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Started By
Message
Oil & Gas Accountant Salary Question
Posted on 6/20/12 at 10:02 am
Posted on 6/20/12 at 10:02 am
I am trying to get an estimate on what my salary should be or maybe even what others in my industry may be.
I work in the oil & gas industry doing cost accounting,inventory tracking,commissions for their brokerage firm, adjusting entries every month,etc. I am responsible for inventory valuation (inventory is around $50-$60mil monthly), revenue (around $25-$50mil a month) and all expenses associated with this division of the company. I do tons of journal entries every month and report to the controller and CFO.
My education background is a BS in accounting with an MBA in Finance and I had great grades (not sure that matters). I have been with the company for about a year but have over 5 years of cost accounting experience and financial statement analysis under my belt before this and I'm in my early 30's. I also plan to start studying for the CPA exam starting next month and will have all the requirements needed to be a CPA (education and work experience under CPA).
I looked on Salary.com and it says my salary should be around $69,000 with my experience but I'm not sure if this is correct.
I work in the oil & gas industry doing cost accounting,inventory tracking,commissions for their brokerage firm, adjusting entries every month,etc. I am responsible for inventory valuation (inventory is around $50-$60mil monthly), revenue (around $25-$50mil a month) and all expenses associated with this division of the company. I do tons of journal entries every month and report to the controller and CFO.
My education background is a BS in accounting with an MBA in Finance and I had great grades (not sure that matters). I have been with the company for about a year but have over 5 years of cost accounting experience and financial statement analysis under my belt before this and I'm in my early 30's. I also plan to start studying for the CPA exam starting next month and will have all the requirements needed to be a CPA (education and work experience under CPA).
I looked on Salary.com and it says my salary should be around $69,000 with my experience but I'm not sure if this is correct.
7
Posted on 6/20/12 at 10:19 am to JasonL79
69 is probably close
Posted on 6/20/12 at 10:19 am to JasonL79
Sounds like you should be payed more than 70 with experience and MBA.
Posted on 6/20/12 at 10:22 am to raw dog
quote:
Message
raw dog
Oil & Gas Accountant Salary Question
Sounds like you should be payed more than 70 with experience and MBA.
$70k is probably about right.
Posted on 6/20/12 at 10:34 am to LSUAfro
Jeez they don't pay you bean counters shite.
Posted on 6/20/12 at 10:39 am to JasonL79
69 just seems a tad low to me based on your responsibilities. I would think low-mid 70's but I could be wrong for sure.
Posted on 6/20/12 at 10:56 am to barry
quote:
Jeez they don't pay you bean counters shite.
over worked and under paid
why i got out
Posted on 6/20/12 at 11:03 am to barry
quote:
Jeez they don't pay you bean counters shite.
I mean he only has 5 years of accounting experience...
Posted on 6/20/12 at 11:03 am to barry
quote:
Jeez they don't pay you bean counters shite.
Why I'm looking to get out as well. Making ends meet w/ two $70k(wife and I) salaries is very easy, but I'm trying to make that by myself so the wife doesn't have to work, and in the accounting world...it takes too long for my liking as I've found out. ETA:
There are perks though. You can find a job virtually anywhere, and most positions are extremely stable.
This post was edited on 6/20/12 at 11:07 am
Posted on 6/20/12 at 11:08 am to LSUAfro
last year i'm drinking on the deck with my friend who's an operations manager for a big oil and gas company and he says "you bring home what? about 150k a year" I nearly choked on my beer
Posted on 6/20/12 at 11:12 am to reb13
quote:
I mean he only has 5 years of accounting experience...
5 years B4 puts an accountant near or above the 100k mark
Also depends on the title you would have in the accounting department. I know senior financial analysts make about 75k.
This post was edited on 6/20/12 at 11:13 am
Posted on 6/20/12 at 11:23 am to lynxcat
quote:He's not big 4. He's private industry in what sounds like a smaller firm, and when I was in public, I don't remember 5 years getting $100k. I didn't make it 5 years, but don't think I would've been at 100k.
5 years B4 puts an accountant near or above the 100k mar
This post was edited on 6/20/12 at 11:30 am
Posted on 6/20/12 at 11:28 am to yellowfin
quote:
last year i'm drinking on the deck with my friend who's an operations manager for a big oil and gas company and he says "you bring home what? about 150k a year" I nearly choked on my beer
F*** you ain't lying. Most of my good friends are engineers, PE,EE,ME, it doesn't matter. We all graduated about the same time and most of us are around the 10 year mark. They are all clearing $100k/salaries...except me. And these aren't OT lying salaries. I see the way they live.
FML
This post was edited on 6/20/12 at 11:31 am
Posted on 6/20/12 at 11:30 am to lynxcat
Posted on 6/20/12 at 11:31 am to LSUAfro
quote:
quote:
5 years B4 puts an accountant near or above the 100k mar
He's not big 4. He's private industry in what sounds like a smaller firm.
I actually have 6.5 years(5.5 before and 1 with the company now) total experience in accounting and I am in private industry. It's a privately held company with revenues around $1billion a year. They have around 500 or so employees.
I work about 30-40 hours overtime a month on average but that is included in my salary because I get paid on a salary and not hourly.
Posted on 6/20/12 at 11:33 am to LSUAfro
quote:
Most of my good friends are engineers, PE,EE,ME, it doesn't matter
I wish I would have done engineering instead of accounting.
I have lots of friends that are engineers that do well.
Posted on 6/20/12 at 11:39 am to lynxcat
quote:
5 years B4 puts an accountant near or above the 100k mark
not near that as of 2 years ago.....depends what city too.
If he is in Houson, that's low. I'd think he'd be making more in Nola, but good accounting jobs are tough to find in Nola and pay in Nola is a lot less than in a Houston or Atl. On the flip side, from what I've seen Nola is generally better than BR for accountants.
This post was edited on 6/20/12 at 11:40 am
Posted on 6/20/12 at 11:45 am to reb13
quote:
I wish. LINK
PwC has the slowest promotion path. It is the only B4 that has a standard 3 years as an associate before promotion.
The example you gave is for the cheapest COL cities. Even so, if you move up the promotion raises a year I guess you are in the 85k range after 5 years. In a more expensive area of the country, 100k is definitely attainable. Starting salary of 56-58 and then run those same numbers.
Then again, the link is an optimistic view for tax/audit for someone who is on the partner track, so it won't apply to the masses.
At the end of the day, most accountants chose the career path for the security of the job rather than the earning potential.
This post was edited on 6/20/12 at 12:03 pm
Posted on 6/20/12 at 11:51 am to lynxcat
quote:
PwC has the slowest promotion path. It is the only B4 that has a standard 3 years as an associate before promotion.
I understand but that is a verifiable basis. In most cities (Atl, houston, etc) you won't get to 100 k salary till at least year 7. Now NYC, Chicago, etc then yeah you could probably make 100 k faster. Also these people have their CPA and identifiable experience (companies know what goes on in the big 4).
Posted on 6/20/12 at 11:58 am to reb13
quote:
I understand but that is a verifiable basis. In most cities (Atl, houston, etc) you won't get to 100 k salary till at least year 7. Now NYC, Chicago, etc then yeah you could probably make 100 k faster. Also these people have their CPA and identifiable experience (companies know what goes on in the big 4).
This all disregards the possibility of leaving the firm. Everyone knows the B4 underpays on the premise that it is "the best accounting training ground", so the typical exit to industry creates a 20-30% raise.
The conversation goes to show why most in the B4 would transfer into a consulting line of business at the drop of the hat
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