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Q: Big4 - Yearly salary increment

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  #9901 (permalink)  
Old 20-01-2023, 01:13 AM
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Hi everyone, if you guys feel jaded about peak let me share with you my journey

2009: Joined Big 4 as an Audit Associate
2011: Promoted to Audit Senior
2013: Promoted to Audit Assistant Mgr and seconded to NYC
2018: Promoted to Audit Senior Mgr
2021: Promoted to Audit Partner

I understand that peak is tough for you guys, but every dark clouds have a silver lining and look at the bright side. Big 4 is the only place that could provide you with lateral career trajectory, which translates to faster promotion and higher increments annually. During these 12 years of my career, there were many headhunters poaching me with lucrative offers. However, I rejected all these offers as my approach to career has always been a “long term investor” rather than a “short term trader”. Big 4 is equivalent to US stock market where there are many ups and downs throughout. However, if you are able to weather through all this hardships you will see lucrative gains and huge positive impact to your career as well as your life.
Your premise is flawed. This advice has been raised and debunked multiple times in this forum already.

Big 4 operates on a pyramid model. 100 people every year per batch but only, let's say, 5 make it to partner. 95% attrition rate. The business model depends on voluntary attrition. If more than the projected partnership candidate yield refuses to quit, the firm will deploy involuntary attrition methods by making surplus managers "hetak kaki" or "managing" them out. You are one of the 5%.

If the firm had a business case, they would be promoting more than 5% per batch to partnership.

Hence, you being one of the 5% doesn't mean anything and your advice isn't applicable or effectual for the other 95%. This fallacy is called "survivorship bias".

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  #9902 (permalink)  
Old 20-01-2023, 10:19 AM
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Your premise is flawed. This advice has been raised and debunked multiple times in this forum already.

Big 4 operates on a pyramid model. 100 people every year per batch but only, let's say, 5 make it to partner. 95% attrition rate. The business model depends on voluntary attrition. If more than the projected partnership candidate yield refuses to quit, the firm will deploy involuntary attrition methods by making surplus managers "hetak kaki" or "managing" them out. You are one of the 5%.

If the firm had a business case, they would be promoting more than 5% per batch to partnership.

Hence, you being one of the 5% doesn't mean anything and your advice isn't applicable or effectual for the other 95%. This fallacy is called "survivorship bias".
Are Audit Partners in Singapore equity partners? Or salaried?

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  #9903 (permalink)  
Old 20-01-2023, 01:50 PM
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Your premise is flawed. This advice has been raised and debunked multiple times in this forum already.

Big 4 operates on a pyramid model. 100 people every year per batch but only, let's say, 5 make it to partner. 95% attrition rate. The business model depends on voluntary attrition. If more than the projected partnership candidate yield refuses to quit, the firm will deploy involuntary attrition methods by making surplus managers "hetak kaki" or "managing" them out. You are one of the 5%.

If the firm had a business case, they would be promoting more than 5% per batch to partnership.

Hence, you being one of the 5% doesn't mean anything and your advice isn't applicable or effectual for the other 95%. This fallacy is called "survivorship bias".

In general, your points are valid. However, in this instance, big4 works for him as he has the personality to last the distance. The success rate to achieve partner status eventually is even lower than 5% per cohort.

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  #9904 (permalink)  
Old 20-01-2023, 03:30 PM
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In general, your points are valid. However, in this instance, big4 works for him as he has the personality to last the distance. The success rate to achieve partner status eventually is even lower than 5% per cohort.
Confirm less than 5% lah…

Every year (at least during my time) the intake is >100.

But only every few years then come out 1 new partner.

5 in 100 is too generous. More like 1 in 300 then I believe.
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  #9905 (permalink)  
Old 20-01-2023, 08:10 PM
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Is anyone gonna work over cny?
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  #9906 (permalink)  
Old 20-01-2023, 09:12 PM
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Originally Posted by Unregistered View Post
Hi everyone, if you guys feel jaded about peak let me share with you my journey

2009: Joined Big 4 as an Audit Associate
2011: Promoted to Audit Senior
2013: Promoted to Audit Assistant Mgr and seconded to NYC
2018: Promoted to Audit Senior Mgr
2021: Promoted to Audit Partner

I understand that peak is tough for you guys, but every dark clouds have a silver lining and look at the bright side. Big 4 is the only place that could provide you with lateral career trajectory, which translates to faster promotion and higher increments annually. During these 12 years of my career, there were many headhunters poaching me with lucrative offers. However, I rejected all these offers as my approach to career has always been a “long term investor” rather than a “short term trader”. Big 4 is equivalent to US stock market where there are many ups and downs throughout. However, if you are able to weather through all this hardships you will see lucrative gains and huge positive impact to your career as well as your life.
Who is buying your “story”? Just stfu
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  #9907 (permalink)  
Old 20-01-2023, 11:28 PM
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Is anyone gonna work over cny?
Yes i am, does that make u feel good?
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  #9908 (permalink)  
Old 21-01-2023, 02:11 AM
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Tell me about it. My sm beh song whole team left client place before 10pm. She talks about back in her days no one will leave before 1am, now 成何体统. Pls lar, what dinosaur era she is living. Instead of talking about productivity and output, she focus more on OT hours… no wonder dinobu bo lang ai
Sg dinobu. Waa i see them work hor sb sad. 1 days 24hrs only spend 10 years do audit which dun add value.

Audit has no value..
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  #9909 (permalink)  
Old 21-01-2023, 09:06 AM
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The only reason why auditors are needed is bcos of statutory requirement to do reporting every year end. If not no company will pay big 4 for any work done
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  #9910 (permalink)  
Old 21-01-2023, 05:19 PM
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The only reason why auditors are needed is bcos of statutory requirement to do reporting every year end. If not no company will pay big 4 for any work done
Don't go down that rabbit hole. In the end nothing in this world is necessary.

But we cannot disregard the value (perceived value) of third party assurance. If FTX was audited for eg, would you not have found early warning signs of lack of internal controls and **** with related parties? The fact that we are not actively finding errors or flaws is not the main issue.

The main value that we are providing is merely existing and helping the public trust companies better. It is like knowing there is someone checking on these companies every year. That is why any monkey can do audit and its pretty much the same, cus the value is not in the work you do, but in simply existing.
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