero recognition for it. I am looking to change jobs but having a dilemma because of the phenomenal benefits I currently get.

Salary: 63k

Bonus eligible: no

Hours: 9-5 (not a minute longer)

Commute: ~ 1 hour by train

401k: 10% employer contribution (not matching)

Health ins: Free

Dental ins: approx. $40/month for me and spouse

Vacation: 23 days per year (but having a hard time taking off)

Sick: 15 days per year (but having a hard time taking off)

Holiday: 12 days per year

Likelihood of raise in next 2 years: zero

Likelihood of promotion in the next 2 years: zero

(Company has gone through 2 CEO’s, 3 CFO’s and 2 controllers in 3 years)

Potential job I am considereing:

Salary: 70k (approx 11% bump)

Bonus eligible: no

Hours: 9-6 (sometimes to 6:30-7)

Commute: ~ 40 minutes by car

401k: 3% matching (big difference, going to have to give away more of my income then i currently do)

Health ins: approx. 250-270 / month for just me (guessing 500+ for spouse and me)

Vacation: 15 days paid

Likelihood of raise in next 2 years: very likely, even if its 2-3% a year

(Company is a family office with what looks like a lot of stability)

There’s a lot for me to learn here and grow, but I don’t feel the salary is high enough esp when you take into account the health insurance….i think I’ll be making less than I am now

Should I hold out and wait for a better opportunity? Or take the job just to get out of where I am currently? Please share your thoughts, any and all thoughts help. What are you benefits? Whats out there in the market? What should I do?

AUD 85 (11.10 - expired), 0 (2.13), 82* (5.13)
BEC 49 (5.09), 38 (5.11), 75* (10.11)
REG 65 (2.11), 74 (11.11), 0 (2.12), 81* (4.12)
FAR 67 (5.12), 73 (12.12), 78* (2.13)

[MsAvi77]

I work for a family office and bill 50 hours a week. Idk about the 9-6 but every family office is different. Single-family or multi-family?

BEC 81
REG 81
FAR 76
AUD 76

Done Forever!!

[Gatorgirl1231]

The benefits and the 401K are a big deal. Especially when you are only making 7K more before taxes.

That's a hard choice as there are many growth opportunities at the other position.

Florida Candidate

AUD: 77
REG: 86
FAR: TBD
BEC: 79 (Expired)

[Lari Sa]

– Single family

– And yes benefits are a BIG deal, hence my dilemma

AUD 85 (11.10 - expired), 0 (2.13), 82* (5.13)
BEC 49 (5.09), 38 (5.11), 75* (10.11)
REG 65 (2.11), 74 (11.11), 0 (2.12), 81* (4.12)
FAR 67 (5.12), 73 (12.12), 78* (2.13)

[mla1169]

Your take home pay will go down and you'll be working more hours. I'd hold out.

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

Massachusetts CPA (non reporting) since 3/12.

[MsAvi77]

So things are probably a bit less crazy at a family office and that might be realistic.

BEC 81
REG 81
FAR 76
AUD 76

Done Forever!!

[san4596]

mla is right! You need to stay where you are. Health Insurance costs are just going to keep going up, and you will be taking less home.

Hold out for greener pastures my friend.

CPA EXAM: DONE!!!!
Ethics Course: Passed
Application Mailed: 3/16/15
Professional Conduct Exam: 97
Certification Date: 4/2/15!!!

[Lari Sa]

I hear you guys, but realistically I dont think i'll ever find free health insurance or 10% employer contrib again. It's a great perk but a RARE one.

AUD 85 (11.10 - expired), 0 (2.13), 82* (5.13)
BEC 49 (5.09), 38 (5.11), 75* (10.11)
REG 65 (2.11), 74 (11.11), 0 (2.12), 81* (4.12)
FAR 67 (5.12), 73 (12.12), 78* (2.13)

[MsAvi77]

Yeah I think that you can find a better deal than that- there are a ton of family offices in NY and they offer better deals.

BEC 81
REG 81
FAR 76
AUD 76

Done Forever!!

[mla1169]

No you're not likely to find free insurance anywhere else which is why you should be looking for/at jobs over $75k. Heres the thing, when you tell someone you're making $63k currently you're shooting yourself in the foot because your total compensation works out much higher than that. So you have 2 choices-if another company is very interested in you EVERYTHING is negotiable. They won't put it on the table but I've seen small family employers make exceptions and pay insurance for an exceptional candidate that wouldn't accept the offer. You can negotiate more vacation time, etc.

So I wouldn't say no to the prospective employer but say “in comparing compensation, I would need more vacation time and a larger employer contribution to my insurance premium to accept this offer”. Worst they can say is no but you are in a position to reasonably negotiate if there is an offer on the table.

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

Massachusetts CPA (non reporting) since 3/12.

[GoVPI]

Plus the car expenses also.. mileage, tires, etc. I think stay where you are is a good bet!! Awesome free health ins and 10%.. wow nice!

BEC - Passed

AUD - 74 🙁

REG - TBD

FAR - TBD

BEC 8/14/14 - Passed
Graduated from college 12/13/14
AUD 8/31/15 - 74. Retake - Passed
REG
FAR

[fuzyfro89]

You have to compare apples to apples. TOTAL gross comp.

Salary + 401k match + $ value of other benefits

Looks like your current job is 63 + 6.3 + (250*12) = ~72.3k (you have to estimate what health insurance would cost you otherwise so you know what $ they are essentially paying you though indirectly.

New job would be 70 + 2.1 = ~72.1

Looks like the new job is basically no raise, they just move around some of the types of comp/benefits.

I will say that I think base salary is where you should generally try and negotiate for more, because bonuses, insurance benefits, etc, can change much more easily than them instituting a salary cut (for most companies anyway). Plus, when you are interviewing for a new job in a few years time, it's easy for a recruiter to spin how “awesome” the benefits are some place but you can't really play as many games with the salary number. Of course, you can break out all the details of benefits, but it's much less impactful and puts you in generally a worse position for negotiation.

Regardless, the new job comp is basically the same, so you'll have to move over knowing your total financial picture won't change much. Consider the CAREER progression and how that may be better worse at another job.

[Lari Sa]

UPDATE

I turned down the job offer, and they came back with more money 🙂 Starting salary will be 72k, with potential to bump to 75k in six months if all goes well. (also, 13 paid holidays a year)

A little nervous about starting at a new place, but glad to be getting out of where I am.

AUD 85 (11.10 - expired), 0 (2.13), 82* (5.13)
BEC 49 (5.09), 38 (5.11), 75* (10.11)
REG 65 (2.11), 74 (11.11), 0 (2.12), 81* (4.12)
FAR 67 (5.12), 73 (12.12), 78* (2.13)

[taxman89]

i think you made a good decision taking the 72-soon-to-be-75 job. gives you and immediate couple K bump in total comp with 3k more in 6 mon. plus gets your out of the environment you dont like and gives your more of a career progression. congrats on the new job!!

AUD - 75
BEC - 77
FAR - 78
REG - 82

AUD: 61-67-75 (Thanks ninja aud)
BEC: 77
FAR: 78
REG:69-73-70-82

Aud-75 3x I knew i never liked you
Bec-77 1x being in the bubble is stressful
Reg-82 4x its not me its you...and no we cant be friends
Far-78 1x easiest section

[Hustle Darling!]

Congratulations! I am glad you accepted the offer. I agree with @fuzyfro89 on the aspect of career progression. Experience can be invaluable. Also, this post confirmed something for me … always try to negotiate a little more.

EST

 

Roger CPA Review
FAR - 5/31/16

[fuzyfro89]

Don't compare each item separately, consider “total comp” of one job vs another. Then, consider lifestyle/future potential/etc separately.

Job 1: 63 + 6.3 (401k) = 69.3 total comp

Job 2: 70 + 2.1 (match) – 3 (health ins cost) = 69.1 total comp

Basically same pay, so then you just have to weigh the intangible benefits (lifestyle, career growth, etc) separately. Given you mentioned zero potential for raises/promotions at your current job, I'm thinking you should definitely look for a new position… however, just make sure it's the best you can demand given your experience and where you want to be.

[Author]

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