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Career Question
Posted on 2/14/23 at 4:41 pm
Posted on 2/14/23 at 4:41 pm
Would you rather have a 40k state government job as a tax auditor with good benefits and a nice pension if you stuck around, or 60k as a internal auditor for a bank with good benefits, more room for progression, but no pension.
Don’t know if this is right board. I just looked at them and figured it would fit best here.
Don’t know if this is right board. I just looked at them and figured it would fit best here.
This post was edited on 2/14/23 at 4:43 pm
11
Posted on 2/14/23 at 4:53 pm to 94rebel
quote:
40k state government job as a tax auditor with good benefits and a nice pension if you stuck around, or 60k as a internal auditor for a bank with good benefits, more room for progression, but no pension.
20k per year with opportunities to stretch it more is better than a pension based off $40k working salary.
Is that what you are asking?
Posted on 2/14/23 at 5:20 pm to meansonny
Exactly still room to grow in gov but not as much
Posted on 2/14/23 at 5:22 pm to 94rebel
Bank. Plenty more high paying positions where promotions are more likely to be based on meritocracy than tenure.
Posted on 2/14/23 at 7:35 pm to schexyoung
I’m in commercial banking. Banking for sure although the industry is starting to suck. I think it will give you more options and flexibility career wise. A lot of outsiders view government employees as lazy and doing the absolute min they can (which makes it tougher to transition out into the private sector IMO).
Pension is great but if you have the self discipline to take each years pay raise percentage and just up your 401k by that much you’ll be just fine. Just wish I would have started doing that 10 years ago vs 5
Pension is great but if you have the self discipline to take each years pay raise percentage and just up your 401k by that much you’ll be just fine. Just wish I would have started doing that 10 years ago vs 5
Posted on 2/14/23 at 8:16 pm to 94rebel
How young are you and how many years do you expect to work before retirement?
Posted on 2/14/23 at 8:28 pm to 94rebel
quote:
Would you rather have a 40k state government job as a tax auditor with good benefits and a nice pension if you stuck around
I'm a tax auditor with the state government. You're not going to be an OT baller, but it's decent pay with job stability. There is some truth to the perception that government employees are lazy, but I used that to my advantage and was able to advance. I'm assuming 40K is the starting salary. If so, your salary will increase, and your pension will be based on your last five years of employment. Also, with state employment, you can contribute to a 457B.
Posted on 2/14/23 at 8:31 pm to meansonny
I’m 23 want to retire in 50s
Posted on 2/14/23 at 8:35 pm to btown96
Yeah cool man I’m a tax auditor also. I am debating on applying for the internal audit job. To be honest the work is kind of stressing me out. I’ve been there 5 months and I’m working on a bunch of audits. I love my boss and coworkers so far but the pay is terrible (40k). What would you do if you were me ?
This post was edited on 2/14/23 at 8:36 pm
Posted on 2/14/23 at 8:44 pm to 94rebel
$20k per year extra pay?
Just assume you put $15k into your 401k for 30 years (assume 6% average return)
Future value = $1,257,000.
If you work 30 years for the government, what percentage of your annual pay do you earn?
I had a pension that would pay up to 80% of best 10 years income on a 30 year retirement scale.
That would be an annuity of $32,000 per year starting at age 62.
I think the decision is pretty cut and dry if you are looking at retirement options.
Just assume you put $15k into your 401k for 30 years (assume 6% average return)
Future value = $1,257,000.
If you work 30 years for the government, what percentage of your annual pay do you earn?
I had a pension that would pay up to 80% of best 10 years income on a 30 year retirement scale.
That would be an annuity of $32,000 per year starting at age 62.
I think the decision is pretty cut and dry if you are looking at retirement options.
Posted on 2/14/23 at 8:46 pm to meansonny
I appreciate the response, that’s really kind of you man. You are right. I’m going to apply.
Posted on 2/14/23 at 8:50 pm to 94rebel
quote:
Yeah cool man I’m a tax auditor also. I am debating on applying for the internal audit job. To be honest the work is kind of stressing me out. I’ve been there 5 months and I’m working on a bunch of audits. I love my boss and coworkers so far but the pay is terrible (40k). What would you do if you were me ?
It depends on which state you work for. For me, I had the option to transfer out of state, where they pay a monthly housing stipend. Also, I got an MBA while I was working here. They will increase your salary with the completion of an MBA. Contact your HR department or download the HR manual to see if they offer any incentives. Doing those two things along with promotions has increased my salary by 50k and I've been working as an auditor for 10 years. I don't know which state you work for to be of any more help.
Posted on 2/14/23 at 8:56 pm to btown96
You also have to figure the pay gap May widen over the years. You’re young.
It’s $20k now but as you get more experience will you excel in the private section vs being boxed in by pay grades in the government.
BUT, there is certain job security in the government and the pension/annuity of the government.
It’s $20k now but as you get more experience will you excel in the private section vs being boxed in by pay grades in the government.
BUT, there is certain job security in the government and the pension/annuity of the government.
Posted on 2/14/23 at 8:59 pm to 94rebel
Best of luck.
There is something to be said about following your competence..
If you hate what you do, you likely aren't going to be there long (their decision or yours).
Most people like jobs where they are good at them. And staying at a job like that builds tenure and opportunities to manage (even if it takes 10+ years to advance, advancement through attrition is a real thing).
There are things to consider over just comp and benefits.
Being 23 in the workforce is scary and exciting at the same time. I hope it works out well for you.
There is something to be said about following your competence..
If you hate what you do, you likely aren't going to be there long (their decision or yours).
Most people like jobs where they are good at them. And staying at a job like that builds tenure and opportunities to manage (even if it takes 10+ years to advance, advancement through attrition is a real thing).
There are things to consider over just comp and benefits.
Being 23 in the workforce is scary and exciting at the same time. I hope it works out well for you.
Posted on 2/14/23 at 9:01 pm to meansonny
Yeah understood completely, thanks again.
Posted on 2/14/23 at 9:04 pm to btown96
Thanks for the info, yup I looked at the PPM’s. I actually got my accounting degree while working for the department of revenue. An MBA would get me a promotion like you said. The monthly housing stipend is super neat, I work for the state of Louisiana.
Posted on 2/14/23 at 9:21 pm to 94rebel
quote:
Thanks for the info, yup I looked at the PPM’s. I actually got my accounting degree while working for the department of revenue. An MBA would get me a promotion like you said. The monthly housing stipend is super neat, I work for the state of Louisiana.
Yes. They have positions available in Houston if you're interested but I believe you have to wait until you're out of probation to be eligible. Your options will increase if you transfer to Texas. There have been auditors that have left to work for various companies in Texas if you want.
Posted on 2/14/23 at 9:42 pm to btown96
Ok I talked to my supervisor about that. Im definitely gonna move there at some point. Houston or Dallas. But MBA is main thing i should do right now, right ?
Posted on 2/14/23 at 9:49 pm to 94rebel
quote:
But MBA is main thing i should do right now, right ?
Absolutely. The further you are from your undergrad, the more difficult it can be to get back into it. Especially if you end up settling down, get into a serious relationship, have kids…
Posted on 2/14/23 at 10:00 pm to 94rebel
quote:
Ok I talked to my supervisor about that. Im definitely gonna move there at some point. Houston or Dallas. But MBA is main thing i should do right now, right ?
I wouldn't talk to your supervisor about transferring. Yes if you want to increase your salary MBA should be your focus along with learning as much as you can.
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