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Ok, brief history:
– Trainee for 2 years in medium sized firm (4 offices)
– Trainee for further 2 years in small practice (10 staff)
– Semi senior for 9 months in medium sized firm (5 offices)
– Recently qualified (yesterday) and now work in a very small firm of 1 partner and 2 staff. Have been here for 6 months.So over 5 years practice experience doing a variety of work. Started my most recent job on 24k as a part qualified (with 1 exam left) and just passed my final exam so am now qualified (everything signed off so applied for full membership). Been offered a 1k rise – have not responded yet as am considering a negotiation.
Live on the South Coast of the UK. Even though it is a small firm, I feel that 25k for newly qual is not quite high enough, especially with inflation so low at the moment meaning that future rises are unlikely. My boss congratulated me and offered a 1k rise, which is very nice, but i feel i need to negotiate. Do not want to take liberties so am thinking of saying “can we stretch to 2 or 3k?” expecting to meet somewhere in the middle.
What would you advise?
All jokes aside I’m opening negotiations at 45k and won’t go a penny below 42k (and this was before I had results!)
I work for a global company in London and been here 5 years and just completed my qualification.
Have a look at the salary guides by Robert Half and Goodman Masson etc. I’ve had about 40 calls and emails in a week.
There is so much demand for newly qualifieds it’s unreal!
Wow adman50 – well done! Did you get on graduate scheme? If it’s not a secret, what company do you work for?
abc123 – 24k is rather low for newly qualified I’d say. I am part qualified and I’ve got only 1.5 years experience as acc assistant and get 28k – but yet again I live in London. I reckon you should negotiate – good luck!
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I think really the answer is are you worth anything more to your boss as fully qualified. If you will be undertaking more work/ more responsibility then yes negotiate for more money on that basis. If you are going to be doing the same work as prior to passing your final exam then it may be that your options for negotiation are limited. The fact you have only been at the firm a short time may work against you. Quite often in small firms experience is valued just as much as qualifications.
If I was your boss I would be wanting to know what you would be bringing to the table to justify any pay rise. Are you prepared to market the business, go to networking events, bring in new clients etc. Take some of the responsibility of running a small practice of of his/her shoulders
@helentop said:
Wow adman50 – well done! Did you get on graduate scheme? If it’s not a secret, what company do you work for?abc123 – 24k is rather low for newly qualified I’d say. I am part qualified and I’ve got only 1.5 years experience as acc assistant and get 28k – but yet again I live in London. I reckon you should negotiate – good luck!
@Helen I just work for a shipping company, I’m not on a grad scheme here but I finished one with Enterprise Rent a Car.The key to getting the coin I’m finding is having real life experience in a wide range of accounting areas. For me things like management accounting (month end packs with variance/commentary), budgeting, VAT returns and corp tax calcs, full B/S recs etc. are really in demand and other skills like advanvce excel and good communication at a director level are essential.
If you haven’t finished yet I’d say start looking to the roles you want to be doing and trying to match as much of the job spec to you what you do now so in the interview your CV really stands out.
@starskytherabbit said:
I think really the answer is are you worth anything more to your boss as fully qualified. If you will be undertaking more work/ more responsibility then yes negotiate for more money on that basis. If you are going to be doing the same work as prior to passing your final exam then it may be that your options for negotiation are limited. The fact you have only been at the firm a short time may work against you. Quite often in small firms experience is valued just as much as qualifications.If I was your boss I would be wanting to know what you would be bringing to the table to justify any pay rise. Are you prepared to market the business, go to networking events, bring in new clients etc. Take some of the responsibility of running a small practice of of his/her shoulders
Bang on advice- all about adding value into your role and push to be given new tasks!
I’m with adam on this one. Your definitely underpaid for your experience. You ought to be at least circa £40k with 5 years experience. Then again your in practice and I’m talking industry.
I’m not sure about your locality but I get contacted daily with propositions, so my assessment is the jobs market is vibrant.
And although I have a couple of fortune500 companies on my cv, I only have 4 years experience and most offers are in excess of £40k
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With respect to the above posters I suspect neither of them have worked in private practice, particularly a small practice such as this. If you want to succeed in any negotiations whether its the Northern Ireland peace process or getting a pay rise, you have to first look at it from your opponents perspective.
If you want a 2K raise that means your boss is going to have to take a 2K paycut. Why should he pay himself 2K less? If your going to convince your boss that this year he`s going to be booking a caravan in Bognor rather than a cruise round the Bahamas your are going to have to give him a reason. Just saying “well all my mates in the city are earning circa 40K” wont wash. You need to start doing more for your money. Offer to take some of the more mundane jobs off him that he hates doing. it may be the more boring compliance work or even chasing up bad debts, but its all essential work in a small practice and will be useful experience if you wish to start on your own.
I would accept the 1K payrise gracefully. Ask for a meeting with him say you are committed to working for the practice in the long term and ask if you can undertake any work that will help him out and ease his work load now you are qualified. Agree that you will have a meeting to review your salary in 6 months time.
In the meantime you have only been there 6 months, work hard getting to know all the clients and their little idiosyncrasies and make sure they know who you are.
Failing all that go and get a job in industry as you will earn more!
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24k is a joke!! I am only part qualified – will get my 36 months to qualify in november and am on 50k + 14k bonus. have got total of 3 years 9 months experience (not all accounting/finance hence why not qualified yet) after graduating from my masters in 2011.
really think 24k is an insult…
@jazzold said:
24k is a joke!! I am only part qualified – will get my 36 months to qualify in november and am on 50k + 14k bonus. have got total of 3 years 9 months experience (not all accounting/finance hence why not qualified yet) after graduating from my masters in 2011.really think 24k is an insult…
What job do you do and where?
Bear in mind I work in a practice of one partner and 2 staff, t/o circa 250k.
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Can’t you look to move?
I am a financial controller at JP Morgan so of course there is a premium paid due to banking/London but still think 24k is crazy
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