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Is the CFE pretty easy?
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Well, there's always a range at every role, public or private. The range today is more than double from when I started, so I'm confident it does increase. What's wrong with building salary bands?
I am not a proponent of outsourcing to India but there are some services they can do better and cheaper than our US resources.
I feel like accountants as a whole industry need to say no more to clients. Will we loose some clients, yes. In my experience the clients ultra focused on price are also the biggest pain in the neck and least profitable. I have a few smaller clients that cause almost all of the pain our team encounters. If they were gone, this job would be way better.
Tell clients no and let them go somewhere else if they really want to. Then we can focus on being great at what we do with clients who really want that service. And grow by finding similar clients. Better long term business as well.
If you’re involved in billing on your engagements it really puts that into perspective
This is happening with most jobs. And, this is why I save in Bitcoin.
Great strategy. Wow. Very stable.
Disagree, wages today are the same as the 1980s adjusted for inflation for new Associates.
Rising Star
This look at costs of specific items in specific places is pretty unintelligent. In the mid 00s, the starting salaries in NYC were low 70s and Texas cities was just shy of $50k. The housing in NYC was easily 4X the cost of housing in a Texas city. SLC was a similar salary and housing cost. We all talked about how cheap housing was in those places. Now that costs have regressed to the mean, those places are just more like NYC 20-30 years ago. There are tons of smaller cities today that are similar to SLC of the past. Add in the fact that you aren’t required to go in every day and now you have another variable between the two measurement dates.
Banking and law have both been able to pass off fee increases to their clients over the decades but big4 blinked and never had meaningful increases. Can’t increase salary without increasing fees.
They caved under the pressure of their clients and shipped the work overseas to please their clients
Now all of the jobs are off shored and our value is stagnant
They screwed our entire industry
They gutted accounting. Now India has a huge market share of work
The problem is, there is fear that someone will always do it for cheaper. You don’t get what you don’t ask for. But yes, accountants are scared when it comes to pricing.
Some people just need to get over it. And not worried about losing a client because of what they charge.
Because partners need to be able to make their payments on their vacation homes. Why else?
accounting
The average cost of a home is often compared. I haven’t seen the average profile of a home laid out. I assume that today homes are larger, higher R value, attached, garages, basements, granite countertops etc.
Wtf is that supposed to mean pwc1?
The starting associate salary this fall at my firm is nearly 60% higher than what I started at 8 yrs ago.
Cravath scale 1st year attorneys in 2010 were making $160k today they are making $225k, so lower rate of wage growth as a % over 15 years than accounting salaries over the past 8 years.
What is the magical profession where salaries have kept up with housing prices?
I view that with the advent of efficient ERPs and excel, there was an oversupply of accountants over the 90’s/00’s/10’s…
An accountant using excel and modern ERPs is a lot more efficient than a paper accountant from the 70’s and 80’s. Maybe 2 to 3 times more productive.
The oversupply would have translated to lower raises.
Looking at current times, we had a deficit of new CPAs over the last while. This should help correct the issue, and over COVID, I think that was evident. Offshoring will work for so only so long…but it will help suppress wages.
You’re using the 70s as your benchmark? The oil crisis the stagflation?
That was a terrible time economically for America. The number of business formed have far outpaced accounting professionals. And the technology advancements
But go ahead and talk down ur own value
The mental gymnastics people perform to prove they are not worth more is crazy to me
Make like mr price, Waterhouse, and cooper in the days of yore and go set up your own accounting shingle. Bottom line is that if your employer could pay you less, they would. They’re in the making money business not the making employees happy business.
Hard to do both - but if you can then your new firm is unstoppable !
I believe you are correct. I was let go from my position as a senior tax manager for a small firm. I believe the reason was economics; the firm was thinning its ranks of U.S.-based tax preparers because they are expensive. The firm had recently established an "affiliate" company in the Philippines and hired about 10 young accounting graduates and transitioned its profit center to QBO which the young grads were good at. The 10 offshore employees were paid considerably less than I was, so it made economic sense to the firm. I was lucky because the firm had no interest in expanding or even maintaining its tax practice and gladly permitted me to cherry pick the client base, as a reward I suppose, for a dozen years of loyal service...
I wouldn’t say that senior salaries are fixed in a range. They have gone up a decent amount the last several years, at least at B4
Salaries for accounting have done a better job at keeping up with inflation than many fields that don't get off-shored (think blue-collar, or jobs that don't require degrees).
Your salary is never going to keep up with housing proces unless this country stops with ridiculous zoning policies that make it impossible to build enough moddle-class housing.
This part. What happened to middle class salaries? It used to be a percentage of the COL in the vicinity youre applying to work. I personally believe we need a third party audit / investigation at the US Census Bureau, or whoever is responsible for structuring these pay ranges.
I don’t agree with OP. The firms aren’t stupid. Compensation is based on a lot of factors including performance, market, competition and ability to replace. It is terrible business to chase away your top talent so they wouldn’t do that.
Mid level performers aren’t going to see the same increases as the top dogs. Compensation once was spread like peanut butter but not any longer.
The play on offshoring is on the numbers of people in the US vs other places. The long term is to move the needle percentage wise away from the US.
But offshoring isn’t directly adjusting your compensation.
The salary of a senior accountant has more than tripled since I started in the field.
Definitely has not