Welcome to the squelch-the-tryptophan-withdrawals-with-cyber-Monday edition of Accounting Career Conundrums. In today’s edition, a Big 4 manager is pret-tay sure he is underpaid. How can he broach the subject with a partner without causing major blowback?
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Back to our short-changed manager:
I was wondering if you could provide advice in how to determine if I am being underpaid and if I am how to go about asking for an increase? I am a 1st year Manager for a Big 4 firm in Kansas City. I have been with the same firm/office my entire career sans a 2 year secondment I completed in Dublin just in August. In addition, to having my CPA license I also hold the CFE certification and the CFA charter.
My feelings for asking for a raise are based on the additional certifications and knowing that my salary as a 1st year Manager is less than what 3rd year Sr. Associates were making in my office 2 plus years ago. I know the economy has changed during the subsequent 2 years but still feel like I am not fairly compensated. What advice do you propose? I am nervous about sharing my thoughts with my Partner as I am afraid of a potential backlash. Thanks in advance.
Dear Alphabet Soup,
Think you’re underpaid, huh? Seems to be theme around here. However, your situation is more unique than most so we’ll make a run at this.
First thing we noticed about your situation is that you’re a M1 which means you were recently promoted, which also mean you should have just received a better-than average raise. And we’re more than a little skeptical about your assertion that a SA3 is making more than you. That would have to mean that SAs are getting insanely good raises while you – the newly promoted manager – got an abysmal one; it seems unlikely. If this in fact the case, then you’ve had a serious string of bad luck.
As for determining whether or not you are underpaid, we suggest you speak to a professional recruiter in KC to find out whether or not your credentials and international experience or currently undervalued. If the recruiter takes a look at your résumé and starts drooling, you’ll know that he/she can earn a fat commission placing you somewhere else. If they shrug and say, “Look friend, you’re doing pretty well. But let me tell you about this great opportunity…” then your salary is probably fair.
When it comes to talking to a partner about this, be sure you’re speaking to someone you trust and just be honest. Make your case with facts. Don’t go speculating about what a SA3 is making because that turns the conversation to something that is out of your control. Highlight your credentials, international experience and why they bring value to the firm and your partner.
They’ve heard the “I’m underpaid” sob story a million times. You’ve got to prove to them that your case is an exception to the run-of-the-mill bellyaching.