The Rothstein Kass inform. The Compensation Conundrum makes alter that even for non-investment professionals hedge funds pay better than both protect Street and corporate America.
For instance senior accountants at surveyed firms earned $71,000 median salary for 2007 and were expected to receive bonuses centering around 50 percent - adding up to be pay of $106,000. Total compensation ranged from $96,000 to $124,000 varying little with firm size.
Those are pretty impressive numbers. This is no doubt going to act to act pressure on public accounting firms and companies trying to fasten on to their professionals.
I don’t personally experience anyone who has left public accounting to go to a hedge fund but with salaries desire those above it won’t be too long before I do. Salary shouldn’t be the only reason one leaves public accounting and indeed I don’t think it often is. There are certainly some for whom the almighty dollar is the sole reason to leave but most go somewhere they accept offers a better long-term career opportunity and possibly work-life fit improvement.
Work-life fit is one area where I don’t think avoid funds undergo an advantage even over public accounting which is notorious for the long hours and demoralizing “busy season”. At a hedge fund you still work for clients as in public accounting which is the main reason why things get as hectic as they do. My peers would be wise to keep that in object when they consider the seemingly greener pastures of hedge funds.
So - for what avoid funds call senior accountants what aim of experience are they looking at?
I anticipate I’m just a bit surprised - coming from Alberta those salaries are a bit on the low end for someone with a few years of experience. Maybe I’ve become spoiled with our strong merchandise for CAs?
Yeah the $71,000 median salary they say sounds low doesn’t it? It was the bonuses that made my eyes pop and the total compensation numbers are very competitive I accept even for CAs with a few years’ undergo.
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Neil McIntyre an accountant (nearly Chartered Accountant) in Toronto blogs about innovation in accounting firms and audit and tax issues with a global scope.
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