We have held off on this one as long as we can, but some of you are anxious to get the results from our Compensation Survey and the only thing holding us up is this here compensation discussion. So let's get to it! Since compensation season kicked off, we've learned that accounting firms are having […]
It's August. It's hot. The collective stench of human bodies and rotting trash hangs around like that unwelcome friend who won't stop talking about his latest dating failure. There's little you can do but hold your nose and wait for it to pass. Lucky for us, we can still have the public accounting firm summer […]
Yes, we know this is early but the natives are getting restless, as evidenced by our inboxes: EY compensation and promotion talks have began in the NY area We reached out to a friend of GC currently sentenced to 15 to life at EY in NY who could not confirm this: I can’t confirm what […]
Thanks to our tipster who spilled the dirty details just moments ago:
No specific salary increases or bonuses were addressed, as the call was high-level. But here are the approximate levels:
Raise and Bonus Percentages:
3-rated (average) – 7% salary increase, 5% bonus
2-rated (middle) – 8.5% salary increase, 7% bonus
1-rated (highest) – 10% salary increase, 10% bonus
Milestone promotions (senior, manager, senior manager) would be 3 to 5% on top of the salary increases above. No additional bonuses or raises for new managers.
As expected, Deloitte talked a bit about salary multipliers, but not nearly to the extent that PwC did in their presentation. Of note on this front are the fact that experienced audit seniors can expect to earn 1.3x their starting salaries, as opposed to 1.5x at PwC. Also notable is the Deloitte model is “total compensation” (salary + bonus + rewards received), whereas PwC’s structure appears to apply only to salary.
We’re really sorry for taking so long to get this in order, or rather, Caleb should be sorry because it happened on his watch but, in his defense, he was off in the UK kissing up to the people who actually own this website and therefore technically make sure our checks are signed every month. So we’ll give him a pass. I’m sure ignoring KPMG compensation had absolutely nothing to do with any residual feelings he may have for the firm he once called home.
Anyway, we got word last week that some more KPMG comp talks started some time last week (OK, so they started last Monday) and apparently they are making all those fools at Uncle Ernie’s look pretty lame with their 11 percents.
We have it on good authority that, at least for our audit staff tipster, last week’s comp talks were probably going to bring news somewhere in the 16% range or thereabouts.
Well great, that’s not very helpful at this point, is it? We’ll have to badger our tipster incessantly to see how that worked out (we never heard further so maybe they took that 16.4%, bought a bunch of gold and ran off to Sri Lanka) but if any of you KPMGers have good news to share, please let it launch below.
As always, it’s extra helpful if you A) avoid commenting with your full name so the partners don’t get their Depends in a bunch over you blabbing your salary all over the Internet and B) include where you are, what service line you are in and any bonus.
Earlier: (UPDATE) Comp Watch ‘11: Early Returns Are in at KPMG
From the mailbag:
Any rumors on PwC comp going around yet? Partner discussions are supposed to start this week and go through next.
After all the discussion around PwC’s new compensation structure one may have thought that was enough to keep people talking for months. Fortunately, plenty of mini-BoMos out there are anxious about this year’s compensation adjustment and since the fiscal year ends next Thursday, it’s not a wonder. Sooo, if you’ve been (un)fortunate enough to have your little money chat let everyone know how it went. Don’t spare the details: office, level, practice, etc.
From the mailbag:
Just got off an “All Hands” call for Deloitte Advisory (not Audit). TPTB said to expect “substantial” base salary bumps for staff and seniors, but that they are moving toward a “base+bonus” structure for managers and up. As such, the bulk of the increase in salary pool will be to staff/seniors.
I dont know what that means – it would sure be nice to see 12-15% percent, but I dont think that is being too realistic. Whatever the case, I doubt there will be bonuses for staff/seniors like you saw at PwC. They bandied about a “$36MM” number a couple times, but that is really irrevelant without a discussion of the distribution.
People are sure giving a lot of credit to PwC. Maybe firing out of the gate was a way to put pressure on everyone else but don’t forget, not everyone at PwC is thrilled with their compensation season.
We aren’t expecting official word out of Deloitte for awhile but in the meantime, feel free to speculate on ‘substantial’ and keep us updated.