This article is aimed at giving insights to the salaries and salary structure of the Big Four – KPMG, PwC, Deloitte and EY. They are the four largest professional services networks in the world. They offer audit, assurance services, taxation, management consulting, advisory, actuarial, corporate finance and legal services to various companies. They handle the vast majority of audits for public companies as well as many private companies. The Big Four have various branches all over the world including Nigeria. Working in any of them is a great opportunity to build one’s career. It also has great financial benefits attached to working there.
KPMG means Klynveld Peat Marwick Goerdeler. It is one of the biggest professional service and auditing firms in the world. It is at the top of the professional services networks along with the other three big auditing firms. KPMG Professional Services and KPMG Advisory Services are the KPMG member firm in Nigeria. The partners and people have been operating in Nigeria since 1978, providing multidisciplinary professional services to both local and international organizations within the Nigerian business community. Our vision is to build and sustain our reputation as the best firm to work with by ensuring our people, clients and communities achieve their full potential. KPMG is committed to working with clients to cut through complexities of the business world– finding solutions and adding value. KPMG is organized based on Audit, Tax and Advisory Practice.
Hierarchy and Salary Structure of KPMG Nigeria
Partners make strategic decisions, look after the firm’s market position and are held accountable for the delivery of the highest quality of work as well as for the overall performance of the divisions they are responsible for.
- Associate Director
After a minimum of two years as a Senior Manager, an employee may be promoted and become a Director. Directors represent the firm in contacts with strategic clients, and develop their own client portfolio. They also manage a department or a section while handling the career development for department staff.
- Senior Manager
The Senior Manager position can be awarded to experienced managers and specialists in their field, responsible for outlining the overall operational direction of their teams and making strategic decisions. They manage cooperation with an extensive client community.
Sufficient qualifications and experience gained in the previous position are a gateway to managerial promotion. Managers supervise the work of numerous project teams and guide their subordinates’ career development. Managers have client groups assigned to them, and are responsible for delivering projects commissioned by those clients. The salary of a manager in KPMG Nigeria is around #750,000 per month.
- Senior Associate
Employees with at least two years of experience are promoted to Senior Associates responsible for coordinating project team work while performing all duties assigned as part of their regular work. After another year, a Senior Associate is promoted to the Manager position, requiring more operational independence as a stepping stone in preparation for becoming a Manager. In Nigeria, there are three kinds of seniors – Senior 1, Senior 2 and Senior 3. The salary of a senior associate in KPMG Nigeria is around #300,000 per month.
- Semi-Senior (Associate)
This is otherwise just called an Associate or just Semi. The Semi-Senior works on the instructions of the senior associate and may attend client meetings. He/she heads projects and makes sure that the company is performing to the best of its abilities to satisfy clients. He/she provides advice to clients and is responsible for bringing in new accounts. The salary of a semi-senior in KPMG Nigeria is around #200,000 per month.
- Analyst and Experienced Analyst
Students and university graduates join KPMG as Analysts. They attend numerous training sessions and programs to expand their job-specific knowledge and learn the tools and methodologies used to work. As project team members, they perform their duties with support from more experienced colleagues. The salary of an Analyst in KPMG Nigeria is around #130,000. While that of an experienced analyst is around #180,000.
Technically, an intern is not part of the hierarchical structure. However, he or she works closely with a team of experienced professionals and work on client projects across various sectors and industries. They are assigned Audit, Tax or Advisory practice based on their ability and area of interest. Interns with good performance ratings may be offered full-time positions upon graduation. The salary of an intern in KPMG Nigeria is #37,500 per month.
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Price Waterhouse Coopers or PwC is a multinational professional services network which is the world’s second largest professional network. It provides industry-focused audit and assurance as well as tax services to its clients. The company has its network of firms in over 157 countries and has a workforce of over 195400 people. The company follows a certain hierarchical structure as far as the employee promotion stages are concerned. According to this structure, an employee must work hard, gain experience and then move onto a higher hierarchical position on the career ladder or pyramid. In order to understand the PwC career hierarchy better, you can go through the following given information.
Hierarchy and Salary Structure of PwC Nigeria
The topmost position in the career hierarchy at PwC is that of the Partner. The partner is the real decision maker, the power holder and the most important working member of the team at the company and only after an experience of at least 10 years can one climb the ladder and reach this position. All the other positions in the company come lower in the hierarchy chart as compared to the Partner.
The next position which comes underneath the position of the partner is that of the Director. The Director executes and makes sure that all projects and functions of the company are been properly managed, run and administered. The position of the director is very important at this company and he/she is the one who supervises all working staff under him.
- Senior Manager
After the position of the Director comes the position of the Senior Manager. It is the senior manager who handles all management related tasks and makes sure that the projects are being completed on time and within the certain budget constraint or limit. He/she supervises the manager and the associates.
After the senior manager comes the manager who makes sure that day to day tasks and functions of the company are being run smoothly and without any glitches. The salary of a manager in PwC Nigeria is around #1,100,000 per month.
- Senior Associate
It is the senior associate who makes sure that all the project working is being carried out properly and the work is going on as per client requirements or needs. He/she must gain at least 2-3 years of experience to become the manager in the company. The salary of a senior associate in PwC Nigeria is #320,000 per month. This encompasses all types of the senior associates.
The entry level position in PwC is that of the associate. Only after gaining about 1-2 years of experience as an Associate one get promoted to the position of the Senior Associate. The salary of an associate in PwC Nigeria is #148,000 per month.
Technically, an intern is not part of the hierarchical structure. However, he or she works closely with a team of experienced professionals and work on client projects across various sectors and industries. They are assigned Audit, Tax or Advisory practice based on their ability and area of interest. Interns with good performance ratings may be offered full-time positions upon graduation. The salary of an associate in PwC Nigeria is #48,000 per month.
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Deloitte is a British multinational professional service company which has its headquarters in New York, USA but has branches and wings all around the world. This company is popular all across the world and one reason for this is the amazing organization structure it follows.
Hierarchy and Salary Structure of Deloitte Nigeria
- Partner/Associate partner
At the highest level of the organisation’s chart in Deloitte is the partner or the associate partner. The partner is not just the head of operations but also of the decision maker of the company. It is the partner who makes plans and makes sure they are implemented through the brand or the company. The partner possesses the maximum experience among all members of the firm. They usually grow from Senior Manager to Director if you belong to tech domain. One can only become a Principal Partner if you have an Accountant degree, CA and etc.
- Senior Managers
They are also called specialist leaders. They have fifteen years of experience and are involved in service line development and works on multiple engagements.
The next highest position in Deloitte is that of the senior manager. The senior manager heads the administrative branch of the firm and makes sure that all activities and operations are well managed and properly carried out. The senior manager coordinates activities of the various departments and is also responsible for making recruitment in the branch or firm. Depending upon the size of the branch or company, there can be several senior managers working in a premise.
They are also called specialist masters. They have ten years of experience, and are involved in project management, SMEs, starting of leadership hierarchy. The manager holds an important position at the company and comes directly under the senior manager. The manager must work on the instruction of the senior manager and is mainly required to execute administrative duties throughout the designated field or department. Any person placed at this position must make reports, give orders, participate in organizing company events and do other such tasks.
- Senior Consultant
They are also called specialist. They have six years of experience, and do manage small teams, take ownership of project deliverables, mentors. The senior consultant is the individual who deals with clients and works on client based projects. Deloitte has many senior consultants and each is responsible for making sure projects are carried on within budget and time constraints. They must give instructions to consultants and business analysts and are also responsible for giving advice to clients regarding their needs and businesses. The salary of a consultant in Deloitte Nigeria is around #400,000 per month.
They are also called staff. They have three years of experience and encompass majority PGs or industry hires, either functional or technical.
After the position of the senior consultant comes the position of the consultant. This is an individual who is responsible for meeting with clients, understanding their requirements, setting meetings, managing communication and following all instructions given by the senior consultant. These individuals must possess 2-3 years of experience in the firm and after gaining further experience, they can move onto the position of the senior consultant. The salary of a consultant in Deloitte Nigeria is around #300,000 per month.
- Business Technology Analyst
They are fresh graduates, majority technical but can work their way to functional. The entry level position in Deloitte is that of the analyst. The analyst is an individual who has just graduated from college and works at the lowest position in the hierarchical chart of the firm. The analyst is responsible for working on projects, handling accounts, making reports and analyzing information. They can move up the ladder only by gaining a couple of years of experience. The salary of an analyst in Deloitte Nigeria is around #220,000 per month.
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Ernst and Young (EY)
EY Nigeria has been in existence for over 50 years and we work with major corporations both public and private, distributed across various sectors of the economy within the country. We service over 600 clients in Nigeria comprising of public and private companies spanning over various sectors of the economy. In Nigeria typically there are four levels for each grade. So you have Staff 1 to 4, Senior 1 to 4, and Manager 1 to 4. Typically it takes 3 to 4 years to move up a grade. Performance strictly determines pace.
Hierarchy and Salary Structure of EY Nigeria
Partner is the highest possible designation. He is an employee who has his/her stake in the business and share in the profit. A Partner is the highest level of seniority within one of these firms, and, as the name indicates, owns a ‘share’ of these firms. A Partner’s role is to effectively run his own business, including setting and managing the achievement of the team targets, hiring and retaining people, and driving solution development. The most visible role one sees a Partner playing is to maintain client relationships, specifically executive connects. As they become more and more senior, Partners can take on other roles for the company (in addition to their primary role), becoming Business Unit Heads, Sector Leaders, or one of the Executives of the consulting firm itself.
- Executive Director
Partners and Directors are the top most executive positions in Ernst & Young, which requires the people at this level to be entirely responsible for constructing and maintaining trusting relationships with business clients. They are also responsible for ensuring the company to be up to date about current market and business skills and to develop innovative value added services to the clients. These executives will lead various teams in the right direction for fruitful solutions and also share their insights via training and coaching to the team members, and thus ensure the total success of the business.
- Managers/Senior Managers
The position of a manager or senior manager is of heavy responsibility to be in charge of multifaceted roles: acquisitive about the broad picture of business and to ensure the smooth functioning of business by engaging your team members as a capable leader. Robust communication and interpersonal skills are essential at this level as managers are supposed to interact with various clients on a daily basis. This interaction with clients at several levels requires you to be able to identify the problems faced by clients and also to provide solutions for them. These senior posts require you to support the business with your communication and relationship skills with the clients.
People who are joining the firm with sufficient work experience in relevant areas will be given the designation of seniors. At the senior’s level, the employee will develop more managerial skills in account managing as well as achieve a deeper knowledge in the area of tax and accounting. At this grade you are expected to take responsibility of team leaders and guide your team members by setting a role model as well as sharing your visions and information in the specific business line.
Employees who are joining as fresh graduates or those who are with less than three years of work experience are given the designation of juniors. Based on the business service area you are joining in you can learn about general corporate tax rules and regulations, or you can achieve expertise in a specific area of Ernst & Young’s business. In whichever specialty section you join in, you will develop a thorough understanding of diverse business lines, perceptions of challenges in business and the different ways to tackle those challenges. The salary of a staff in EY Nigeria is around #130,000 per month.
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It’s also important to note that for KPMG, the salaries have just been recently reviewed and may be different from that stated here. Also, these are only average figures of the job positions in the Big Four. Some earn more and some others less. Furthermore, their salary is subjected to a 25% tax deduction every month and 7.5% compulsory employee contributory pension from the monthly basic salary.
In addition, partners are typically not known to take a monthly “salary” but rather have a monthly “drawing limit”. As to how this is determined, we can’t exactly tell but each firm may have its own methods of calculation.