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Hi All,
Looking to make the move from working in industry to big4 and was curious as to what level and pay I might be worth?
I have 10 years experience out of uni, as well as completed CPA and MBA. I have a experience in managing entire finance function of small/medium entities, but most notably solid corporate finance experience/strategy leading refinance exercises, debt raising, hedging/treasury strategy etc…Would be looking for something in deal advisory / M&A / CFO advisory etc….thanks Deloitte EY PwC @
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I don't wish to crush your dreams but that could be a struggle.
If you both pull in that amount and no kids, then yeah, no issue.
But if you will work for 100k or less, if there are children to support and if you intend on doing some travel or living in a nice area and enjoying the lifestyle - that could be a struggle
Another thing to consider is maternity costs and daycare for your eldest. Speaking from experience - 2 x full time day care costs more than the mortgage, even with government rebates. And unless you are citizens, you might get stung hard and get no rebate. So just check the maths on that.
F
You'll need at least 300k in total to have a moderately comfortable lifestyle in Melbourne (slightly higher in Sydney) for DINKs.
Deducting prepaid tax (PAYG Tax) and superannuation (retirement benefits) that nets you around 16.5k (assuming 2 of you, 175k +125k) in cash per month, or 11k after basics & necessities (2 bedroom rent: 800 pw, groceries 120 pw, utilities & internet: 60 pw, 2x insurance: 80 pw).
11k per month will probably allow you to save >20% of your salary (60k) and the rest (a decent 6k a month) on lifestyle expenses.
Note I assumed 125k for the 2nd person just to illustrate how a 300k household income looks like. Based on your title it sounds like you both will end up bringing in more than that.
Also feel free PM'ing me! I moved from Asia to Sydney a while back so happy to share what I know.
I would definitely recommend an itemised cost/net income comparison. Assuming you’re not a citizen the healthcare and childcare costs could be considerable. Also make sure to take out super, calculate taxes as pension contributions come out of your gross pay.
There’s also a significant divide now in Australia where 400k with kids doesn’t guarantee the same lifestyle you might have in Germany. People have the expectation of living in the Northern Beaches but end up in Hornsby (nothing bad!), which might not be the goal.
I lived in both countries and the costs in Sydney are far higher (apart from maybe Berline/Frankfurt). Income tax regime isn’t much better than Germany unfortunately with no significant rebates.
Definitely not discouraging making the move, I moved from Europe and it was amazing! But the housing shortage and cost of living crisis is greater than in Germany I recon.