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Hi fellow fishies!
Can someone please explain what is “SUPPLEMENTARY allowance” in my payslip??? It is the highest in my entire payslip, more than basic salary. Basic is lets say ₹7 lac annually and supplementary bonus is ₹7 lac 40 thousand.
Can someone please explain why this exists in my paylslip, is it good or bad from tax perspective and shall I ask my HR to decrease it???
Please help asap.
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Tomorrow i quit.
Gg wp.
WhAT IS THIS COKE/PEPSI COMMERCIAL?!!! Whattttt
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Then you should have been an investment banker
The question you’re all getting down to is, “Why don’t the firms pay us more?”. I’m going to try to provide a really solid answer to that question. Ready? Here it is: They don’t have to. That’s really it. Why don’t they have to? Because you’re still here. Or to say it differently, your pay is clearly good enough to justify you sticking around. If it wasn’t, you would quit. If people are generally staying and not quitting (to the point that there is sufficient retention to meet staffing needs), then mission accomplished in the firms eyes. What added benefit would the firm get by paying you more? You being “happier”? You complaining less? News flash: the firm doesn’t exist to provide you with happiness, and they’re ok with the current level of complaining. This is a business, and the people running it are focused on the bottom line. As they should be. That’s how businesses work. And no, I’m not a partner. I’m a Senior 2 if you must know
Just because partners make a decent amount doesn’t mean that anything a first year associate does is worth 6 figures.
This is just capitalism, and we work to get to their level. The stress and time they put into the partnership is worth the income they make. That being said, we make good money doing what we do, however one thing our firms can do better is helping us pay back student loans / reward good behavior through incentives as such to keep us happy.
CPAs should be starting at $150k. Sorry you’ve been manipulated you’re whole career.
@EY4 is spot on. The firm’s incentive is to pay you as little as possible while at the same time paying you just enough to keep you (or the number of people to meet staffing needs) from quitting. Biggest driver of salary growth is turnover outpacing supply. The moment you see half your class quit within a short time span is the moment the firm realizes it’s not paying enough.
Anyone who thinks a first year staff deserves 6 figures is out of their minds.....with that being said the firms need to figure out a better way to reward their star performers, they lose too much talent not recognizing who is actually contributing at the highest levels. Problem
is most partners have a hard time seeing those people, or haven’t figured out how to play outside the bands.
Sorry I must have missed the part where you had an equity buy-in and a fuck ton of money at risk
I find this funny coming from a Senior Manager. Curious how you got to that level with this outlook. There is no way in hell you are worth 150k for passing standardized test
Tax manger 1, I think a CPA is just as capable if not more capable of doing any of the tasks that a first year investment banker performs yet the first year investment banker gets paid 6 figures.
Investment bankers get paid more at all levels because the average sellside success fee is many many multiples of what an average big 4 partner grosses in a year across their whole book. Also worth considering that most junior bankers put in actual 80 hour weeks year round and don’t really take vacation.
I’m agreeing that we don’t deserve $150k starting salary. But starting salary of $57K in the NYM area? Peanuts
Sad! Although, in fairness, most are not making millionS.
While we are at it, are there any other industries we want to restructure to redistribute wealth from capital to labor. We could probably find a more sympathetic cause than pay equity between cpas and investment bankers.
In fairness, I did not read all the comments. But, this is total crap and I can't believe a senior manager posted this.
No.
First years are way overpaid. I am more inclined to say that 2nd or 3rd years are underpaid. I am sure most manager are underpaid.
Very few partners really make over $500K. Their gross taxable may say 1 million+ but that includes phantom income allocated to them (corporate jet for example, the box seats, other deferred benefits). Keep in mind they pay full boat health insurance, so close to 20k out of pocket / year.
I think real partner equivalent income is in the 350-450 range.
I once read something that rang true with me: the only time people are overpaid in public accounting is at the staff/associate level and at the partner level. Senior - Senior Manager are underpaid compared to output. However it’s true, the market rate prevails.
I'm done with OP 💀
I am a senior and still not making 75k
Investment bankers work way more than most of us do. They should get paid more. I agree that we are underpaid, but 150k starting? 😂😂😂
@Delotte1 an average investment banker will work more than an average audit staff. That's a fact. There are certain times of the year where we may work more than them (from my bulge bracket Banking roommate, my busy season hours were worse than any deal stretch that he was on). That being said, he worked more over the course of a year than I did. Starting salaries for them are around 80k and you get paid a nice bonus to maybe hit six figures but their deal size is massive so there is more money in the pot for their salaries. We are monkeys who tick and tie and they are monkeys that model and change a color on slide deck 73/230. Now that SOX is a decently oiled machine, clients want audit fees unrealistically low so there is less money to pay us.