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Big 4 - What are the benefits and bonuses like for a newly qualified ACA in audit?

Hi I was wondering what benefits you get at any of the Big 4 in audit once you qualify and whether the qualified people get nice bonuses each year?

Reply 1

snakesnake

There are bonuses but they're not nice. Less than a month's salary. If you want nice bonuses, go to banking.

Reply 2

novadragon849

Original post by snakesnake

There are bonuses but they're not nice. Less than a month's salary. If you want nice bonuses, go to banking.

I'm just trying to work out what potential salary can be if I was to stay in audit once qualified.

In London Big4 audit what would the qualified salary be approximately?

Reply 3

snakesnake

Original post by novadragon849

I'm just trying to work out what potential salary can be if I was to stay in audit once qualified.

In London Big4 audit what would the qualified salary be approximately?

Depends on the firm, generally around 45-47K salary post qualified in audit, bonus very negligible. You can get a bit more if you're on the advisory (particularly Transactions related work) in the Big Four.

Reply 4

novadragon849

Original post by snakesnake

Thanks for the reply. The bonus is negligible I know but if we assume the bonus is a month's salary then that brings up the salary to around £50k which I suppose is pretty decent for now.

Are bonuses compulsory and is there a sliding scale to the amount of bonus you get?

Reply 5

Chapeau Rouge

Original post by novadragon849

I don't think it would equate to around a month's pay until you are more senior.

My experience so far is nobody gets a bonus in their first year. Second year bonus is max of a £1,000 (before tax) and the only people who get that were the top 10% in my intake eg. winning audits, on proposals, doing lots of things in business unit etc. Other people who were decent but not outstanding got £750 (before tax). In audit, you don't ever really include a bonus in your remuneration as it is not really the "audit culture" as someone said above, if you want bonuses, go to banking or advisory.

I wouldn't get hung up on including a bonus in your remuneration as it doesn't really exist.... and yes there is a sliding scale to how much you can get, but quite frankly unless you are earning the firm more money ie. winning audits/work, you won't get the maximum allowed for your grade.

Reply 6

M1011

Worth bearing in mind that while the NQ salary in London Audit is around the 45k mark, you can ordinarily move up a grade within a year (at least at Deloitte that was the norm). That'll up your base to 50k + 5k benefits.

Not that I'd recommend staying that long, but it's a pretty rapid step if you do.

Reply 7

novadragon849

Original post by M1011

I have heard that if you work long enough everyone can make at least senior manager purely due to time. Its partnership / directors that only the top people get selected for.

What role would the £50k position be for? Assistant manager?

Also can I just ask why you said no one would stay that long? Is post qualified life at the Big 4 really that bad?

Reply 8

M1011

Original post by novadragon849

Bear in mind different firms have entirely different job titles. At Deloitte you become an "assistant manager" in your third year, that's before you even qualify. I believe what Deloitte call a "senior manager" is called a "manager" by pwc. Etc etc - so be careful with any cross comparisons.

At Deloitte the 50k+5k position would be a manager in london audit. That's usually achieved 1 year post qualification. Getting promoted up to the NQ grade (in the case of Deloitte that's "AM2") is pretty much automatic. They won't promote anyone to manager, but if you're halfway decent you'd get it within a couple of years. I would say senior manager is a considerable step up, you have to be good to make it that far (about 3-4 years post qualified). You'll see a lot of people plateau at manager and stay in that grade for 5+ years then leave. Director/Partner positions are VERY competitive, you've got to be very good and live for the firm to make it that far.

As for why not to stay to manager - first off it's not a right/wrong kind of question, it would undoubtedly match the career aims for some. For me personally there's better stuff out there then audit, so once you've got what you need out of it move on. That doesn't necessarily have to mean leaving the firm.