Do you think if they raise the federal minimum wage, that the big 4 will be forced to pay the entry level staff/associate more?

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Uhh no

likefunnysmart

No. Maybe if minimum wage was $30 an hour. You’re free to take the minimum wage job if you think it pays more tho

likefunny

Gotcha yea, some weeks it would pay more per hour but the growth potential in this career is too high to switch

Are they making less than $15k per year? Current starting salary for most Big 4 is at or above the median US income....not bad for someone straight out of school with few real skills.

likefunny

Big 4 pays very competitive market rates to incoming staff, who don’t really have any skills and we provide all the on the job training to make them marketable out in industry, and also CPA-eligible. It’s not like the staff salary has been stagnant; it’s always adjusted to market.

funnylike

Big4 pay has been very stagnant. Take a staff 1 salary from 2000-2003 and inflation adjust it up to today, the new hire starting today is paid about 20-30% less against inflation

Add on the fact that rents and cost of college (if they have student loans to pay back) have been growing significantly above the rate of inflation since 2000-2003, the purchasing power for a new hire today is significantly less once you factor in rents to pay and student loans to pay back.

likefunny

Correct me if I’m wrong, but the Big 4 doesn’t pay anyone in the U.S. less than $15 ($31K annualized), so I don’t believe there needs to be an adjustment for pay compression.

Your question would be more applicable for industries that employ newbies at $9-14/hr while their supervisors/bosses are making $15-17. I’d expect pay to rise in this situation.

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In the US There are different wage limits for salaried white collar employees which is based on weekly minimums, not hours worked. This is googlable. As an exempt professional you also don't get overtime.

https://www.dol.gov/agencies/whd/fact-sheets/17g-overtime-salary

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The Big 4 have a monopoly on accounting majors. Until a competitor arises that offers higher pay, pay will stay same.

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Everyone here is missing the point and severely lacking in the area of economics.

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No. Lower skill min wage workers will be out of work permanently because of higher min wage and covid. (See results in Seattle—lowest skilled min wage workers got fired or lost hours and experienced a net loss on the whole. ). Small businesses are already struggling to come back. Those people will be added to the ranks of the unemployed and on assistance.

The point being, that its unlikely your wages will go up. But your taxes will, so actually on a net basis you’ll make less.

likesmart

lmao

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Too soon to say. Raising the minimum wage will put pressure on the cost of a lot of goods and services. My guess is we’ll see larger cost of living adjustments if it goes through

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The price of everything will increase. Including human labor

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Minimum wage increases would have a much larger effect on unionized workers than public accountants. Not saying it would have no effect, but not much.

No. The only way they will pay the entry level staff more is if no one is willing to sign the offer/take the job.

Not sure why people complain about the starting salaries. I made the same salary as my dad when I got my full time offer many years ago (56k). And I worked for the most part in a climate controlled office setting with plenty of chances for advancement, learning, and exit ops.

Can you make more money in other jobs? Sure. Go for it.

I think it will have an impact but may not be very direct, quick, or as much for those hourly minimum wage earners. Every few years they look at market and adjust the numbers. For example people were starting at 53K about 5ish years ago and now at 57ish. I would say it will jump to 60 in next few years.

Yes - Big4 will be forced to raise wages. Not right away but over time.

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