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Had to do it! Oldie but it sums it up🤣
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Advice needed - boyfriend has almost 3.5 years of finance experience at a bank. Interviewed for PwC valuation senior associate and now recruiter says they want to hire him at “experienced associate” because he has no valuation experience. Is this too big of a step backwards in career? Should he push back and see if it gets him anywhere? If he does accept Associate, is it reasonable to ask for written, definitive timeline (1 year?) for promo to Senior upon meeting standards? Help!
Made it through another day of the Hunger Games!
Pittsburgh big4 audit senior salary?
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The problem I see is that we generally run on an apprenticeship model and we get an amount of associates and expect certain attrition rates. With all of these things you mentioned, we will need less associates. So we will need to add incentives for these people as the best associates will be highly prized for helping a firm maintain some semblance of the current model.
The only incentive needed is cash, which you’d think the firms would have more of
Fewer people, more AI and automation, and in addition to standardized structure for reporting, there will likely be interoperable data standards so that government and third parties can use standardized tools to audit corporate books.
There are going to be far fewer hours that are billed in the typical annual structure. I suspect we see audits more of a fixed fee model.
The biggest challenge is likely to be to the financial model because it will be much more challenging to maintain the current pension obligations that are going to retired partners.
I have never seen an engagement fee structured that way in big 4 or the regional firm I am at now. I’ve seen billing based on time incurred but that doesn’t impact the overall fee.
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IMO audit and tax compliance work will be gone within the next 5-10 years. Accounting will be more advisory focused with far fewer individuals
Real people will be necessary when working on smaller clients.