In what’s being described as an “unprecedented” move for the advisory sector – one which doesn’t involve any coaxing or sifting through government data this time around – PricewaterhouseCoopers (PwC) Australia has chosen to disclose its current salaries for all the world to see.
The decision comes following internal research undertaken by the firm last year which indicated financial compensation was the most valued reward, edging out career progression and professional development (because lifestyle definitely isn’t in the question here).
Pay bands were laid bare to staff during a company-wide meeting held yesterday as part of a “broad-ranging plan” to ensure PwC is well-positioned to both hire and retain personnel. Outlining what the most junior players take home annually, as well as the eye-watering sums being directed towards the most senior partners’ bank accounts, PwC Australia employees will also be provided access to an internal “Incentive Estimator” to calculate bonuses that are likely to be matched with their respective salaries.
“We’re sharing our FY23 firm-wide pay bands, based on industry data, and providing our people with transparency on how their fixed and variable pay is determined,” says PwC Australia Chief Executive Tom Seymour.
“This will help our people to understand where they sit now and what their pay trajectory is in the future, helping them to see the full range of possibilities throughout their career.”
“PwC prides itself on recruiting and retaining the best talent. Our move toward open and transparent pay bands recognises the commitment to our people – and in this competitive jobs market, we know transparency is key to attracting top talent and improving trust, morale and engagement.”
Already, the publishing of these figures has instigated change within the wider industry. Dorothy Hisgrove, KPMG National Managing Partner for People & Inclusion, has since stated the firm is working towards improved transparency in a similar fashion.
”At KPMG, we’ve had disclosure among partners on partner remuneration for many years now. And this year, have shared salary ranges with new graduates,” says Dorothy Hisgrove.
“Currently, we’re planning on expanding the practice already underway in Management Consulting, in working towards greater pay transparency to our people.”
Check out the PwC Australia salaries for the 2023 financial year below.
PwC Australia Salaries (FY23)
**Note: superannuation included, bonuses excluded
- Associate (Non-Client Facing): $55,600 – $107,100
- Associate (Assurance): $59,800 – $108,200
- Associate (Consulting): $61,300 – $108,200
- Associate (Financial Advisory): $55,700 – $120,000
- Senior Associate (Non-Client Facing): $73,400 – $144,400
- Senior Associate (Assurance): $78,200 – $141,500
- Senior Associate (Consulting): $77,600 – $141,800
- Senior Associate (Financial Advisory): $74,400 – $150,000
- Manager (Non-Client Facing): $94,800 – $197,700
- Manager (Assurance): $92,700 – $185,200
- Manager (Consulting): $104,700 – $185,200
- Manager (Financial Advisory): $97,600 – $180,000
- Senior Manager (Non-Client Facing): $108,800 – $239,700
- Senior Manager (Assurance): $121,600 – $235,100
- Senior Manager (Consulting): $137,100 – $270,781
- Senior Manager (Financial Advisory): $119,500 – $258,128
- Director (Non-Client Facing): $164,300 – $351,300
- Director (Assurance): $164,300 – $317,100
- Director (Consulting): $184,800 – $362,588
- Director (Financial Advisory): $166,000 – $350,000
- Partner: $340,000 – $3,675,000