Compensation Watch ’21: PwC Employees Are Getting a 5% Bump In Pay (UPDATE)

Posted on by Jason Bramwell

[UPDATE] Now that PwCers got that sweet, sweet “Timmy Stimmy,” a mid-year raises thread was created on r/accounting, although there hasn’t been much action in it so far. The 5% raise nearly everyone got is reflected in a few posts, while a Senior 3 in Consulting Advisory Services mentioned getting the additional 10% adjustment (see below) on top of the 5%.

[Originally posted on Dec. 17, 2021]

What was rumored in posts on the usual chatter sites yesterday turned out to be true this morning: PwC is handing out 5% adjustments in pay, or a “Timmy Stimmy” as one PwCer called it on Reddit, effective Jan. 15, 2022.

Unlike Deloitte, which gave mid-year comp adjustments to Green Dotters who they deemed had salaries that weren’t competitive in their market, PwC is apparently giving 5% raises across the board, except for managing directors, who are getting 3%.

I checked in this morning with a senior manager at PwC to confirm the mid-year raise, and he/she responded, “It is true. 5% of course is better than 0% especially given where inflation is now and will likely continue trending up.”

Most PwCers on Reddit and Fishbowl seem pretty happy with the 5% mid-year raise, even if it’s below the current inflation rate, because of how generous PwC was with raises last June.

The ball’s in your court now, EY.

[Updated on Jan. 3, 2022] According to a post on Fishbowl, PwCers who work in Capital Markets and Accounting Advisory Services, Financial Due Diligence, Valuations, and M&A Tax Services got an extra 10% to 11% salary boost on top of the 5% that everyone will get Jan. 15.

Related articles:

Compensation Watch ’21: How ’Bout Them Raises At PwC?
Compensation Watch ’21: Deloitte Puts Mid-Year Raises On the Table

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PwC Falls Victim in the Competitive Poaching Game to…WTP Advisors

As you know, the Big 4 are pretty competitive when it comes to landing the best talent. The brightest brains. The biggest, swingingest…well you know. Anyhoo, PwC has been on tear this year, luring an accounting firm equivalent of a platoon from KPMG. They’ve also managed to pick off people from Duff and Phelps and the SEC.

But now the tables have turned unexpectedly on P. Dubs. They certainly had to be wary of the likes of Deloitte, E&Y and yes, even KPMG trying to woo their partners seeking greener pastures but it’s highly unlikely they saw this coming:

WTP Advisors, an award-winning, global tax and advisory firm, announced today that it has opened a new office location in Long Beach, CA. The new site will be headed by tax expert, Jon Worden, who most recently managed PwC’s West Region International Tax Services Quantitative Solutions Team. “Jon is a terrific choice to lead WTP Advisors’ West Coast tax practice. Like all WTP directors, he has Big Four experience, combined with a drive to forge deep and lasting client relationships. His personality, talent, and ambition will represent us well with large multinational companies in this region,” says Mike Minihan, Partner and co-founder of WTP Advisors. In his new role, Worden will be responsible for serving the L.A., Orange County and Northern California markets, as well as cultivating relationships with organizations up and down the West Coast.

Or maybe they did. WTP Advisors was founded by “four PwC veterans” back in 2005 according to this Fortune blurb on the firm’s website. It also boasts that it “has retained 100% of its clients” since the founding of the firm. The clip above is also from said blurb which depicts some sort of Rumble in the Professional Services Jungle between WTP and PwC. Perhaps WTP is gunning for P. Dubs because there is some bad blood there, we don’t know (but would love to hear about it). And with only 75 employees and $12 million in revenues, they barely register on Bob Moritz’s radar but it’s clear that they can poach P. Dubs talent and they are already better at using PR to make it known than some other firms.

2 thoughts on “Compensation Watch ’21: PwC Employees Are Getting a 5% Bump In Pay (UPDATE)”

  1. So you have been underpaid for a long time, you get a pay increase that doesn’t meet inflation, and the partners still make multiple times more than a senior manager? Sounds like anyone excited for this is the same tool they always were.

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