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No, but I want to feel that I'm on the path to getting there in 10 years. I want to feel that my pay remains competitive, that I'm advancing and taking on new responsibilities regularly, and that I'm not sticking with jobs that I get "stuck in" and are not ultimately helping me reach my goals. I also want to learn what other things to do on the side to help me such as networking, conferences, certifications, etc.
I'm currently only a little past one year into my current accounting career since graduating, but at 35k a year I don't feel on that good path yet. I know it's better than nothing, but similar jobs in the area pay starting accountants 45-50k a year. I want to make the right moves at the right times.
A few things:
1} you are a new accountant. Don't expect 10 years experience wages in your first year. You've already run into the "experience needed" routine.
2} why are you NOT at a "similar jobs in the area pay starting accountants 45-50K a year" job? Is it JUST your experience level stopping you?
3} You said it's a small company, any chances the owner will boost you when the time is right? That you will be the "executive accountant" for his business at $100k in 5 or 10 years? Then bide your time. You will HAVE to bide your time somewhere if you are correct those $45-50k jobs require 3-5 years of experience. ASk him what his longer term {3-5 years, 5-10 years} plans are for you. Tell him you want to work with him to make the business grow.He'll appreciate your loyalty and compensate you better as the business grows. If not, then get your 3-5 experience with him and go elsewhere in the 3-5..
4] Go and finish your CPA, it will bring in the big bucks. KEEP working at your menial job while working on your CPA, as you will still need "experience" under your belt. My cousin pulls down about $350K as a CPA, I should have gone that route myself as I was great at accounting in school, both HS and in jr college.
5} as mentioned, try out for Health Care Administration, those guys started at $150K 20 years ago. DO IT NOW though if you decide to do so, as the health care industry is forecast to grow due to boomers, but older boomers are starting to die off.
6}If you are in your first year of your degree as to work experience, give it time. Time heals all. People want to rush time,but it moves slowly. Put in your time, pay your dues, and see where you are in 3 years. THEN make further future plans.
7} Yu're an accountant, if you are degreed/licensed/certified/certificated {or whatever}. how about opening your self a small business of your own? specialize, say, in doing the accounting for small businesses in the area..a 'shared accountant'. Paychex Systems was started to fulfill payroll {only} accounting needs for small businesses. Built into a multi-million dollar company it is today. Find a niche and exploit it. Your earnings could then be unlimited.
If your going to take a traditional path.. school, degree, entry level job.. then it takes time to get up there in pay. If your not patient enough to wait, then you are going to have to change your plan of attack. You will need to look for non traditional type of jobs.. maybe full time travel type of gigs or over seas or high risk...
Get into an electric lineman apprenticeship. Great pay, long hours, work in temperature extremes, dangerous, but those guys make and deserve a good living.
Ditch the MBA and focus on the CPA. MBA is usually an icing on the cake degree. I've seen so many people go in debt for an MBA and not get anything out of it. Especially if you don't study in a reputable university.
Quote:
Originally Posted by the_grimace
What steps should I take to get myself into a higher paying job, and achieve my dream of being a high level employee in a company such as an executive or director? I often feel that I may be doomed to forever work in low paying jobs with minimal 2% raises a year, but I want to believe that my time will eventually come and the struggle can end. I have a Bachelors degree in Accounting, just started my MBA, and plan to get a CPA license afterwards, but I want to make sure I'm making smart choices now so I can find a six figure a year job sooner rather than later.
Ditch the MBA and focus on the CPA. MBA is usually an icing on the cake degree. I've seen so many people go in debt for an MBA and not get anything out of it. Especially if you don't study in a reputable university.
Why not both? There are MBA programs out there that will satisfy the CPA curriculum requirements.
The MBA is a box you will likely need to check if you truly aspire to an executive position down the road. It's not a requirement, but will make the path smoother.
In the meantime, you need experience. I honestly don't understand the mentality of young people in entry-level jobs expecting to jump into 6-figure salaries in a year or two. There's a reason why they are called entry level. You need experience, you need to prove you can contribute, you need to prove you can solve problems and you need to prove you are willing to go above and beyond. Start looking for opportunities now that will help you stand out.
Ehhh.. I wouldn't listen to people saying just an MBA or CPA. Ive seen alot of individuals with MBAs underemployed, or unemployed looking for work. . I would say network, network, network. But network and be in the right person's ears. Network with the "higher ups". Establish a a rapport, kiss rear end and in a few years you will be at least getting CLOSE to make 6 figures.
Its not about level of education per se, nor is it about "working hard". Its about kissing rear end and getting in the right person's ear who have the power. That will get you further quicker than more years of school, and thinking if you just bust your rear end it will pay off.
As long as your bachelor's thats enough.. More time and money invested into school is probably waste of time. And you're going to be paying back a TON of loans. You don't want to be 50-100 thousand in debt.
The sad reality is, everything in the private sector is political now. Look at all the lazy, clueless, goofballs in positions of power making way more money than everyone else.
Do well in school, go to a good college and study a high paying field, and graduate with a good GPA. That's all.
People make it seem more complicated than it is.
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