Nowadays finding an organization that provides market competitive compensation and is willing to invest in the growth and development of its employees can be a challenge.
Professionals looking to work in audit at Grant Thornton UK (GT) can earn a salary and benefits that are estimated to be on par with the Big 4. Joining GT allows you to participate in career progression programs that help you provide professional tax, audit, and advisory consultation.
Working at Grant Thorton is a great option for professionals who want to start or progress in the audit industry. However, various factors, such as an individual’s capabilities, skill set, and qualifications, play a key role in determining their career progression and potential compensation.
What is the normal career progression in Grant Thornton UK audit?
Grant Thornton takes pride in offering a high-performance growth culture. This leads to professionals having many opportunities that help them take responsibility for their careers. In addition to providing training, the organization focuses on on-the-job development, coaching, and global assignment for the learning and development of their employees.
The firm provides significant progression opportunities to professionals working on a trainee contract. Employees can progress to senior roles after working two years in graduate or apprenticeship programs.
You can opt to join Grant Thorton under the apprenticeship program, which allows you to study for several qualifications during a five-year period. In addition to this, their three-year graduate program allows you to study towards a professional qualification as well.
During these programs, employees study for a professional qualification at an academic institute and participate in training and developmental conversations as well. These practices help ensure that the trainees obtain adequate knowledge and skills and develop behaviors that help them become well-equipped business advisors or auditors.
How long does it take to qualify as a Chartered Accountant in audit at Grant Thornton UK?
The graduate and apprenticeship programs allow audit professionals to progress toward either an Associate Chartered Accountant (ACA) qualification or a Chartered Accountant qualification.
However, to progress towards these qualifications, you must earn an Association of Accounting Technicians (AAT) qualification.
Individuals who pursue a public sector audit specialization can opt for a CIPFA qualification instead of an ACA qualification.
The exact duration required to become a Chartered Accountant at Grant Thronton depends on your skills and capabilities. However, an ACA qualification can be earned in three to five years, and the CIPFA requires three and half years to be completed as a full-time student.
For more on the ACA, consider reading the following post on the topic: How hard are the 15 ACA qualification exams? Exams ranked by difficulty
How much can a first-year graduate trainee earn in audit at Grant Thornton UK?
The graduate program at Grant Thornton UK allows first-year graduates to progress and become professionally qualified. During the first year of the graduate trainee program, an employee’s time is divided between studying at a college and working at Grant Thorton.
In addition to keeping track of an employee’s professional growth, the firm covers examination costs and provides paid study leaves as well. First-year graduate trainees working at Grant Thornton can earn an average amount of around £26,795 per year.
How much can a second-year graduate earn in audit at Grant Thornton UK?
Upon completing the first year as a graduate trainee, employees progress to roles requiring greater responsibility. Employees must demonstrate effective analytical and research skills to audit the client’s financial information during their tenure.
Second-year graduates working in audit at Grant Thornton can earn an average amount of around £28,690 per year. Quite similarly, the average salary for graduate trainees working in the public sector audit is around £29,853 per year. However, employees often opt for working in the public sector audit because they believe it allows them to impact society positively.
How much can a third-year graduate earn in audit at Grant Thornton?
During the third year of the graduate program at Grant Thornton, employees begin progressing towards more senior job roles and are at the final stages of earning a professional qualification. These employees can earn an average of about £32,608 per year.
At the end of the third year of the graduate program, employees become professionally qualified and can choose from various career options available to them. Grant Thorton provides valuable guidance and advice to help third-year graduates decide on the progression of their careers. However, the actual career progression rate may vary from one individual to another and is greatly dependent upon their applicable knowledge and skills.
How much can a newly qualified Accountant (Senior Associate) earn in audit at Grant Thornton?
To qualify as an Accountant/ Senior Associate at Grant Thornton, you need to have an academic background in Accounting, Finance, Economics, or related disciplines. In addition to this, you are also required to have effective analytical, technical, and auditing skills.
Senior Associates take into consideration a client’s business operations, objectives, and risks for providing an effective financial statement audit. In addition to this, they focus on building relationships with clients and helping improve their financial reporting processes. Senior Associates working in audit can earn an average of around £45,265 per year.
How do post-qualification audit salaries at Grant Thornton compare to the Big 4 firms?
The Big 4 accounting firms include Deloitte, PwC, Ernst & Young, and KPMG. These firms closely monitor the monetary compensation each of them offers to their employees. Salaries at the Big 4 firms have slight variations among them and witness gradual increases over time.
Although post-qualification salaries among Deloitte, PwC, and KPMG are estimated to be around an average of £45,000 per year, salaries at Ernst & Young can go up to £50,000.
In addition to this, as employees gain post-qualification experience (PQE), their salaries at Ernst & Young, PWC, and KPMG can increase to an estimated average amount of £67,000 to £70,000 per year. However, at Deloitte, employees with considerable PQE can earn around £80,000.
These salaries vary slightly when compared to the compensation that Grant Thronton offers. Employees working at GT, post qualification, can earn an average of around £45,000 per year, and those with a considerable amount of PQE can earn around £78,000 per year.
How much can an Audit Manager earn at Grant Thornton?
To qualify as an Audit Manager at Grant Thornton, you need to meet the minimum qualification requirements, including having an ACA, ICAS, CA, ACCA, or CIPFA. In addition to this, candidates are also required to have a considerable amount of PQE.
Audit managers at GT are generally tasked with managing a large portfolio of clients and resolving their technical matters. In addition, audit managers are also responsible for building strong working relationships with their team and developing team members’ skills to the highest standards. Working at GT, an Audit manager can earn an average amount of £59,561 per year.
How long will it take to become an Audit Manager at Grant Thornton?
Becoming an Audit manager requires having graduated, and in some cases, post-graduate degrees. In addition to this, audit managers must have the required accounting certifications, such as the CIPFA or the ACA
Although progression to the role of an Audit manager at Grant Thornton is significantly determined by an individual’s skill set and performance, it usually requires around three years or more of post-qualification experience.
How much can an Audit Senior Manager earn at Grant Thornton?
Senior Audit Managers have greater responsibility and work with a vast portfolio of clients. Although each individual’s role varies from the other, it revolves around creating audit strategies in consultation with senior partners or managing partners. In addition, the role can also involve implementing complex audit procedures and monitoring the audit team’s progress.
Compensation for the job greatly depends on the value and performance an individual offers. Senior Audit Managers working at Grant Thronton can earn an estimated amount of £78,000 per year.
How long will it take to become an Audit Senior Manager at Grant Thornton?
To qualify for a role as a Senior Audit Manager, various requirements need to be fulfilled, such as having a strong analytical skill set and accounting certifications.
In addition to this, these candidates are also required to have a considerable amount of PQE working on the audit management of large organisations and must possess excellent knowledge of UK GAAP/ FRS102. Becoming a Senior Audit Manager can take anywhere between 7 to 10 years.
How much can an Audit Director earn at Grant Thornton?
Being an Audit Director requires individuals to have a skill set and knowledge base that is of paramount competence. Prospects applying for this role must have accounting certification and extensive post-qualification experience.
Individuals working as Audit Directors are tasked with a leading role in developing the client proposition, team development, and strategic business development. Additionally, Audit Directors are required to ensure that all operations are carried out in a profitable manner. Such a position allows individuals to earn around £108,422 per year.
How much can an Audit Partner earn at Grant Thornton?
An Audit Partner is the most senior position at Grant Thornton. Individuals working in such a professional capacity oversee client management to ensure excellent customer service. Additionally, these professionals drive all required compliance, regulators, risk, and quality-related operations.
Those working as an Audit Partner at Grant Thronton can earn an average base salary of £113,065 per year and are provided with additional compensation such as profit and commission sharing. These profit-sharing arrangements can take a Partner’s total compensation into much higher ranges.
How long will it take to become an Audit Partner at Grant Thornton?
Becoming an Audit Partner requires extensive qualifications, experience, and certifications. Those seeking such a role must have an ACA/ACCA certificate and possess highly valuable post-qualification experience.
Career progression to such professional heights is greatly determined by an individual’s own capabilities, skills, knowledge, and goals. Considering this, it can take up to 10 to 15 years to become an Audit Partner.
As always, please remember I am an Accountant, but not your Accountant. In this post (and all of my others) I share information and oftentimes give anecdotes about what has worked well for me. However, I do not know your personal financial situation and so do not offer individual financial advice. If you are unsure of a particular financial subject, please hire a qualified financial advisor to guide you.
This article has been written by Luke Girling, ACA – a qualified Accountant and personal finance enthusiast in the UK. Please visit my ‘About‘ page for more information. To verify my ACA credentials – please search for my name at the ICAEW member finder. Please comment below or contact me here to get in touch with questions or ideas for future posts.