When accounting goes unaccounted for
You look lost. You'd like to find some lively discussions about compensation at the largest accounting firms, you say?
Lucky you, we know of some:
If your performance reviews and compensations chats have occurred and you want to discuss them, send us info or start a thread in Open Items.
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.
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.
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A communiqué from last week, “Caleb, I believe comp discussions are taking place at McGladrey.”
So I asked around and yes, it appears to be true. In fact they started awhile ago. From deep inside Mickey G’s:
Some people from my office started having discussions about 2 weeks ago. One guy being promoted from staff to senior, who received a 4 rating, received a 8.5% raise. I was promoted from Senior to Supervisor, received a 5 rating, so I received a 13% raise and $3,500 bonus.
That should fund a nice shopping spree at the McGladrey store. Of course some people simply would have been happy to get a longer holiday weekend.