What’s a tier 1, tier 2 and tier 3 investment bank now? 26 SEP 2016
Once upon a time, people used to talk about “bulge bracket investment banks,” a term that loosely meant top US banks like Goldman Sachs, J.P. Morgan and (then) Merrill Lynch. The bulge bracket passed with the 2008 financial crisis, and since then it’s become more common to talk in terms of banks that are tier one, tier two, or tier three – but which is which? Today’s release from research firm Coalition offers an insight. It also underscores McKinsey & Co’s view that in future there will only be three to five banks that are truly global and strong across most product areas and places – the rest will be strong only in particular regions or products.
The tier one investment banks: J.P. Morgan, Goldman Sachs, Citigroup, Bank of America, Morgan Stanley (just)
If we take tier one investment banks to mean banks which are global leaders in most product categories (rather than just banks with a nebulous sense of prestige attached), there aren’t many of them. As the chart below shows, there’s only really one in fact: J.P. Morgan. J.P. Morgan ranks first or second globally across all product areas (credit and municipal finance excepted).
Although they’re also in the first tier, Goldman Sachs and Citi and Bank of America have taps in their coverage. They are each strong globally across eight to ten product areas, but there are holes like G10 FX at Goldman Sachs, and G10 rates, equity derivatives and prime services at BAML.
Morgan Stanley’s place in the first tier is tenuous – it’s only really strong in equities, G10 rates and commodities and municipal finance.
The chart below makes it clear which banks are likely to be in McKinsey’s global product grouping in future: J.P. Morgan, Goldman, Citi and BAML.
The tier two investment banks: Deutsche, Barclays, Credit Suisse, UBS
If the tier one investment banks are all Americans, the charts above and below suggest the tier two investment banks are all Europeans.
Despite its “issues”, Deutsche Bank is still a strong global player. It’s top globally for G10 FX trading and it’s second globally for credit trading. It ranks in the top four for debt capital markets, municipal finance, securitization and emerging markets and it’s in the top 10 for most other products. Where Deutsche isn’t strong is equity derivatives and commodities and – as the charts below show, it’s not too hot in APAC IBD (M&A, ECM and DCM). Deutsche’s power base is Europe.
By comparison, Barclays, Credit Suisse and UBS lack top slots globally in any products, but broadly rank in the top four to six for most of them. Barclays’ investment bank is – unexpectedly – now stronger in the U.S. than EMEA, but has withdrawn from Asia. Credit Suisse and Deutsche rank equal sixth with Barclays in the all-important U.S. market.
Credit Suisse’s investment bank, like Barclays’, is stronger in the U.S. and Asia than on its home territory of Europe. And UBS is particularly strong in Asia.
The tier three investment banks: HSBC, BNP Paribas, SocGen
Using McKinsey’s categorization and Coalition’s global chart above, HSBC, BNP Paribas and SocGen look like competitors for the third category of, ‘regionally focused banks strong in some product areas.’
HSBC is a market leader in Asia Pacific (APAC) where its investment bank ranks third for fixed income trading, but HSBC lacks a real presence in the U.S.
BNP Paribas ranks outside the top 10 in the U.S, and APAC, but is eighth in Europe where it’s strongest in fixed income.
And SocGen is a world leader in equity derivatives and futures and options trading, but is grounded in Europe and lacks a real presence elsewhere.
Changing tiers Coalition’s data is a snapshot in time. The tiers are – needless to say – evolving as banks change their strategies.
Barclays, for example, is increasing its strength in the Americas but has a clear hole in European equities – something that may be addressed when new investment banking CEO Tim Throsby turns up in January. Citi’s European equities business also looks weak – even though the bank has hired steadily in this area over this year and last. Citi and Barclays could find themselves competing for the same staff if they both try plugging their European equities holes in 2017.
Once upon a time, people used to talk about “bulge bracket investment banks,” a term that loosely meant top US banks like Goldman Sachs, J.P. Morgan and (then) Merrill Lynch. The bulge bracket passed with the 2008 financial crisis, and since then it’s become more common to talk in terms of banks that are tier one, tier two, or tier three – but which is which? Today’s release from research firm Coalition offers an insight. It also underscores McKinsey & Co’s view that in future there will only be three to five banks that are truly global and strong across most product areas and places – the rest will be strong only in particular regions or products.
The tier one investment banks: J.P. Morgan, Goldman Sachs, Citigroup, Bank of America, Morgan Stanley (just)
If we take tier one investment banks to mean banks which are global leaders in most product categories (rather than just banks with a nebulous sense of prestige attached), there aren’t many of them. As the chart below shows, there’s only really one in fact: J.P. Morgan. J.P. Morgan ranks first or second globally across all product areas (credit and municipal finance excepted).
Although they’re also in the first tier, Goldman Sachs and Citi and Bank of America have taps in their coverage. They are each strong globally across eight to ten product areas, but there are holes like G10 FX at Goldman Sachs, and G10 rates, equity derivatives and prime services at BAML.
Morgan Stanley’s place in the first tier is tenuous – it’s only really strong in equities, G10 rates and commodities and municipal finance.
The chart below makes it clear which banks are likely to be in McKinsey’s global product grouping in future: J.P. Morgan, Goldman, Citi and BAML.
The tier two investment banks: Deutsche, Barclays, Credit Suisse, UBS
If the tier one investment banks are all Americans, the charts above and below suggest the tier two investment banks are all Europeans.
Despite its “issues”, Deutsche Bank is still a strong global player. It’s top globally for G10 FX trading and it’s second globally for credit trading. It ranks in the top four for debt capital markets, municipal finance, securitization and emerging markets and it’s in the top 10 for most other products. Where Deutsche isn’t strong is equity derivatives and commodities and – as the charts below show, it’s not too hot in APAC IBD (M&A, ECM and DCM). Deutsche’s power base is Europe.
By comparison, Barclays, Credit Suisse and UBS lack top slots globally in any products, but broadly rank in the top four to six for most of them. Barclays’ investment bank is – unexpectedly – now stronger in the U.S. than EMEA, but has withdrawn from Asia. Credit Suisse and Deutsche rank equal sixth with Barclays in the all-important U.S. market.
Credit Suisse’s investment bank, like Barclays’, is stronger in the U.S. and Asia than on its home territory of Europe. And UBS is particularly strong in Asia.
The tier three investment banks: HSBC, BNP Paribas, SocGen
Using McKinsey’s categorization and Coalition’s global chart above, HSBC, BNP Paribas and SocGen look like competitors for the third category of, ‘regionally focused banks strong in some product areas.’
HSBC is a market leader in Asia Pacific (APAC) where its investment bank ranks third for fixed income trading, but HSBC lacks a real presence in the U.S.
BNP Paribas ranks outside the top 10 in the U.S, and APAC, but is eighth in Europe where it’s strongest in fixed income.
And SocGen is a world leader in equity derivatives and futures and options trading, but is grounded in Europe and lacks a real presence elsewhere.
Changing tiers Coalition’s data is a snapshot in time. The tiers are – needless to say – evolving as banks change their strategies.
Barclays, for example, is increasing its strength in the Americas but has a clear hole in European equities – something that may be addressed when new investment banking CEO Tim Throsby turns up in January. Citi’s European equities business also looks weak – even though the bank has hired steadily in this area over this year and last. Citi and Barclays could find themselves competing for the same staff if they both try plugging their European equities holes in 2017.
畢馬威增薪點最多削4%
【本報訊】投行生意難做,會計界亦「瀨嘢」,屬4大會計師行之一的畢馬威(KPMG)員工透露,昨日薪金檢討日過後,審計部有部份按年資計算的增薪點向下調,意味人工加幅有所削減,幅度最大為3.7%。分析認為,新股市場放慢,該行早前亦失去藍籌大客,生意減少薪酬亦變薄。
有畢馬威員工指出,審計部按年資計算的正常表現(Normal)增薪點按年錄得減幅,當中第2年年資(A2)員工起薪點減500元(2.6%)至約1.85萬元、第3年年資(B1)增薪點亦減500元(2.1%)至2.35萬元;以考取會計師牌後計算的薪金,第4年年資(B2)增薪點減1,200元(3.7%)至3.13萬元,第5年年資(B3)則減1,000元(2.6%)至3.7萬元。
不過須注意,增薪點向下調,僅意味年資及表現「跳Point」的員工,薪金加幅較以往更低,不代表薪金直接遭削減。事實上,畢馬威第1年年資(A1)員工增薪點更見上升,稍加500元(3.7%)至1.4萬元。
畢馬威員工指,該行人工本身已較另外3間大行(羅兵咸、德勤、安永)為低,現時增薪點下降令士氣低落,「大家都唔敢向公司反映,公司又冇同我哋講原因,上層又冇安撫,即係想迫員工自己走啫」。
畢馬威發言人回覆本報時表示,該所昨日早上向全體員工發出加薪及年終獎金通知信件,大部份同事均獲得加薪,並獲發放合理獎金,並無任何同事需要減薪。
羅兵咸及安永早前亦已檢討薪酬,據悉整體按年資計算的增薪點亦有上升。此外,德勤則於今日會公佈薪酬檢討後的水平,該行發言人表示,該行已經完成薪酬檢討,短期內將會通知員工。
本報早前曾統計畢馬威已失落3名大客,包括滙控(005)、恒生(011)、中信股份(267),單計2015年,滙控給予外聘核數師羅兵咸永道費用已達7.66億港元,2014年滙控給予畢馬威費用亦達5.92億元。畢馬威早在今年6月底已傳出「勸退」近40名員工。
特許公認會計師公會(ACCA)香港分會前會長吳德龍認為,環球經濟不景氣,新股上市集資額放慢,投行亦展開裁員行動,有會計師行待遇變差是意料中事,畢馬威早前失幾個大客,影響頗大。
有會計師樓老闆指出,畢馬威原本以大市值公司客戶作招徠,但數年前不少內地企業強制更替會計師,一口氣失去建行(939)、中移動(941)等大客,最近再失去滙控的核數合約,以上三企核數師均由畢馬威換成羅兵咸。
【本報訊】投行生意難做,會計界亦「瀨嘢」,屬4大會計師行之一的畢馬威(KPMG)員工透露,昨日薪金檢討日過後,審計部有部份按年資計算的增薪點向下調,意味人工加幅有所削減,幅度最大為3.7%。分析認為,新股市場放慢,該行早前亦失去藍籌大客,生意減少薪酬亦變薄。
有畢馬威員工指出,審計部按年資計算的正常表現(Normal)增薪點按年錄得減幅,當中第2年年資(A2)員工起薪點減500元(2.6%)至約1.85萬元、第3年年資(B1)增薪點亦減500元(2.1%)至2.35萬元;以考取會計師牌後計算的薪金,第4年年資(B2)增薪點減1,200元(3.7%)至3.13萬元,第5年年資(B3)則減1,000元(2.6%)至3.7萬元。
不過須注意,增薪點向下調,僅意味年資及表現「跳Point」的員工,薪金加幅較以往更低,不代表薪金直接遭削減。事實上,畢馬威第1年年資(A1)員工增薪點更見上升,稍加500元(3.7%)至1.4萬元。
畢馬威員工指,該行人工本身已較另外3間大行(羅兵咸、德勤、安永)為低,現時增薪點下降令士氣低落,「大家都唔敢向公司反映,公司又冇同我哋講原因,上層又冇安撫,即係想迫員工自己走啫」。
畢馬威發言人回覆本報時表示,該所昨日早上向全體員工發出加薪及年終獎金通知信件,大部份同事均獲得加薪,並獲發放合理獎金,並無任何同事需要減薪。
羅兵咸及安永早前亦已檢討薪酬,據悉整體按年資計算的增薪點亦有上升。此外,德勤則於今日會公佈薪酬檢討後的水平,該行發言人表示,該行已經完成薪酬檢討,短期內將會通知員工。
本報早前曾統計畢馬威已失落3名大客,包括滙控(005)、恒生(011)、中信股份(267),單計2015年,滙控給予外聘核數師羅兵咸永道費用已達7.66億港元,2014年滙控給予畢馬威費用亦達5.92億元。畢馬威早在今年6月底已傳出「勸退」近40名員工。
特許公認會計師公會(ACCA)香港分會前會長吳德龍認為,環球經濟不景氣,新股上市集資額放慢,投行亦展開裁員行動,有會計師行待遇變差是意料中事,畢馬威早前失幾個大客,影響頗大。
有會計師樓老闆指出,畢馬威原本以大市值公司客戶作招徠,但數年前不少內地企業強制更替會計師,一口氣失去建行(939)、中移動(941)等大客,最近再失去滙控的核數合約,以上三企核數師均由畢馬威換成羅兵咸。
【會計大信封】畢馬威變相炒魷40人!被「勸退」員工:好突然 01.07.2016
有消息指,四大會計師行(Big 4)之一畢馬威(KPMG)香港區裁員,其中金融服務部門「勸退」員工約20人,企業財務部門亦有20人,主要為A、B Grade員工,即審計員及高級審計員,但亦有經理級員工被「勸退」。
本報向畢馬威查詢近日是否裁減30-40名員工及相關原因時,發言人只以「消息不正確」作回應。一名被「勸退」員工接受本報訪問時表示,昨日被合夥人召見,即被指「你表現唔好,你諗吓自己之後點。」變相要求自動自覺交信。他表示事出突然,事前未有任何風聲指公司會裁員。被問到今後打算,「冇呀,咁咪努力搵工囉,你哋蘋果請唔請inhouse audit?」
畢馬威對上一次大裁員為2012年,當時3月及5月,分別炒100人及20人。當時畢馬威亦是借「勸退」炒人。
有消息指,四大會計師行(Big 4)之一畢馬威(KPMG)香港區裁員,其中金融服務部門「勸退」員工約20人,企業財務部門亦有20人,主要為A、B Grade員工,即審計員及高級審計員,但亦有經理級員工被「勸退」。
本報向畢馬威查詢近日是否裁減30-40名員工及相關原因時,發言人只以「消息不正確」作回應。一名被「勸退」員工接受本報訪問時表示,昨日被合夥人召見,即被指「你表現唔好,你諗吓自己之後點。」變相要求自動自覺交信。他表示事出突然,事前未有任何風聲指公司會裁員。被問到今後打算,「冇呀,咁咪努力搵工囉,你哋蘋果請唔請inhouse audit?」
畢馬威對上一次大裁員為2012年,當時3月及5月,分別炒100人及20人。當時畢馬威亦是借「勸退」炒人。
“How I survived the investment banking application process”
Five years ago, getting a job in an investment bank was a question of completing a numerical test, filling in an application for a summer internship position, attending some interviews and converting your summer internship into a job, Not any more. These days, you’ll typically need to complete internship after internship after internship before you get a full time offer. You’ll need to participate in finance clubs and ‘leadership’ activities. It will help if you’ve set up your own company. And you’ll need impeccable grades.
“People here are burning out before they even make it inside a bank,” says one student at a London university with a summer internship at a major US bank. “They can’t handle the pressure of all the psychometric tests and application processes which are required just to get an internship.”
“I came really close to burning out,” admits another student from a top London university who’s joining a US bank’s trading desk this summer. “I applied to around 40 banks and boutiques for internships, and I was running the investment society and completing my college work. None of those 40 applications came to anything and it put me under tremendous stress. I ended up cold calling trading houses in London.”
With banks like Goldman Sachs only hiring one in every 33 applicants, competition for places on banks’ analyst programmes remains incredibly intense. And with banks cutting graduate recruitment targets for 2016, students are under increasing pressure to differentiate themselves from the crowd.
“It seems that the industry has got a lot more competitive,” says another London student who’s secured an IBD internship at a top US bank this summer. “It seems banks now require work experience, entrepreneurial experience, high grades, and leadership positions.” He thinks banks are doing it deliberately: “They’re testing your mettle. If you can cope, they can see that you’ll be ok within a highly-pressured industry like investment banking.”
What’s the trick to surviving the harsh new reality as a student with banking aspirations? The successful students we spoke to revealed several coping mechanisms.
1. Get a spring internship Firstly, you absolutely need to secure a spring internship or ‘insight week’ in your first year. If you do this, you’ll be in the slipstream for a second year internship and full time position. If you don’t, you’ll make life far, far harder later on.
“Securing a spring week helped me massively,” says one student at London’s Imperial College. “During the spring week, I was able to interact with the people responsible for filling the summer internships on a human level – I was more than another CV on their screen or nervous interviewee carrying a leather satchel. Thanks to that spring week, I’ve got a summer internship already lined up.”
2. Apply, apply, and apply again until you get a foot in the door Getting a first job in banking – even if it’s just a spring internship, requires persistence. “I’ve got friends who received 10 rejections from different banks,” says one student. “You need to keep applying – it’s a numbers game.”
The student who unsuccessfully applied for spring weeks at 40 banks and boutiques in London said he eventually landed a few days of unpaid work experience at a small trading house in London after cold-calling. “I was desperate,” he says. “I could see that I needed to gain some relevant experience if I was going to be noticed, but no one would give me any.”
3. Pace yourself The incoming IBD analyst says he took a different approach: “I spent my first year of university enjoying student life. However, I still managed to secure a spring week by applying at the right time and reaching out the right people. I then spent my second year doing things to boost my CV. And then I spent my third year focusing on my studies and taking the CFA Level I exam which has given me additional knowledge and shows I’m interested in the industry.”
In this way, he says he managed to secure this summer’s internship without too much strain. “If you play your cards right, at the right time, and make sure you’re well positioned, you can get a banking job without killing yourself.”
Another student who’s secured an internship this summer stresses the need to commit long term: “Even when you get an internship, over half of you won’t be converted into full-timers. It takes a long, long time and a lot of persistence to get a job in banking and a lot of people just don’t have the discipline and resilience to make it.”
4. Luck Needless to say, luck is luck and if you don’t have it, there’s not much you can do to get it. Even so, all the students we spoke to stressed the element of serendipity in the investment banking application process. “I see plenty of people who are as good as me, who’ve been through all the processes I’ve been through and who don’t have an offer,” says one student. “I’ve also seen people who’ve got offers with the ‘bare minimum’ on their CVs. Some people have it easy, some don’t.”
5. Enjoyment Lastly, if you want to last the long process of securing a job in banking, you’ll need to enjoy the race.
Some students develop a whole philosophical ethos around hard work: “If you truly want to achieve something, working hard to enhance your chances of success should come naturally,” says one incoming intern at Goldman Sachs, “Of course it will be tiring, but if you want to achieve it it’s worth it. It’s not just the result that matters, but how you develop during the process. I’ve made sacrifices and have constantly asked myself whether I truly want to achieve this goal.”
Others just ‘love finance.’ “What’s really helped is my interest in the mechanics of the financial system,” says another imminent intern. “I keep myself motivated because I like what I’m learning, I’m meeting incredibly smart people, and having a fun time along the way!”
“People here are burning out before they even make it inside a bank,” says one student at a London university with a summer internship at a major US bank. “They can’t handle the pressure of all the psychometric tests and application processes which are required just to get an internship.”
“I came really close to burning out,” admits another student from a top London university who’s joining a US bank’s trading desk this summer. “I applied to around 40 banks and boutiques for internships, and I was running the investment society and completing my college work. None of those 40 applications came to anything and it put me under tremendous stress. I ended up cold calling trading houses in London.”
With banks like Goldman Sachs only hiring one in every 33 applicants, competition for places on banks’ analyst programmes remains incredibly intense. And with banks cutting graduate recruitment targets for 2016, students are under increasing pressure to differentiate themselves from the crowd.
“It seems that the industry has got a lot more competitive,” says another London student who’s secured an IBD internship at a top US bank this summer. “It seems banks now require work experience, entrepreneurial experience, high grades, and leadership positions.” He thinks banks are doing it deliberately: “They’re testing your mettle. If you can cope, they can see that you’ll be ok within a highly-pressured industry like investment banking.”
What’s the trick to surviving the harsh new reality as a student with banking aspirations? The successful students we spoke to revealed several coping mechanisms.
1. Get a spring internship Firstly, you absolutely need to secure a spring internship or ‘insight week’ in your first year. If you do this, you’ll be in the slipstream for a second year internship and full time position. If you don’t, you’ll make life far, far harder later on.
“Securing a spring week helped me massively,” says one student at London’s Imperial College. “During the spring week, I was able to interact with the people responsible for filling the summer internships on a human level – I was more than another CV on their screen or nervous interviewee carrying a leather satchel. Thanks to that spring week, I’ve got a summer internship already lined up.”
2. Apply, apply, and apply again until you get a foot in the door Getting a first job in banking – even if it’s just a spring internship, requires persistence. “I’ve got friends who received 10 rejections from different banks,” says one student. “You need to keep applying – it’s a numbers game.”
The student who unsuccessfully applied for spring weeks at 40 banks and boutiques in London said he eventually landed a few days of unpaid work experience at a small trading house in London after cold-calling. “I was desperate,” he says. “I could see that I needed to gain some relevant experience if I was going to be noticed, but no one would give me any.”
3. Pace yourself The incoming IBD analyst says he took a different approach: “I spent my first year of university enjoying student life. However, I still managed to secure a spring week by applying at the right time and reaching out the right people. I then spent my second year doing things to boost my CV. And then I spent my third year focusing on my studies and taking the CFA Level I exam which has given me additional knowledge and shows I’m interested in the industry.”
In this way, he says he managed to secure this summer’s internship without too much strain. “If you play your cards right, at the right time, and make sure you’re well positioned, you can get a banking job without killing yourself.”
Another student who’s secured an internship this summer stresses the need to commit long term: “Even when you get an internship, over half of you won’t be converted into full-timers. It takes a long, long time and a lot of persistence to get a job in banking and a lot of people just don’t have the discipline and resilience to make it.”
4. Luck Needless to say, luck is luck and if you don’t have it, there’s not much you can do to get it. Even so, all the students we spoke to stressed the element of serendipity in the investment banking application process. “I see plenty of people who are as good as me, who’ve been through all the processes I’ve been through and who don’t have an offer,” says one student. “I’ve also seen people who’ve got offers with the ‘bare minimum’ on their CVs. Some people have it easy, some don’t.”
5. Enjoyment Lastly, if you want to last the long process of securing a job in banking, you’ll need to enjoy the race.
Some students develop a whole philosophical ethos around hard work: “If you truly want to achieve something, working hard to enhance your chances of success should come naturally,” says one incoming intern at Goldman Sachs, “Of course it will be tiring, but if you want to achieve it it’s worth it. It’s not just the result that matters, but how you develop during the process. I’ve made sacrifices and have constantly asked myself whether I truly want to achieve this goal.”
Others just ‘love finance.’ “What’s really helped is my interest in the mechanics of the financial system,” says another imminent intern. “I keep myself motivated because I like what I’m learning, I’m meeting incredibly smart people, and having a fun time along the way!”
會計領袖?往resignee裡找
”If you pay peanuts, you get monkeys.” – Sir James Goldsmith
馬振峰在《信報》專欄《年青有計》及年青會計師協會的博客問,會計界的領袖在何方。
我想說,要在會計界找有領導才華的人很容易,只要從剛離開會計師事務所及會計行業的專業會計師 CPA 裡面一定可以找到。
我認為在會計師樓拜師學藝及拿取專業資格對日後在商界發展極有裨益。但在會計及商業知識以外,我學到最多的就是會計師樓管理上的反面教材。
很多今天的 high flyer 都是這樣的。而且,我的所謂 high pay,只是多雞碎咁多
審計師樓的主要業務為審計及不同類型的顧問服務,但四大會計師樓的制度像工廠多於一般的專業服務機構:階級分明,有強烈的 chain of command,除非犯了嚴重錯誤,會計師每年自動升一級,直至經理。表面上,公司獎罰分明,表現好的員工會在紮職的時候獲得較大幅度的加薪,其他員工只能獲得平均加幅。惟所謂較大幅度的加薪往往並不能彌補負責鑊job同事的辛酸、不能夠鼓勵員工繼續拼命工作。一開始被標籤成為「領袖」或者是「傑出員工」的,很多沒有好下場。例如,除非閣下遞信辭職被公司挽留,做開鑊 job、IPO、special、內地 job 的,一般會繼續負責鑊 job、IPO、special、內地 job,閣下會一直得到公司的重用及「重賞」。雖然這樣磨練出來的審計員百分之二百可以晉升至經理,不過大部分獲「重點培訓」的審計員拿到 CPA 後就會趕緊走頭。公司可能沒有意識到,流失的有很多是公司最頂尖的員工。
而且,對於高級經理及合夥人,初級審計員只是面目模糊的工廠員工。他們一般不太關心初級審計員,更遑論了解他們的表現。你可能默默耕耘了兩三年,表現出色,但亦不代表高級經理及合夥人會賞識你,給你稱意的表現評級。這點跟投資銀行有很大分別。曾經有下屬問我 ,為甚麼他勞心勞力,全年 wok,但加薪幅度跟旺淡季分明的同事一樣。我只是「小朋友」,不是他的經理,沒有能力幫他。我當時跟他說,很多今天的 high flyer 都是這樣的。而且,我的所謂 high pay,只是多雞碎咁多。翌年,他找到一份政府工,沒有 qualified 就走了。
很難相信各大會計師事務所在21世紀依然擁抱不合時宜的管理哲學。這管理制度容易建立,運營成本低,但從根本上就不鼓勵領袖型員工。而且,公司是否重視人才,公司是否真的是獎罰分明,大家看在眼裡,心照不宣。有才華的優秀員工面對著大量冇料,冇領導才華、爛英文、亂做 working paper 放飛機的上司,拿比自己高一大截的人工,加上階級分明的制度,可以怎樣呢?大部分人會選擇離開。
最後,人各有志,在會計師樓學滿師,立志成為經理,甚至是合夥人的,當然可以留下來。不過,會計師樓的工資一向低。四大會計師樓的大學畢業生的入職起薪點一直遠低於三大院校的平均畢業生工資。而且,大學 fresh graduate 在國際律師樓當見習律師或投資銀行當個分析員,年薪已經可以抵得上四大的經理。馬振峰指,想入會計行的已不再是精英。這樣的工作環境、這樣的工資,又有誰想做?
”If you pay peanuts, you get monkeys.” – Sir James Goldsmith
馬振峰在《信報》專欄《年青有計》及年青會計師協會的博客問,會計界的領袖在何方。
我想說,要在會計界找有領導才華的人很容易,只要從剛離開會計師事務所及會計行業的專業會計師 CPA 裡面一定可以找到。
我認為在會計師樓拜師學藝及拿取專業資格對日後在商界發展極有裨益。但在會計及商業知識以外,我學到最多的就是會計師樓管理上的反面教材。
很多今天的 high flyer 都是這樣的。而且,我的所謂 high pay,只是多雞碎咁多
審計師樓的主要業務為審計及不同類型的顧問服務,但四大會計師樓的制度像工廠多於一般的專業服務機構:階級分明,有強烈的 chain of command,除非犯了嚴重錯誤,會計師每年自動升一級,直至經理。表面上,公司獎罰分明,表現好的員工會在紮職的時候獲得較大幅度的加薪,其他員工只能獲得平均加幅。惟所謂較大幅度的加薪往往並不能彌補負責鑊job同事的辛酸、不能夠鼓勵員工繼續拼命工作。一開始被標籤成為「領袖」或者是「傑出員工」的,很多沒有好下場。例如,除非閣下遞信辭職被公司挽留,做開鑊 job、IPO、special、內地 job 的,一般會繼續負責鑊 job、IPO、special、內地 job,閣下會一直得到公司的重用及「重賞」。雖然這樣磨練出來的審計員百分之二百可以晉升至經理,不過大部分獲「重點培訓」的審計員拿到 CPA 後就會趕緊走頭。公司可能沒有意識到,流失的有很多是公司最頂尖的員工。
而且,對於高級經理及合夥人,初級審計員只是面目模糊的工廠員工。他們一般不太關心初級審計員,更遑論了解他們的表現。你可能默默耕耘了兩三年,表現出色,但亦不代表高級經理及合夥人會賞識你,給你稱意的表現評級。這點跟投資銀行有很大分別。曾經有下屬問我 ,為甚麼他勞心勞力,全年 wok,但加薪幅度跟旺淡季分明的同事一樣。我只是「小朋友」,不是他的經理,沒有能力幫他。我當時跟他說,很多今天的 high flyer 都是這樣的。而且,我的所謂 high pay,只是多雞碎咁多。翌年,他找到一份政府工,沒有 qualified 就走了。
很難相信各大會計師事務所在21世紀依然擁抱不合時宜的管理哲學。這管理制度容易建立,運營成本低,但從根本上就不鼓勵領袖型員工。而且,公司是否重視人才,公司是否真的是獎罰分明,大家看在眼裡,心照不宣。有才華的優秀員工面對著大量冇料,冇領導才華、爛英文、亂做 working paper 放飛機的上司,拿比自己高一大截的人工,加上階級分明的制度,可以怎樣呢?大部分人會選擇離開。
最後,人各有志,在會計師樓學滿師,立志成為經理,甚至是合夥人的,當然可以留下來。不過,會計師樓的工資一向低。四大會計師樓的大學畢業生的入職起薪點一直遠低於三大院校的平均畢業生工資。而且,大學 fresh graduate 在國際律師樓當見習律師或投資銀行當個分析員,年薪已經可以抵得上四大的經理。馬振峰指,想入會計行的已不再是精英。這樣的工作環境、這樣的工資,又有誰想做?