Yahoo Finance I’m Went From Junior Accountant to General Manager: How Much I Made in My First Job Compared To Now
The salary for a general manager in the United States varies based on where you live. According to Indeed, the average salary is $61,390. Other sources place it anywhere between about $40,000 and $110,000 a year.
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While not all general managers earn the same amount, it can still be a highly lucrative career. It can also be rewarding to see one’s career progression over time and to reflect on how far they’ve come and where they’re heading.
To illustrate this, GOBankingRates spoke with Ryan Reed, a former general manager and current chief financial officer at Code Signing Store, about his career timeline and future income and career goals. Here’s what he shared.
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Going From a 5- to 6-Figure Salary
Like many people, Reed started with a modest annual income. In his first job, he earned under $40,000 a year. But he didn’t stop there.
“I was offered a $38,000 salary as a junior accountant. My annual salary stood at $105,000 by the time I became general manager,” he said. “This was a huge increase resulting from strategic career moves and a relentless focus on niche financial skills acquisition, especially in forensic accounting and financial risk management.”
From his first job to his role as a general manager, Reed saw an earnings growth of $67,000 a year.
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Career Progression: A Timeline
Very few people stay at the same company or hold the same job for the duration of their working lives. According to Apollo Technical, the average person will hold 12 jobs in their lifetime. Unsurprisingly, one of the biggest reasons for changing jobs is in pursuit of a higher salary.
When asked about his career timeline, Reed had this to say:
“My career began modestly with the finance department of a small manufacturing firm. Within two years, I had obtained my CPA license, which opened up more responsibilities. Then, I moved into a senior accounting position at a medium-sized tech company where my specialization was forensic accounting: finding out if any financial discrepancies could save millions for the organization.”
Thanks to his expertise in the field, Reed then moved from that position into a finance manager role. Five years later, he was promoted to general manager where he was in charge of operations together with finance units. This all led to his current position as chief financial officer.
While he didn’t share his current income, CFOs can earn anywhere from around $100,000 to well over $600,000 a year. A report from Salary.com found that the average CFO salary in the U.S. is $442,206. Exact earnings vary based on factors like education, experience, certifications, industry and years in the profession.
Moving Up in His Career Has Had a Significant Impact
It’s no secret that the more income someone earns, the more financial stability they achieve — though, of course, it also depends on their spending, saving and investing habits. For Reed, though, these income increases and career advancements have had a significant impact on his life — personally and financially.
“This shift in finances, along with having advanced careers, has had dramatic consequences for me,” he said. “Financially speaking, this allowed me to invest in multifamily properties which provide security and passive income streams. Personally, [this] growth instills resilience and [the] strategic thinking ability to face challenges head-on.”
On that note, earning a high salary is one thing — being able to invest it strategically is another. While no investment is risk-free, multifamily properties are generally considered a lower-risk investment compared to smaller real estate asset classes — like retail or office properties.
Looking Ahead: Future Career and Income Goals
Despite all he’s achieved so far, for Reed, there’s further still to go. This is true both in his career and in his personal financial situation.
“Ultimately, I plan to use my experience as CFO to mentor upcoming finance enthusiasts or perhaps become chief operating officer (COO),” he said. “On the other hand, financially, I intend to further diversify income sources through investment in fintech startups and advisory roles.”
Going from a junior accountant role earning $38,000 a year to a general manager position earning $105,000 a year — and then beyond to a chief financial officer — is rather impressive. It also goes to show that, no matter where you start, you can always build your way up.
Whatever your personal and professional goals might be, it can take time, persistence, initiative and determination, but you can achieve them.
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This article originally appeared on GOBankingRates.com: I’m Went From Junior Accountant to General Manager: How Much I Made in My First Job Compared To Now
