After four years with my company, I just got my first internal promotion. I've moved up to senior, but the raise they offered is only 5%, which feels a little low for the extra responsibility. Is this pretty standard for internal promotions in accounting, or should I try to negotiate for more?

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What do you mean by negotiating? Ideally for a negotiation you have real leverage, like a job offer, that would force your employers to act. If you're talking about just asking them for more money, there's little no reason for your company to oblige.

I'd suggest testing the job market to see if you're truly underpaid. If you get an offer for more money, then great, you can either take that new job or use it to leverage more from your current role. Just be careful doing this because your company might flag you as a flight risk which might affect future raises/promotions.

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5% is barely over inflation.

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I turned down an internal promotion earlier this year that was a 5% raise for 30-40% more responsibility and now at my annual review still received a 2% raise which seems nice for the same workload.

Internal comp raises have been trash everywhere I've worked. My career only progressed due to changing jobs.

So many companies are doing this crap while the market is in their favor. COLA was 2.8% this year. I just got my annual review increase and it was 2%. It's better than nothing but didn't even keep up with the freaking Social Security adjustment.

Are you in industry or in public accounting? But a 5% raise seems low for moving into a senor role for either industry or public. If you are at a smaller company, that might explain why the % is lower.

Typical Promotion Raises
Industry/Corporate Accounting: A 7% to 10% increase is typical, though some top performers at large companies can reach 10% to 15%.
Public Accounting: Promotions (e.g., Staff to Senior, or Senior to Manager) often range from 10% to 20%, particularly in Big 4 firms.

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