Big 4 Firm Salary Revision
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big 4 got recruit dip holder 1? if so , wads the starting salary? thx
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go try lor...Originally posted by Gaara*:big 4 got recruit dip holder 1? if so , wads the starting salary? thx
not for accounts n audit position tho...
pwc was recruiting for dunno wat position earlier.. -
EY got, but my friends were under them for attachment. 1.6k starting but will reimburse their acca.Originally posted by Gaara*:big 4 got recruit dip holder 1? if so , wads the starting salary? thx -
maybe revise to 2k
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used to be 2k den revised to 2.2kOriginally posted by VivId CrItiQuE:not too sure about tt.. i heard it used to be 2.5k.. but i sure hope they dun revise it down la.. haha..
now economy doing well, 2.4k is possible -
If I got level 2 ACCA den i go to EY..Originally posted by stellazio:EY got, but my friends were under them for attachment. 1.6k starting but will reimburse their acca.
will they pay for my level 3?
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how i know? why not u go ask them urself??Originally posted by shinta:If I got level 2 ACCA den i go to EY..
will they pay for my level 3? -
i dun even hav level 1 they won't entertain me deOriginally posted by stellazio:how i know? why not u go ask them urself?? 
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haha.
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I heard that one firm is paying 2400 to 2nd upper and above grads for last yr .So maybe they raise the standard pay across the board liao?
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then u ask me bout lvl 1 and 2 for what?Originally posted by shinta:i dun even hav level 1 they won't entertain me de -
Originally posted by sir sickolot II:
Working hours too long for me
i believe it's at 2.2K for Uni grads right? don't know about ACCA grads la.
And OT is part and parcel of the audit line... working 14~16 hour days are common.
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u mean the revised salary?Originally posted by Gingko:Well the entry level for uni graduates and ACCA graduates are at 2.5K -
I am in the graduating batch of 2007 students with a degree in accounting from NTU.
The offers I've received are from PWC, EY and KPMG. I am quite certain that DT offers in similar terms. This should apply to all Singaporean acc grads. (foreign grads get offered less. I gained this info while working as an intern in one of the big 4)
I won't address the firms specifically as there is a non-disclosure clause.
But amongst the 3 firms, two of them offer 2.2k starting salaries. One of them offers a range of between 2.2- 2.5 k starting salary.
For the 2.2-2.5k starting salary range, 2.5k is offered to first class honors. 2.4k - 2nd upper class hons. 2.3k - 2nd lower class hons.
There is rumor that the other firms will also raise their starting pays to match. But there is no official reply as yet. Salaries are usually revised in July.
The next pay increment would be to 2.7-2.8k after a year. After that, it gets more variable. Someone who knows the exact figures should post. -
in todays papers ST 19 April 2007
it states that fresh accounting grads earn 2800 to 3200?
is this a bogus claim? from my own knowledge, the starting pay is 2.2 k for the main 4 audit firms. -
2.5K for a 1st class honours? they can continue dreaming.. hahahaha.. even a 2nd upper class won't settle for 2.5K.. gosh.. they can continue enjoy being understaff.. hahaOriginally posted by ntugrad:I am in the graduating batch of 2007 students with a degree in accounting from NTU.
The offers I've received are from PWC, EY and KPMG. I am quite certain that DT offers in similar terms. This should apply to all Singaporean acc grads. (foreign grads get offered less. I gained this info while working as an intern in one of the big 4)
I won't address the firms specifically as there is a non-disclosure clause.
But amongst the 3 firms, two of them offer 2.2k starting salaries. One of them offers a range of between 2.2- 2.5 k starting salary.
For the 2.2-2.5k starting salary range, 2.5k is offered to first class honors. 2.4k - 2nd upper class hons. 2.3k - 2nd lower class hons.
There is rumor that the other firms will also raise their starting pays to match. But there is no official reply as yet. Salaries are usually revised in July.
The next pay increment would be to 2.7-2.8k after a year. After that, it gets more variable. Someone who knows the exact figures should post. -
yea agree!! though i not in accounting or auditing but it realy hard work.. see my fres slogging like hell..Originally posted by alan-:study so hard and slog so much in work, auditors deserve a better pay
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In accounting, the starting pay is very low, but the pay progression is very good. And promotion is quite structured in the lower levels. Compared if you start in the bank with 3-4k. The yearly increment is 3%, 5% or 7%. Of course there is the big annual bonus of 6-12 months. And commission if you are front line staff. But, not all bankers get the high flyer positions of trader , analyst , private banker or investment banker. Most get stucked where? back office and middle office.
At back office and middle office, you can work for 5 years but still remain unpromoted. Then when the space above you get vacated, they hire someone from another bank.
In the first ten years of your career, progression is the most important factor. If you start off in a Bank, you have to really be very good. If not, after 5 years your audit counterparts will catch up with you - Both in terms of progression as well as pay.
Contrary to expectations, first class honors students do go to public audit firms. I have a friend who is breaking his bank scholarship bond to start of in public audit. He is first class honors. And btw, he took the 2.2k offer instead of 2.5k.
I don't know how many of you reading this forums actually know how it is like applying for jobs. First class honors is really no big deal. There is really a big difference applying for back-middle office versus front-office positions at the big banks. For the top jobs, the banks are recruiting by region. Asia-Pacific, Europe, America. Most of the time, you compete with those ivy league colleges.
They only recruit one or two per batch. And most top grads apply for at least 7 jobs. So if you are not the top, you have to wait slowly for your turn.
By the way, the working hours in banks are worse than audit. At least audit have on peak off peak seasons. Lawyers work longer hours than auditors. Doctors work longer hours than auditors. There is no such thing as 8-5 for professional jobs. -
The average is 2.8k -3.2k because not all accounting grads become auditors.Originally posted by sir sickolot II:in todays papers ST 19 April 2007
it states that fresh accounting grads earn 2800 to 3200?
is this a bogus claim? from my own knowledge, the starting pay is 2.2 k for the main 4 audit firms.
Accounting grads can do banking finance jobs but B&F grads cannot do the job of a public auditor.
Every batch, about 70% of acc grads will start off in public audit (i.e Big 4)
Most local banks offer 2.5 - 3.0 and most foreign banks offer at least 3k. That is even if you do operations job.
Then the government sector also needs accounting grads. MAS offer 3k plus depending on your honors. Government sector always offer very good starting pay, I am sure we all know that by now =) -
very informative indeed, thanx! btw, howcome ur fren accept 2.2k? he rejected 2.5k or not offered 2.5k?Originally posted by ntugrad:In accounting, the starting pay is very low, but the pay progression is very good. And promotion is quite structured in the lower levels. Compared if you start in the bank with 3-4k. The yearly increment is 3%, 5% or 7%. Of course there is the big annual bonus of 6-12 months. And commission if you are front line staff. But, not all bankers get the high flyer positions of trader , analyst , private banker or investment banker. Most get stucked where? back office and middle office.
At back office and middle office, you can work for 5 years but still remain unpromoted. Then when the space above you get vacated, they hire someone from another bank.
In the first ten years of your career, progression is the most important factor. If you start off in a Bank, you have to really be very good. If not, after 5 years your audit counterparts will catch up with you - Both in terms of progression as well as pay.
Contrary to expectations, first class honors students do go to public audit firms. I have a friend who is breaking his bank scholarship bond to start of in public audit. He is first class honors. And btw, he took the 2.2k offer instead of 2.5k.
I don't know how many of you reading this forums actually know how it is like applying for jobs. First class honors is really no big deal. There is really a big difference applying for back-middle office versus front-office positions at the big banks. For the top jobs, the banks are recruiting by region. Asia-Pacific, Europe, America. Most of the time, you compete with those ivy league colleges.
They only recruit one or two per batch. And most top grads apply for at least 7 jobs. So if you are not the top, you have to wait slowly for your turn.
By the way, the working hours in banks are worse than audit. At least audit have on peak off peak seasons. Lawyers work longer hours than auditors. Doctors work longer hours than auditors. There is no such thing as 8-5 for professional jobs. -
im also ntu acct undergrad. going to grad in 2008, hopefully by then will revise to 2.5k ~ 2.8k!
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Whether it is 2.5k or 2.2k it is still really bad pay. He was offered 2.5k but he took the 2.2k offer from another firm. I also did the same.
There are several things that you need to consider as a public auditor choosing to go to a big 4 firm.
There is a tendency to stereotype different firms.
I shall not refer to them directly but:
One of them is known to work you the hardest. Welfare is supposedly very bad and you cannot claim your full OT allowance. But if you look from another angle, welfare is bad because it is growing very fast. And because welfare is bad, there is a shortage of new entrants resulting in a negative spiralling effect. The good thing is that if you are willing to work like crap, that firm has one of the fastest promotion route towards partner. The culture there is one of "you can do/get anything you want to if you are good enough". That firm offers 2.5k.
There are two of them who are very big and very well established. Big and established means more structured audit programs and training etc. One of them is known for giving very good welfare. Good welfare does not mean shorter working hours. Everyone works like crap when peak comes. Good welfare requires a genuine concern for your staff. Small things like, 1 extra day off a year, slightly larger dental coverage, drink machines that dont require you to put coins in ( i.e free drinks !! =) ), less stingy requirements on taxi claims and OT claims... do count. Our generation nowadays, pay is not everything you know? Genuinely care for us and we can show you a work ethic that pay can never compensate.
All the 4 firms are good. If not, why are they the big 4 right? It is selecting the firm that has the best culture fit for you that is important. 300 dollars... it is just another consideration point. -
2nd year ? =) Exams now right? Good luck!Originally posted by bishh:im also ntu acct undergrad. going to grad in 2008, hopefully by then will revise to 2.5k ~ 2.8k!
Anyway I hope they increase it too. If there were more public audit firms.. maybe the pay would be much higher. Before it was increased.. it was 2k. If you go and divide out the pay by hours.. you are getting paid less than McDonalds.
One thing why pay is kept at this low rate is partly because of the BIG 4 monopoly. When they combine to set pay, they are effectively the market demand.
Awhile ago, Acc grads dont really have much of an alternative. Eventhough the pay suck, where else can we go right? We need to work 3 years in public audit to get our CPA qualification.
These few years the economy boom.. banks suddenly become so attractive. The pool of auditors getting smaller and smaller. No CPA nevermind, we can go banking route. Then the big 4 revise their pay to 2.2k. Still not enuff auditors go public audit. Then they start to engage in price competition with each other. One firm offer 2.2k first, then secretly send a seperate letter revising the pay to 2.2-2.5k. What do you think the other 3 will do next?
This is good news for auditors. Once the big 4 start bidding competitively.. our pays will definitely go up. Do you know how much the BIG 4 actually charge clients for our hours? Hehe... you dont wanna know..
Btw, when I was studying in Europe. The pay there was around 4000 euros. Euros = sg currency x 2. Of course it is different standard of living la. But no matter how u calculate there is much better la. BUT BO PIAN LEH, our gahbermen is pro business owners leh.. want to form union protest also illegal. If cost of labor go up .. will the ang moh MNCs still come here and kio cheap labor? Nope. =) Pardon the singlish... i really hate typing in proper english when I dont need to.. -
hmmm.. hope the market continues to grow well.. it's interesting that the biggest brother around is paying lower than the smallest.. haha..
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Thanks for the insight.
I am matriculating in Aug this year. Any tips anyone care to share?