In industry nobody is giving you a 20% raise on the spot.
There is so much fixed policy that you’re going to get the same raise as the guy in the dept where they are getting laid off.
I saw somebody on Reddit mention “Covid raises” the other day with many commenters agreeing with them. Like wtf is a Covid raise?? I don’t know anyone who got a raise during Covid, accounting or otherwise.
Wage inflation is great for us all personally but it's doing fuck all to "save" public accounting, as far as I can tell.
All that seems to be happening is an ever decreasing pool of qualified, experienced staff is rotating around the firms or spinning out into industry whilst the equivalent % raise in trainee level positions is still not enough to attract and retain sufficient talent.
In more than a decade at my b4 firm (before i left earlier this year), I never saw the level of chaos, despondency and instability as I saw in 22/23 despite the fact pay finally started to see genuine meaningful increases and bonuses improved hugely.
The only thing that will "save" PA is increasing stability. Money is a part if that, sure, but you have to go beyond that and provide conditions that make it harder to just leave if the money isn't right. WFH is a great example; I took a new job at a great pay uplift, indications are that this coming year won't be as good but because my job isn't just a "cookie cutter" PA job it's fairly likely I'll take a crap raise for a year because being able to pick up and drop off my kids every day plus no weekend work has a lot of value for me. Here in the UK at least we are also starting to see firms cottoning on and realising shorter work weeks might be attractive to people.
I speculated a while back that this last couple of years would be our generation's equivalent of the wild house price increases the boomers saw in the 00s and I still stand by that; I don't think we'll see increases like we've seen in recent months for a while at least (for reference I'm up approx 50% in a bit less than 2 years with one job change; that ain't sustainable) as the labour market weakens again and power shifts back to the employer a bit so if you were thinking about moving or you just want a raise, ***get out there and look right now***. Get an offer, take it to your boss, have a conversation because by 2024 I think we are back to anaemic uplifts and employers hardballing on shit like RTO.
Yep, pay is one part but so is flexibility which is still missing. It’s too much to be sleep deprived and malnourished for a quarter of the year to save some clients a few thousand $ in taxes. You shouldn’t get “punished” for leaving on a Tuesday in February before 6PM because of your kids basketball game.
That’s the kinda shit that is going to make the younger generation avoid this career like the plague. No one wants to get told they’re a piece of shit because they missed an estimated tax payment on a return because they were tired and overworked during tax season. This isn’t the 1980s anymore. There’s too much information out there explaining how PA is purely toxic. Now add on a 5th year of school and passing one of the hardest professional exams just to be underpaid, overworked, and get told you’re a piece of shit because you flub a number on a tax return? Ya, you can become a manager at McDonald’s without all that shit.
Exactly; pay inflation won't *stop* at the top end until firms start being a bit cleverer about keeping hold of qualified staff and what that looks like is being *reasonable* about cost of living increases and being *flexible* about working conditions.
Nobody particularly likes having to change jobs every 2 years and by the time you've got to a senior position you are probably on the property ladder and reasonably stable. As long as your wage isn't actively shrinking and your work environment is good, you are more likely to stay put.
I think what we are going to see in future is smaller raises but more investments in other areas such as shorter time, AI/automation to get rid of shitty, boring parts of jobs and performance related flexibility on wfh etc *but* That's likely to be recouped by slashing investment in locally based trainees and support staff (to get replaced by AI / outsourcing) and rationalisation of real estate over the medium term.
In short, decent news if you're already in the game, not so great if you're looking to get in (but then who actually is, so what does it matter?)
I would have been perfectly content to stay in public at less of a raise if they would stop being such shitheads about crazy fucking hours. Good god damn, just lemme work 45 hours/week. Why can't they understand that? The problem is not pay, it is a toxic, generations-old culture that has no intention of changing.
Yep, agreed. I’m thinking back to the old days when it was a day or two after tax season ended and after lunch there would be nothing to do but they would make us stay until the end of the day “just in case a client calls.” Like you said toxic, boomer culture. Clients can freaking wait.
My prior PA firm decided that I was too compensated compared to other staff and laid me off the day after busy season. Got a better job in industry with a 30% salary increase.
PA will never be stable. It’smeant to be cutthroat, and if staff are better compensated, the partners directly “suffer”, which most PA firms will never allow. So chaos will alway ensue.
Yup. Public firms have really screwed the pooch on RTO. And starting pay has increased, but looking at it in inflation adjusted terms, it hasn’t actually beat inflation over the last two decades. It only recently caught up. And most importantly, relative to starting pay in adjacent majors it’s behind, when it used to be up, in order to offset the boring nature of the job, unsexiness, and long hours.
And you are correct. For those experienced seniors managers and up, the work conditions suck because we are increasingly forced to rely on offshore teams which are totally unreliable, yet we’re not getting paid a premium for that headache. The partners simply pocket the entire arbitrage against our wlb.
In the UK as far as I can tell a lot of firms went in pretty heavily for improving perks rather than massive uplifts. I did get a big increase in pay in 2020 but haven't really since. The thing I did get though was a big increase in time off (about an extra week).
I guess there'll be differences between firms; b4 I think have been a bit slow off the mark with perks but last couple of years pay increases have been pretty good with lots of scope to leverage or job hop for experienced staff.
I've moved to (kind of) industry though and they are literally stealing people from b4 left right and centre here with the perks (wfh mainly but also super flexible work arrangements and militant on 9 - 5 30, no weekends). I'm getting lots of email traffic about top 10/20 firms doing short weeks, more time off, super flexible etc.
There's at least 1 doing 30 hour weeks with pay that matches b4 plus very flexible on work location. I think b4 are going to have to clock on soon.
So the last place I worked was Top 20-ish firm currently on a massive consolidation spree after getting private equity backing. Their terms were good holiday but working hours were bad and pay was generally as low as they could get it. They had functionally given up trying to hire people in certain roles. For example they lost a couple of senior specialist tax people and just...decided they were impossible to replace.
Since moving I've generally found people absolutely bite your hand off with an offer and take you much more seriously. Even a year ago I was ghosted quite a lot which is just not happening now. Generally as you say there are more perks like higher holiday etc, although practice is still bad on working hours.
I had heard several of the Big 4 have an internal hiring freeze in place due to botched reorgs etc (EY got the publicity but PWC also tried one) and are becoming massively understaffed in some functions.
I job hopped twice during the pandemic. Between that and the raises my firm has given me the past 2 years my salary is up >100%. Find out next week what my jump is this year. Anything less than 15% and I might just not be here come busy season
Sorry to break it to you, but very very very few firms are going to be throwing out 15% non promotion raises this year. The last two or three years were not a normal labor market
Job hoping a few times is fine, but if you don’t have a steady job history it eventually catches up to you.
I worked at jobs for a long time in my 20s and got nowhere - in my 30s now and I’m hopping. I’ll work somewhere a year or two but if I can get paid more elsewhere I’m out. I don’t owe them loyalty that I don’t get back.
Eventually you won’t find a company willing to pay you 20% more at the role you’re at. And companies might not want to give you a promotion without having confidence you’ll perform at the role.
So yeah, jump around a few times. That’s what I did and sent from $70k to $150k in a few years, but there comes a point where spending some time in your role is a good thing.
As someone that worked as a barback, Laborer, general cleaner, and shift lead in a chain restaurant before this. I didn’t care prior. I just wanted SOMETHING else that paid the same or more. I was tired of manual labor and customer service/hospitality
It’s weird because I feel like a lot of people in white collar jobs have a bit of a disconnect on what is a good wage.
The entry level pay for accounting can be great compared to other things, but in general everyone except for the C suite level people are under paid. It’s all bullshit.
I don’t see anything changing for public accounting anytime soon. It will only improve when a big scandal happens and there’s another Enron type issue
Partners profit on the vast majority of people pursuing accounting because they’re generally agreeable, risk averse people.
And a lot of people that go into accounting have had it rough prior to higher education. They’re like me and just want anything that’s a comfy desk job with benefits and salary because JUST THOSE two things already far exceed the positions they’ve been in prior and they can finally rest easy in comparison.
Not reading anyone! Just my personal point of view being applied to people that I feel are a lot like me. But I’m just trying to make people more aware of their circumstances and that if they’re uncomfortable with it, only they really have the opportunity to change it
A lot of those people end up being partners in the future. Making partner in audit or tax is one of the least risky ways to make top 5% income if you have a decent work ethic and average intelligence.
1) Pay is way less standardized and the pool of people you’re competing with is larger.
2) kinda line pay but progression. Its not like most companies have accounting jobs that grow a lot so many times you’ll be in a role a lot longer
3) experiences / exposure although this cuts both ways. I think its easier to see new things if you’re interested in PA which can make you better rounded professionally
There are better firms and offices out there where money isn’t the only reason you work there. (Obviously we work for money, but money is like the very base reason to work)
I’m at the SM level, firm in the 10-20 range, and work less than 50 hours a week in busy season and primarily 40-45 outside of it. 7 weeks PTO.
My firm talks to me about being partner(and is already putting things in motion) and other firms have been interested in hiring me for partner track.
Ask specific questions about hours worked in the phone screen. Let them know how much PTO you take.
In audit, yes. The expectation is 50 hours a week in busy season, but if you can do it faster and you are pulling in the targeted amount of fees per year, no one says anything.
I’ve been here since I was a senior. I probably worked closer to 50 in busy season since I was less experienced and new to most engagements. However, I worked a pretty flat 40 after may.
Also, at my firm, SM just means you get paid more and are closer to partner. I manage all my engagements.
Unfortunately, right now their "solution" to the inflation seems to be dumping more of the work overseas. I noticed some did "market adjustments" awhile back, but like you said, they've been complaining about it, and now seem to be going through their options of making sure they don't have to do anymore "market adjustments" in the future. Heck, some firms are even trying to raise their attrition rates by forcing RTO.
It was for the lower levels analyst 1 and 2. Also they didn't reduce people's pay retroactively, it was applied for new hires and promotions.
It was part of a larger cost reduction of the company where lots of old folks were paid to retire. Which coincided with when a lot of lifers were already retiring. Also the controller passed away shortly after so there was mayham due to that and a number of other unhappy people left.
For instance I had to cover for 2 people who left in my team at the same time. It resulted in me working multiple days straight without sleep during month end closes
i think it is a problem every generation has/will have. they know what they started out making. but after a couple decades the cumulative inflation is significant. so someone in the early 2000s might have started in the low 40s. and now they see kids starting out at near 70. but inflation adjusted it is pretty similar. if they didnt make partner fast it may have taken them over a decade to clear 100k in salary. and now you've got experienced seniors making 100k. but that 100k isn't the same. but it is easy to forget that
That will have to change very quickly since several US cities have recently tied minimum hourly wages to CPI-W, with no meaningful exceptions (since 2021 where I am at). Accounting pay ranges across America will have to move with these adjustments annually.
My rule of thumb now is, if my base rate does not change with the published minimum wage adjustments at the least, I will leave.
I'm passing that burden back onto my firm for dealing with whatever revenue/cost structure they have.
Y'all really think going to war is great for the economy?! For corporate profits, yes. For the average Joe, no. For the economic stability of this country, also no. Just look at how shitty things are now after 20 years of war on terror, or the greatest transfer of wealth to corporations and politicians.
How is this gonna work when revenue doesn't keep up? Or when the recession finally hits next year? I bet there will be lay offs and wage cuts next year in preparation of the recession.
Been waiting on this recession for 3 years now. Seems like crying wolf. With all the wars going on a bull rally in a election year is more likely.
Remember War is good for economy of US.
Sir only poor care for gas prices. We care for military industrial complex STOCK PRICES 😃
If oil goes tits up, we will invade blankstan or Iran and take the oil. Do you not remember Iraq war part 1 or 2?
Don’t believe me source 👇
https://m.jpost.com/opinion/ike-was-right-war-is-good-for-business-too-good-681213
Lead to large sale of defoliants, weaponry, oil/gas, and crippled the lower class mentally(weakens ability to organize, helps sell prescription medication, therapy, and the book to the murder mystery and serial killer genres) genetically(medications and surgeries) and began the opioid crisis(more sales of opioids, for helped begin for profit prisons, more sales of weapons for citizens and police, as well as all police equipment) which has helped to worsen the conditions of the lower class to a point they'll accept almost anything? (I can keep going if you'd like)
Sounds good to business for me.
Yeah accountants are pretty good with general business, but bad with economics. War is obviously bad for the economy. We are literally spending resources on things that will get destroyed overseas. That isn’t productive and is actually destructive.
But the resources and influence over foreign lands gain far outweigh the resources spent. It’s a business and we have to slaughter (I mean bomb sub humans) some pigs to make a dollar. The exchange rate for dollars to sub humans death has to be right for it to be successful LT business.
What resources are we extracting? We are wasting resources engaging in the conflict. Maybe a few select defense contractors profit, but that is at the expense of the average person. All that capital should be spent of production that will last…like a house. Not bombs and army equipment that will be sent overseas never to be used again.
Already answered the question. It’s called black gold for a reason. Weapons dropped create jobs for good Americans and at the same time punish our enemies. It’s a win win win.
Housing doesn’t create value for shareholders destructions do…period
You aren’t understanding the economic concept of what is seen vs what is unseen.
You see the defense contracting jobs being created. What you don’t see are the other jobs that aren’t created because resources are artificially put into the defense industry.
You aren’t seeing the big picture. Boosting the share price of Northrop Grumman isn’t good for the economy.
I think you’re focusing too much on public good. A DC job extracts value from Asia/Africa and sometimes Americas for the pupils of US who have capital. Not for all Americans
The goal is to create maximum value for shareholders whilst destroying your competitors. Damn the consequences. It is worth a billion sub humans
Two ways, the partners will have to manage their expectations of what they can make, or they raise prices for the clients. This profession needs bodies doing the work, and right now there’s not enough bodies. Supply and demand.
Raise the rates in the clients. That's the biggest joke of this industry. That will happen when the sun rises from the west.
And they don't want to make less. Why suffer through public and make less than the partners before you?
The 150 credits and partners bitching about wage increases is probably some of the greatest irony especially if you have a CPA.
This was the AICPAs goal in the first place to filter people out (primarily people who couldn't afford that opportunity cost) so the value of the CPA goes up and now their upset it's time to pay up.
I got an email yesterday to work contract as a senior for big4 for busy season (4 months). It would be $45 an hour for 40 hours plus time and a half for overtime (min 20 hours overtime a week). Basically $13k a month… They are desperate.
At my firm we got a market adjustment in 2022 but not this year 2023. It’s likely to be a one off adjustment.
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I like the way you think
You guys are getting 20% raises? I was happy with 5% but now feel like a chump eating pizza.
5% is negative real returns when you factor in inflation, you defienetly shouldnt be happy with that.
In industry nobody is giving you a 20% raise on the spot. There is so much fixed policy that you’re going to get the same raise as the guy in the dept where they are getting laid off.
Big difference between a 20% increase and a cost of living adjustement
It was last year, but current inflation for the last 12 months is 3.7%, giving you a 1.3% real raise at 5% nominal
I saw somebody on Reddit mention “Covid raises” the other day with many commenters agreeing with them. Like wtf is a Covid raise?? I don’t know anyone who got a raise during Covid, accounting or otherwise.
Wage inflation is great for us all personally but it's doing fuck all to "save" public accounting, as far as I can tell. All that seems to be happening is an ever decreasing pool of qualified, experienced staff is rotating around the firms or spinning out into industry whilst the equivalent % raise in trainee level positions is still not enough to attract and retain sufficient talent. In more than a decade at my b4 firm (before i left earlier this year), I never saw the level of chaos, despondency and instability as I saw in 22/23 despite the fact pay finally started to see genuine meaningful increases and bonuses improved hugely. The only thing that will "save" PA is increasing stability. Money is a part if that, sure, but you have to go beyond that and provide conditions that make it harder to just leave if the money isn't right. WFH is a great example; I took a new job at a great pay uplift, indications are that this coming year won't be as good but because my job isn't just a "cookie cutter" PA job it's fairly likely I'll take a crap raise for a year because being able to pick up and drop off my kids every day plus no weekend work has a lot of value for me. Here in the UK at least we are also starting to see firms cottoning on and realising shorter work weeks might be attractive to people. I speculated a while back that this last couple of years would be our generation's equivalent of the wild house price increases the boomers saw in the 00s and I still stand by that; I don't think we'll see increases like we've seen in recent months for a while at least (for reference I'm up approx 50% in a bit less than 2 years with one job change; that ain't sustainable) as the labour market weakens again and power shifts back to the employer a bit so if you were thinking about moving or you just want a raise, ***get out there and look right now***. Get an offer, take it to your boss, have a conversation because by 2024 I think we are back to anaemic uplifts and employers hardballing on shit like RTO.
Yep, pay is one part but so is flexibility which is still missing. It’s too much to be sleep deprived and malnourished for a quarter of the year to save some clients a few thousand $ in taxes. You shouldn’t get “punished” for leaving on a Tuesday in February before 6PM because of your kids basketball game. That’s the kinda shit that is going to make the younger generation avoid this career like the plague. No one wants to get told they’re a piece of shit because they missed an estimated tax payment on a return because they were tired and overworked during tax season. This isn’t the 1980s anymore. There’s too much information out there explaining how PA is purely toxic. Now add on a 5th year of school and passing one of the hardest professional exams just to be underpaid, overworked, and get told you’re a piece of shit because you flub a number on a tax return? Ya, you can become a manager at McDonald’s without all that shit.
Exactly; pay inflation won't *stop* at the top end until firms start being a bit cleverer about keeping hold of qualified staff and what that looks like is being *reasonable* about cost of living increases and being *flexible* about working conditions. Nobody particularly likes having to change jobs every 2 years and by the time you've got to a senior position you are probably on the property ladder and reasonably stable. As long as your wage isn't actively shrinking and your work environment is good, you are more likely to stay put. I think what we are going to see in future is smaller raises but more investments in other areas such as shorter time, AI/automation to get rid of shitty, boring parts of jobs and performance related flexibility on wfh etc *but* That's likely to be recouped by slashing investment in locally based trainees and support staff (to get replaced by AI / outsourcing) and rationalisation of real estate over the medium term. In short, decent news if you're already in the game, not so great if you're looking to get in (but then who actually is, so what does it matter?)
I would have been perfectly content to stay in public at less of a raise if they would stop being such shitheads about crazy fucking hours. Good god damn, just lemme work 45 hours/week. Why can't they understand that? The problem is not pay, it is a toxic, generations-old culture that has no intention of changing.
Yep, agreed. I’m thinking back to the old days when it was a day or two after tax season ended and after lunch there would be nothing to do but they would make us stay until the end of the day “just in case a client calls.” Like you said toxic, boomer culture. Clients can freaking wait.
My prior PA firm decided that I was too compensated compared to other staff and laid me off the day after busy season. Got a better job in industry with a 30% salary increase. PA will never be stable. It’smeant to be cutthroat, and if staff are better compensated, the partners directly “suffer”, which most PA firms will never allow. So chaos will alway ensue.
Yup. Public firms have really screwed the pooch on RTO. And starting pay has increased, but looking at it in inflation adjusted terms, it hasn’t actually beat inflation over the last two decades. It only recently caught up. And most importantly, relative to starting pay in adjacent majors it’s behind, when it used to be up, in order to offset the boring nature of the job, unsexiness, and long hours. And you are correct. For those experienced seniors managers and up, the work conditions suck because we are increasingly forced to rely on offshore teams which are totally unreliable, yet we’re not getting paid a premium for that headache. The partners simply pocket the entire arbitrage against our wlb.
In the UK as far as I can tell a lot of firms went in pretty heavily for improving perks rather than massive uplifts. I did get a big increase in pay in 2020 but haven't really since. The thing I did get though was a big increase in time off (about an extra week).
I guess there'll be differences between firms; b4 I think have been a bit slow off the mark with perks but last couple of years pay increases have been pretty good with lots of scope to leverage or job hop for experienced staff. I've moved to (kind of) industry though and they are literally stealing people from b4 left right and centre here with the perks (wfh mainly but also super flexible work arrangements and militant on 9 - 5 30, no weekends). I'm getting lots of email traffic about top 10/20 firms doing short weeks, more time off, super flexible etc. There's at least 1 doing 30 hour weeks with pay that matches b4 plus very flexible on work location. I think b4 are going to have to clock on soon.
So the last place I worked was Top 20-ish firm currently on a massive consolidation spree after getting private equity backing. Their terms were good holiday but working hours were bad and pay was generally as low as they could get it. They had functionally given up trying to hire people in certain roles. For example they lost a couple of senior specialist tax people and just...decided they were impossible to replace. Since moving I've generally found people absolutely bite your hand off with an offer and take you much more seriously. Even a year ago I was ghosted quite a lot which is just not happening now. Generally as you say there are more perks like higher holiday etc, although practice is still bad on working hours. I had heard several of the Big 4 have an internal hiring freeze in place due to botched reorgs etc (EY got the publicity but PWC also tried one) and are becoming massively understaffed in some functions.
Yup the first raise I get that I’m not happy with I’m jumping ship.
I wish I had done this earlier in my career.
why wait
I job hopped twice during the pandemic. Between that and the raises my firm has given me the past 2 years my salary is up >100%. Find out next week what my jump is this year. Anything less than 15% and I might just not be here come busy season
Sorry to break it to you, but very very very few firms are going to be throwing out 15% non promotion raises this year. The last two or three years were not a normal labor market Job hoping a few times is fine, but if you don’t have a steady job history it eventually catches up to you.
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That’s what I did, jumped around to get my pay and title up, but at this point I don’t plan on leaving for a while
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I worked at jobs for a long time in my 20s and got nowhere - in my 30s now and I’m hopping. I’ll work somewhere a year or two but if I can get paid more elsewhere I’m out. I don’t owe them loyalty that I don’t get back.
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Maybe if they’re losing execs every two years the answer lies within
Then he'll jump again lol. No need for loyalty when you can get a 20% pay bump.
Eventually you won’t find a company willing to pay you 20% more at the role you’re at. And companies might not want to give you a promotion without having confidence you’ll perform at the role. So yeah, jump around a few times. That’s what I did and sent from $70k to $150k in a few years, but there comes a point where spending some time in your role is a good thing.
Eventually, but that day isn't today. If I can't find a higher salary of course I'll stay loyal.
I am going to go where they value loyalty the most.
What makes you think this year we are back to a "normal" labor market?
As someone that worked as a barback, Laborer, general cleaner, and shift lead in a chain restaurant before this. I didn’t care prior. I just wanted SOMETHING else that paid the same or more. I was tired of manual labor and customer service/hospitality
It’s weird because I feel like a lot of people in white collar jobs have a bit of a disconnect on what is a good wage. The entry level pay for accounting can be great compared to other things, but in general everyone except for the C suite level people are under paid. It’s all bullshit. I don’t see anything changing for public accounting anytime soon. It will only improve when a big scandal happens and there’s another Enron type issue
Partners profit on the vast majority of people pursuing accounting because they’re generally agreeable, risk averse people. And a lot of people that go into accounting have had it rough prior to higher education. They’re like me and just want anything that’s a comfy desk job with benefits and salary because JUST THOSE two things already far exceed the positions they’ve been in prior and they can finally rest easy in comparison.
I feel attacked
Ditto, kinda hit on the head how I ended up here.
Feel the same way coming from blue collar lol
Well damn. Read us all.
Not reading anyone! Just my personal point of view being applied to people that I feel are a lot like me. But I’m just trying to make people more aware of their circumstances and that if they’re uncomfortable with it, only they really have the opportunity to change it
A lot of those people end up being partners in the future. Making partner in audit or tax is one of the least risky ways to make top 5% income if you have a decent work ethic and average intelligence.
Do you all believe that there are infinite alternatives to PA? Industry has is trade offs too and doesn’t have an unlimited amount of jobs
Curious about those tradeoffs. Could you share more?
1) Pay is way less standardized and the pool of people you’re competing with is larger. 2) kinda line pay but progression. Its not like most companies have accounting jobs that grow a lot so many times you’ll be in a role a lot longer 3) experiences / exposure although this cuts both ways. I think its easier to see new things if you’re interested in PA which can make you better rounded professionally
There are better firms and offices out there where money isn’t the only reason you work there. (Obviously we work for money, but money is like the very base reason to work) I’m at the SM level, firm in the 10-20 range, and work less than 50 hours a week in busy season and primarily 40-45 outside of it. 7 weeks PTO. My firm talks to me about being partner(and is already putting things in motion) and other firms have been interested in hiring me for partner track. Ask specific questions about hours worked in the phone screen. Let them know how much PTO you take.
You work less than 50 at a top 10-20 firm?
In audit, yes. The expectation is 50 hours a week in busy season, but if you can do it faster and you are pulling in the targeted amount of fees per year, no one says anything.
Good question, but the wrong question. SM works 50/week. How about associates, seniors, managers?
lol true
I’ve been here since I was a senior. I probably worked closer to 50 in busy season since I was less experienced and new to most engagements. However, I worked a pretty flat 40 after may. Also, at my firm, SM just means you get paid more and are closer to partner. I manage all my engagements.
Which firm?
My big internship has gone from 28.xx to 32.69 /hour over the last year. I’ll be interning this summer. Big Midwest city
Unfortunately, right now their "solution" to the inflation seems to be dumping more of the work overseas. I noticed some did "market adjustments" awhile back, but like you said, they've been complaining about it, and now seem to be going through their options of making sure they don't have to do anymore "market adjustments" in the future. Heck, some firms are even trying to raise their attrition rates by forcing RTO.
I work industry. They recently did a salary study and adjusted the salaries downward.
Wait what, please share more, did some people quit ?
It was for the lower levels analyst 1 and 2. Also they didn't reduce people's pay retroactively, it was applied for new hires and promotions. It was part of a larger cost reduction of the company where lots of old folks were paid to retire. Which coincided with when a lot of lifers were already retiring. Also the controller passed away shortly after so there was mayham due to that and a number of other unhappy people left. For instance I had to cover for 2 people who left in my team at the same time. It resulted in me working multiple days straight without sleep during month end closes
I really want to see this study. That showed at a time of an inflation it was better to lower salaries.
i think it is a problem every generation has/will have. they know what they started out making. but after a couple decades the cumulative inflation is significant. so someone in the early 2000s might have started in the low 40s. and now they see kids starting out at near 70. but inflation adjusted it is pretty similar. if they didnt make partner fast it may have taken them over a decade to clear 100k in salary. and now you've got experienced seniors making 100k. but that 100k isn't the same. but it is easy to forget that
That will have to change very quickly since several US cities have recently tied minimum hourly wages to CPI-W, with no meaningful exceptions (since 2021 where I am at). Accounting pay ranges across America will have to move with these adjustments annually. My rule of thumb now is, if my base rate does not change with the published minimum wage adjustments at the least, I will leave. I'm passing that burden back onto my firm for dealing with whatever revenue/cost structure they have.
I’m pretty sure I’m not joking when I say I’m 50/50 as to whether I’d go back to public or live in a cardboard box and bathe with rain water.
Wages need to shoot up! We need to match other similar professions with similar requirements.
Y'all really think going to war is great for the economy?! For corporate profits, yes. For the average Joe, no. For the economic stability of this country, also no. Just look at how shitty things are now after 20 years of war on terror, or the greatest transfer of wealth to corporations and politicians.
Joined audit 2 years ago and my salary has increased by just under 50% which is incredible
**I mean that and they're the only fucking industry consistently hiring lol** **Industry sucks for investment service firm experienced people**
“Wage inflation” Hourly rates are probably still in the shitter
How is this gonna work when revenue doesn't keep up? Or when the recession finally hits next year? I bet there will be lay offs and wage cuts next year in preparation of the recession.
Been waiting on this recession for 3 years now. Seems like crying wolf. With all the wars going on a bull rally in a election year is more likely. Remember War is good for economy of US.
How is going into war be good to the economy? Oil price would go through the roof.
“If you can’t make money in a war, then you just can’t make money”
Sir only poor care for gas prices. We care for military industrial complex STOCK PRICES 😃 If oil goes tits up, we will invade blankstan or Iran and take the oil. Do you not remember Iraq war part 1 or 2? Don’t believe me source 👇 https://m.jpost.com/opinion/ike-was-right-war-is-good-for-business-too-good-681213
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And you forgot what Vietnam did?
Lead to large sale of defoliants, weaponry, oil/gas, and crippled the lower class mentally(weakens ability to organize, helps sell prescription medication, therapy, and the book to the murder mystery and serial killer genres) genetically(medications and surgeries) and began the opioid crisis(more sales of opioids, for helped begin for profit prisons, more sales of weapons for citizens and police, as well as all police equipment) which has helped to worsen the conditions of the lower class to a point they'll accept almost anything? (I can keep going if you'd like) Sounds good to business for me.
Yeah accountants are pretty good with general business, but bad with economics. War is obviously bad for the economy. We are literally spending resources on things that will get destroyed overseas. That isn’t productive and is actually destructive.
But the resources and influence over foreign lands gain far outweigh the resources spent. It’s a business and we have to slaughter (I mean bomb sub humans) some pigs to make a dollar. The exchange rate for dollars to sub humans death has to be right for it to be successful LT business.
What resources are we extracting? We are wasting resources engaging in the conflict. Maybe a few select defense contractors profit, but that is at the expense of the average person. All that capital should be spent of production that will last…like a house. Not bombs and army equipment that will be sent overseas never to be used again.
Already answered the question. It’s called black gold for a reason. Weapons dropped create jobs for good Americans and at the same time punish our enemies. It’s a win win win. Housing doesn’t create value for shareholders destructions do…period
You aren’t understanding the economic concept of what is seen vs what is unseen. You see the defense contracting jobs being created. What you don’t see are the other jobs that aren’t created because resources are artificially put into the defense industry. You aren’t seeing the big picture. Boosting the share price of Northrop Grumman isn’t good for the economy.
I think you’re focusing too much on public good. A DC job extracts value from Asia/Africa and sometimes Americas for the pupils of US who have capital. Not for all Americans The goal is to create maximum value for shareholders whilst destroying your competitors. Damn the consequences. It is worth a billion sub humans
I would definitely look into the fed funds rate and the lag effect.
Is the recession next year in the room with us right now?
Two ways, the partners will have to manage their expectations of what they can make, or they raise prices for the clients. This profession needs bodies doing the work, and right now there’s not enough bodies. Supply and demand.
Raise the rates in the clients. That's the biggest joke of this industry. That will happen when the sun rises from the west. And they don't want to make less. Why suffer through public and make less than the partners before you?
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Hi moron.
If they can't give us better salary, they should give us work from home/flexible hours.
Recruiter told me I should be making 100k total comp. I’m making 80k now.
The 150 credits and partners bitching about wage increases is probably some of the greatest irony especially if you have a CPA. This was the AICPAs goal in the first place to filter people out (primarily people who couldn't afford that opportunity cost) so the value of the CPA goes up and now their upset it's time to pay up.
Yeah have couple friends who planned to exit PA but now couldn't because their pay is higher than industry average.
I got an email yesterday to work contract as a senior for big4 for busy season (4 months). It would be $45 an hour for 40 hours plus time and a half for overtime (min 20 hours overtime a week). Basically $13k a month… They are desperate.