Why is it that advisory folks make so much more money than the other LoSs, but also are the first to get laid off? Can someone please explain that?

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Because they charge more and first to get laid off because advisory work is the first to dry up when cost cutting. You can’t exactly say oh I’m not getting audited this year to save money.

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Because advisory work brings in the most dollars. Those dollars are discretionary spending which immediate disappears in a downturn. Hence they are the first to be laid off.

Taxes and audits have to be done every year like clockwork.

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Higher risk, higher reward

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Then, in times like now, shouldn't advisory get the financial burden of the downturn and audit &tax folks should be better off compared to advisory. It appears the pay increase/no increase is the same for all groups. As a manager in tax, I work harder than ever but I am still well underpaid compared to managers in advisory whose work got negatively affected by covid.

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The people who didn’t get laid off are in many cases busier than ever in advisory

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Margin.

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