How Accountants Can Ask For A Promotion and Pay Rise

 
Accounting offers a great career trajectory with plenty of opportunities for advancement. But are you ready to navigate a promotion or negotiate a pay rise? With our tips and a little effort, you can get the results you’re looking for.   

Have the right conversation

When you ask for a pay rise or promotion, don’t apologise for your request. Simply make your case in a calm, professional manner. 

For promotion, highlight ways you’re already stretching your current role – how you go beyond your job spec, the targets you’ve met (or exceeded), and the leadership qualities you have shown. 

To help secure a salary increase, talk about your performance not your personal situation. The fact that you have a mortgage to pay won’t cut any ice with your manager. Flag up the income generation you were responsible for, or savings you helped to achieve. Are there any changes in processes you’ve instigated that have led to greater efficiencies?

Be ready to give examples of the market rate for your role – websites such as Glassdoor or PayScale can provide useful benchmarks. 

Negotiate

Adaptability is a key business attribute, so don’t go in with a fixed mindset – offer other options. For instance, instead of a percentage salary increase, your manager may consider awarding a bonus, some extra holiday, or more flexibility in your work schedule. 

Add to your skillset

It may be that you need to achieve certain qualifications before you can step up to that promotion. Ask your boss what’s needed and create a plan to get there. One route could be distance learning. If you want an online course that fits around your other commitments, this could be for you. You can learn at your own pace – wherever and whenever works best for you – and be supported to pass the exams that will make you more eligible for promotion. 

Grow your network

Networking can boost your career in accounting. You never know who will lead you to your next role, provide a recommendation or become a mentor. Building good relationships with colleagues and clients not only creates a more pleasant working environment, it also helps you feel more engaged with your industry and strengthens your place within it. 

Guard your personal brand

Your reputation is your personal brand, so always keep in mind the impact you leave on others. That goes for online as well as face-to face. Guard against anything that could derail your brand’s effectiveness. If you set the right tone in your communications, you’ll curate a more positive presence – and that gives you a head start when seeking promotion or a pay rise. 

Where will your accounting career path take you?

Depending on what area of accounting you want to specialise in, you can progress from an entry-level position such as staff accountant, through senior accounting roles, on to a managerial position, before rising to partner or Chief Financial Officer.

No matter the end goal, the best way to ensure continued success is to gain industry recognised qualifications – and three of the most popular are AAT, ACCA and CIMA.

With AAT Level 2, for example, you could become an accounts assistant, move on to Level 3 to become a credit controller, and then pass AAT Level 4 to become a payroll manager.

ACCA is for aspiring chartered certified accountants looking to specialise in audit, tax or advisory. ACCA has three levels. While you’re part-qualified, you’ll typically work as an associate. As you add to your skillset you can take on supervisory roles. Then, after being chartered for five or more years, you could move in to leadership as a director, partner or head of finance.

CIMA is for those interested in management accounting. You could start as a sales ledger clerk, move up to become a financial analyst, on to a fund accountant, then financial manager and, ultimately, chief financial officer. 

Let’s go!

If you’re interested in reaching new heights in your career, why not start today. You can try our courses free for 7 days to find out if online learning is right for you. And then join the ranks of ambitious people ready to grasp the promotions, pay rises and global opportunities that a career in accounting offers.