The turnover rate of the four major accounting firms exceeds 30% and the monthly salary of 50,000 cannot retain young people. Gen Z: When you watch too many sunrises, you feel that dividing jobs is not reasonable.
The high-paying and well-paid jobs of the Big 4 accounting firms (Big 4) and iBanker have made many people envious. However, the industry continues to face the problem of high staff vacancy and turnover rates. Among them, the turnover rate of auditors of Hong Kong listed companies in 2023 will exceed Thirty percent. How hard do these “bamboo shoot workers” have to be to make people flee? “Gan Gan”, a new YouTuber who has worked in Big 4 and investment banking, revealed in her latest video her terrifying experience in Big 4 and the unknown side of iBank. She mentioned that during the peak industry season, it is very common to sleep for one or two hours in the office. Generally speaking, although workers can “triple jump” and can already earn nearly 50,000 yuan a month with less than five years of experience, she said frankly: “When you watch too many sunrises, you will feel sick and feel that the whole job It’s all very unreasonable.” Even if I switch to iBank, the workplace situation is still miserable. In addition to having to run for key performance indicators (KPIs), I also have to be on call at all times. “My whole person is very nervous.”
Junior auditor vacancies and attrition highest
According to the first “Hong Kong Public Interest Entity Audit Market Analysis Report” published earlier by the Accounting and Financial Reporting Council, in the year to the end of June last year, among the different types of local public interest entity auditors, the number of auditors and senior auditors The average churn rates ranged from 33.2% to 36.2% and 22.1% to 39% respectively.
The report also pointed out that the industry is facing high employee vacancy and turnover rates, especially in entry-level positions. Among categories A, B, and C divided by the actual number of public interest services, firms in the smallest category C (auditing 1 to 9 public interest entities) have the highest vacancy rates for auditors and senior auditors, at 25.5% respectively. and 24.2%.
Auditors have a lower starting salary than dishwashers▼
The Big 4 are PricewaterhouseCoopers (PwC), KPMG (KPMG), Ernst & Young (EY) and Deloitte (Deloitte). The Big Four accounting firms are often accused of long working hours, causing stress among employees. Some people even describe these bosses as “never caring about the lives and lives of their employees. They only care about whether the work can be completed.” However, few people describe in detail the bitterness involved.
YouTuber Gan Gan worked as an auditor in Big 4 for about 2 and a half years after graduation. Including a 4-month internship during college, he has been in the industry for about three years. She said that the advantage of being an auditor is that although the starting salary is only about 15,500 yuan, “lower than that of a dishwasher,” it has jumped to about 41,000 to 47,000 yuan in the fourth year. With OT replenishment, the monthly income is close to 5 Ten thousand yuan, describing “it is very difficult to find a job in Hong Kong and the salary rises so fast.” She also pointed out that each Big 4 can invite about 200 people, which means there are more than 800 people in total a year, and a maximum of 2,000 people can sign up a year. “The success rate is not low. If you prepare carefully, you have a good chance of getting in.”
Although the labor speed is fast, the peak season of the Big 4 is like hell. In addition to the heavy workload and rush, the “Xiaoshu” in the second year will have to “stack jobs”; the staff turnover rate is also like a rotation of goods, which is also disappointing. The pressure on employees increased greatly. “I have 4 projects, all with the same senior, but I was transferred to senior 4 times during that period.” As a result, Gangan became the direct contact person of the customer, and the email notification sounded. In addition to non-stop work, there are also a lot of meetings. “Every day, when I wait for the meeting, I have time to do things at 3 or 4 o’clock in the afternoon, and then I do it until 3 or 4 o’clock in the morning.”
Gangan’s terrifying experience in Big 4▼
Only take a nap of one or two hours a day
She continued that one week before her deadline, she had no time to go home due to her busy work schedule, so she only took a nap in the office for an hour before catching up on work, but she did not dare to tell her boss, “I don’t want to feel like my boss is doing it myself.” so slow”. She further revealed that some management colleagues would book hotel rooms during peak seasons because they knew that employees would not be able to go home in time and could go to the hotel to sleep for an hour or two before returning to work.
During the peak season of the second year, Gangan received news that a colleague committed suicide while at work, which shocked her. At the same time, she reflected on the purpose of such a busy job, and realized that a person’s life can be so fragile, which made her consider leaving her job. thoughts. However, the reason that gave her the confidence to leave her job was that she had made great gains in the stock market. “I saved six figures all in one stock. After a period of time, it doubled and I successfully cashed out.” Her success in the stock market prompted her to develop in the stock market.
The drop in rankings linked to performance and KPIs is a source of panic
After switching to a stock research job in an investment bank, the remuneration package is better. Gangan revealed that the general starting salary range is 40,000 to 60,000 yuan. If the market conditions are good, the bonus can be 3 to 6 months. However, in her first month at work, she was “scared” by the high-pressure environment in the workplace. In addition to a lot of work that needed to be completed on the same day, she also had to come and go at any time at night. “Even if they leave, they will make it difficult for you to get on the subway and run away immediately.” Return to Office”, “Reply immediately when you see a message, otherwise I will call you until you hear it.” In addition, everyone has his or her own key performance indicators (KPI). “When the ranking drops, it will lead to collapse.” Although you can be promoted very quickly, you have to bear the pressure of being eliminated for a long time.
Having done two “Dream Jobs” in the eyes of others, Gan Gan concluded that labor and effort must be directly proportional. “That is, if you want a certain kind of salary, you have to expect a certain kind of workload.”
In fact, the high-pressure working environment in the accounting industry and investment banks has attracted much attention in recent years. In addition to being affected by the immigration wave, many younger generations are pursuing work-life balance and paying attention to their own mental health. The labor shortage in the industry is even more serious. As the Gen Z generation will become a new force in the workplace, work will no longer be everything in life. Therefore, no matter how high the wages are, the halo of this “skilled worker” is likely to fade and become uninterested.
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2024-03-29 22:00:00
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