Q: Big4 - Yearly salary increment - Page 957 - Salary.sg Forums
Salary.sg Forums  

Go Back   Salary.sg Forums > The Salary.sg Discussion Forums: > Income and Jobs

Income and Jobs Discuss jobs, career options and of course salaries




Q: Big4 - Yearly salary increment

Reply
 
Thread Tools
  #9561 (permalink)  
Old 18-11-2022, 07:12 PM
Unregistered
Guest
 
Posts: n/a
Default

Dear XXX Tan,

We are heartened to announce that you have been admitted to partnership with effect from FY2023. The management is pleased to welcome you to our leadership team, and we celebrate such achievements as well as commitment to the values of our firm. This class of new partners demonstrates our strong commitment to recognising the accomplishments of the most talented individuals in Southeast Asia every year, despite the Covid-19 pandemic.

Am extremely delighted to receive such a good news after 13 years of working in one of the big 4 firms. Many of my peers who have left big 4 are merely just VP/AVP rank and below in banks. No any other firms that promotes lateral career progression as well as big 4 firms, and I can definitely say that I did not regret leaving big 4.

My advice to fresh grads these days - stick it out in the big 4 and you will be rewarded handsomely. Do not be tempted by instant gratification of firms outside of big 4 (e.g 10-20% pay bump when you jump out). The reason why they pay you a high bump when you jump out is to lure you in so that your subsequent increment will be stuck at 3%, but Big 4 provides you 10% increment and promotion annually as long as you don’t screw up

Reply With Quote
  #9562 (permalink)  
Old 18-11-2022, 08:51 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Dear XXX Tan,

We are heartened to announce that you have been admitted to partnership with effect from FY2023. The management is pleased to welcome you to our leadership team, and we celebrate such achievements as well as commitment to the values of our firm. This class of new partners demonstrates our strong commitment to recognising the accomplishments of the most talented individuals in Southeast Asia every year, despite the Covid-19 pandemic.

Am extremely delighted to receive such a good news after 13 years of working in one of the big 4 firms. Many of my peers who have left big 4 are merely just VP/AVP rank and below in banks. No any other firms that promotes lateral career progression as well as big 4 firms, and I can definitely say that I did not regret leaving big 4.

My advice to fresh grads these days - stick it out in the big 4 and you will be rewarded handsomely. Do not be tempted by instant gratification of firms outside of big 4 (e.g 10-20% pay bump when you jump out). The reason why they pay you a high bump when you jump out is to lure you in so that your subsequent increment will be stuck at 3%, but Big 4 provides you 10% increment and promotion annually as long as you don’t screw up

This is survivorship bias at it's finest. You are occupying one of the spots that 9 other people were theoretically vying for as A1, but quit along the way.

Even if everyone wanted to "stick it out", the firm would still have needed some way of driving 90% of every cohort to quit. There is no business case to make up 100% of each batch as partners. Only 1 in 10.

B4 can count on natural attrition to do the job of filtering for them because the working conditions and pay at the junior ranks is so terrible that the vast majority quit.

In other industries where the high pay makes it far better upside for juniors to stick it out as long as they can, such as law firms, consulting firms and banks, they employ an "up or out" model - if you don't make partner within X years, you are kicked out of the firm. Go read up about the "Cravath System".

If B4 ppl didn't quit in droves on their own accord, you can be very sure they will be employing the up-or-out system. In short, your logic is flawed.

Reply With Quote
  #9563 (permalink)  
Old 18-11-2022, 08:53 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Hello, does anyone working at EY know/hear that there'll be pay bumps after the
Split of consulting and assurance? Thanks
Pay increments for advisory but pay cuts for assurance. It’s a known fact that consulting arm will be generating a larger revenue after splitting and that is the reason why advisory partners are convincing the audit partners worldwide to receive cash payouts and accept the splits. Do you honestly think EY audit as a standalone will be able to generate the same amount of revenues? Without its own advisory arm, a lot of projects have to outsource to other firms for advisory experts and lead to lower efficiency. Clients will move to other big 3 resultantly. This is also the reason why many audit managers are rejecting this proposal because their dreams of becoming partners and earn big bucks is getting crushed…

Reply With Quote
  #9564 (permalink)  
Old 18-11-2022, 09:00 PM
Unregistered
Guest
 
Posts: n/a
Default

LOL @ working at big 4 earning peanuts and overworking like a dog
Reply With Quote
  #9565 (permalink)  
Old 18-11-2022, 09:22 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Pay increments for advisory but pay cuts for assurance. It’s a known fact that consulting arm will be generating a larger revenue after splitting and that is the reason why advisory partners are convincing the audit partners worldwide to receive cash payouts and accept the splits. Do you honestly think EY audit as a standalone will be able to generate the same amount of revenues? Without its own advisory arm, a lot of projects have to outsource to other firms for advisory experts and lead to lower efficiency. Clients will move to other big 3 resultantly. This is also the reason why many audit managers are rejecting this proposal because their dreams of becoming partners and earn big bucks is getting crushed…
Project everest could very well destroy the value in yellow's assurance business. That's what many observers r saying. It's a tough time to be a partner-hopeful in yellow. We could very well end up with a Big3 scenario.
Reply With Quote
  #9566 (permalink)  
Old 18-11-2022, 10:59 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Anybody can verify that is Big 4 still the path for accounting professionals whereby staying for 2-3 yrs and then jump out to get higher salary in industry or not applicable le
Applicable but not favored.

Some really struggle to accept this notion of having to grind 2-3 yrs after graduation when many other industries don't require this.
Reply With Quote

  #9567 (permalink)  
Old 19-11-2022, 10:09 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Applicable but not favored.

Some really struggle to accept this notion of having to grind 2-3 yrs after graduation when many other industries don't require this.
But in order to enter commercial, this would be the path to go? if it is for a bank finance department role, it is still advisable to go this path?
Reply With Quote
  #9568 (permalink)  
Old 19-11-2022, 10:11 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
This is survivorship bias at it's finest. You are occupying one of the spots that 9 other people were theoretically vying for as A1, but quit along the way.

Even if everyone wanted to "stick it out", the firm would still have needed some way of driving 90% of every cohort to quit. There is no business case to make up 100% of each batch as partners. Only 1 in 10.

B4 can count on natural attrition to do the job of filtering for them because the working conditions and pay at the junior ranks is so terrible that the vast majority quit.

In other industries where the high pay makes it far better upside for juniors to stick it out as long as they can, such as law firms, consulting firms and banks, they employ an "up or out" model - if you don't make partner within X years, you are kicked out of the firm. Go read up about the "Cravath System".

If B4 ppl didn't quit in droves on their own accord, you can be very sure they will be employing the up-or-out system. In short, your logic is flawed.
Agreed especially when the associates are having a harder time now
Reply With Quote
  #9569 (permalink)  
Old 19-11-2022, 10:45 AM
Unregistered
Guest
 
Posts: n/a
Default

how much is starting salary for big 4 entry? less than 2 year exp
Reply With Quote
  #9570 (permalink)  
Old 19-11-2022, 11:06 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Agreed especially when the associates are having a harder time now
Why are they having a harder time? Good pay, good wlb, good rep, whats hard?


Primary School English Grammar and Vocabulary Drills
Primary School English Grammar and Vocabulary Drills


SG Bus Timing App
SG Bus Timing App - the best bus app - available on iOS and Android


Bursa Stocks Android App - check share prices
Bursa Stocks [Android] App - check latest share prices on the go


SGX Stocks Android App - check share prices
SGX Stocks [Android] App - check latest share prices on the go


SGX Stocks for iPad - check latest Singapore share prices
SGX Stocks [iPad] app
| SGX Stocks [iPhone] app
Reply With Quote
Reply

Bookmarks

« Previous Thread | Next Thread »
Thread Tools

Posting Rules
You may not post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Salary Increment to be 5.2% Salary.sg Income and Jobs 1 25-09-2021 07:24 PM
Yearly increment Button Income and Jobs 29 06-01-2018 09:43 PM
Annual Increment for Civil Service 2011 bswuming87 Income and Jobs 4 10-04-2011 09:19 PM
Annual Increment 1nch3r Income and Jobs 0 12-11-2010 12:36 AM
Can your Increment beat Inflation? Salary.sg Investments and Net Worth 9 24-04-2008 03:37 PM

» 30 Recent Threads
Compare civil service salary ( 1 2 3... Last Page)
16,265 Replies, 12,306,036 Views
GovTech ( 1 2 3... Last Page)
4,992 Replies, 2,101,840 Views
Rio tinto ( 1 2 3... Last Page)
81 Replies, 55,373 Views
Factual Local Bank Salaries - DBS... ( 1 2 3... Last Page)
1,765 Replies, 1,360,338 Views
Standard Chartered International... ( 1 2 3... Last Page)
464 Replies, 258,794 Views
Roles in accenture singapore ( 1 2 3... Last Page)
7,093 Replies, 2,250,577 Views
IMDA (under MCI) ( 1 2 3... Last Page)
1,240 Replies, 591,403 Views
ST Electronics ( 1 2 3... Last Page)
3,653 Replies, 1,497,785 Views
UOB Management Associate Program ( 1 2 3... Last Page)
1,270 Replies, 743,422 Views
Lawyer Salary ( 1 2 3... Last Page)
20,889 Replies, 10,203,725 Views
Career as Teacher ( 1 2 3... Last Page)
10,261 Replies, 6,401,528 Views
DBS ACE Programme ( 1 2 3... Last Page)
112 Replies, 73,790 Views
Q: Big4 - Yearly salary increment ( 1 2 3... Last Page)
14,698 Replies, 4,867,723 Views
MAS for Mid Career Professionals ( 1 2 3... Last Page)
1,761 Replies, 1,014,938 Views
How is life as a doctor in... ( 1 2 3... Last Page)
7,204 Replies, 3,334,535 Views
HTX (Home Team Science and... ( 1 2 3... Last Page)
639 Replies, 323,484 Views
Shopee fresh grad pay ( 1 2 3... Last Page)
1,028 Replies, 426,365 Views
Work culture in IHiS ( 1 2 3... Last Page)
707 Replies, 525,409 Views
Maritime and Port Authority of... ( 1 2)
13 Replies, 17,260 Views
DSTA (under Mindef) ( 1 2 3... Last Page)
1,397 Replies, 1,344,691 Views
NUS (National University of... ( 1 2 3... Last Page)
314 Replies, 310,150 Views
Micron starting pay ( 1 2 3... Last Page)
702 Replies, 387,880 Views
Compilation of MAs/Analysts Gross... ( 1 2 3... Last Page)
1,263 Replies, 700,524 Views
DBS Graduate Associate Program ( 1 2 3... Last Page)
2,297 Replies, 986,606 Views
Visa Internship
3 Replies, 4,340 Views
GIC (Government of Singapore... ( 1 2 3... Last Page)
419 Replies, 712,601 Views
CSA (Cyber Security Agency) ( 1 2 3... Last Page)
885 Replies, 485,656 Views
Company deduct air ticket from...
0 Replies, 254 Views
Anyone work in JPM/GS/Morgan... ( 1 2 3... Last Page)
415 Replies, 156,945 Views
DBS tech seed programme ( 1 2 3... Last Page)
3,756 Replies, 1,477,050 Views
Powered by vBadvanced CMPS v3.2.2



All times are GMT +8. The time now is 07:12 AM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.3.2