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koodie
Seeker
Joined: July 08, 2005
Posts: 55
Status: Offline
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 Posted:
Dec 20, 2008 - 05:07 PM |
 
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| Post subject: Expat Salary at one of the big 4 accounting firms |
Hi ppl,
I am in the interview process for an entry level job at one of the big 4 accounting firms in Shanghai. I think we will move to the salary negotiation phase soon. I am just wondering what kind of salary will I be able to obtain. I know it is not gona be the same as it is here in Canada, but I still want to get a ball park figure. So when I go in, I won't get blown away by their offer.
Job: Associate - in the consulting department. The work is done 90% in English and requires a lot of overtime and travel. I do speak Mandarin, and I have 2 years of internship experience in finance and supply chain management.
It would be great if anyone could give me some pointers.
thx!
koodie |
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YariGuy
LoopKicker
Joined: July 13, 2004
Posts: 877
Location: Puxi
Status: Offline
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Dec 20, 2008 - 05:42 PM |
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Maybe 10,000-12,000 RMB per month for locals.
Their audit departments give per diems for travel which add to this but I don't know if the consulting part does. |
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koodie
Seeker
Joined: July 08, 2005
Posts: 55
Status: Offline
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Dec 20, 2008 - 05:46 PM |
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| YariGuy wrote: |
Maybe 10,000-12,000 RMB per month for locals.
Their audit departments give per diems for travel which add to this but I don't know if the consulting part does. |
thx yari...i hope i get it |
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YariGuy
LoopKicker
Joined: July 13, 2004
Posts: 877
Location: Puxi
Status: Offline
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Dec 20, 2008 - 06:06 PM |
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Good luck. Any job in this market is good. I assume it's DT or KPMG? |
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koodie
Seeker
Joined: July 08, 2005
Posts: 55
Status: Offline
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Dec 20, 2008 - 06:35 PM |
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seanryan471
Reacher
Joined: Aug 08, 2008
Posts: 307
Status: Offline
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Dec 20, 2008 - 07:18 PM |
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Without taking into account the experience of working in China (which may be substantial) or any personal reasons, couldn't make at least double that in Canada? |
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Misteral
Raver
Joined: July 24, 2008
Posts: 459
Status: Offline
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Dec 20, 2008 - 08:18 PM |
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If they offer 12K I'd try to push it to 18K and maybe accept 15K. Neither is really brilliant though and 12K is a kind of low salary for living in Shanghai, IMO. Of course, for others that would be an acceptable/good salary. All relative I suppose and other benefits may make it worthwhile.
Good luck. |
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GirlatWork
Ranter
Joined: Feb 14, 2006
Posts: 582
Status: Offline
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Dec 20, 2008 - 08:30 PM |
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I saw a young Laowai wearing KPMG badge strap and telling the stranger next to him in the subway that he was making RMB8,000 per month which was very low for where he was from (US) but it's a good salary for Shanghai.... Not sure what he did with that firm though |
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wefrucar
Barker
Joined: Aug 20, 2008
Posts: 163
Location: Shanghai
Status: Offline
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Dec 20, 2008 - 08:46 PM |
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Were you hired from Canada or direct Shanghai hire?
If direct hire (halfpat), your salary will be lower, but still comfortable. Starting halfpat salaries for young guys in consulting/finance here range from 10k-20k/month. I'm guessing you're in your early-mid 20's (and single), in which case you'll live fine off of ¥15k/month, which is a reasonable expectation. This is also assuming they will cover travel expenses. Don't expect extra money for overtime.
You can live just fine with less than 10k/month, but you will feel a pinch, especially if you try to live a western lifestyle. So I would definitely aim for 15k or more. |
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koodie
Seeker
Joined: July 08, 2005
Posts: 55
Status: Offline
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Dec 21, 2008 - 07:13 AM |
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thx for the pointers everyone...i appreciate it. |
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koodie
Seeker
Joined: July 08, 2005
Posts: 55
Status: Offline
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Dec 21, 2008 - 07:17 AM |
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| seanryan471 wrote: |
| Without taking into account the experience of working in China (which may be substantial) or any personal reasons, couldn't make at least double that in Canada? |
yes it would be double, but u were also right about the experience of working in China and personal reasons  . |
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oopsiedaisie
Barker
Joined: Sep 27, 2006
Posts: 156
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Dec 21, 2008 - 10:50 AM |
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You're a CPA I take it Koodie? and you're willing to settle for RMB 10-12k as a CPA? Even if it's for the experience of living and working in Shanghai? You're a professional with a professional qualification. The local auditors make between RMB 10-12k, shouldn't you make somewhat more than that? 10-12k is what ESL teachers who are simply blonde and blue-eyed make. Certified and trained teachers in international schools START at C$41 000/US$32 000 a year plus housing benefits and insurance cover and in some cases free tuition for dependents. I'm surprised entry level auditors are willing to settle for that salary range. My husband is in finance but he is management level and has been in the game for 12 years in China alone and a total of 25 years in Asia Pacific. We have a 19 year old son at McGill hoping to some day do what his dad is doing. If he is going to get the sort of deal I am reading about now, perhaps he should rethink his options. |
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underh20
Board Legend
Joined: Sep 27, 2006
Posts: 12702
Location: Veggie-Free Zone
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Dec 21, 2008 - 10:54 AM |
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CPAs are a dime a dozen these days. |
_________________
"If I need to buy a TV, I'll definitely buy a Japanese TV. A Chinese TV might explode." -- Jackie Chan |
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koodie
Seeker
Joined: July 08, 2005
Posts: 55
Status: Offline
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Dec 21, 2008 - 11:26 AM |
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| oopsiedaisie wrote: |
| You're a CPA I take it Koodie? and you're willing to settle for RMB 10-12k as a CPA? Even if it's for the experience of living and working in Shanghai? You're a professional with a professional qualification. The local auditors make between RMB 10-12k, shouldn't you make somewhat more than that? 10-12k is what ESL teachers who are simply blonde and blue-eyed make. Certified and trained teachers in international schools START at C$41 000/US$32 000 a year plus housing benefits and insurance cover and in some cases free tuition for dependents. I'm surprised entry level auditors are willing to settle for that salary range. My husband is in finance but he is management level and has been in the game for 12 years in China alone and a total of 25 years in Asia Pacific. We have a 19 year old son at McGill hoping to some day do what his dad is doing. If he is going to get the sort of deal I am reading about now, perhaps he should rethink his options. |
Thx for sharing your experiences. I am not a CPA and I am not going for an auditing position. I am in the process of getting my CFA (charted financial analyst), and what I am interviewing for is for a position in consulting and financial advisory department. I am sure if i get a job in Canada in that field, then I could double what I am gona be getting in Shanghai. Well then again, I am not entirely sure as to what I am gona be getting in Shanghai. But for me, 15K RMB is more than enough for me, cuz I have lived in Shanghai before and I have an apartment in Shanghai, so I guess rent is eliminated. I also find that with 15K (2K CAD) RMB, I could live better in China than with 4K(CAD) in Canada. I guess my reasons are the income tax rate (30%) and the ridiculous 13% tax that I need to pay when I buy stuff in Canada. I also need to pay rent or mortgage here in Canada. I have also read on some of the local forums that big 4 accounting firms are expanding in China and employees’ annual increase in salary is about 30% until some threshold. I am not sure if that is true or not, but with the recession that all the western states are experiencing right now. I am very content to have an opportunity to work in the big 4. My opinion with China is that, you might start with a lower salary than back home, but the future reward is endless. |
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Shangstar
Fire-eater
Joined: Feb 07, 2008
Posts: 2787
Location: Spitland
Status: Offline
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Dec 21, 2008 - 12:40 PM |
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good on you Koodie - it's a highly competitive job market and you're doing the right thing in order to get your foot in the door. Once you're in, how high you go is up to you.....good luck. |
_________________
Charles Darwin: Differences between humans are differences in degree, not differences in kind |
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SHstormtrooper
Reacher
Joined: Sep 18, 2008
Posts: 261
Status: Offline
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Dec 21, 2008 - 09:50 PM |
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| Shangstar wrote: |
| good on you Koodie - it's a highly competitive job market and you're doing the right thing in order to get your foot in the door. Once you're in, how high you go is up to you.....good luck. |
Quite right. Dont' be too greedy when trying to get your foot in the door. I know plenty of hungry financial people who have been laid off and trying anything to get into another finance job. |
_________________
"Life is a bitch, so why marry one?" -JT Money "Bitches aint nothing but whores and tricks" -Dre " I dont charge by the inch, i charge by the foot" -AMG "Big dicks in your ass is bad for your health" -Ice Cube |
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DLBB
Squeeker
Joined: Dec 21, 2008
Posts: 10
Location: Shanghai
Status: Offline
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Dec 21, 2008 - 11:07 PM |
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A few words from an insider: RMB15K is a reasonable figure for an associate level expat staff, given that a local Chinese associate is paid around RMB6K (college graduates with no working experiences though).
The brighter side about working in an accounting firm is that you will get at least 20% salary increase every year (as opposed to single digit increase in industry), because people here easily get promoted (every July in DT).
Anyway, hope you get the job (there have been layoffs recently) and enjoy your life in Shanghai! |
_________________
Love the life you live, live the life you love. |
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otematata
Reacher
Joined: Sep 11, 2008
Posts: 270
Location: all up in your grill beeyatch
Status: Offline
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Dec 21, 2008 - 11:23 PM |
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Canuckians are so damn lovable..15 k with no rent is adequate..I know some absolute twats rolling like pigs in filth on 10 k a month..unless you have a little problem with chalky white lines and incessant sexual tendancies like other precious laowais..you will have a rather comfy lifestyle. |
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and your point squire? |
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TheDudeAbides
Rocker
Joined: June 21, 2006
Posts: 744
Status: Offline
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Dec 22, 2008 - 01:56 AM |
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| koodie wrote: |
| I have an apartment in Shanghai |
In that case I wouldn't be too worried about an extra couple of thousand. Assuming having an apartment means you're a returning Chinese with family here to support you, even less reason to be concerned. |
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koodie
Seeker
Joined: July 08, 2005
Posts: 55
Status: Offline
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Dec 22, 2008 - 11:58 AM |
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Looks like 15K is about right. well, now just wait for the instruction of the next phase. I am gona need all the luck that I can get.  |
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linnash82
Newbie
Joined: Aug 22, 2009
Posts: 4
Status: Offline
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Oct 20, 2009 - 07:43 AM |
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any update @koodie? -- I have two friends who are in negotiations right now (like you were earlier this year). being the best girl friend, I made sure they read your posts here since they had questions about accounting salaries. Hopefully you got the job!
Ashley |
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