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Wage progression for graduates

  • 13-02-2008 12:52am
    #1
    Hanley
    Banned (with Prison Access) Posts: 21,981 ✭✭✭✭


    I'm starting an ICAI training contract next October with BDO and was just wondering if anyone had the answers to these questions...

    1)What is the basic salary increases like from year to year?

    2)Any idea of how much of a bonus the top firms tend to pay?

    3)And what should I be expecting to earn when I finish out the contract and am fully qualified??


    I'm just starting to think about my future and ball park figures would be good for future planning purposes. First year salary is 24,500 gross. I've heard from different sources that between 3 and 5k per annum is what the top firms increase your salary by, and that bonuses are around 20%. These figures seem very high to me, but I wouldn't say no!!!


Comments

  • #2
    Leon11
    Closed Accounts Posts: 578 ✭✭✭Leon11


    I've a mate working where you will be and he said that some people who had their first salary review went up around the 5k mark. No idea what it's like for your 2nd and 3rd year although I'd imagine it to be similar increases given that you'd be expected to earn around 50k top 6 once qualified.

    Bonus wise it's 10-15%. I'm pulling those figures from a project I had to do on firms from before xmas. It didn't state what levels the bonus rates applied to though. Most of the info I got was on a fact sheet on FinFacts.ie


  • #3
    Hanley
    Banned (with Prison Access) Posts: 21,981 ✭✭✭✭Hanley


    Excellent. Thanks for that. I'm looking at finfacts.ie now. They did a survey on charterd accountants in '07 and audit seniors (which is where you'd end up once qualified) are earning between 50 and 60k pa on average.

    6 years of qualified exp sees the figure raise to around 95k. I'm gonna go looking for info on bonuses and graduates now.


  • #4
    pigeonbutler
    Registered Users, Registered Users 2 Posts: 666 ✭✭✭pigeonbutler


    Big 4, (or at least in the biggest 1 in my experience) don't pay bonuses to anyone below manager level.


  • #5
    chump
    Closed Accounts Posts: 3,807 ✭✭✭chump


    pigeonbutler wrote: »
    Big 4, (or at least in the biggest 1 in my experience) don't pay bonuses to anyone below manager level.
    big 4 just give exam bonuses.

    In the big4 salary increase isn't just by year but by stage in exams.
    Ie. starting 3rd year with FAE outstanding vs with FAE complete, difference of up to 6k
    Also performance related


  • #6
    rigal
    Registered Users, Registered Users 2 Posts: 1,032 ✭✭✭rigal


    BDO are not a Big 4 Firm and accordingly do not pay as much. Trainee salaries in practices outside Big 4 will vary significantly.


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  • #7
    Scubagirl
    Closed Accounts Posts: 6 ✭Scubagirl


    At the end of the day, your trainee salary is never going to amazing - remember you're a trainee, not qualified. If you're going to BDO in Dublin, you'll probably find that living on €24k will be tough especially with rent but before you know it you'll have you're pay review as a second year and that's a little more manageable to live on. Once you're qualified you'll be flying it so it will all be worth it. Don't let it be a downer - think of the bigger picture and great opportunity you're being given to be getting you're training from one of the top accounting firms.


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