Accounting firm - promotions (1 Viewer)

[freakonomics101]

I was wondering if any of the guys here that work at a big 4 firm could give me some insight into what is required to move up the ranks. From what I can gather, the 'average' employee would be promoted once a year at the lower levels, assuming they are competent, but what does it take to move up faster? Whats the difference between an average employee and someone that is considered really good? Is it work ethic, intellegence, connections, achieving certain goals or something else?

Any insight would be appreciated.

 

[Vagabond]

In my extremely short experience I'd say a mixture of things.

For certain though is communication skills since one of the key things that changes as you move up ranks is the exposure you have with the client..

The 'formal' process appears to be reviewing your performance against career goals set out for each year. You start achieving goals that correspond to ranks above you, and so on... . ..

 

[redruM]

A mix of work ethic and luck I guess.

As Vagabond mentioned - continuity on a client or the industry you work in is dependent on a bit of luck. If the areas that you are almost randomly put into experience growth or the engagement you are currently on will allow you to be in a greater leadership position in the future - then as the business will require demand in that area/team you can step up and fill those gaps. for eg - superannuation.

That being said - you have to demonstrate that you are good at your job and with accounting it is proportional to your commitment. Intelligence will get you only so far because you won't be requiring too much of it.

 

[turtleface]

there are also advance promotions where you go up a step in 6mths for high achievers

DOn't judge me on what comes next since not my own words, but dunno about accounting firms but at law firms definitely it is often said by insiders that the rate at which you are promoted is proportional to how much you suck up, figuratively and (not my words but) literally too. I daresay acc firms may be similar if that is true

 

[redruM]

there are also advance promotions where you go up a step in 6mths for high achievers

DOn't judge me on what comes next since not my own words, but dunno about accounting firms but at law firms definitely it is often said by insiders that the rate at which you are promoted is proportional to how much you suck up, figuratively and (not my words but) literally too. I daresay acc firms may be similar if that is true

I don't worry about promotions - I'd much rather get a raise.


(ifyaknowwhatimean)

 

[seremify007]

Each firm has a different way of promoting... but it depends what you're aiming to be promoted to. At the lower ranks (i.e. Trainee, Grad, Snr, Manager) there are various levels within each rank depending on experience. Those promotions are considered automatic but the pay increase will vary depending on your ability to meet criteria (which is public). To actually get a new title, that's where you really have to hit the criteria to be promoted (i.e. demonstrated certain skills/attributes).

I'd go into more detail but I cbb... in short though, Big4 firms will typically have a very well set-out promotion program whereby what is expected from both the firm and from you is clearly defined right from the start, and thus allows you to see how you should be progressing over time. And then there are also your personal counsellor who is supposed to ensure you are on track to meet criteria for promotions.

 

[phrred]

Do accountants get bonuses?

 

[turtleface]

depends
I guess this is like asking do workers get bonuses? It depends on company/firm you work for and their remuneration structure
In the workplace nowadays there generally are incentive payments for most occupations

 

[lizbon]

i'm sure accountants do get bonuses (not sure about big 4 firms, especially audit though) but it's peanuts compared to what IB's get.

 

[div123]

i'm sure accountants do get bonuses (not sure about big 4 firms, especially audit though) but it's peanuts compared to what IB's get.

unless ure a partner...equity share wooow !

 

[seremify007]

Yes accountants get bonuses in Big4. This applies to various grades- not just partners. However, at trainee/graduate level, bonuses aren't given out to everyone; it depends on the firm and there could be processes involved to be eligible or to apply.

 

[Newbie]

i wouldnt rely too much on the bonus though,
pwc's incentive program was only for managers and above and was capped at like 10-20%.

 

[Minai]

Pfft bonuses? what are they? (read: EY is stingy)
The only "bonus" juniors would usually receive are in the form of an increased salary on top of the "norm" for your year level, based on performance rating (i.e. what seremify was saying earlier)

 

[seremify007]

Pfft bonuses? what are they? (read: EY is stingy)
The only "bonus" juniors would usually receive are in the form of an increased salary on top of the "norm" for your year level, based on performance rating (i.e. what seremify was saying earlier)

Or gift vouchers. I guess on the upside, getting a $100 gift voucher means you're more likely to spend it on something impulsive and enjoy it as opposed to receiving it in your payrun, getting tax deducted off it, and never really noticing the slight difference in your bank balance.