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November 29, 2022

Salaries

Current and historical data on accounting salaries, bonuses, and Big 4 compensation discussions.

Salary Satisfaction Poll Results

An official tally was necessary since it’s pretty obvious that Americans are way more hung up on money than our British counterparts. Results after the jump.


So satisfied I need a cigarette – 8.7%
Even if it’s bad, it’s still pretty good – 36.4%
I can’t get no satisfaction – 54.9%
Frankly, we expected a larger margin of victory for “no satisfaction” what with the ubiquitous Siberia treatment and some of the staff making more than you. We admire your resolve.
As for the 9% of you that are getting hot thinking about your paycheck, we’re assuming you’re either in a constant state of bliss or delusional. Kindly elaborate.
Thanks to all that voted!

Satisfied with Your Salary?

unsatisfied.jpgThis is the last thing we thought we would see: No grumbling from accountants over pay freezes.
Maybe our number crunching friends across the pond are less hung up on money but Stateside “No grumblingis, at the very least, debatable.
We figured getting a comparison poll was in order. So, continuing the theme of election day, we’ll ask you to vote again, this time on how you feel about your current salary. Feel free to elaborate in the comments.

Robert Half’s Salary Guide Doesn’t Have Many Surprises

Robert Half has issued its salary guide for 2010 and we wouldn’t say that’s its chock full of good news. It follows the Ajilon salary guide that came out a couple of weeks ago and it seems to present a lot of the same sobering conclusions.
Salaries will be virtually flat, according to Bob’s guide, increasing approximately 0.5% for next year. However, there are some areas that seem to have better prospects than others including:


Tax accountants
Financial analysts
Senior and staff accountants
Business analysts
Along with these positions, the guide states that employers are seeking professionals with certifications, broad experience, and expertise in technology or compliance.
RH also has a “Public Accounting Outlook” in the guide and it does not paint a pretty picture:

Compensation packages in public accounting have seen notable changes. Salary levels have moderated, with declines reported in some areas. Additionally, instances of large signing bonuses and raises are far less common and typically reserved for premier performers.

The silver lining is, again, for tax professionals but since more companies are trying to do tax work in house, public firms are now competing directly with their corporate clients for the talent. It also indicates that some smaller firms have done some hiring and our earlier post on considering a smaller firm elicited some comments in favor of choosing that route.
Overall, with the significant change in the political environment, the job market for accountants seems to be trending towards positions centered around compliance and rule changes and the competition will likely be fierce. You can request a copy of the salary guide by going here.
For those of you currently on the job search, discuss the salary trends that you are seeing in the current market. Good luck to everyone that is currently on the hunt.

Problem of the Day: Your Staff Makes the Same Money As You (Maybe More)

money.jpgApparently it’s happening, people. With several firms freezing pay for this fiscal year, some already hinting at an additional freeze for fiscal year 2010, and with less fewer offers being made on campus, it’s not outside the realm of possibility that the new associate nearly has the same salary as you.
It goes without saying that this is a contentious issue amongst the staff and it can be made worse if it is known to exist between members of the same team.
If you’ve been busting your ass for the last two to three years and seen very little appreciation in the form of merit increases and suddenly the new associate walks in making virtually the same as you, your motivation may evaporate on all fronts.
From a staff perspective, no new associate, no matter how virtuous will ever ask, “Is that what a senior associate makes? I wouldn’t be comfortable making that much without any experience.” Nice thought but not gonna happen. Firms will claim that they have to keep salaries competitive in order to win the best talent and may even encourage it in order to foster the “competitive environment”.
So discuss how prevalent this is on your team, in your office, or at your firm. Is there any good solution here? We’re talking about money, so there has to be some opinions.