Q: Big4 - Yearly salary increment

How come the SCAQ now has 2 exemptions? So good?

Thought before year 2020, ISCA don't allow any exemptions?

So strange to U-turn and breaking their own rules.

Originally Posted by Unregistered

this is false. look on linkedin and you can see how many openings there are. hiring slowdown, yes probably true.

My friends are working in banks and all said their finance team froze hiring. A few possibilities about what you're seeing:
1. The job ads are fake. Even if you manage to get an interview, they'll tell you after the 3rd stage that 'headcount was slashed indefinitely, cannot proceed'
2. Those are contract roles with temp agencies. Pay and hours are crap and so is the benefits. Literally no point joining.
3. The job ads are real but they're ultra fussy and just waiting for the perfect perfect candidate since there's an oversupply of candidates anyway. They're getting hundreds of resume so no hurries.
4. Some banks decided to start hiring again recently

The reason why there's no retrenchment is because later no govt no face, so a hiring freeze it is.

My audit manager suggests that if we are unable to finalise the audit on time, we should personally explain the situation to the audit partners

He also suggests that, if necessary, we should be prepared to use our own money to cover any extension fees to ACRA.

What do you guys think of my audit manager?

Originally Posted by Unregistered

In terms of skill set, would it be difficult for an auditor to transition into Fpa?

that depends on whether u are stupid or not

with the current standard of BCC associates, yes it'd be difficult for them

but honestly your issue right now is that junior fp&a roles for auditors to exit into are getting moved to KL and BKK. SG side is only hiring for managers and above since the APAC CFO and CEO is in SG. the dumbasses here should be complaining about issues like this instead of ISCA and CA pathways which add no value

good luck even finding a role, i hope your dad or church friend's dad is a CFO who can pull the strings for you.

Originally Posted by Unregistered

not OP, but i think the answer is no. it is not so straightforward.

i think you need to think about your salary goal and how fast you want to get there. if you want anything 12-14k in 10 years. i will say the best odds are to stay to SM3, outside would likely take longer, could be 15 years, 20 years, depends on your industry your own capability etc, of course could also be faster, i know guys who made it to PE or just manage to get hired as FC at immediately got a 30% raise. but of course these are minority cases.

but you need to consider that "surviving" to SM3 is not exactly easy either, along the way some people fall off the curve also, but if you can, it is probably the fastest. but then making the switch from there is exponentially difficult because you are just branded as an auditor. if you ask me is commercial that much different from audit, the answer is no, because audit actually exposes you to a lot of things and all that gives you a nice varied skill set. but does your future employer know that? the answer is no also, in that 2 or 3 rounds of interview you will never be able to display your true value, and then you got people who are "tried and tested" people doing FP&A which is probably a better bet to your hiring manager.

then the next consideration is can you make partner, if you can and you think audit is the career for you, then by all means stay. but if you cannot, then there is a real possiblity you are stuck as an SM3 with little to no exit opportunities and may have to take a pay cut. then you are suddenly behind the person who left early and now got the special "at least 10 years commerical experience with 3-4 years in big4", and these guys usually earn a decent sum.

think long and hard, dont look back. but i mean of course if everything turns to ****, and if you were a decent staff, your manager/partner will hire you back in a heartbeat looking at the situation today...

Thanks for the detailed reply. I'm hoping to jump at the 4th year mark so that next time I'll be one of those "10 years commercial with 3-4 years big 4 experience" people hehe, but the job market is so bad that it's impossible to get interviews even though I've gotten my resume reviewed so many times. Is that how it is from your perspective on the commercial side too?

Originally Posted by Unregistered

My audit manager suggests that if we are unable to finalise the audit on time, we should personally explain the situation to the audit partners

He also suggests that, if necessary, we should be prepared to use our own money to cover any extension fees to ACRA.

What do you guys think of my audit manager?

Which big 4?

It depends on who is causing the delay, whether the resources are stretched, whether your team is competent and whether your manager reviews on time.

Your manager should intervene before the deadline by monitoring the progress and not wait until the last minute when there's a late filing.

As a senior, you should inform your manager of the deadlines.

Anyway, it is a team effort, so your manager should also share the responsibility.

Originally Posted by Unregistered

My audit manager suggests that if we are unable to finalise the audit on time, we should personally explain the situation to the audit partners

He also suggests that, if necessary, we should be prepared to use our own money to cover any extension fees to ACRA.

What do you guys think of my audit manager?

First paragraph I believe and is quite common.

Second paragraph is just nonsense. Any such fees is paid by client.

Originally Posted by Unregistered

My audit manager suggests that if we are unable to finalise the audit on time, we should personally explain the situation to the audit partners

He also suggests that, if necessary, we should be prepared to use our own money to cover any extension fees to ACRA.

What do you guys think of my audit manager?

He is joker.

When i was manager, we only finalised and get partner to sign off when we got enough assurance

Finalised audit on time is management responsibility

Originally Posted by Unregistered

Which big 4?

It depends on who is causing the delay, whether the resources are stretched, whether your team is competent and whether your manager reviews on time.

Your manager should intervene before the deadline by monitoring the progress and not wait until the last minute when there's a late filing.

As a senior, you should inform your manager of the deadlines.

Anyway, it is a team effort, so your manager should also share the responsibility.

Manager should be on the ball to ensure everthing is moving and aware of the deadline

is it worth taking a 12 month contract fp&a role to pivot out of audit?

is there a stigma against contract roles? people just dont seem to be hiring now.