How is the work situation of a senior manager with the great shortage, lot of people quitting audit? What are people seeing out there at other firms on their engagements?

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I left EY about a year ago as a SM 5 in audit. Was doing investment banking hours without the pay of course; no signs of getting any better as partner given that my partners were doing more hours than I (much much higher pay though). I thought last year was bad but been hearing this year is worse; sure am glad I didn’t stick around.

Joined a national consultancy firm and life has been a lot better and smoother. Best decision I ever made.

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Struggling but can definitely manage. Audit people are quitting and making transitions to other better paying. roles.

If there is such a huge shortage in audit, wouldn’t that lead to pay increase? Or is it stagnant because firms cannot pass on higher costs to audit clients?

You would think that but it doesn't necessarily mean that you will get a raise. You can definitely ask for one though.

There's a shortage in audit? Then why are so many firms starting there with their layoffs? I must be missing something.

Layoffs likely will be on the non-audit side(e.g., advisory) since these are higher fees, more discretionary and clients go into save cash mode for an impending recession. Audit as far as I know has a shortage as lot of people left for advisory during late 2020-2022

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