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I’m looking to get into this space as a manager and I have no experience. I do corporate tax compliance. Any insight would be helpful. Could we chat about this if you don’t mind? Or if anyone is seeing this and has input that would be helpful. Is this transition possible?
Yeah, that's a level that's difficult to change in. I can ask my firm, if you're interested. We have three departments, one business, one HNW, one mix. You seem like a good fit for a mix. We have a structure where we work on family groups (so everything related to a specific client, flowing from the business entities to trusts to individuals) instead of only return types. It's a solid way to keep working with what you know and start to learn how to do other types and then pivot.
I don’t remember exact numbers but it’s something like this (don’t remember bonuses either) -
2016 - A1 - $56K
2017 - A2 - $58K
2018 - S1 - $72K
2019- S2 - $94K
2020 - M1 - $101K
2021 - M2 - $130K
2022 - M3 - $160K
Location? Seems underpaid
2019: 48k intern
2020: 63k associate
2021: 70k senior + 11k bonus
2022: 85k senior + 25k bonus --> 115k current (promoted to manager starting in 2023)
MCOL
Yes. Expecting bonuses to be around the same or higher.
2019 - 56k
2020 - 65k
2021- 74k additional adj to 85k
2022: 125k made switch to new company
No I’m in MCOL working remote, work for a specialty CA/NY based firm dealing with UHNW
This thread had revealed to me I should’ve went into tax
I only remember my base for most years (HCOL)
2019:63.5k + 6k cpa + small bonus
2020: 66k + small bonuses (covid freeze)
2021:79k > 87.5k + 3k+ 20k sign on left to industry)
2022: 91k > 110k + 20% target (new job)
2017: 70k + 2k bonus
2018: 74k + 3k bonus
2019: 105k (switched jobs, + 5k sign on bonus)
2020: 125k (switched jobs, + 20k sign on bonus)
2021: 185k (promotion to manager, + 50k bonus)
2020-2021 switched to M&A tax. HCOL.
Coach
Mid size regional firm (Chicago) :
Starting as a new hire out of college
2019 - 57k
2020 - 60k (initial covid year so reduced bonuses and raises)
2021 - 75k
2022 - 90k
2021 and 2022 also saw ~10k bonuses
Expecting to break 100k base salary next summer barring a major economic downturn so tbd on that.
Private Wealth Management Taxes
2018 $145k no bonus
2019 $152k no bonus
2020 $157k no bonus
2021 $161k no bonus
2022 $250k plus bonus - New company and promotion to Director
I have over 20 years experience. Only posted my last 5 years salary.
2017 - 2021: $90k - $210k + small bonuses every year (JD, M&A/Int. Tax, NYC, Big4)
Did you switch from big4 to big law?
I’m at 120k + 20k bonus in business tax credits at a small firm. EY offered me a 50k decease to come in at a higher level
Not worth the 50k
2017 A1 $54k
2018 A2 $56.5k
2019 S1 $66.5k
2019 S1 $84k (MCOL -> HCOL)
2020 S2 $89k
2021 M1 $123k
2022 M $150k + 15-20% bonus (left Public)
I’m in a mid size local firm in a HCOL city. I do a combo of business returns (1065/120S) and high net worth individual returns (1040/1041/706/709).
2020: $62k
2021: $72k
2022: $78k
Coach
Need a referral? Get in as a senior?
Salary bc I don’t keep track of bonus - LA big4
2017 - 60k
2018 - 66k
2019 - 74k
2020 - 88k
2021 - 160k
2022 - 210k
Nope, still a manager 2, and I’m still at big 4, haven’t left, I did switch groups in 2020 thougg
july 2016: $57k base, $500 bonus
july 2017: $61k base, $1k bonus
july 2018: $73k base, $5k bonus
july 2019: $83k base, $7k bonus
july 2020: $83k base, cant find bonus. very little if i call (covid no raise)
january: 2021: $88k base
July 2021: 110k base, cant recall bonus
Jan. 2022: $155k (out of cycl3 raise to match an outside offer), $30k retention
July 2022: $160k (minimal raise due to cohort. way way higher than my peers i was told. cohort were $135k). $31k bonus
M2. my friend SM1 was 165k.
2019: 70k
2020: 75k
2021: 88k
2022: 120k (switched groups)
2019: $51k
2020: $56k
2021: $65k
2022: $77k
Unsure if this is fair or not. LCOL
2015: 56K
2016: 64K - changed job
2017: 70K
2019: 82K - promotion
2021: 110K - changed job
2022: 124K - promotion
10% bonus except 2022 16% bonus
Also in high net worth tax. Low cost of living area:
2016 -45k [small crap firm]
2017 - 55k [industry]
2018 - 57.5k [midsize firm bdo/grant/rsm]
2020 - 62.5k
2021 - 72.5k-80k mid year raise
2022 - 90k january year promo to manager
2022 - 100k mid year raise
You have to take area and cost of living into account, but yeah I'm a little underpaid
2017 - $113,000
2018 - $120,000
2019 - $133,000 (with bonus)
2020 - $127,000
2021 - $142,000
2022 - $190,000. (Changed firms)
How do you like working on HNW taxes? I’m trying to do a rotation in PFS from core tax…are the concepts reasonable to pick up fast? What’s WLB like on your team?
2020: Intern $29
2021: 60k
2022: 75k
2023: ?
Indirect Tax
2018: 59K
2019: 62.5K
2020: 70K (senior promo)
2021: 82K + 7k bonus (firm switch move to West Coast)
2022: 93K (bonus unclear yet)
Being promoted to manager in 2023, but a 30% bump to 120k seems unlikely. I will be the most underpaid manager in the West Coast.
Similar salary to me in Philly, and we are MCOL