Unregistered |
20-04-2024 12:11 PM |
Quote:
Originally Posted by Unregistered
(Post 275771)
I think the biggest problem in the accounting industry is because of the low pay.
It is mandatory for companies to get audited. It is a process where all the audit firms will fight for the clients, hence offer lower pricing for their clients. With low pricing, it means the audit firms have to use lower manpower to sustain their profit margins.
All the audit firms will keep fighting to squeeze their manpower to ensure more attractive pricing for their clients.
However, in consulting it is different. Consulting can pay more because of the idea and solution they sell. It is more like a sales job. People are willing to pay for a solution rather than a process of complying with the regulatory requirement.
Accounting grads are not usually hired as an accountant immediately. They have no relevant experience in such commercial roles. Therefore, most of them went into audit.
This is a sunset industry because there is no way that audit firms will raise the salary. Else, the audit fee will be higher, and the client might just switch audit firms.
The only way is to have a minimum wage requirement for a per hour of work basis. I dont think the government will impose such regulation.
So, some accounting grads just move to other areas out of accounting as other area pays well. U seldom see NUS accounting students in B4, because they find greener places. They are the AAA/C people. They are smart.
It boils down to the meritocracy again. You have to work harder in sch to get out of the accounting industry. People hire accounting grads in other fields too. Just how much effort u willing to put in.
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NUS Business (Accountancy) and SMU Accountancy graduates usually do not join the Big 4 firms. Instead, most associates come from NTU, SIT, SUSS, UOL, and other foreign uni. Those who had better options back then but chose accounting can only find ways to get out of this situation.
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