muck Posted June 10, 2009 Share Posted June 10, 2009 I'm thinking about hiring a kid (23yrs old) -- BS in Business and MS in Accounting -- with no practical experience -- to be an entry level accountant / compliance gopher. Any idea what a kid straight out of school with practically nil in actual experience is getting paid these days? FWIW, his grades in grad school are purported to be a 3.9. Currently, he's tending bar at a country club (graduated from grad school two weeks ago). Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted June 10, 2009 Share Posted June 10, 2009 Forty grand. Quote Link to comment Share on other sites More sharing options...
keggerz Posted June 10, 2009 Share Posted June 10, 2009 why do you hate america Quote Link to comment Share on other sites More sharing options...
Puddy Posted June 10, 2009 Share Posted June 10, 2009 If he went to a good school with grades like that he should be able to get closer to fifty. However, the economy and unemployment rate is on your side so you may get him cheaper. Quote Link to comment Share on other sites More sharing options...
jetsfan Posted June 10, 2009 Share Posted June 10, 2009 A fresh out with an MS in engineering will start around $50k here. I would think with a "degree" in business, you would be looking at say $15-20k Quote Link to comment Share on other sites More sharing options...
i_am_the_swammi Posted June 10, 2009 Share Posted June 10, 2009 A fresh out with an MS in engineering will start around $50k here. I would think with a "degree" in business, you would be looking at say $15-20k And he'd always be on the lookout for a better-paying job the entire time you were employing him. Pay him a tad under market rate for his salary, and bonus him above market each year based on his tenure. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted June 10, 2009 Share Posted June 10, 2009 A fresh out with an MS in engineering will start around $50k here. I would think with a "degree" in business, you would be looking at say $15-20k Quote Link to comment Share on other sites More sharing options...
nuke'em ttg Posted June 10, 2009 Share Posted June 10, 2009 this is when i'm glad i didn't waste tacos on College....that pay sucks Quote Link to comment Share on other sites More sharing options...
MrTed46 Posted June 10, 2009 Share Posted June 10, 2009 (edited) I'm thinking about hiring a kid (23yrs old) -- BS in Business and MS in Accounting -- with no practical experience -- to be an entry level accountant / compliance gopher. Any idea what a kid straight out of school with practically nil in actual experience is getting paid these days? FWIW, his grades in grad school are purported to be a 3.9. Currently, he's tending bar at a country club (graduated from grad school two weeks ago). If he is serious about accounting he should go do public accounting for 2 years and they start at about 50k a year (LOOONG HOURS). Edited June 10, 2009 by MrTed46 Quote Link to comment Share on other sites More sharing options...
muck Posted June 10, 2009 Author Share Posted June 10, 2009 He says he's not serious about accounting, just business. Also, his MS was in some sort of "accounting and information systems" program. Sounds like I may be able to get him for something in the mid/high $30s (plus bonus / benefits), but may have to stretch into the low/mid $40s (plus bonus / benefits)... Quote Link to comment Share on other sites More sharing options...
MrTed46 Posted June 10, 2009 Share Posted June 10, 2009 He says he's not serious about accounting, just business. Also, his MS was in some sort of "accounting and information systems" program. Sounds like I may be able to get him for something in the mid/high $30s (plus bonus / benefits), but may have to stretch into the low/mid $40s (plus bonus / benefits)... I guess if he was serious he would have gotten his MBA and not the diluted MS. Accounting and IS, and he wants to do business sounds wierd to me. 36-41 seems like an acceptable range IMO. Here in NYC the cost of living is higher than most areas so he would probably start around 45-50k around here. Quote Link to comment Share on other sites More sharing options...
westvirginia Posted June 10, 2009 Share Posted June 10, 2009 He says he's not serious about accounting, just business. Also, his MS was in some sort of "accounting and information systems" program. Sounds like I may be able to get him for something in the mid/high $30s (plus bonus / benefits), but may have to stretch into the low/mid $40s (plus bonus / benefits)... So he's an analyst/number cruncher type right now? Knows what's required to analyze data but not what to actually analyze/look for? If he's willing to learn he could make your life much easier, I'd think muck. What's he worth to you, realistically, if he gets you home before 10:00 p.m. to see your wife and kids more? And will he eventually make the cost for you back plus in that you'll be able to look at/for some new opportunities that you currently don't have time to consider? Quote Link to comment Share on other sites More sharing options...
Big Country Posted June 10, 2009 Share Posted June 10, 2009 I'm now glad I went into the work force rather than straight into grad school after getting my bachelor's degree. Quote Link to comment Share on other sites More sharing options...
MrTed46 Posted June 10, 2009 Share Posted June 10, 2009 I'm now glad I went into the work force rather than straight into grad school after getting my bachelor's degree. Grad school doesnt pay much higher than bachelors right now. The only thing it really does it gets you into a job interview. Quote Link to comment Share on other sites More sharing options...
muck Posted June 10, 2009 Author Share Posted June 10, 2009 So he's an analyst/number cruncher type right now? Knows what's required to analyze data but not what to actually analyze/look for? If he's willing to learn he could make your life much easier, I'd think muck. What's he worth to you, realistically, if he gets you home before 10:00 p.m. to see your wife and kids more? And will he eventually make the cost for you back plus in that you'll be able to look at/for some new opportunities that you currently don't have time to consider? This is sorta my line of thinking. Assuming I move forward with this kid, I'm probably going to give him a choice between two comp plans and let him pick (that way it'll be harder for him to bitch later on). 1) $33,000 base with bonus opportunity of 33% of base 2) $37,500 base with bonus opportunity of 10% of base ...or something like that... Quote Link to comment Share on other sites More sharing options...
MrTed46 Posted June 10, 2009 Share Posted June 10, 2009 (edited) This is sorta my line of thinking. Assuming I move forward with this kid, I'm probably going to give him a choice between two comp plans and let him pick (that way it'll be harder for him to bitch later on). 1) $33,000 base with bonus opportunity of 33% of base 2) $37,500 base with bonus opportunity of 10% of base ...or something like that... Why let him pick? For the reason of him not complaining later on, doesnt sound good to me. Bonus should not be set in stone, if you like the kid give him what you feel is right. Just my 2 cents. If I went into a job interview and someone threw out an option I would look elsewhere (if I could and all things being equal). I dont like thing being held over my head with the "hey I gave you an option" this can change ones attitude of working right off the bat. Edited June 10, 2009 by MrTed46 Quote Link to comment Share on other sites More sharing options...
MrTed46 Posted June 10, 2009 Share Posted June 10, 2009 (edited) This is sorta my line of thinking. Assuming I move forward with this kid, I'm probably going to give him a choice between two comp plans and let him pick (that way it'll be harder for him to bitch later on). 1) $33,000 base with bonus opportunity of 33% of base 2) $37,500 base with bonus opportunity of 10% of base ...or something like that... It would be silly for him to pick option 1 because his maximum gain would be $2,640 a year where option 2 guarantees him more than option one by $4,500. And by doing option2 he gets that cash readily available to him faster than option 1 (assuming you pay bonus once a year and at the end of the year). The time value of money dilutes his maximum gain even further, eventhough the time value of this is small in this economic time. Edited June 10, 2009 by MrTed46 Quote Link to comment Share on other sites More sharing options...
CaP'N GRuNGe Posted June 10, 2009 Share Posted June 10, 2009 I'll take $75K, and I come with 12.5 years experience and will help you set your fantasy lineups. Quote Link to comment Share on other sites More sharing options...
muck Posted June 10, 2009 Author Share Posted June 10, 2009 1) "Bonus opportunity" is not "guaranteed bonus" 2) In a previous life, we gave employees three choices to pick from, and they could move between the plans once a year at any point they chose. So, say they've got some debt they want to get paid off and can't wait for their annual bonus ... so they go for the higher salary to knock it out and then change to the high-bonus opportunity plan on (say) October 1 ... well, their salary would drop immediately and their "bonus opportunity" percentage would go up to be a weighted average for that year. And, yes, there were ways an employee could "game the system", but they didn't abuse the opportunity. The thing I found most interesting about this is that none of the employees (even the top performers) took the "high bonus" plan (total comp would have been about 10% above the 'middle comp' plan). Quote Link to comment Share on other sites More sharing options...
muck Posted June 10, 2009 Author Share Posted June 10, 2009 It would be silly for him to pick option 1 because his maximum gain would be $2,640 a year where option 2 guarantees him more than option one by $4,500. And by doing option2 he gets that cash readily available to him faster than option 1 (assuming you pay bonus once a year and at the end of the year). The time value of money dilutes his maximum gain even further, eventhough the time value of this is small in this economic time. Those were numbers for getting an idea across ... not the actual numbers I was going to use ... alas .. Quote Link to comment Share on other sites More sharing options...
MrTed46 Posted June 10, 2009 Share Posted June 10, 2009 1) "Bonus opportunity" is not "guaranteed bonus" 2) In a previous life, we gave employees three choices to pick from, and they could move between the plans once a year at any point they chose. So, say they've got some debt they want to get paid off and can't wait for their annual bonus ... so they go for the higher salary to knock it out and then change to the high-bonus opportunity plan on (say) October 1 ... well, their salary would drop immediately and their "bonus opportunity" percentage would go up to be a weighted average for that year. And, yes, there were ways an employee could "game the system", but they didn't abuse the opportunity. The thing I found most interesting about this is that none of the employees (even the top performers) took the "high bonus" plan (total comp would have been about 10% above the 'middle comp' plan). The thing you wrong in your #1 is exactly why I wouldnt take the higher bonus. The economy can fall and bonus must be zero, that is why a higher base is important. Also, most employees increase your base with cost of living and leave your bonus as a % of your base. Again, maybe its just me (not arguing just throwing my through out there) but I wouldnt want an employee to give me a pay option. Tell me when you think I am worth and I will tell you if I will take the job or not. Base my bonus on my performance, performance of the company and the economy not some silly option I have. Maybe its just me and I am a diva. Quote Link to comment Share on other sites More sharing options...
MrTed46 Posted June 10, 2009 Share Posted June 10, 2009 Those were numbers for getting an idea across ... not the actual numbers I was going to use ... alas .. Ah, then ignore my analysis (bored at work as you can see ) Quote Link to comment Share on other sites More sharing options...
Perchoutofwater Posted June 10, 2009 Share Posted June 10, 2009 I'd give him $40,000 a year and tell him bonuses will be based on two things, his performance and what kind of year the company has, and leave it at that. Then see what your profits are with him as opposed to right now, and use that to help determine what his bonus should be. Quote Link to comment Share on other sites More sharing options...
wildcat2334 Posted June 10, 2009 Share Posted June 10, 2009 Why let him pick? For the reason of him not complaining later on, doesnt sound good to me. Bonus should not be set in stone, if you like the kid give him what you feel is right. Just my 2 cents. If I went into a job interview and someone threw out an option I would look elsewhere (if I could and all things being equal). I dont like thing being held over my head with the "hey I gave you an option" this can change ones attitude of working right off the bat. I have had a few clients give 2 options- not necessarily a bad way to go or a reason to walk away at all. In this economy companies have all the leverage - you can like the kid and all but a fair offer right now is certainly below market value. The market is flush with good candidates and their negotiating power is close to zero right now - especially a recent graduate - my 2 cents Quote Link to comment Share on other sites More sharing options...
Riffraff Posted June 11, 2009 Share Posted June 11, 2009 (edited) A fresh out with an MS in engineering will start around $50k here. I would think with a "degree" in business, you would be looking at say $15-20k Wow. $15k with a Masters degree? Won't be paying down those student loans anytime soon. Makes more as a bartender at the country club. Federal minimum wage is only $6.55/hour, so it can get under $15,000/year. Missouri is $7.05/year, just under $15,000/year. Had to check my state. Minimum wage in Washington is $8.55/hour, just under $18,000/year for any high school dropout. I like the $40k suggestions. Edited June 11, 2009 by Riffraff Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.