• Congratulations to the Class of 2024 on your results!
    Let us know how you went here
    Got a question about your uni preferences? Ask us here

Accounting firm - promotions (1 Viewer)

freakonomics101

New Member
Joined
Dec 13, 2006
Messages
5
Gender
Male
HSC
2004
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

Machine
Joined
Sep 1, 2005
Messages
498
Location
Kings Cross
Gender
Male
HSC
2006
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

Breathe and Stop
Joined
May 11, 2004
Messages
3,954
Gender
Male
HSC
2003
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

Member
Joined
Apr 12, 2006
Messages
932
Gender
Undisclosed
HSC
2004
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

Breathe and Stop
Joined
May 11, 2004
Messages
3,954
Gender
Male
HSC
2003
turtleface said:
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

Junior Member
Joined
Apr 29, 2004
Messages
10,059
Location
Sydney, Australia
Gender
Male
HSC
2005
Uni Grad
2009
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.
 

turtleface

Member
Joined
Apr 12, 2006
Messages
932
Gender
Undisclosed
HSC
2004
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

Member
Joined
Mar 24, 2004
Messages
83
Location
Sans Souci
Gender
Male
HSC
2004
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

Member
Joined
Jun 14, 2007
Messages
87
Gender
Male
HSC
2007
lizbon said:
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

Junior Member
Joined
Apr 29, 2004
Messages
10,059
Location
Sydney, Australia
Gender
Male
HSC
2005
Uni Grad
2009
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

is a roflcopter
Joined
May 17, 2003
Messages
3,670
Gender
Male
HSC
2003
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

Alumni
Joined
Jul 7, 2002
Messages
7,458
Location
Sydney
Gender
Male
HSC
2002
Uni Grad
2006
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

Junior Member
Joined
Apr 29, 2004
Messages
10,059
Location
Sydney, Australia
Gender
Male
HSC
2005
Uni Grad
2009
Minai said:
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.
 

Users Who Are Viewing This Thread (Users: 0, Guests: 1)

Top