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how does audit firm consulting's future like?

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Old 27-06-2016, 10:13 PM
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Default 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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Old 28-06-2016, 09:32 AM
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Originally Posted by wintrysun View Post
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?
What is your definition of market rate and with which firms are you comparing it to?

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.

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Old 28-06-2016, 10:51 AM
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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).

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Old 28-06-2016, 11:38 AM
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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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Old 28-06-2016, 11:45 AM
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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.
lol nah, i agree that consultancy prospects are a lot more lucrative vs audit but 25k?? that's like a big 4 junior partner salary already.
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Old 28-06-2016, 12:02 PM
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lol nah, i agree that consultancy prospects are a lot more lucrative vs audit but 25k?? that's like a big 4 junior partner salary already.
That's only if you stick with Big4. In reality most good people do not stay in Big 4 consultancy for too long. 25k is only the pay of roughly Regional M&A or Strategy Manager in big MNCs, 10 years exp is more than enough for it.
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Old 28-06-2016, 12:47 PM
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What is your definition of market rate and with which firms are you comparing it to?

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.
There are many teams under the consultancy arm.. does it also apply to operational due diligence? or just strategy?
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Old 28-06-2016, 02:42 PM
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There are many teams under the consultancy arm.. does it also apply to operational due diligence? or just strategy?
Doesn't matter, even consultants at the strategy houses do a mix of strategy and DD projects.


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Old 30-06-2016, 09:08 PM
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What is your definition of market rate and with which firms are you comparing it to?

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.

oh why finance industry? How is the skills connected?
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Old 30-06-2016, 09:12 PM
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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).

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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