how does audit firm consulting's future like?
Hi all, I'm curious as to how well and about is the audit firm's consulting branch? That is being hired as a consultant. I understand the pay is well below the market rate (which really, how can they really attract the best?) and am curious of the life -work balance and the annual increment. Any advise please?
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The work-life balance is terrible, even as a consultant and not an auditor. However, the exposure and career progression is great, your skills will be pretty much in demand throughout the finance industry. |
Note that each of the MBBs hire just around 5 ppl each year, so for others interested in consultancy, they are left with the second-tier ones (OW, LEK, etc.), boutiques, and Big 4. Big 4 salary may start off much lower than the elite consultancies but the pay after 4 years is still much better than the typical bank officer and such, plus the prospects from there are great.
Salary scale isn't very much different from the other Big 4 lines, maybe just a little higher bonus (esp now that advisory is becoming a larger and larger revenue generator for Big 4). Work-life balance is just as crappy (but also depends on project nature). |
The starting pay between audit and consulting is about the same, but long term prospects is heaven and earth.
The typical big 4 auditor path grad with 10 years exp is some kind of Finance Manager / Internal Audit in a big organization making 12-15k. Those on consultancy side with same 10 years exp either move on to prestigious management consultancies, investment related fields or business strategy/M&A/JV specialist in a big organization. At this stage making above 25k is pretty common. |
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oh why finance industry? How is the skills connected? |
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Thanks for the information guys! However, I'm curious as to if i were to compare to other consultancy firms (even the lower tier), the pay is way higher than consultancy in audit firms. Which brings me to, why is this so?? Isn't it sacrificial to be in this role in a firm who does not pay market rate?? feels bit not valued. please correct me if i am wrong.. also, how does the future as a consultant in big 4 looks like? Will the skills set learnt be similar or stunted compared to consultancy in boutique firms- places? thank you! |
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