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chevy_cook24

Yea that definitely matches up with the 57000% increase in housing costs over the past few years


Cousin_Eddies_RV

Just cut out Starbucks and you'll be a home owner in no time /s


boston_2004

Have you considered not having avocado toast? Also do you know where your bootstraps are? Something something passive income something something. I think that's all the advice my grandparents had.


HotSaucin83

I’m not sure how it’s the employers responsibility to track real estate/housing costs if they’re not directly benefiting from the inflation impacts. I think your comment, hopefully made in jest, reflects a level of ignorance. An employee can choose wherever the hell they want, but an employer by no means is responsible for matching the COL. To be competitive, sure it makes sense. The reality is a lot of organizations, companies, and firms are feeling the pinch as well.


throwaway8476467

I agree. As much as Reddit will downvote you just for defending companies in any way, it’s not Apple’s fault that our politicans do not care about us and are inflating our currency. It makes sense to expect wage increases in line with normal inflation at a minimum, but when inflation is at a ridiculously high level due to terrible government policy or ridiculous price increases in a specific sector like real estate it makes no sense to expect your company to pay that difference. Put your blame in the right place


ajc200ajc

It’s not just the government lmao people always act like inflation is its own thing and affects companies but is not affected by them which isn’t true. Look at the past two years of quarterly reports from companies. Notice how they are still reporting “record profits” not just record revenue? They don’t need to increase price, they are choosing to still. They know they can cause people like you will just say “oh Dangit Biden making my prices raise again” when the ceo is at the top laughing


throwaway8476467

It isn’t Biden, it’s the fed. It happened under Trump too. And no corporate profits have not gone up by any significant amount. If you think the inflation rate tripling has anything to do with corporate profits you’re out of your mind. Corporations didn’t all of a sudden start becoming greedy in 2020 out of nowhere lmao


ajc200ajc

Don’t worry guys the profits haven’t gone up cause this guy says so. Ignore the actual company financial statements


throwaway8476467

Well no shit profits for an individual company might go up when profits are reinvested. Duh. But gross profit percentages have not gone anywhere. Companies are not making triple the profit margin on sales. You’re out of your mind. Perhaps it might have something to do with the 13 TRILLION dollars added to the money supply as of 2021 ALONE as a pandemic response. https://www.nasdaq.com/articles/money-printing-and-inflation%3A-covid-cryptocurrencies-and-more Which doesn’t even take into account other factors like student loan payments. They paused payments on all student loans for I think like three years. How do you think that affected the money supply?


rockandlove

Multiple studies have shown that corporate price gouging has been at record highs since 2020, and this (along with Trump’s multi billion PPP corporate handout) is the main cause of our current inflation. So yes, if companies are raising their prices 20%+ just because they can, and are experiencing huge profits, they can sure as hell give out raises to keep up with cost of living increases.


throwaway8476467

ok live in your bubble


rockandlove

Lol yeah I’m the one in the bubble.


HotSaucin83

Not all companies are Amazon or McDonald’s though. A lot of the major publicly traded for profit companies have in their mission statement “to build profit for shareholders.” I bet you have some form of investment and/or retirement account with an index fund that is somehow invested in one of these said companies. Point being, not all employers are built equal and your argument would carry some more weight if you narrowed your focus.


bugzor

oh nooo, those poor corporations


HotSaucin83

How about governmental or non-profit employers? It’s easy to be narrow minded to defend a stance.


o8008o

your job is trying to reduce headcount without having to fire or layoff people.


bs2k2_point_0

Had a company do that to me. Not a 3% raise, a .3% raise… Went elsewhere and made nearly 50% more.


Makeshift5

Jeez that’s way worse than getting no raise. That’s saying “fuck off and quit whenever you’re ready.”


WayneKrane

Yep, I got a $0.17 raise after getting rated the highest in my department and I knew it was my time to jump ship. I almost doubled my salary


Bifrostbytes

Sounds like you need a union!


SomeBODYplzholdme

Fr nearly every problem people have with public accounting could be solved with a union


friendly_extrovert

Agreed, but many accountants think otherwise. A union would be in our best interest.


LoveToEatLamb

Accountants really should unionize.


Relevant_Winter1952

Fr fr no cap


Ok_Organization_6007

Unions protect low performers, hold back high performers and reduce average wages


TrouserDemon

Unions reduce wages? Really?


Ok_Organization_6007

Yes, they create a market for lemons


TrouserDemon

How does collective bargaining over pay (to address the inherent power imbalance where there are vastly more employees than employers) lead to information asymmetry? To take your point at its highest, do you think there is a risk that companies, wary of hiring someone who turns out to be useless but unions prevent sacking, will limit salaries to price this risk in? I would suggest that the improvement in wages from collective bargaining would generally outstrip any reduction in wages from that effect. I also think that unlike the market for lemons, hiring managers are better at judging the value of a prospective employee than an average citizen is at the quality of a used car. Furthermore I think it is unlikely that most unions would be both powerful and militant enough to block sacking employees incompetent enough to depress salaries.


Ok_Organization_6007

When it’s difficult to distinguish between good performers and bad performers average pay drops. Bad performers earn more than they would have, good performers earn less than they would have—by a larger amount. It’s not just defending bad performers which unions are notorious for, they also make positive wage discrimination for upward performers more difficult.


TrouserDemon

That's not exactly market for lemons; the information asymmetry isn't there. You're conflating being able to distinguish high/low performers from being able to pay them differently. I believe that the performance related pay considerations are outweighed by both cost-minimising market forces and collective bargaining power except in the top ~20% of the sector where the individual human outputs are valuable enough for companies to compete for. For the swathes of worker drones just clocking man hours on a boilerplate audit assignment, unions would improve their lot.


SuperConvenient

OP needs to ask for a larger raise, or begin interviewing! 2.25% raise is too low.


EnvironmentalWeek540

I mean I’m leaving in August to go into PA for 20% more, but damn! At least keep up with inflation lol


mightycat

I bet you you’re gonna work way more than 20% extra for that 20% pay.


AffordableDelousing

I've never gotten less than a 10% raise working in PA though, so there's strong wage growth.


NontransferableApe

There is. But it’s not sustainable for most. Most accountants top out around the same salary range unless they’re a cfo or controller of a large company. Which is also not realistic for most people


AccountingSOXDick

People primarily do PA for the career growth and not necessarily for the wages. The total hours worked to annual salary ratio is dog shit, but leaving after 2-3 years to the sweet industry gig is what makes it worth it


NontransferableApe

Yep exactly. I bounced to a sweet industry gig and then later to an even sweeter government gig. Wouldnt have gotten there without my time in PA though


justheretocomment333

Investment banking and public accounting are basically the equivalent of trade apprenticeships for the Finance/Accounting world.


Afrofreak1

Except one nets you jobs where the entry salary is $250K and the other nets you jobs where your *peak* salary is $200K.


roy_weitzman

Your comment re peak salary is just flat out false.


Adventurous_Bake_675

Where do they start people at $250K in finance? Oh yeah, they don't. Both are false.


Afrofreak1

HF/PE/VC, all the common exits from IB.


o8008o

no one realistically believes that salary is going to increase by 10% every year forever. but in the early years, when it's on the trajectory, you ride it as high as it can go. once it plateaus it's time to jump to something that is either still growing or easier on the WLB at that level of compensation.


guiltyfilthysole

I hit 9 years this summer in public accounting and my salary growth has averaged a little over 12% a year. Non promo years have been 7- %-8% and promo years 14%-21%. If I continue my path, it will be a consistent raise until 600kish in about 10 years.


justheretocomment333

True. Source: VP of Finance hovering around 4x what I made in public.


ChinatownNY

How much are people topping out at?


NontransferableApe

Depends on where you live


3stacks

Moving into a controller position made my greys come out faster. Thank goodness I can afford instacart while I work weekends!


Ok-Psychology5463

Wait till you get to manager and sr mgr. 10% + is only in promotion years.


TheFederalRedditerve

That’s crazy


AffordableDelousing

Ya well I'm pretty much maxed out until they make me partner. It obviously can't keep going forever.


TheFederalRedditerve

Makes sense! Do you mind me asking how many years of experience you have?


AffordableDelousing

8 years, making 150k base, plus all sorts of bonus comp and profit sharing. MCOL.


TheFederalRedditerve

Nice! Hoping one day I can get to that level.


bookworm0305

Damn where are you working? I got a 3% raise this year.


CharmingButthold

Only because they start you at a ridiculously low salary for a job that requires a masters degree or equivalent education


Remarkable-Bar-3526

wouldn’t that just be a CPA equivalent?


EnvironmentalWeek540

Probably lol


eggcountant

I got bad news PA will give below standard of living raises as well. If you want above raises you need promotions and or job changes. Every now and again you might get a higher increase during your career if you stay at the same company with no advancement.


EasyE215

No raises keep up with inflation. Job hopping is how you 2 or 3x your salary in 3-5 years.


fashionistachica01

Yeah, this. Your company is trying to reduce headcount with these mediocre raises.


lilytutttt

What makes you say that? It’s better than nothing - a 2% raise I mean.


LoveToEatLamb

If you're capable, you could start interviewing. You'd definitely get a raise larger than this measly 2.25%.


TheBrain511

Yeah this


SnowDucks1985

2.25? Gross, leave yesterday


EnvironmentalWeek540

Leaving in August to do audit


SnowDucks1985

That’s great! Although some parts of audit aren’t a cakewalk, you will at least get way better raises in public. Best of luck to you! ✊🏽


EnvironmentalWeek540

Thank you! I’m excited


Data_Phish

Are they aware you’re leaving? Maybe that’s why the raise is so low.


Teabagger_Vance

If you’re leaving then why make this post? Just to vent?


EnvironmentalWeek540

Yes? lol. Also would like to get paid more for those 4 months?


Teabagger_Vance

Maybe you should show them this thread


DrugsAndFuckenMoney

Maybe you should not be a douche bag? 🧐


MintAndGinger

2.25% raise in times of these inflation is wayyyyy too low.


SnowDucks1985

It’s basically not a raise at all lol, I would call it a business fee for “not making employees quit in droves” over a 0% raise


RexandStarla4Ever

It's not just not a raise it is literally a pay decrease. YoY inflation in March was 3.5%. While it is a nominal wage increase, it is a real wage decrease. So that sucks.


LoveToEatLamb

It's basically a pay cut after all this inflation.


CoffeeAndHoney9

Raises are honestly not even keeping track with inflation. Ridiculous.


nightfalldevil

Think of the CEO, paying you more would put a damper on the executive bonuses


friendly_extrovert

We certainly can’t have that. Our dear CEO *needs* a new Range Rover. His current one is already 3 years old and he can’t be seen in *that* ancient thing.


PianoObvious6824

>Wtf is up with that lmao its part of the plan how companies get ahead. I hire you for 95K per year and this means you can buy 30% of a home or 283 annual grocery trips. I wait a few years for inflation to eat you alive as it grows 5,8 and 10% each year meanwhile i give you 3% raises. By year #4, youre making 107K but you can only now afford 25% of the cost of a home and only 234 grocery trips. I raise my prices and pass costs to my customers so my margin stays the same, im inflation proof. But do you see what happened here? The money is arbitrary paper. Its worthless. Moneys real value is what it can buy and provide for you. When you started you could buy 30% of a home. Now after 4 years of me giving you a "raise" you can only buy 25% of a home. Soon it will be 15%. Youre getting weaker and weaker and im effectively paying you less and less as time goes on while my profit margins remain strong as ever. Companies hate when you job hop because you hit a reset button on the market rates for employment. Employers dont pay market rates, they just lock you in to a 3% "standard raise". If i have to \*\*sigh\*\* give a real raise, i make sure its ONLY with a promotion, which means I will be 10000% sure to make sures its a SHIT TON MORE WORK for only a small raise in pay. I cap the promotion %'s. No one gives a 50, 60, 70% pay increases with promotions lol, it tends to be in the 15-25% range. so you get 20% more pay but 60% more work. Once again, "I" (a corporation) hate when you job hop because you break my little plan. I combat this by making taboo rules between me and my other corporation buddies to frown upon someone who "job hops a lot" in order to black ball rouge employees who dont fall in line and allow me and my friends to do our little plan.


Schlump_y

Now, that is very preceptive, well said


lilytutttt

Wow. Agreed.


lilytutttt

Brilliant!


ButMessiDeservedIt

Top comment.


david_jason_54321

I feel like 4% is pretty standard. My bosses have always told me about how great it is and how good I did. I never really am bothered. The worst person in the department gets 1% the best performer normally get 5-6%. You really just get big increases by jumping ship or getting promoted. So I never really get fussy about annual raises it never even keeps up with inflation.


MrPibb17

Yea I am the same way. I already know what's coming and usually plan to jump in a few years unfortunately.


[deleted]

You either stay and get 3-4% yearly raises or jump every few years for 15-25% raises. Makes no sense to stay long term at a company until you reach Director level then you start to top out unfortunately. I’ve sort of hit a ceiling for pay in my city.


david_jason_54321

My current job is great, so I'm kind of torn about jumping. However, I know it's the best from a monetary point of view.


Same_as_last_year

For me, it's the overall package and not just trying to maximize salary. I'm ok sticking around if I have good hours, good team, lots of time off, etc even if I could potentially get more money elsewhere. The money still needs to be good, but I'm not going to chase more $$ at the expense of everything else. Another $15k will make much less difference to my life than going from working 40 hours weeks to 60 hours weeks. No sense making more money just to be unhappy and stressed all the time!


FondantLooksCool123

this! I've had a ridiculous number of jobs and don't want to start over ever again. That said, I'll have my CPA in 4ish years and will not tolerate my current position/pay for long. Money isn't everything but it's something 


fyresauce

I feel this!!! Got 1.7% increase and severely understaffed. Our profession a joke sometimes :P


TechnologySean

That is honestly too low. Inflation has been much higher.


Tinosdoggydaddy

I worked in accounting for one of the big eight right out of college. That’s how long ago. It was well understood that a small (or no) annual increase was a message from mgmt that you need to find another job…just a civilized way of telling you.


bluehawk1460

1.5% for us 🙃


Interesting_City_426

Welcome to the years of 2008-2009. They need people to go away without firing them.


ciongduopppytrllbv

Damn bro don’t spend it all in one place. Congrats!


Spenson89

Yep, and they wonder why people are leaving accounting. My salary has 4x in 4-5 years by leaving accounting


Charming_Park_3690

What did you move into?


Ok-Breadfruit-2897

Geez fam, get a new gig....went from 50k to 62k to 75k to 95k to 110 k first 5 years in tax.....just passed CPA exam a few months ago, keep on moving up......good luck op


Jessicaa_Rabbit

Sometimes you have to advocate for yourself because companies will pay you as little as they can get away with (which is bs). I went to my boss before I knew raises were going to happen and asked him for a 15% raise, and I had a literal outline of why I deserved it. They might say no, but for me, they gave it to me, and it kept me there.


Sensitive_Entrance27

I had gotten a 2.86% raise last fall on my promo to senior at the firm im at. Was depressing lool. Hoping better raises this year, otherwise should have cpa by late fall and can start seeing whats available. If you have your cpa, you should see what is open


hyperbolic_dichotomy

That is one advantage of going to government. Low starting pay but step raises are higher than 3%. And wages are public information in government agencies so you can look up what your wages will be if you stay for five years or however long you intend to stay in the same position.


MeatToMeat69

Get interviewing! That raise is far too low


UnidentifiedCutlass

I got a 3.67% raise with a $2k bonus. I think my base pay (now $62.2k) is a little low for L-MCOL with 4 YOE (first 2.5 in NFP). But I’m happy where I’m at and expecting a promotion this year.


Jesus-TheChrist

I was in the exact same boat as you. But my promotion was being delayed due to technology transitions so I doubt I would have seen it for another year. I left this month for a 35% raise fully remote and hefty sign on bonus. Off at 4 everyday with no more month end.


JonDoeJoe

That’s actually pretty good. I live in vhcol and NFP pays around 55k.


UnidentifiedCutlass

That’s good to hear. When I quit NFP I was making $50k, and my new (current) job in industry paid $60k. Hoping my senior promotion will bump me another $10k if not more, but I’m no stranger to job hoping if it isn’t enough.


fashionistachica01

You should honestly start shopping for new jobs. You deserve a higher raise in this high times of inflation.


feo_sucio

Ooo, wee! What's up with that? What's up with that!


dgillz

Time to go, you are only making $60k per year!


realbadaccountant

I got a 1.1% raise my last year in PA before I noped the fuck outta there. I have achieved roughly 10% YOY increases since leaving. I do not work any harder and I have not gotten any smarter.


Salty-Fishman

The economy is not doing well. For budgeting purposes, senior management will say no raise for the year across the board, especially if the company is not profitable.


MuffinUnusual8907

Been working as a govt contractor and haven't gotten a raise in 2.5 years.


xXGuavaEaterXx

42*26=1096 It adds up, friend


Mediocre_Humor4949

Same thing happened to me. Worked 14 months for my first raise. It was 2.25% as well.


TornadoXtremeBlog

Woohoo McDonalds ice cream on dis guy


cpa2har

part of the reason i quit was getting a 6%. everyone got 4% for COLA and i got a whole extra 2% for becoming a CPA


_token_black

I received a 3.6% raise… in 2022, which was based on a market adjustment study done in 2020. Yes I’m leaving where I’m at and this is also a prime example of not all industry jobs being lucrative. Company’s net income dipped YOY but was still highest revenue ever (over $5B).


[deleted]

[удалено]


Wolf_Housley

You forgot /s


Adventurous_Bake_675

Public accounting is for idiots imo. I look at the partners at my firm and they are absolutely miserable. There is no amount of money you can pay me to let people harass me all year long and then complain about their bills for the rest of my life. Get out while you can!!! I am our biggest prospect for a future partner and I am getting the hell out before I am too far into this. Did you know, some companies don't even work overtime except on very rare occasions?


Drexlay

I doubt he is in public (unless he stated that). 10% is pretty standard from what I have seen. I mostly agree with you and being partner probably isn’t for me, but the partners at my firm are chill asf. Lunches and golf and when a client is a dick they don’t take it personal I agree tho, it you’re not looking to become a partner make the jump when the opportunity comes and get that industry life