Big 4 Performance Evaluations + Raises

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  • #178483
    Anonymous
    Inactive

    Hi All –

    Long time lurker, first time poster. Question for all you fellow Big 4 peeps out there…

    I’m a CPA and CIA with my Masters in Accounting. I’ve joined the Big 4 straight out of the Masters program and am about 22 months deep. My first annual performance eval, I received a 2 (high performer), but got a crappy raise. This year, I’ve been promoted with a rating of a 1 (top performer). Based on all of your experiences, do you think raises will be solid this year? The work isn’t too bad and the hours aren’t as bad as I thought, but I don’t feel like I’m getting paid my worth. Granted, there are some intangibles associated with Big 4 accounting that I place a real monetary value on, however, that only stretches so far. I’ve been getting some pretty lucrative offers, but if I can help it, I’d prefer not to jump ship until at least manager.

    Thanks in advance for any insight you may be able to provide.

Viewing 15 replies - 1 through 15 (of 17 total)
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  • #431258

    I hope you get your answer, but you should also do us a solid and post some reasons why you are considered a top performer with advice for incoming staff.

    #431259
    Anonymous
    Inactive

    Hi MyPetMeatball –

    Sure, I'd be happy to. I would attribute a large portion of my success to my ability to multitask and prioritize in a constantly-shifting and dynamic environment. I think that my biggest piece of advice for any person (new or not), is to effectively and expertly manage your Outlook. I don't think there's one “right way” to do it, but managing your emails, appointments, to-do's, follow-ups, etc., is going to drive your success. It sounds stupid, but it's a really simple way to excel at any position…at least in my opinion. Going back to my first point, I never let myself get overwhelmed. There were times in my second year where I had a mountain of things on my plate and it started to weigh on me pretty heavily. However, I've found that this is actually really counter-productive thinking…the more you think about all the things you have to accomplish, the less you actually accomplish. Whenever faced with a ton of things to do, I always just set a goal of accomplishing one thing at a time. If something urgent came up, I would temporarily shift my focus, but then get back on track.

    Using the foregoing methodology, I found myself getting involved and leading firm community initiatives, finding opportunities to help on sales pursuits, and just overall taking advantage of new opportunities and stretch assignments. For example, I'm currently in Santiago, Chile for 2 months for a client due to jumping at the opportunity. Also, I've never been afraid to say “no”. I prevent myself from overpromising and underdelivering by understanding what my limits are and what I can feasibly accomplish at the level of quality that I typically deliver. To that point, since I started, I've tried to build my brand, carve my niche…I do what I can to get my name floating around the office and associated with certain adjectives like: team player, quality, knowledgeable, etc.

    Anyway, I feel like I'm rambling. I'm not sure if that helps, it's just the path I took. I'm happy to answer any specific questions though, if anyone has any.

    #431260

    Wow, thank you for the thorough response. I definitely need to work on my Outlook chops. My firm used Lotus Notes at the time of my internship (lol) so Outlook will be a new experience for me. Thanks again, that was all very helpful.

    #431261
    Anonymous
    Inactive

    Quality of raises is mostly going to depend on how your firm did during their fiscal year. I'm Big 4, was rated a 2 (same meaning as your 2) my first year, and didn't receive any raise. That was mid-2009 so right after the economy crashed, so while I was rated higher than most people my year, not a single person got a raise (unless you were promoted – you got your promotion raise, but not your normal “variable comp raise”).

    We have no idea what our raises are going to be yet this year, but I heard a partner mention they should be decent. Granted decent means differently to the partners than us employees receiving the raises. If you can stick around longer, do it. Yes you generally bet a big bump going from public to private, but it never hurts to stick around and get that manager title.

    #431262
    ImaCPA168
    Member

    Sounds like you're not dying to leave Big 4. I would recommend you stay and get more experience and earn higher titles. You'll get better offers coming out of big 4 and can expect a healthy bump in your salary when you move to private.

    Like what k917 said, quality of raises is mostly going to depend on how your firm did during their fiscal year. Attend your company wide town hall meetings where they'll give you an idea of whether the firm in general are meeting their profit projections for the year.

    I did my entire stint in Big 4 when the economy was declining, banks were failing, and through worst parts of the credit crisis. Needless to say raises were terrible…and some years (several) there were none. And I survived many rounds of lay-offs from staff to partners.

    According to my more senior colleagues who were there to experience the “good days” before I joined, raises were 12-18%. When I was there it ranged from 0-8% depending on how the firm was doing. They always said they'd “make it up to us” when the economy picked up again. I guess the economy hasn't picked up the way they like because of what I hear from colleages that stayed, my firm hasn't made up for the years of 0% raises yet.

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    #431263
    Anonymous
    Inactive

    Hi Again,

    No, I'm not necessarily dying to leave the big 4. Like I said, the work is easy and the hours aren't too rough, I just feel like I should be getting paid a lot more than I currently am. I have no doubt that everyone feels like that haha, but just a thought I've been pondering.

    Thanks for the info on the raises. Yeah, after being rated a 2 in my first year and only getting a 4.5% raise, I was not happy. I don't know what raises will be this year, but if they're as bad as they were last year, I don't think I'll be sticking around too long. Granted, it's a 1 with a promotion, so hopefully it will be a big bump, but you never know. I don't think the firm has done as well this year as in historical years. I'd like to stick it out to manager, so we'll see what they offer, but if it's another slap in the face, I'm either going to have to re-negotiate or find a new job.

    Hope everyone else is doing well in the face of the year-end/raise process!

    #431264
    jelly
    Participant

    What you have to keep in mind is that the firm is made up of sales people (partners) and worker bees (everyone else). The best way for a worker bee to get a raise is to drag in more business from existing clients or bring in new clients. If client work declines or disappears, then there's a scramble to keep everyone paid, never mind raises.

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    #431265
    Anonymous
    Inactive

    Well thanks for the input, all. Looks like I'll just have to sit tight until the comp call comes around. Was just hoping maybe someone had a sneak peek into what comps might be looking like this year. Best of luck to you all takin' the exam!

    #431266
    ti807910
    Member

    Big 4 here. I am hoping to get rated a 2 my first year. Why is no one mentioning bonuses? I thought we usually got a bonus as well. My office is in a great area that has done well throughout the crisis. The interns that got offers to start this upcoming year have starting salaries higher than mine so I'm expecting around a 10% raise to adjust for the new first year salaries + extra for being a second year.

    A great place to look for information on salary and Big 4 specifically is goingconcern.com They have already received a bunch of tips from firms who have started handing out raises.

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    #431267
    Anonymous
    Inactive

    Hey guys I'm not up for a raise but I will be starting at a Big 4 in about a month. What tips would you guys give a first year looking to achieve a top ranking like a lot of you seemed to have done? I know work hard, ask questions, be personable and things like that will help but are there any things you all wish you would have done?

    Thanks!

    #431268
    Anonymous
    Inactive

    @ti807910 – Well I'm not sure what firm you work for, but at least in the Big 4 firm I work for, bonuses are only in play for Seniors and above. Like I mentioned, I was a 2 my first year (2011-2012) and got 4.5%…and my firm also did well throughout the crisis. Obviously, this year with a 1 + promotion to senior, I'm hoping for 10-15%, but we'll see what happens. I started with my Masters and CPA and did not get paid much more than my coworkers. It's frustrating, but all I can tell you is to keep your head down, don't worry about your coworkers, and continue to find ways to differentiate yourself. Thanks for the info about goingconcern. I didn't realize they published the firms' salary information.

    @aero – For the way that I achieved good ratings, my best advice is in post #3 up above. However, everyone is different, and a lot of people have their own ways for achieving success. I don't believe that there is one “right” way. Regardless of the path you take, like a trivial pursuit board, all paths centralize around key themes of: hard work, perseverance, dedication, and ability to multi-task and prioritize seamlessly. Hope that helps.

    #431269
    ImaCPA168
    Member

    Just FYI… Masters and CPA doesn't get you more pay at a Big 4. The CPA is required to make senior/manager depending on which firm you are at. It definitely makes you more marketable when looking for a job. But at Big 4, what separates you from others is your years of experience and your performance grade. So if you keep thinking that you need to be paid more for your Masters or CPA, you're just going to get frustrated and disgruntled. Just saying…because I have both, too.

    As far as bonuses go, not eveyone gets bonuses. I think at my firm, seniors and up would get bonuses. But after the economy took a downturn, they changed it to managers an up.

    For those still in Big 4, hang in there and climb up the ladder quickly so that you're eligible for higher ranking positions when you're ready to leave. I'm sure money is a big motivator to leave…and sure you get a big bump usually when you jump to private, but the promotion rates/upward mobility is so much slower.

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    #431270
    Anonymous
    Inactive

    Update: Ok, so had comp discussions recently and this is how it played out. 12% raise this year + annual bonus. Another big 4 is offering me to switch as a senior for about a 30% raise + bonus. Debating if I should make the switch or stick it out in my current firm despite the salary pay gap between what I would think are two comparable firms. Hope all you guys had good comp discussions.

    #431271
    laserglare
    Member

    i pretty much reiterated post #3 word for word in an interview. thanks op….lol…

    #431272

    Wow, I really wish now that I had realized how important “Big 4” was after I graduated…I feel seriously under paid for my talents but I am going to keep pushing and hopefully with the CPA letters at the end of my name, I will earn what I deserve

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