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Salary rises during training contract in KPMG

Hi

Does any1 know, if your salary rises during your 3 year training contract in audit?

for e.g. in london the 1st year salary last year was around 26/7 k + lunch allowance...

what would it be in the 2nd and 3rd year?

Reply 1

teriaki

bt3

Hi
for e.g. in london the 1st year salary last year was around 26/7 k + lunch allowance...
what would it be in the 2nd and 3rd year?

What does the /7k stand for? That can't possibly be the bonus.

Reply 2

adilmorrison

teriaki

What does the /7k stand for? That can't possibly be the bonus.

26-27K... I assume...

Reply 3

neillya1

teriaki

What does the /7k stand for? That can't possibly be the bonus.

Just means 26 to 27k, they aren't sure which.

Reply 4

Kemik

It does raise and I heard it goes up by around £3k a year but don't quote me on that. I don't work in audit and don't know any E2's or E3's. I doubt they'd want to share their salary either tbh.

Reply 5

love2learn

bt3

This year it's 27.5k and if it's anything like last like year will apparently go up by £500 in October.

Reply 6

bt3

yeah meant 26/27 k ...

3000 wud be gud, 500 not so much..

I thought the 500 increase in salary in Oct was without an increase in ur grade/level for E1z (new starters).

would expect the increase to be slightly higher in the 2nd year... when u r actually moving up a notch to E2 .

thanks for replying guys.

Reply 7

Illusionary

I wouldn't expect much right now - many firms are having pay freezes, and moving up a year within a training contract isn't a 'full' promotion in the way that trainee -> newly qualified is, for example.

Reply 8

love2learn

bt3

Don't know about the grade thing. It's just their annual assessment of competitors and historically this has meant that grad salaries go up by £500 around October time for new starters.

From what I've heard the increase between year one and two is something around £3000.

Reply 9

Gohalath

Doubt it. Our new grads are paid more when they join and in the 2nd year the pay is still shy of 30k.

Reply 10

JamieP

For Manchester last year the rise was approximately 1.5k, though this is also linked to your performance rating. Of that 1.5k £500 was an across the board inflationary pay rise for all trainees.

Reply 11

teriaki

Since we're on the topic of pay, I want to ask something:
When do you start receiving bonuses at KPMG/Big Four? Is it only post qualification? And approximately to what percentage of your salary does the bonus amount to?

Reply 12

bt3

you become eligible for a bonus from the 2nd year of your training contract , i think.

Not sure about the amount.

Reply 13

gradjobsuncovered

Word on the street is that KPMG's pay rises in audit break down like this :

Every year = Inflationary rise ~2%
1st - 2nd Year = Joke-sized rise, say Ł1000
2nd - 3rd Year = Proper rise, Ł3000-4000

You'll get your first bonus at the end of your second year. Bonuses depend on your business line and your performance. Typically 5% of salary, never more than 10%.

Rise on qualification is a whole different story, far more dependent on your location, performance and business line. But should be at least 10k, probably more.

Cheers,

Jamie

Reply 14

86501

bt3

Yes, it does, as discussed above. I'm only a first year so can't say for sure how much it goes up by but it's dependent on how well you perform so variable.

I often wonder why people are so worked up by the salary at the big 4, aside from the fact they don't announce it. I wouldn't worry too much about what you're being paid when you first join because with 3 to 5 years of a big 4 on your CV then frankly you're putting yourself in a position where you're not going to need to worry about cash during your career. A couple of grand in your first couple of years after graduating will soon seem pretty irrelevant.

Reply 15

Shadowman786

86501

Such wise words. Too many people are interested in the short term financial gains and completely miss the long-term career benefits (and therefore, far greater earning potential).