January 17, 2021

Accountants: If You Got a Crappy Raise Last Year, Go Land a New Job

Photo: This could be you.

Perhaps this advice goes without saying, but given the job market, if you’re an accountant and you got a meager-to-pathetic raise last year, do yourself a favor and get a new job:

Finance professionals received an average pay raise of 4.3% in 2017, according to a survey from the Association for Financial Professionals.

The survey found chief financial officers got a base salary increase of 5.7%.

Jim Kaitz, president and CEO of AFP, said the results showed the value of continuing education:

“Those who meet the new challenges in today’s treasury and finance field by engaging in more training are being richly rewarded. Treasurers and CFOs know these individuals have the newest skills and freshest insights and knowledge.”

Okay, look, Mr. Kaitz is probably right; if you earn a new certification or become a blockchain wizard or an expert in AI and use these powers for good instead of evil, you’re likely to be paid a premium. But if you’re too busy, or not interested in that stuff, or just plain lazy, you can probably stumble into a better paying job:

The executive tier saw an average increase in base salary of 4.4% last year, up from 2.7% the year before. Management-tier professionals saw a 4.4% increase as well, up from 4.0% the year before. Staff saw a pay increase of 3.5%, up from 3.4% in 2016.

The survey tracked pay trends across twenty different job titles in seven different industries.

“Financial reporting specialists” gained an average pay raise of 6.9% — the largest increase for all the job titles tracked.

In the time that it took you to read this post, someone accepted a new job that will pay them a lot more. Who knows, maybe they even got a signing bonus? Jim Cavezial, what are you waiting for?

Alright, fine. You can do it after the long weekend.

[CFO]

Image: iStock/SeventyFour

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Related articles

Compensation Watch ’20: Who Is Getting Mid-Year Raises At KPMG?

With all this talk about mid-year raises at PwC starting Jan. 1, $1,500 holiday/mid-year bonuses at Deloitte, and mid-year salary bumps at EY effective Jan. 9, all we’ve heard are crickets on our tipline about what’s going on at KPMG. But I did notice this post on Fishbowl last Friday: In a different post on […]

Compensation Watch ’20: EY Employees Don’t Get Screwed For Once

Yesterday, my esteemed colleague Bramwell regaled you with tales of boring lines at Starbucks along with the latest buzz on bonuses at EY Canada, while also insinuating that EY U.S. had already given its people a substantial gift when they announced unlimited PTO in October. That last bit is obviously a joke, perhaps not too […]