PricewaterhouseCoopers, headquartered in the UK, London, is the second-largest accounting service providing network in the World. Pwc is an international firm with over 200,000 employees working across the Middle East, Asia, Africa, and Western Europe. It operates in 157 countries providing professional accounting services in Assurance, Auditing, and tax. However, Pwc does not provide service to clients. Today’s topic- PWC Managers’ Salaries.
Being the second-largest financial service providing Pwc has a reputation. Getting in the firm is like getting blood from a stone. Sources say that the firm only 2% of the experienced candidates are hired. Though getting into the firm is difficult, once you get in, the benefits are vast, and you unlock a door to many new opportunities. The firm provides lucrative compensation and several other benefits and has excellent mentors who guide you through the way.
The management function through all departments and all levels of hierarchy. Therefore, the Management function is divided into three primary classes according to the group of hierarchy members:
1. Upper Management
The upper Management comprises the Chief Executive Officer (CEO), Chief Operation Officer (COO), Vice President (VP), Chief Finance Officer (CFO), and the Chief Technology Officer (CTO).
2. Middle Management
The Middle management comprises the senior managers and the directors.
3. Lower Management
The lower management comprises first-line managers. So here we will focus on the first-line managers.
The base pay at PWC is $130,000 annually, and then we have other bonuses. The salary at PWC is high relative to KPMG, another one of the big four firms in the accounting industry. Several managers are working in different departments and hence have various compensations, but they too are paid a substantial amount for the services solicited.
How To Become A Manager At Pwc
The lowest position when graduates join is an associate who is then promoted to senior associates and then to managers. The highest position in the hierarchy is the partner. About 1000 fresh graduates are hired annually as associates. The associates can then achieve the status of senior associates after 3 to 5 years of service. When seniors associates reach more than five years of experience, they undergo promotion to the manager position. They usually carry a professional qualification.
The manager position is gained after much experience and learning. Managers always plan, supervise, coordinate, lead, monitor, and advise the new associates and deal with the clients. They are the ones who deal with the clients first hand. The manager, with their experience, leadership, and interpersonal skills, reassures the clients.
Managers In Different Departments
To become a manager at PWC, you must first be hired as an associate and work your way up the hierarchy. Let’s look at the roles and compensations of managers in different departments. Following is a list of different departments that graduates can join as associates:
• Auditing
$73,000 – $165,000 annually
The auditing manager goes through various account books and physically checking the inventory to ensure that all the data presented in the accounting books is a legit portrayal of the firm’s position at a given period. This helps in achieving accurate financial statements, which the firm can share with investors and clients. In the United States, an auditing manager on average makes just over $100,000 annually.
The Auditing manager has an average base pay of $107,402 annually, higher than compensations provide video at Deloitte, EY, and KPMG for the same position. They also receive cash bonuses of around $11,000 on average and an average of $6,000 from profit sharing. With all the other benefits apart from the base pay, an Audit Manager at Pwc makes an average of $115,000 annually. Now let’s have a look at the roles a Pwc Audit Manager plays:
- Review financial reports to ensure all the data is accurate and the organization’s financial position is rightfully presented.
- They also inspect other tangible assets such as the new equipment or land and verify if the asset’s value presented in the financial statements is accurate.
- They also ascertain data from the staff verbally via series of questions which could be either written or oral.
- I was inspecting the activities undertaken by different departments.
- Verifying the organization’s records
- Reaching out to creditors and debtors to verify the credit and debt figures in the financial statements.
Like other highly reputed firms at most firms, the auditing managers work independently of other managers and directors and perform objective reports. Here are a few skills needed for the job:
Education :
• Bachelor’s degree in Business Administration or Bachelor’s degree in finance or accounting from a top-tier institute.
• Through understanding of the International Financial Reporting Standard (IFRS).
• Inter-personal and leadership skills.
• Marketing skills, ability to socialize and build connections.
• Curious, objective, and analytical thinkers.
Experience :
To work as an audit manager, the candidate must have at least eight years of experience in either accounting or auditing.
• Risk Management
$73,000 – $79,000 annually
Risk means a scary, dangerous, or threatening situation. Any situation which has a possibility of loss, failure, or danger is considered risky. Risk can take many forms; in the business, many menacing factors like other highly reputed firms hackers could audit managers like disrupting the typical workflow. Risk Managers at Pwc are primarily concerned with the risk their client’s organization is exposed to. They were communicating this with them and how to avoid it.
The average base pay for Risk Managers across the United States is $85,000 annually. This figure is 14% higher compared to Pwc’s offer of $73,000 annually. However, PWC provides various other benefits, such as an additional bonus of $5,500 annually, making an average compensation of $76,000 annually. In addition, the salary may vary based on several different factors, such as experience. Now let’s have a look at the various roles that the Risk Manager at Pwc perform:
- We are evaluating the current Risk Management framework.
- Communicating possible threats to stakeholders from corporate governance.
- Scrutinize how the compliance policies synchronize with emerging approaches.
- Crafting or making improvements to the current Risk Management Plan
The Risk Manager ensures that any possible threat is avoided to eliminate future losses or failures. Following are the qualities crucial for being a Risk Manager:
Education :
A candidate should have a master’s degree in Business Administration with Risk Management as a Major, Master’s degree in finance, accounting, and economics from a top-tier institute.
Experience :
The ideal candidate would have 5 – 7 years of prior work experience in the legal office dealing with legal claims.
• Consulting Manager
$149,000 – $179,000 annually
Consulting Managers are the leading problem solvers. They assess the operating system and provide effective solutions for critical problems. On average, a consulting manager across the United States makes $131,000 annually. Pwc, on the other hand, pays its consulting managers $149,000 on the low end and $179,000 at most. They also receive an average cash bonus of $14,000, and profit-sharing adds another $14,000.
In short, the average base pay for a consulting manager at Pwc is $176,000 annually, which is higher than Deloitte, which pays $160,000 annually for the same position. So now let’s have a look at the various roles a consulting manager plays:
- We are creating the perfect work plan to execute the work before deadlines.
- Helping clients see the flaws and faults in the operating system
- Providing feedback on the operating system and giving solutions for the current problems.
- Should be able to track project progress to ensure timely outputs.
- Keep all the client’s data confidential and maintain strict professional standards.
Education :
Candidates holding a bachelor’s or Master’s degree in Business Administration, though all business-focused majors have a chance, Candidates with degrees majoring in Finance, Accounting, or Economics have an advantage.
Experience :
To be hired as a manager, you must have prior working experience in either one of the big four or any other highly reputed firm.
• Legal Manager
$222,000 – $644,000 annually
A law practicing manager, known as a legal manager, provides guidance and overlooks all the legal matters. The average legal manager makes about $96,000 annually. However, the PWC advisory partner makes a staggering $224,000 base pay and an extra cash bonus of $141,000 annually. Following are the roles they play:
- Dealing with mergers and acquisitions other legal matters
- Preparing legal documents for clients
- Verifying documents
- We are creating other highly reputed firmsthe auditing managers, Like legal agreements for the shareholders and clients.
The legal advisors play a crucial role as any ill legal document caused shareholders or clients to sue the firm. So now let’s look at the qualification needed for the position.
Education:
The qualifications required for this position are a law degree from a top-tier institute.
Experience :
Accompanied with the degree, the candidate must have seven or more years of prior work experience with business laws in any big four or other reputable firms.
• Transaction Advisory Team
$41,000 – $228,000 annually
As the American Institute of Certified Public Accountants (AICPA) defines, advisory services refer to suggestions, guidance, and recommendations that the business professionals provide after inquiring and verifying data such as financial statements, goals, future investment plans, and the strategies they use. Then, the Advisory manager goes through all this information to provide their clients the information they need to decide.
The average base salary for an advisory manager in the United States is $136,000 annually. Kwc being the generous patron offers its managers a staggering base pay of $189,000 annually. They are also given an average cash bonus of $ 15,000. Now let’s have a look at their responsibilities:
- Help clients see mergers and acquisitions that have the potential to make a fortune or could be dangerous.
- Inform clients of lucrative divestitures IPO firms and capital markets.
- Dealing with firms from all over the world craft, innovate, and benefit from deals by helping them see its potential.
- We are evaluating financial and business plans and strategies for potential threats or success.
- I am inquiring about deals, verifying the details, and discussing details with the client.
These managers play a critical role in the business industry and have exceptional skills with years of experience. Here are a few skills crucial to the job:
Education :
The candidate must have an internationally recognized degree or certificate in finance or accountancy such as:
• Charted Public Accountant (CPA)
• Charted Accountant (CA)
• Associate Charted Accountant (ACA)
• Associate of Certified Charted Accountancy (ACCA)
• Charted Financial Analyst (CFA)
Experience :
To be hired as a manager, you must have prior working experience in either one of the big four or other highly reputed firms.
• Accounting Manager
$110,000 – $145,000 annually
An accounting manager goes through various company accounts to record any financial losses or financial conditions and evaluates the financial performance and progress towards the goal. The average salary for an accounting manager in the united states is $70,000 annually. The average pay for an accounting manager at PWC is $110,000 annually, with $35,000 of annual bonuses an accounting manager can expect to earn an average of $145,000 annually. Let’s have a look at the roles they play. Go through various accounts to find any errors.
- Create and present financial reports
- Reviews their subordinates financial reports
- Review the financial statements
- Provide any valuable advice for improving the financial situation.
Education :
Should have a bachelor like another degree in Business Administration or Bachelor’s degree in finance or accounting from a top-tier institute.
Experience :
To be hired as a manager, you must have prior working experience in either one of the big four or other highly reputed firms.
To sum it up, on average, a Manager at Pwc makes over $100,000 annually. The salaries vary with different departments. However, most PWC positions offer relatively higher compensation packages than Deloitte, EY, and KPMG, the other three firms among the big four. Some departments have a starting point of less than $100,000 annually. In comparison, some have a starting point of $100,000, and some departments like the legal team managers have annual cash bonuses that exceed $100,000 annually and make around $600,000 annually. A graduate first joins the firm as an associate and climbs status up the hierarchy to be a manager. To become a manager, an associate needs to accumulate at least five years of work experience.
