r/financialindependence • u/fidgit86 • Aug 13 '21

What do you do that you earn six figures?

It seems like a lot of people make a lot of money and it seems like I’m missing out on something. So those of you that do, whats your occupation that pays so well?

15k Upvotes

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651

u/danxthexman 32M / 68% SR Aug 13 '21

Accounting

148

u/sirnibs3 Aug 13 '21

Me too buddy guy are you in public

95

u/Dreamgeezer Aug 13 '21

Industry here!

24

u/ericgol7 Aug 13 '21

Public bad.

12

u/Smartjedi Aug 13 '21

Government good. /r/accounting applauds in the background.

6

u/InsectSmooth8505 29d ago

That's true. I'm two years in government with a useless accounting degree and make close to 6-figs in the SF Bay Area. Knowing Excel has helped me automate my work to the point an 8-hour day can be completed in 4.

1

u/taxey92 25d ago

What exactly in govt? Trying to switch from tax

1

u/birthdayupdate26 29d ago

Industry good

11

u/sirnibs3 Aug 13 '21

Same here

33

u/Momoselfie Aug 13 '21

Public is suicide these days

5

u/manfly Aug 13 '21

Not really. Wife clears $175 with a mix of public and audit. Never works more than 50 hrs a week during tax season

51

u/Free_Joty Aug 13 '21

Bro how have you not figured out that audit has nothing to do with tax season yet

2

u/bitchesBeTrippinN Aug 13 '21

I mean if her clients are all calendar year end then wouldn’t her busy season overlap with tax season anyway?

3

u/Free_Joty Aug 13 '21

thats just a coincidence

also I had year end clients with fiscal ye in december that issued in late april, or late feb. depends on the client as well.

1

u/bitchesBeTrippinN Aug 13 '21

Fair enough my guy

2

u/Momoselfie Aug 13 '21

If she was a tax accountant she'd likely be working a lot more than 50 during tax season unless she has some arrangement with her company.

0

u/manfly Aug 13 '21

That's not my point. She's a a CPA and she does both

23

u/InTooDeep024 Aug 13 '21

A mix of public and audit? Tax and Audit are both aspects of public accounting so not sure what you mean here lol

4

u/Nick357 Aug 13 '21

Nice, but it’s hard for me to believe those 50 don’t suck.

2

u/AverageNeither682 Aug 13 '21

They do but because it's temporary as you have something to look forward to (not working 50 hours), and the next few months feel like part time.

2

u/manfly Aug 13 '21

Not as bad as the shit they have to put in at the Big Four apparently. Summers are pretty lax which is nice

9

u/heybeckylookatmybutt Aug 13 '21

Woohoo just made the switch to industry and instant 40K pay increase!

4

u/Spacechip94 Aug 13 '21

How do you get that much in accounting? I’ve been doing it in industry for around 5 years and make nowhere near that just wondering if I’m doing something wrong

8

u/HomelessOnWallStreet Aug 13 '21

I’ve worked at a few companies in industry and the #1 skill by far is knowing how to use excel. Not just simple things but actually understanding it and being able to put together a spreadsheet that can accomplish any task. I’ve gotten promotions at all 3 places of employment rather quickly because they recognize the importance of having someone that can fix issues/create solutions. I may have gotten lucky but I’ve only worked with 1 other individual who really knew what they were doing in excel.

3

u/odyssus001 Aug 13 '21

An accountant that can write SQL queries can write their own ticket in any large company.

3

u/yumcake 29d ago

Seconding this. Excel is quick and flexible and you should know it, but it's best for just solving immediate small scale problems for your team. Knowing SQL helps you achieve systematic reporting solutions for entire organizations. That's the next-level stuff that can really help differentiate you since many other accountants usually have a good enough understanding of excel. Knowing SQL is a valuable competitive moat.

2

u/lawfulcitizen Aug 13 '21

At my last company it was only the controller that knew sql and she was irreplaceable. At my new one, an app company, every senior accountant has a working knowledge of SQL and we use it a lot. Although for reading numbers straight from the database Looker has become the new favorite since its an easier way to run queries

6

u/yumcake 29d ago

Change jobs for pay jumps. Annual raises are nothing compared to new job pay jumps.

If you don't have a CPA you really should go get it. Bookkeepers are replaceable but CPAs are the ones employed to do the replacing by pursuing more efficient process and automation.

3

u/Neutral_Buttons Aug 13 '21

Don't stay anywhere more than 2 years was the answer for me, sadly. Just got to 6 figures this year. About 8 years, 4 jobs, 15-20k salary increase per job change. It's a very good time to be looking in my area.

1

u/Dreamgeezer Aug 13 '21

It took me 10 years. I found myself working in a niche area, then switched companies halfway but stayed in that niche.

1

u/lawfulcitizen Aug 13 '21

Chiming in for industry. The best part is you can really shop around for company culture. Every company needs accountants!

88

u/AJDillonsMiddleLeg Aug 13 '21

This thread is about people that make six figures of course they aren't in public

7

u/Wrong_Bad4922 Aug 13 '21

Im in public at 105k after a recent raise. Public is short staffed and all firms have been providing nice raises to retain people this year

6

u/AJDillonsMiddleLeg Aug 13 '21

I was mainly being sarcastic lol. I left public three years ago and it did seem like shortly after that the industry started going through some changes. And obviously as a result of what Covid did to the labor market, salaries in a lot of industries have gone through the roof.

1

u/Vendetta425 Aug 13 '21

How long did it take though to get to 100k after starting in public?

2

u/ayeeflo51 Aug 13 '21

I'll be making 100k after my raise next April, I'd be 4.5 years into public at that point

1

u/PowerVP 29d ago

3 years for me. Live in NYC though so YMMV

1

u/Wrong_Bad4922 2d ago

I started at 47.5k and hit 105k after 4.5 years

10

u/pyacc Aug 13 '21

Yeah I just finished up year 3 and I make 100k at a big 4. It’s pretty brutal though, we are so short staffed.

2

u/depreciatemeplz 29d ago

Left public as a manager at 80K, went to government auditing (down to senior from manager) and pay bumped to 101K. Living large.

2

u/A_Guy_Named_John 29d ago

My GF is in her 5th year of public and went from 98k to 115k for Manager 1 promotion.

2

u/TaxGuy_021 Aug 13 '21 edited Aug 13 '21

I make 200k (with my bonus) with 4.5 years exp in PA.

There is a lot more to PA than monkey work.

3

u/kayGrim Aug 13 '21

Just curious, what are hours/work-life balance like?

A lot of the jobs being listed here come with the caveat that you're working 60+ hour weeks and I think a lot of people lose sight of the $/hr when they see that yearly income.

3

u/ayeeflo51 Aug 13 '21

I'll be making 100k after the yearly raise next year, but fuck working 60 hours lol with full time work from home, I barely work 30 hours during the slow weeks. Month end close can get rough but thats barely a 45 hour week.

2

u/TaxGuy_021 Aug 13 '21

30 to 60 hours a week.

I do tax consulting work (M&A, cross-border structuring, debt restructuring, etc.), so I'm always on the call. But I have a great relationship with a good number of partners in my group and the partners I answer to, so I get a lot of latitude as to how I get my work done.

1

u/kayGrim Aug 13 '21

Thanks for the additional info!

-2

u/Vikings2326 Aug 13 '21

I’m in public and over 200k with 4 years of working experience 🤷‍♂️

4

u/[deleted] 29d ago

[deleted]

1

u/Vikings2326 29d ago

Nah dawg. My background is JD LLM in big 4 national tax. Graduated in 2017 and my starting pay was 130k.

6

u/Admirable_Address601 Aug 13 '21

Lol how is that even possible. that is director/partner salary and it take atleast 10 years to reach that in public

6

u/Imegaprime 29d ago

That's no where close to partner money buddy. Any top 15 firm is going to clear partners 450k at least.

2

u/gajoujai 28d ago

yeah seriously. if it's 200k no one would even want to grind til partner

4

u/superbit415 29d ago

director/partner salary and it take atleast 10 years to reach that

Not when your family members and or family friends own the company. Most likely the case here.

3

u/Vikings2326 29d ago

I have a JD / LLM background and I guess the company really wanted me? I dunno what to tell you dude. Graduated in May of 2017 and starting pay was 130k. Changed jobs a few months ago and got a good pay increase. Both jobs are big 4 in national tax department.

2

u/Admirable_Address601 29d ago

LLM background and I guess the company really wanted me? I dunno what to tell you dude. Graduated in May of 2017 and starting pay was 130k. Changed jobs a few months ago and got a good pay increase. Both jobs are big 4 in national tax department.

Ok that makes more sense then since you have JD/LLM. I assumed you has a bachelors in accounting and went to big 4 after graduating, starting salary there is around 65k in most big cities

8

u/danxthexman 32M / 68% SR Aug 13 '21

I’m in a government utility.

6

u/sirnibs3 Aug 13 '21

I’m in industry but I’ve thought about working government

2

u/danxthexman 32M / 68% SR Aug 13 '21

It’s more of a governmental utility so in my opinion the pay is better than government but still has all the great benefits.

2

u/Latter-Pain Aug 13 '21

How do you get into government utility?

4

u/danxthexman 32M / 68% SR Aug 13 '21 edited Aug 13 '21

You can start by checking governmental sites, so maybe your water or electric is provided by your city. Or think of a nearby city or authorities.

It’s not as popular like industry or PA, but it’s been pretty good and relatively consistent as people need water and electric.

1

u/rynaco Aug 13 '21

Sounds like TVA

1

u/snickerlick 29d ago

How is the pay vs. industry? Just started at a new company making 65k. About 4 years out of college.

1

u/danxthexman 32M / 68% SR 29d ago

Our range is 62-105k. You could start at 62 and make it to 105 doing the same tasks, increasing 5-10% each year.

1

u/snickerlick 29d ago

Sounds like a good deal. I imagine the hours and benefits are much better than industry as well.

1

u/hatecreation58 Aug 13 '21

Me too! Best spot to be in my opinion.

23

u/izzabee2 Aug 13 '21

Chuckling at this. Life of an accountant! Industry here, but you are reminding of public vs private companies. Can’t decide what’s worse: private company close that drags on for 20 days or public where they have 5 days and want it in 3.

13

u/FIREbeforeFORTY 33M | DINK | 27% FI | 55% Savings Rate Aug 13 '21

Public. Public is way worse.

3

u/sequoia2075 Aug 13 '21

I’m in public at $110k.. But only because I’m in the Bay Area

2

u/Vendetta425 Aug 13 '21

How long did it take though to get to 100k after starting in public?

1

u/SqurlESqurl Aug 13 '21

S2 in Bay Area from my experience. Though this was 3 years ago and I’ve heard raises were very high due to Covid this last cycle

1

u/thornangdol 29d ago

Buddy guyyyy