I made $23/hour when I started at a regional CPA firm. That said, I was paid overtime for hours over 8 in a day and double time over 12 in a day...which happened quite frequently...
@SizzlingPopcorn7 ай бұрын
The profession needs to pay more while also getting much more bodies in firms to be able to reduce the work hours. I worked at a Big 4 that wouldn’t pay for OT unless it was over 48 hours and approved by the partner. You’d be paid for 40 hours. From 40-48 would be unpaid and being a “team player”. That’s just one easy way to increase their margins and pockets. I’m glad that I worked on an engagement that I saw the charge out rates for the project because now, after being laid off by the same firm twice (when my son was born and a year later when my wife was getting off mat leave), it’s given me the confidence to charge those rates or even higher in my own non-CPA firm. (Although I got my MBA in Accounting, I didn’t finish the CPA requirements in Canada because they wouldn’t count my self-employment as work experience and several other red tape issues.)
@ens828010 ай бұрын
What’s created these pipeline issues is the current generation of partners, who are mostly 5-10 years from retirement, and how they’ve mismanaged the pyramid scheme that public accounting is. Fees haven’t kept up with market costs over the years, and partners want to continue to make more themselves, so the non-equity team members have taken the beating via stagnation of wages. I remember in 2009 in undergrad we had a regional firm’s manager come into one of my classes and talk about everything PA at the time, notably his $100k salary as a recently promo’d manager. In today dollars that’s roughly $145k!! I can speak from experience, there’s experienced managers at RSM barely over the $100k mark today. There’s a lot of talk on how to fix our pipeline issues, and everyone loves to throw out making it easier/cheaper to become a CPA (which is an awful idea), but that’s just a smokescreen for what the real issue is - wages. If we as an industry paid our people like other licensed professional service industries do, we’d be in a much better spot when it comes to talent and retention.
@FailedChadLite10 ай бұрын
70k is good for entry-level in a MCOL. The real game is to make the job so good that they will never want to leave. The more experience they get, the more efficient your firm will be. That's why you'll want to throw in those 3 weeks vacation + 1 week PTO.
@huansmart21 күн бұрын
I was a master of accounting from a top university and a CPA. My 1st big 4 tax job paid me 54K/year in 2019 plus long hours and toxic bosses. I left after 1.5 years for industry. I’ll never go back to public accounting when I have a choice.
@kevinstefanie10 ай бұрын
For me personally (gen x) the tax season grind was worth it for a slow summer and fall. Since Covid I think we’ve lost that slower time. Perhaps that is why the conversation seems more prevalent now?
@jdtvproductions944910 ай бұрын
Great video, Logan.
@RomeoHatesShrimp10 ай бұрын
Recent streak of videos has been all hits no misses
@dist3allaround10 ай бұрын
15 years here, millenial, worked at one firm that entire time and became partner for 3 years until going out on my own this year. The "old school" ways have ruined our industry. There seems to have been a race to the bottom for pricing and being terrified to loose a client. Now we are seeing the supply amd demand that is allowing us to raise rates to where we can truly balance things, as you stated. Intoo am working amd planning to not have my staff work more than 40 hours all year. I HOPE I can keep myself near 50 hours this next spring. FINGERS CROSSED. LOL
@nailak794810 ай бұрын
I am currently doing cpa pathway as a 30year old mom. I would be lying if I didn’t say this video is somewhat discouraging. I didn’t realize cpa wages were that low…and am reconsidering tbh
@taxtelegraf
10 ай бұрын
What's a good starting salary for you?
@urcleman
10 ай бұрын
If it a path you want to pursue (for any reason other than money), you should still still with it. This trend in pay appears to be changing in some places. The CPA shortage is pushing wages up much faster than in the past as well. It seems common these days to see people above six figures within 4-5 years. As with most jobs, it’s especially beneficial to job hop every few years to maximize pay.
@MJPerformance885 ай бұрын
Sounds like a great career.
@oldrzagza10 ай бұрын
One... million.... dollars
@tingjiang373010 ай бұрын
I’m Gen Z currently working full time while doing full time master in accounting and study for cpa exam it’s a nightmare
@taxtelegraf
10 ай бұрын
🫡
@Prakash7045
3 ай бұрын
Hello. I am also starting my masters in accounting analytics and CPA, can you advise some tips to follow or things I should be aware of
@jmvcommerceclasses1443Ай бұрын
❤❤❤❤
@Shuhaib_see3 сағат бұрын
Hell what?!?! Am a genZ who attracted to this course 😮 Am I going to get sucked in future ?!
@DerekFoote198510 ай бұрын
I was hired out of college in 2008 at $45k and raised to $51k in my first three years. Got my CPA in that period. How little starting salaries have moved, with everything that's changed, is crazy. But then, $70k was what a region firm offered me as a "beginning manager" back in 2015. I think firms have gotten away with reduced wages for a long time, especially post-recession.
@WhittAccounting10 ай бұрын
Curious how the poll would break down by generation. I’m Gen X and suspect that those thinking that salary was fine would mostly be Gen X and Boomer. I thought it was fine. I wasn’t okay with the hours earlier in my career but there didn’t seem to be options in public for lesser hours. Candidly, I think Millennials got it right in questioning the sweatshop model. We X’ers just complained about it.
@arthurkineard73569 ай бұрын
The low pay trend is crossing lots of industries. Auto mechanics complain a lot about pay also. Inflation is defiantly outpacing salaries in most industries. Not much you can do about it if you are not willing to run your own business. Personally I think most accountants are overpaid. I have owned a few businesses over the years and my experience is accountants suck. It is such a pain point I am planning to open an accounting firm probably in 2024. This hourly rate thing is stupid. I pay $200 per hour to get pretty bad service and results. The accounting services model is broke.
@taxtelegraf
9 ай бұрын
I can see why you're having a bad experience. $200/hour is pretty cheap.
@arthurkineard7356
9 ай бұрын
You may have rose colored glasses on for your own industry. Over the past 15 years I have been thru more accounting services than I care to admit. Accountants and CFO services. Either I have the worst luck in the world or their is a trend in the accounting industry. Pain points I have experienced are poor or no communication, missing deadlines, incomplete or just bad work. I had one accountant forget to put my wife on our tax returns and them blamed me saying I did not tell him I was married. He had my prior year tax returns. Icing on the cake he billed me for the amendment. @@taxtelegraf
Пікірлер: 26
I made $23/hour when I started at a regional CPA firm. That said, I was paid overtime for hours over 8 in a day and double time over 12 in a day...which happened quite frequently...
The profession needs to pay more while also getting much more bodies in firms to be able to reduce the work hours. I worked at a Big 4 that wouldn’t pay for OT unless it was over 48 hours and approved by the partner. You’d be paid for 40 hours. From 40-48 would be unpaid and being a “team player”. That’s just one easy way to increase their margins and pockets. I’m glad that I worked on an engagement that I saw the charge out rates for the project because now, after being laid off by the same firm twice (when my son was born and a year later when my wife was getting off mat leave), it’s given me the confidence to charge those rates or even higher in my own non-CPA firm. (Although I got my MBA in Accounting, I didn’t finish the CPA requirements in Canada because they wouldn’t count my self-employment as work experience and several other red tape issues.)
What’s created these pipeline issues is the current generation of partners, who are mostly 5-10 years from retirement, and how they’ve mismanaged the pyramid scheme that public accounting is. Fees haven’t kept up with market costs over the years, and partners want to continue to make more themselves, so the non-equity team members have taken the beating via stagnation of wages. I remember in 2009 in undergrad we had a regional firm’s manager come into one of my classes and talk about everything PA at the time, notably his $100k salary as a recently promo’d manager. In today dollars that’s roughly $145k!! I can speak from experience, there’s experienced managers at RSM barely over the $100k mark today. There’s a lot of talk on how to fix our pipeline issues, and everyone loves to throw out making it easier/cheaper to become a CPA (which is an awful idea), but that’s just a smokescreen for what the real issue is - wages. If we as an industry paid our people like other licensed professional service industries do, we’d be in a much better spot when it comes to talent and retention.
70k is good for entry-level in a MCOL. The real game is to make the job so good that they will never want to leave. The more experience they get, the more efficient your firm will be. That's why you'll want to throw in those 3 weeks vacation + 1 week PTO.
I was a master of accounting from a top university and a CPA. My 1st big 4 tax job paid me 54K/year in 2019 plus long hours and toxic bosses. I left after 1.5 years for industry. I’ll never go back to public accounting when I have a choice.
For me personally (gen x) the tax season grind was worth it for a slow summer and fall. Since Covid I think we’ve lost that slower time. Perhaps that is why the conversation seems more prevalent now?
Great video, Logan.
Recent streak of videos has been all hits no misses
15 years here, millenial, worked at one firm that entire time and became partner for 3 years until going out on my own this year. The "old school" ways have ruined our industry. There seems to have been a race to the bottom for pricing and being terrified to loose a client. Now we are seeing the supply amd demand that is allowing us to raise rates to where we can truly balance things, as you stated. Intoo am working amd planning to not have my staff work more than 40 hours all year. I HOPE I can keep myself near 50 hours this next spring. FINGERS CROSSED. LOL
I am currently doing cpa pathway as a 30year old mom. I would be lying if I didn’t say this video is somewhat discouraging. I didn’t realize cpa wages were that low…and am reconsidering tbh
@taxtelegraf
10 ай бұрын
What's a good starting salary for you?
@urcleman
10 ай бұрын
If it a path you want to pursue (for any reason other than money), you should still still with it. This trend in pay appears to be changing in some places. The CPA shortage is pushing wages up much faster than in the past as well. It seems common these days to see people above six figures within 4-5 years. As with most jobs, it’s especially beneficial to job hop every few years to maximize pay.
Sounds like a great career.
One... million.... dollars
I’m Gen Z currently working full time while doing full time master in accounting and study for cpa exam it’s a nightmare
@taxtelegraf
10 ай бұрын
🫡
@Prakash7045
3 ай бұрын
Hello. I am also starting my masters in accounting analytics and CPA, can you advise some tips to follow or things I should be aware of
❤❤❤❤
Hell what?!?! Am a genZ who attracted to this course 😮 Am I going to get sucked in future ?!
I was hired out of college in 2008 at $45k and raised to $51k in my first three years. Got my CPA in that period. How little starting salaries have moved, with everything that's changed, is crazy. But then, $70k was what a region firm offered me as a "beginning manager" back in 2015. I think firms have gotten away with reduced wages for a long time, especially post-recession.
Curious how the poll would break down by generation. I’m Gen X and suspect that those thinking that salary was fine would mostly be Gen X and Boomer. I thought it was fine. I wasn’t okay with the hours earlier in my career but there didn’t seem to be options in public for lesser hours. Candidly, I think Millennials got it right in questioning the sweatshop model. We X’ers just complained about it.
The low pay trend is crossing lots of industries. Auto mechanics complain a lot about pay also. Inflation is defiantly outpacing salaries in most industries. Not much you can do about it if you are not willing to run your own business. Personally I think most accountants are overpaid. I have owned a few businesses over the years and my experience is accountants suck. It is such a pain point I am planning to open an accounting firm probably in 2024. This hourly rate thing is stupid. I pay $200 per hour to get pretty bad service and results. The accounting services model is broke.
@taxtelegraf
9 ай бұрын
I can see why you're having a bad experience. $200/hour is pretty cheap.
@arthurkineard7356
9 ай бұрын
You may have rose colored glasses on for your own industry. Over the past 15 years I have been thru more accounting services than I care to admit. Accountants and CFO services. Either I have the worst luck in the world or their is a trend in the accounting industry. Pain points I have experienced are poor or no communication, missing deadlines, incomplete or just bad work. I had one accountant forget to put my wife on our tax returns and them blamed me saying I did not tell him I was married. He had my prior year tax returns. Icing on the cake he billed me for the amendment. @@taxtelegraf