EY audit pay rates stay the same despite inflation

afr.com:

The starting pay for most auditing staff in parts of EY’s financial services division will not increase this year, at the same time the firm has told clients that “significant wage inflation” had forced it to increase its audit fees.

Only graduate pay will increase for auditing staff in the division, with new starters set to earn $66,500, including superannuation, an increase of less than 1 per cent from last year’s starting pay of $66,000.

More than one in three EY staff resigned in the year to March 2022, according to data from the Workplace Gender Equality Agency. Will Willitts

All other ranks in the area will earn the same starting pay as last financial year, despite inflation running at 6 per cent, according to data seen by The Australian Financial Review.

Senior consultants in audit will earn from $87,000; managers from $118,500; senior managers from $148,000; and senior managers grade four from $183,000. These figures are unchanged from last year.

The firm has told clients the cost of salaries in its audit division is up 11.1 per cent for 2023. This figure takes into account average pay increases and promotions, and is separate to base pay for most EY auditing staff not increasing in 2023.

The starting pay for KPMG audit employees was up by an average 3.1 per cent this financial year but remains lower than many EY starting pay rates. For example, starting pay for KPMG audit graduates is $65,000 (compared to EY’s $66,500), while senior managers earn from $142,000 (compared to EY’s 148,000).

An EY spokeswoman declined to comment on the firm’s pay rates, but said the firm is “committed to pay transparency for our employees”. EY is the only major Australian consulting firm that does not publicly reveal its staff pay