Salary increment at Big 4 firms

#1

Hi everyone,

Does anyone know how much salary increment (if any) is expected for actuarial trainees at Big Four firms? How is this awarded, eg upon passing an exam etc? Also, do they usually reward year-end bonus as well?

Thanks.

#2

Anyone please?

#3

Have you already been offered a position at one of the firms? I don’t think a bonus will be substantial (if at all), while you do get increments for passing exams and an annual increase.

#4

@arby

Yes I have. How much can one expect for (a) increments for passing exams and (b) annual increase? Will the increment for passing exams be different for those who have exemptions and those without?

Thanks.

#5

Morning all,

Can anyone else share their insight? Thanks!

#6

have you received your contract yet? the information should be outlined in that.

#7

Hi davestevens,

Yes I have. But no specific info has been mentioned.

#8

Hi there actuarial boy

I can’t speak for actuary, but I am currently at pwc and there is no bonus for passing exams. There is a small increase year on year, first to second is hardly noticable, second to third is slightly better. It’s really upon qualification that the salary jumps, which is after about 3 years.

As for bonus, you are awarded your bonus based on your line of service revenues, and also on your grading for the year (normally 1-4,). For example, anyone awarded 1 (pretty difficult as a trainee) gets 4% of salary, anyone awarded 2 (more doable, but still not everyone) gets 2%. So you can imagine the figures (remember to minus tax!) based on the salary you have been given.

Now obviously this bonus regime will change team to team, but I did not hear of any team awarding a bonus for 3 and 4 grades, and the percentages mentioned were in line with many other teams.

I am under the impression that a few years ago it was a lot better, in the ‘boom times’, as many of my colleagues take pleasure in telling me this… but for now, this is the state of affairs.

I can’t speak for other Big 4 so maybe if you are with a different one things will be better, but I would be surprised if they were anything but marginally better.

How is the job going anyway - you must have started by now?!