post MBA offer from Big 4 accounting firm
Hello everyone,
I have received a full-time offer from one of the Big 4 accounting firms from their Valuations group. However, I am not sure if they are low-balling me with an offer of $72K. This is a post MBA offer with 1-2 years of experience being counted. What do you guys think of the offer..?? Is there room for negotiation..??
don't undergrad level valuation group start out at 60-65k? I think it blows post -mba... but take what you can get
hmm
where did you get your MBA, where is the job located?
72k seems low for a major-market like NYC, SF or Chicago, but could be average for somewhere like Atlanta. I would think closer to 80k (90k NYC) would be appropriate though.
if it makes you feel any better, it's probably high since it is big4
people above clearly didn't recruit at big4 after undergrad. non-cpa's start at around 54k in the valuations group (and in all the others too)
that said, you will have to decide for yourself if it is worthwhile. but for what it's worth, they're probably not lowballing you.
valuations group out of undergrad pays 1st years 55-60k, and after 3-4 years those kids are making circa 80k base, so one would think that post MBA would get closer to 80k.
the starting salary of non-CPA, 1st year analyst at PWC is 54.5k. CPA is 56k, give or take $500, so they are never getting 60k first year, but this is PWC specifically
i don't know of any 4th year analysts at these firms but i could be wrong. from what i know, they are generally promoted in the 4th year.
once again, i don't think 72k is considered a low-ball offer. i'm not an expert on big4 salary so it's just an opinion made based on what i do know. 55k-72k in 3 years does seem like a possibility though.
Data from Glassdoor, as it pertains to Ernst & Young's TAS practice (avg. salaries, bonus included):
Staff: $62,875 Senior: $85,697 Manager: $111,532
Note that the Big 4s don't really pay any year-end bonus (even if they do, it's very, very insignificant compared to banking).
Also, in order to go from Staff (fresh from undergrad) to Senior, it usually takes 2-3 years, and it does NOT require an MBA. Also, it is my understanding that Valuation recommend its staff to get the CFA, and not the CPA.
On the face of it, it seems that the firm that gave you the offer is low-balling you. But then again, it depends on
1) what your pre-MBA career was; 2) where you went to get your MBA; 3) your new work location
Hope this helps.
sounds low but the your degree is less important than your title as a measure of compensation. are they hiring you into a junior position, and as such paying you a little more for your mba, or are they hiring you into a manager position and thus underpaying you. what was your experience before your mba, was it in valuation, or are you coming in fresh. you post is lacking some key details to give an accurate analysis.
salary matters a lot.
be warned if you take something that pays low...you get stuck in an endless cycle of low pay and doubt of your real value...
We need a couple things clarified before anyone can say if this is a low ball or not.
Where did you get your MBA from? What was your 1-2 years of work experience? What other offers do you have? Where would you be working?
In response to the post above talking about pwc specifically, I have contradicting information.
I know an undergraduate who as a 1st year advisory associate was paid 65K (not valuations though). I have heard a total of 3 starting salaries from pwc ranging from 58K-65K, this is first year associates too, so not sure where these low numbers are coming from.
not sure what your use associate means but pwc's offer to me (undergrad) in the valuations group was 54.5k. all my friends who are in audit (and did CPA track in undergrad, 150 credits) got 56k or 55.5 or something like that. this is for class of 2010
if you are also referring to the same level positions, then it may be that you are referring to a different year? undergrad class of 2009 received 58 or 60k starting [note, they didn't have CPA vs non-CPA tracks at undergrad in 2009, i am the first year, so all analyst pay was the same]. however, there was a DECREASE in base salary for my class.
in addition they "tiered" the pay for non-CPA versus CPA.
Sorry for associate I am using the title the same way pwc uses it, as in first year straight out of undergrad (not the banking associate term). It was in different years, so it may be different now, which is unfortunate.
(sorry for the confusion, i was pretty sure they called me analyst but i guess i got mixed up).
yes, then your numbers are dead on from what i know. class of 2009 and prior was ~60k starting. class of 2010 was LOWERED and tiered.
maybe that's also why people think OP is getting lowballed, because they don't know base got lowered.
hi guys,
thanks for all the responses. the original post was by me. people have been asking for more facts to give a better response..
with these facts in mind, now what do you guys think of the $72K offer..??
72k is really low for post MBA NYC. I would think 80k would be the min. That being said, in 2-3 years you'll easily break 6 figures, and after another 5-7 years you can make partner, and start pulling several 100ks. 5-6 more years, become senior partner and pull in the 1-2 million range (my sources tell me that the more senior transaction advisory services partners clear over 1mm)
I say go ahead and take it. It doesn't sound like you went to very a good MBA program (correct if wrong) or have better offers on the table. to be honest, following this career path, you'll be making plenty of money to live well soon enough.
Considering that you only have a couple years of work experience (none in finance) and you did not go to a top MBA program I would be happy with what you have. It is a solid firm in a decent area. Yes, 72K with an MBA in NYC is not great money, but in a couple years, as mentioned above, you will be doing fine.
Best case scenario, you could probably negotiate another 5K out of them. Worst case you could not get the job. In this market with the info you provided I say take the offer and smile.
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