It’s the end of August, which means Starbucks is already slinging pumpkin spice lattes, Oktoberfest and pumpkin beers are now on the shelves of your favorite bottle shop, the college football season is about to kick off, and Robert Half and Accounting Principals have released their latest salary guides for accounting and finance professionals. Both […]
We know those of you awaiting offers have been watching compensation threads tick by thinking to yourselves "man, I can't wait to get my offer and compare my salary to those of my fellow interns-turned-FTers in one big monetary weenie measuring contest on GC!" and day after day goes on with no one mentioning offers. […]
With an average starting salary of $53,300, the class of 2013 might have to endure some envious snipes from their Class of '12 co-workers: The average starting salary for accounting graduates this year is $53,300, up from $49,700 in 2012, Andrea Koncz, employment information manager for the NACE, told AccountingWEB. In 2011, the average starting […]
~ UPDATE includes updated salary info after a flood of new submissions. Thanks to everyone that wrote in. Welcome to the final recruiting season roundup for 2012. Thanks for all your questions and freak outs this fall. If you ever encounter any interesting situations or simply have something on your mind that you want to […]
Welcome to this week's roundup of baffled buckaroos. Each week we'll try to save some hapless accounting students from embarrassing themselves somewhere along recruiting trail. Have a question about recruiting season? Email us at email@example.com with "Recruiting Season Questions" in the subject line. We'll kick things off with a follow-up from last week when "Pissed […]
KPMG is offering $40,800 per year. They claim they will pay over time if you work over 40 hours per week.
PwC is offering $40,800 per year with a 0-15% bonus based on performance.
EY is offering $40,500 per year. No mentions of overtime.
This is for the Toronto offices and these figures are all in Canadian Dollars, which comes out to slightly below $40k USD but with the possibility of overtime, obviously the haul could be a lot more. If you’ve heard different numbers (or any Deloitte numbers at all) for these firms, get in touch or discuss below.
A wise suggestion from the mailbag:
I had an idea for an interesting blog topic – most Big 4 interns will be finishing up within the next week or two. It would be interesting to see what the starting salaries and bonuses are turning out to be across the firms and across the different offices for new hires starting Fall 2012. I know you did a similar compensation blog a while back and it had several hundred comments with people sharing their respective numbers.
Thanks, astute future capital market servant! Jesus, is it really August already? We did do this last year around this time and you are correct that we got some great feedback from the kids. Except for the ones who got kicked off the team before the big trip to Disney, awww sucks for them.
Instructions this year are the same as last year, please be sure to include 1) your starting salary 2) your office 3) practice 4) signing bonus (if applicable) 5) Bonus for CPA (if applicable). Remember that anything you post will be seen by everyone you know including your colleagues, lover, dog and grandma so please, if you want to remain anonymous, post as such. Mommy won’t be around to moderate your discussion.
Because not everyone fits into the Big 4 cookie cutter, all interns looking forward to full-time offers are welcome to join the conversation, compare packages (erm) and brag about how much better their firm is than others. There’s no crying in baseball but this is public accounting, which means whining is also welcome.
Get on that, future leaders of the industry!
I believe PwC and DT offers come out this Friday. I’d really appreciate the input from other readers. It could affect my own FT offer.
Per a request from our earlier post on full time offers for interns:
I think it would be interesting to start a post on full time/internship compensation offers that have been rolling in and will continue coming to students for the next few months. Are the firms trying to lower starting compensation?
And a reader considering a mid-tier offer:
I am going into my fifth year this fall at a large university in the Southeast. I recently received an offer from mid-size firm to the tune of $49k, no signing bonus, and no CPA bonus (firm policy). My question is, in this market, is that what students are being offered in public accounting? I would just love to know what my friends at the Big 4 are getting! Because of these numbers, and me not being sure about whether or not I want to work for them, I am tinkering with the idea of going through another recruiting season. Do you think it’s a bad idea to keep this mid-size firm waiting?
So then. For those starting this fall in the Big 4, kindly enlighten the requesters with 1) your starting salary 2) your office 3) practice 4) signing bonus (if applicable) 5) Bonus for CPA (if applicable).
And give your thoughts on the reader’s question – should they keep the mid-tier firm waiting or take what they can get?
Or the commenter – are salaries looking lower from previous years or are the A1s already making A2s jealous?
Last Friday’s post by Caleb surrounding the Bonus Watch at Deloitte sparked a handful of intuitive comments from GC readers.
In case you didn’t read the post and subsequent commentary, Commenter Anon51 responded to the question “what do readers suggest firms do to retain practitioners” with the following:
1. treat every team member with respect
2. you can’t just force your team to work harder year after year with fewer people and a smaller budget
3. pay 4-7 year people more, pay new hires less, so it seems there is an incentive to working harder
4. reward your people with an extra day off without having to utilize vacation time, especially after a really busy month/audit
Point 3 is bolded because it resulted in the following comment from Guest:
“That’s a really good idea, and I’m not being sarcastic. There is no reason why new hires fresh out of college need to make $59k ($55k + $4k sign-on bonus), when they would happily work for $50k. Then, a $5k bump every year would be a reward, with maybe a higher bump during promotion years…Pay disparity is a bigger issue than actual pay.”
Well said, Guest and Anon51.
I’ve said it before and I’ll say it again – the Big 4 are constantly in cahoots with one another with regards to hiring benchmarks. So I propose that TBig4PTB get together and reassess their starting salaries. Behold, a template for all Big Wigs to follow:
1. Decrease starting total packages (salary + sign on) by seven percent. Lower the bar from the get-go.
2. Now is the time – blame the decrease on “a firm wide strategic response to the economic risks of being a major player in the professional services industry. Unofficial response – did you see the DOW sink like the Titanic the other day?!”
3. Spread gap created by initial decrease in salary over the next two years. This will create an artificial sense of accomplishment and praise.
4. Send internal emails stressing the “increase in raises for well deserving employees.” Everyone cheers.
5. In three years college graduates will not know the difference; this “decrease” becomes a non-issue.
Guest’s comment that “pay disparity is a bigger issue than actual pay” can become a non-issue with very little effort. Is this fair or ethical? Mehhhhh. I personally think it would be a slap in the face to those of you who have busted your humps and sacrificed career and personal opportunities all in the name of KPDeloitterhouseErnstMG. But it certainly wouldn’t be the most desperate attempt made by one of the firms in recent memory.
Raising morale – hardly. What are your thoughts?
And by that we mean money. We’ve started hearing rumors about the starting salaries for new associates and we don’t know what the hell to believe, so we need your help to set us straight.
We’ve heard $50k in Atlanta, $52k in Houston, $57k in DC and $61k in New York. Nothing yet from the left coast, so help us out. Sounds like signing bonuses are either significantly reduced and in some cases completely eliminated. Nothing has been firm specific but we’re guessing they’re all pretty close.
Talk to your fellow newly minted bean counters and find out the sitch on this year’s salaries and how it compares to last year’s newbies for your respective city. Also let us know if your start date has been pushed back. Discuss in the comments or send us the deets at firstname.lastname@example.org.