Q: Big4 - Yearly salary increment

Originally Posted by Unregistered

2018 A1 batch still got many locals and got quite a number from NTU. The situation after covid so jialat ah. no locals want to join big 4 already.

There were many things happening quickly over those few years. It's a long list, I'll just jot a few big ones that comes to mind.

1) Covid gave people a chance to internally reflect and reconsider what they want in life. Long hours for below-market starting salaries? Effect on physical and mental health?

2) At the same time, Gen Z also started graduating, and the mindset of late 1998 kids differed a lot from 1994 kids. Instant gratification became a popular thing, and B4 has already functioned on a delayed gratification model, selling people the pipe dream of making it far in corporate.

3) Tiktok was available to the english market in 2018 and quickly skyrockets in popularity; the youngsters consumption of entertainment became short videos. They want information demanded immediately and live in an era where things are a quick 15 seconds google search away. Exacerbate #2.

4) 2018 was the last batch with candidates (mostly NSmen) eligible for the transitional arrangements to be grandfathered as Chartered Accountants. After that it was mandatory for all to take SQP (renamed to SCAQ). Surprisingly a good number of graduates weren't familiar they were caught by this even though it was announced in 2013.

5) High inflation and cost of living was a big part of 2021. But due to covid, not only did wages not go up, there were either reduced pay, or worse, titular promotions where they get promoted to senior but still drawing A2 pay for some months.

6) Manpower shortage means whoever is remaining has to do even more work to cope. Kind a vicious cycle here where if you don't leave, you're picking up over the leavers.

7) Tech boom came, FAST. Poached the straight As students away. It's a no-brainer between 6k+ starting salaries VS 3k starting salary + study for another 3 years to have 5k salary. No need for further formal studies after graduating from computer science.

8) Slippery slope - as popularity drops, local universities drop their intake (declining birth rates was already a problem to start with). Caliber of students (and graduates) drop. I don't doubt the rigor of the university's education, but bell curve is a thing and 2nd Upper for a cohort of 90% AAB is not the same as 2nd Upper in a cohort of 90% BCC.

9) Regulators and the world moves forward. New accounting standards (FRS 115, 109, 116) and new auditing standards (SSA 540, SSA 600, SSA 220) only raises documentation and assessment requirements.

I could talk to you for another 5 hours on the industry man..

Originally Posted by Unregistered

There were many things happening quickly over those few years. It's a long list, I'll just jot a few big ones that comes to mind.

1) Covid gave people a chance to internally reflect and reconsider what they want in life. Long hours for below-market starting salaries? Effect on physical and mental health?

2) At the same time, Gen Z also started graduating, and the mindset of late 1998 kids differed a lot from 1994 kids. Instant gratification became a popular thing, and B4 has already functioned on a delayed gratification model, selling people the pipe dream of making it far in corporate.

3) Tiktok was available to the english market in 2018 and quickly skyrockets in popularity; the youngsters consumption of entertainment became short videos. They want information demanded immediately and live in an era where things are a quick 15 seconds google search away. Exacerbate #2.

4) 2018 was the last batch with candidates (mostly NSmen) eligible for the transitional arrangements to be grandfathered as Chartered Accountants. After that it was mandatory for all to take SQP (renamed to SCAQ). Surprisingly a good number of graduates weren't familiar they were caught by this even though it was announced in 2013.

5) High inflation and cost of living was a big part of 2021. But due to covid, not only did wages not go up, there were either reduced pay, or worse, titular promotions where they get promoted to senior but still drawing A2 pay for some months.

6) Manpower shortage means whoever is remaining has to do even more work to cope. Kind a vicious cycle here where if you don't leave, you're picking up over the leavers.

7) Tech boom came, FAST. Poached the straight As students away. It's a no-brainer between 6k+ starting salaries VS 3k starting salary + study for another 3 years to have 5k salary. No need for further formal studies after graduating from computer science.

8) Slippery slope - as popularity drops, local universities drop their intake (declining birth rates was already a problem to start with). Caliber of students (and graduates) drop. I don't doubt the rigor of the university's education, but bell curve is a thing and 2nd Upper for a cohort of 90% AAB is not the same as 2nd Upper in a cohort of 90% BCC.

9) Regulators and the world moves forward. New accounting standards (FRS 115, 109, 116) and new auditing standards (SSA 540, SSA 600, SSA 220) only raises documentation and assessment requirements.

I could talk to you for another 5 hours on the industry man..

U talk so much and everything make sense
But one thing u left out is... JHK
No 2nd upper cohort from NTU will want to compare themselves to sunway, tunku, multimedia
make them look third world

you also left the part where our partners keep bringing in JHK with low standard. which made the audit quality and office culture worst.

Want to know something funny?

I just rented out condo to another 2 more JHK!! since gov allow
LOL
1st room = 3 people
2nd room = 3 people
master room = 2 people

Squeeze them die!!!

The previous 6 paid sky high rental for next 2 years
This 2 new people, i still charge them the same sky high rental due to my prime location

My condo alone higher than your S1/S2 salary

Originally Posted by Unregistered

Want to know something funny?

I just rented out condo to another 2 more JHK!! since gov allow
LOL
1st room = 3 people
2nd room = 3 people
master room = 2 people

Squeeze them die!!!

The previous 6 paid sky high rental for next 2 years
This 2 new people, i still charge them the same sky high rental due to my prime location

My condo alone higher than your S1/S2 salary

I dare you to post rental agreement or bank statement as proof else it's a bluff.

you all like to pawn people. bad tase

Originally Posted by Unregistered

There were many things happening quickly over those few years. It's a long list, I'll just jot a few big ones that comes to mind.

1) Covid gave people a chance to internally reflect and reconsider what they want in life. Long hours for below-market starting salaries? Effect on physical and mental health?

2) At the same time, Gen Z also started graduating, and the mindset of late 1998 kids differed a lot from 1994 kids. Instant gratification became a popular thing, and B4 has already functioned on a delayed gratification model, selling people the pipe dream of making it far in corporate.

3) Tiktok was available to the english market in 2018 and quickly skyrockets in popularity; the youngsters consumption of entertainment became short videos. They want information demanded immediately and live in an era where things are a quick 15 seconds google search away. Exacerbate #2.

4) 2018 was the last batch with candidates (mostly NSmen) eligible for the transitional arrangements to be grandfathered as Chartered Accountants. After that it was mandatory for all to take SQP (renamed to SCAQ). Surprisingly a good number of graduates weren't familiar they were caught by this even though it was announced in 2013.

5) High inflation and cost of living was a big part of 2021. But due to covid, not only did wages not go up, there were either reduced pay, or worse, titular promotions where they get promoted to senior but still drawing A2 pay for some months.

6) Manpower shortage means whoever is remaining has to do even more work to cope. Kind a vicious cycle here where if you don't leave, you're picking up over the leavers.

7) Tech boom came, FAST. Poached the straight As students away. It's a no-brainer between 6k+ starting salaries VS 3k starting salary + study for another 3 years to have 5k salary. No need for further formal studies after graduating from computer science.

8) Slippery slope - as popularity drops, local universities drop their intake (declining birth rates was already a problem to start with). Caliber of students (and graduates) drop. I don't doubt the rigor of the university's education, but bell curve is a thing and 2nd Upper for a cohort of 90% AAB is not the same as 2nd Upper in a cohort of 90% BCC.

9) Regulators and the world moves forward. New accounting standards (FRS 115, 109, 116) and new auditing standards (SSA 540, SSA 600, SSA 220) only raises documentation and assessment requirements.

I could talk to you for another 5 hours on the industry man..

This is very accurate, the biggest being 7 and 9 and to a smaller extent 1 and 5. Promotion delays was horrible during covid despite manpower shortage, excuse being "poor economy from covid" which didn't actually affect our financials.

But seriously, no one with half a brain would study anything besides IT these days unless they are a scion. If it were me, I'd do the same too. The tech boom is seriously nothing to scoff at. It's the sole proof that a BCC uni rejects course can attract the brightest scholars when you pay them well. Everything else is just lip service.

Originally Posted by Unregistered

There were many things happening quickly over those few years. It's a long list, I'll just jot a few big ones that comes to mind.

1) Covid gave people a chance to internally reflect and reconsider what they want in life. Long hours for below-market starting salaries? Effect on physical and mental health?

2) At the same time, Gen Z also started graduating, and the mindset of late 1998 kids differed a lot from 1994 kids. Instant gratification became a popular thing, and B4 has already functioned on a delayed gratification model, selling people the pipe dream of making it far in corporate.

3) Tiktok was available to the english market in 2018 and quickly skyrockets in popularity; the youngsters consumption of entertainment became short videos. They want information demanded immediately and live in an era where things are a quick 15 seconds google search away. Exacerbate #2.

4) 2018 was the last batch with candidates (mostly NSmen) eligible for the transitional arrangements to be grandfathered as Chartered Accountants. After that it was mandatory for all to take SQP (renamed to SCAQ). Surprisingly a good number of graduates weren't familiar they were caught by this even though it was announced in 2013.

5) High inflation and cost of living was a big part of 2021. But due to covid, not only did wages not go up, there were either reduced pay, or worse, titular promotions where they get promoted to senior but still drawing A2 pay for some months.

6) Manpower shortage means whoever is remaining has to do even more work to cope. Kind a vicious cycle here where if you don't leave, you're picking up over the leavers.

7) Tech boom came, FAST. Poached the straight As students away. It's a no-brainer between 6k+ starting salaries VS 3k starting salary + study for another 3 years to have 5k salary. No need for further formal studies after graduating from computer science.

8) Slippery slope - as popularity drops, local universities drop their intake (declining birth rates was already a problem to start with). Caliber of students (and graduates) drop. I don't doubt the rigor of the university's education, but bell curve is a thing and 2nd Upper for a cohort of 90% AAB is not the same as 2nd Upper in a cohort of 90% BCC.

9) Regulators and the world moves forward. New accounting standards (FRS 115, 109, 116) and new auditing standards (SSA 540, SSA 600, SSA 220) only raises documentation and assessment requirements.

I could talk to you for another 5 hours on the industry man..

Good post.

Personally, the speed the tech boom happened is the one for me. Accounting final year students would rather take a bootcamp in coding than getting accounting jobs during covid.

Originally Posted by Unregistered

This is very accurate, the biggest being 7 and 9 and to a smaller extent 1 and 5. Promotion delays was horrible during covid despite manpower shortage, excuse being "poor economy from covid" which didn't actually affect our financials.

But seriously, no one with half a brain would study anything besides IT these days unless they are a scion. If it were me, I'd do the same too. The tech boom is seriously nothing to scoff at. It's the sole proof that a BCC uni rejects course can attract the brightest scholars when you pay them well. Everything else is just lip service.

Lol. You're one of those "IT is god" person huh.

Pls. Not everybody is cut out for IT. Some people have zero aptitude and interest for IT, and they end up languishing in some third tier tech firm/consultancy like NCS. Don't only look at the top end like FAANG. Not everyone makes it to FAANG.

Plus obsolescence risk is very real in tech. You'll always be vulnerable to competition from cheaper coders (from third world countries) and younger ginnas (fresh grads). New coding language etc. If you're the kind who refuse to continually upskill, you will be made obsolete very quickly. Already all of you complaining about new accounting standards. U seriously think you are hardworking enough to retool yourself?

There are many other fields where you can make a decent buck with good WLB. Not just IT. But anyway, you all chose the wrong field in accounting.

LOL, wall of text damage 9999

but yes I believe you Singaporean.

Foreigners won’t know all those things and don’t care so much

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