A Lifetime of Opportunity A Lifetime of Opportunity

Discover new ways to create personal value Discover new ways to create personal value through a PwC career through a PwC career

My relationship with PwC creates the value I’m looking for.


It takes extraordinary people to make an extraordinary firm like PwC. We attract the
best people because we offer the opportunity to grow your career while working on exciting assignments with outstanding clients alongside the brightest minds in our industry. Our environment is stimulating, collegial, and offers a lifetime of opportunity. For us to deliver the PwC experience to our clients, we need you to have a similar experience here at the firm. Part of that experience is recognizing and rewarding staff performance in innovative and competitive ways. We know career satisfaction is not just about the money—it’s also about having great client opportunities, learning and developing, building relationships and being recognized for your accomplishments. But most of all it’s about feeling supported as you strive to achieve your own goals and grow your career. Table of Contents Your partners listened to your feedback and reviewed our compensation and recognition programs. Based Your Compensation Linking Pay to Performance Salary Salary Increases Recognition Annual Performance Bonus Plan Career Milestone Awards Contribution Awards Firmwide Extended Holidays Career Growth 3D Growth for Deeper Skills and Higher Earnings Success Plans It’s Just the Beginning… on what you told us you value, we’ll be implementing some new and exciting changes over the coming year designed to improve how we reward you and how we talk to you about compensation. I hope you find these changes innovative and inspiring. This guide describes how these changes will enhance your potential to earn, learn, and grow your career right here at PwC. As we implement these changes, I encourage you to join the conversation. That means talk to your partners and leaders and ask questions to understand and get the most out of what your career at PwC has to offer.

Bob Moritz US Chairman & Senior Partner 2

See what PwC colleagues had to say in the national focus groups conducted earlier this year.

Learn what’s new: Your Compensation How we talk about pay, performance, and career opportunities
■ ■ Greater clarity about the competitiveness of your salary, how we set pay, your career opportunities, and your career earning potential Regular updates on firm and line of service performance to track progress toward annual performance bonus targets

When it comes to your career, how do you define value?
“Number one would be the breadth and level of experience I’m receiving here.” Senior Associate “Diversity of work. I enjoy what I do; it’s very specialized and the fact that I get to do it in so many different ways is the primary reason I stay. If I were to laterally transfer to another organization, the diversity of work wouldn’t be there.” Manager “I know my work brings value to clients.” Senior Associate “I like what I do. I worked in private industry before so I know what’s on the other side and I’m in no rush to get back there. I like the people I work with and I learn something new every day.” Senior Manager

Recognition How we celebrate and reward your contributions and your successes
■ ■ ■ ■ ■ Contribution awards More transparent annual performance bonus plan with stated targets linked to business results Milestone awards to celebrate career progress at three key stages in your PwC career New experienced associate level for associates Firmwide extended holiday closures, when they are offered, announced in advance, affording work-free time for all in addition to other paid time off

Career Growth How we support your development
■ ■ Candid, supportive conversations about pay and performance throughout the year Success Plans—a new way of helping to set you up for success


Your Compensation
Through our compensation strategy, PwC strives to provide you with a compensation package that surpasses what our competitors offer, through a combination of salary, bonus opportunities, recognition awards, and non-monetary awards and benefits. This balanced approach results in a compensation program that aims to deliver value with depth and breadth to meet your needs and the firm’s needs on a number of different levels. In all of these categories, our strategy is to be equal to or above the market in comparison to our primary competitors, and in certain areas, to provide truly distinctive rewards.

Linking Pay to Performance
Defining a culture of excellence, elevating performance expectations, and creating the total PwC experience When we talk about performance, we’re talking about your personal performance as well as the firm’s performance. Firm and line of service performance affects what we can pay, and what we pay must be affordable and sustainable over time. Your own performance affects your compensation in four primary ways. It: • • • • Helps determine where your salary falls in the market-based range for your position as well as the size of your annual merit increase, Determines the size of your potential annual performance bonus award, Drives the size of any contribution award you may receive, and Determines your promotion readiness.

What would help you better value your pay opportunities?
“I don’t fully understand pay, but if I did I would have less anxiety.” Manager “There should be more transparency. You don’t know how the bonuses are calculated, how you’re compared to your peers. Is it about your work and your level? I don’t know how I received my bonus.” Senior Associate

Linking pay to performance enables us to: • • • • Continue building a culture that focuses on high performance and differentiation, Stay competitive within our industry and against our direct competitors, Balance our ability to reward performance while maintaining fiscal responsibility, Attract and retain the people we need to support our future success.


Expect competitive pay and clarity about how it’s set Salaries reflect the: • • • Value of the position in the external market, primarily compared to our direct competitors, Value of the position internally at PwC, and Person in the position—and his or her skills, experience, and performance over time.

Different Survey Sources for Different Skill Sets within Each Line of Service
see page 10

For every salaried position at PwC, we maintain a salary range that is developed using market pay data. These ranges depend on and vary by a position’s line of service, the skills required for the job, and the geographic market in which they work. The ranges provide guidance on the market competitiveness of pay, from the low end of what competitors pay to the high end of what competitors pay. Your own salary is determined by your skills, qualifications, experience, and performance within the salary range for your position. How We Develop Salary Ranges Step 1: Extensive, reliable market research We purchase reliable, valid, and compliant survey data that tells us what the external market is paying for jobs similar to jobs at PwC. This data is central to developing our salary ranges, because it allows us to benchmark our own salaries against what our competitors are paying for similar positions. PwC participates in and pays for extensive research to develop market-competitive salary ranges. We use the most current published surveys conducted by well-known and well-credentialed organizations that specialize in collecting and comparing compensation data. These experts gather their information from compensation professionals at participating organizations through a rigorous, professional, and systematic process that provides genuine, valid, and reliable compensation data. Here’s the process we follow. We submit our salary information to these salary survey specialists—broken down by our current capabilities— which they then match to our direct competitors’ (see page 6) salary survey data. It requires an extensive amount of work to make sure that the skill sets are lined up appropriately and to make sure that the position levels are matched correctly. Once this is done, they provide us with a detailed analysis of our compensation compared to other firms in our industry.


Does PwC use information from other Internet sources?
Our goal is to use the most relevant data from the most legitimate sources. We do not use unreliable Internet sites to set our salary ranges because we can’t be confident that they meet our requirements for reliability and validity. Much of the information from these sources is reported by individuals, not organizations, or by recruiting firms who use the information as a marketing tool. With no expert oversight, there’s no way to know if those people are telling the truth and if the data they share is valid. The same title can mean something quite different in different organizations. If we were to use information that’s self-reported by title without seeing the underlying job content (a part of published, validated surveys), we couldn’t know if we were really comparing the same jobs and we would risk paying either too little or too much for a position.

Competitor Field
Let’s take a brief look at the participants and competitors whose information is used in our surveys. Each of these surveys includes the other Big Four firms, as well as other large consulting companies and boutique consulting groups. For each survey, typically between 30 and 60 companies participate, and in some, more than 100 companies. If we notice that a competitor is not on the list, we will ask our survey specialty companies to approach that competitor and see if they would like to participate. While we have been successful at getting some of our smaller competitors to provide data to these companies, there are still some that do not participate.


For Assurance, participants in the salary surveys we use include the other Big Four firms as well as some other competitors. Here’s a sampling of the 2010 participants in Mercer’s Public Accounting Firm survey. 2010 MERCER PUBLIC ACCOUNT FIRM SURVEYS PARTICIPANTS Baker Tilly Virchow Krause, LLP BDO USA, LLP Blackman Kallick, LLP Cherry, Bekaert & Holland, LLP Clifton Gunderson, LLP Crowe Horwath, LLP Deloitte Ernst & Young, LLP Goodman & Company, LLP Grant Thornton, LLP KPMG, LLP Larson Allen, LLP LECG Moss Adams LLP Navigant Consulting, Inc. ParenteBeard LLC Plante & Moran, PLLC Protiviti RSM McGladrey Ryan, Inc. Thomson Reuters—Tax & Accounting Wipfli LLP WTAS LLC



For Tax, we use the public accounting survey as well as other specialty surveys. Here are examples of the competitors that participate in the McLagan specialty Tax surveys and the Mercer Public Accounting Firm surveys. 2011 MCLAGAN SPECIALTY CONSULTING SURVEYS PARTICIPANTS Accenture Blackstone Group Booz Allen Hamilton CRG Partners Capgemini US Deloitte Duff & Phelps LLC Ernst & Young, LLP FTI Consulting Baker Tilly Virchow Krause, LLP BDO USA, LLP Blackman Kallick, LLP Cherry, Bekaert & Holland, LLP Clifton Gunderson, LLP Crowe Horwath, LLP Deloitte Ernst & Young, LLP Gallup Consulting Grant Thornton LLP Houlihan Lokey Howard & Zukin Huron Consulting Ingenix KPMG LECG/SMART Business Advisory & Consulting Mercer Mesirow Financial 2010 MERCER PUBLIC ACCOUNTING FIRM SURVEYS PARTICIPANTS Goodman & Company, LLP Grant Thornton, LLP KPMG, LLP Larson Allen, LLP LECG Moss Adams LLP Navigant Consulting, Inc. ParenteBeard LLC Plante & Moran, PLLC Protiviti RSM McGladrey Ryan, Inc. Thomson Reuters—Tax & Accounting Wipfli LLP WTAS LLC Moss Adams LLP Navigant Consulting Plante & Moran, PLLC Rothschild RSM McGladrey, Inc SVB Financial Group Thompson Reuters Corporation Zolfo Cooper LLC



For Advisory, we use differing competitors, primarily consulting and finance organizations, based on each position’s capabilities, specialty roles, and responsibilities. Here are examples of the competitors that participate in the McLagan Specialty Consulting Surveys and the Mercer Managed and IT Consulting surveys. 2011 MCLAGAN SPECIALTY CONSULTING SURVEY PARTICIPANTS Accenture Blackstone Group Booz Allen Hamilton CRG Partners Capgemini US Deloitte Duff & Phelps LLC Ernst & Young, LLP FTI Consulting Accenture Avanade Booz Allen Hamilton Capgemini Computer Sciences Corporation Crowe Horwath LLP Dell, Inc Deloitte Consulting, LLP Gallup Consulting Grant Thornton LLP Houlihan Lokey Howard & Zukin Huron Consulting Ingenix KPMG LECG/SMART Business Advisory & Consulting Mercer Mesirow Financial 2010 MERCER MANAGEMENT AND IT CONSULTING SURVEY PARTICIPANTS Ernst & Young, LLP Gartner, Inc. Grant Thornton, LLP Hewlett-Packard Development Company L.P Hitachi Consulting Corporation IBM Global Services IMS Health KPMG, LLP LECG MasterCard Worldwide Navigant Consulting, Inc. Protiviti Inc. SRA International, Inc. Wipro Technologies Moss Adams LLP Navigant Consulting Plante & Moran, PLLC Rothschild RSM McGladrey, Inc SVB Financial Group Thompson Reuters Corporation Zolfo Cooper LLC



IFS has a wide variety of functions and recruits from many different industries, from IT to finance, and human resources to risk management. For that reason, we solicit data and measure competitors in each area of IFS from direct competitors as well as from general industry.

PARTIAL LIST OF 2010 IFS SURVEY PARTICIPANTS Abbott Laboratories ACA Accenture Accor North America, Inc. ADP Aetna AIG Akzo Nobel, Inc. Alcoa, Inc. Alliant Techsystems American Express AMR Corporation Apollo Group Argonaut Group AstraZeneca Pharmaceuticals Avanade Bain & Company Baker Tilly Virchow Krause, LLP Bank of America BDO USA, LLP Bechtel Corporation Blackman Kallick, LLP Capgemini Cardinal Health Cargill, Inc. Carlson - Carlson Wagonlit Travel Chase Card Services Cherry, Bekaert & Holland, LLP Cigna CIGNA Corporation Clifton Gunderson LLP CNA Financial Corporation Coca-Cola Company Colgate-Palmolive Company Comcast Corporation Computer Sciences Corporation Conseco, Inc. Crowe Horwath LLP CSC Deloitte Humana, Inc. Hyatt Hotels Corporation ING Ingersoll-Rand Company Limited International Paper Company Johnson & Johnson Kellogg Company Kimberly-Clark Corporation KPMG LLP LarsonAllen LLP Liberty Mutual Group Marriott International Marsh & McLennan Companies Mattel, Inc. McKesson Corporation MetLife Morrison & Foerster, LLP Moss Adams LLP Navigant Consulting, Inc. Nestlé USA, Inc. New York Life Insurance Company New York Stock Exchange Nike, Inc. Northern Trust Corporation Novartis ParenteBeard LLC Philips North America Pitney Bowes, Inc. Plante & Moran, PLLC PNC Financial Services Group, Inc. Progressive Corporation Protiviti Prudential Financial, Inc. RAND Corporation Reckitt Benckiser, Inc. Revlon Roche Diagnostics Corporation RSM McGladrey SAIC, Inc Sara Lee Corp. Siemens AG US Sun Life Financial (US) Textron Inc. The Boeing Company The Coca-Cola Company The Hartford Financial Services Group, Inc. The MITRE Corporation The New York Times Company The Nielsen Company Thomson Reuters Thomson Reuters - Tax & Accounting Time Warner Cable Time, inc Unilever U.S. United Technologies Corporation Vanguard Group Viacom, Inc. Walt Disney Company Wells Fargo Zurich North America

Depository Trust & Clearing Company LECG Dow Jones and Company Duke Energy E. I. du Pont de Nemours Ecolab Entergy Ernst & Young, LLP FedEx Express Fireman’s Fund Insurance Company First Data Corporation Freddie Mac General Dynamics Goodman & Company, LLP Grant Thornton LLP Hartford Financial Health Net Heidrick & Struggles International Henkel Corporation Hewitt Associates HSBC—North America

American International Group, Inc. Dorsey & Whitney

MassMutual Life Insurance Company The Carlyle Group

Automatic Data Processing (ADP) Eli Lilly & Company


How does PwC select which surveys to use?
PwC compensation experts have analyzed a wide range of possible surveys, and have chosen the ones that are conducted by well-credentialed firms and provide valid, reliable and compliant data relevant to our lines of service, our positions, and our competitor groups. We update our vendors and the surveys we use from time to time, as needed, to reflect changes in our positions, business, or markets. In some cases, based on feedback from our lines of service, we work with our vendors to develop new surveys that collect comparative data relevant to specific capabilities or skill sets that had not been previously benchmarked.

Different Survey Sources for Different Skill Sets within Each Line of Service
Take a look at some representative examples of how we map skill sets to our survey sources for each line of service.


This table contains a representative sample of some of the surveys we use for some of the skill sets associated with Advisory jobs. CAPABILITY People & Change/Operations Financial Management Mergers and Acquisitions Risk and Governance Compliance Management Enterprise Applications/IT Strategy and Operations Business Systems Integration/Data Assurance Security—Strategy/IDM/TVM Investigations/Disputes Federal Government Strategy Financial Due Diligence SOURCE Mercer MIT Consulting Mercer MIT Consulting McLagan Specialty Consulting McLagan Specialty Consulting McLagan Legal and Compliance Mercer MIT Consulting Mercer MIT Consulting Mercer MIT Consulting McLagan Specialty Consulting Mercer MIT Consulting Mercer MIT Consulting McLagan Specialty Consulting SPECIALTY SURVEY Business Process Consultant—Non-technical CFO Advisory Restructuring/Turnaround Consulting Risk Management Compliance Business Process Consultant—Technical IT Consultant—Tech Specialty—BI/IM IT Consultant—Tech—Security Forensic Accounting Litigation Support Business Process Consultant—Federal Government Strategy Consultant Transaction Services


Do we include companies outside of the professional services in industry—our clients for example—when we’re collecting data?
We establish our salary ranges using data from our direct competitors. We do take general industry into account in our overall strategy. We obtain and review industry data. However, general industry is not the primary source for setting our salary ranges since it is a very broad category that represents a very different pay philosophy, wide variety of jobs, a different career model, and a different business model from what exists at PwC and similar professional service firms. That being said, research indicates that our salary ranges are comparable to general industry with similar jobs for client service associates, senior associates, and manager positions as well as IFS positions.

CAPABILITY Core Attest/PCS Risk Assurance

This table contains a representative sample of some of the surveys we use for some of the skill sets associated with Assurance jobs. SOURCE Mercer Public Accounting Firm Survey Mercer Public Accounting Firm Survey Mercer Public Accounting Firm Survey Mercer Public Accounting Firm Survey McLagan Specialty Mercer Public Accounting Firm Survey McLagan Specialty Mercer Public Accounting Firm Survey McLagan Specialty McLagan Specialty Survey SPECIALTY SURVEY IAudit IS Audit Internal Audit Actuarial Advisory Structured Finance Real Estate Advisory Risk Management NYC Core Attest Valuation TS: Due Diligence

Internal Audit Outsourcing AIMS FICG (Structured Finance) Real Estate Advisory Consumer Finance MIDA Valuation AFR


This table lists some of the surveys we use to benchmark salaries for IFS jobs. PARTIAL LIST OF IFS SURVEYS Hewitt Total Compensation Management Survey McLagan Communications and Marketing US McLagan Corporate and General Services US McLagan Finance & Business Services US McLagan Treasury and ALM US Mercer Benchmark Survey Mercer Practice Support Survey Pearl Meyers (CHIPS) Survey Perlin IT and HR Survey Western Management Marketing and Sales Survey



This table contains a representative sample of some of the surveys we use for some of the skill sets associated with Tax jobs. CAPABILITY SOURCE SPECIALTY SURVEY

Tax Industry International Tax State & Local Tax Mergers & Acquisitions Tax Tax IAS National Tax Services Tax Transfer Pricing GHRS—Consulting GHRS—Core & Retirement Structured Finance

Mercer Public Accounting Firm Survey Mercer Public Accounting Firm Survey Mercer Public Accounting Firm Survey McLagan Specialty Survey Mercer Public Accounting Firm Survey Mercer Public Accounting Firm Survey Mercer Public Accounting Firm Survey McLagan Specialty Survey McDermott HR Consulting Survey McLagan Specialty Survey

Tax Services Tax Specialty: International Tax Tax Specialty: Multi State Mergers & Acquisitions Tax Expatriate Tax Services Tax Specialty: National Tax Tax Specialty: Transfer Pricing Transaction Services Core & Retirement Structured Finance

How is pay for experienced hires determined? You’ve heard it asked: why do experienced hires seem to come in at higher salary levels than those who are already here with the same amount of work experience? From time to time, this does happen but not without careful consideration, review, and approval. Paying a premium in order to attract high-performing talent can be necessary. Keep in mind that over time, given the same level of performance, someone who is paid lower in the range is likely to receive higher increases than someone who is paid on the high end of the range.


Step 2: Factoring in additional variables We supplement the survey information with other business and economic data on inflation, economic climate, and governmental regulations. We also consider geographic differences and the cost of living for certain cities. Step 3: Creating PwC salary ranges Based on all this market research and additional factors, we create PwC salary ranges for each position. Each year, the midpoint of our salary range will be set at or above the midpoint of what our direct competitors are paying for the same position. It’s important to remember that each specific position level is associated with one range. An individual will likely be at the same staff level for more than one year, and the range is designed to be broad enough to allow movement within the range. As you develop your skill set and improve your performance in your role, you will progress through the range (see page 14). Example of what a salary range looks like: A salary range has a beginning, a “midpoint,” and an end. As stated above, we set the PwC midpoint for each of our salary ranges equal to or above the market data median. The range between the beginning and end of the range gets wider with each level because at higher levels broader qualifications and experience apply to each position and people tend to stay in those roles longer. Typically, staff start at the beginning of the range and proceed to the middle or toward the end of the range over time. The range allows salary room to reflect the varying qualifications, experience, and performance of individuals paid in the range. Staff new to a position (entry or newly promoted) typically enter the salary range below the midpoint and progress through the range, with compensation increases based on experience and performance. Here are two examples of how skills, experience, and performance affect placement and progression through a salary range: ■ New associates entering straight from college. In each line of service, these individuals are hired at the same rate for the same qualifications in the same city performing the same job. Before a college hire is promoted to senior associate, annual salary increases will move an associate’s salary through the salary range and nearer to the midpoint or past the midpoint over time, provided they performed at our expected levels ■ An experienced hire that joins the firm after several years of work experience. This individual is likely to be brought in around the midpoint of the range, depending on his or her years of experience and credentials. (see page 12) 13

Keeping our commitment to enhanced clarity
We are fully committed to communicating much more clearly about compensation, so you’ll see some new tools during your year-end conversation with your partner or leader this year. In your total rewards meeting, your partner or leader will share your personalized compensation information, will show you the PwC salary range for your position, and discuss your future earnings opportunities. You and your partner or leader can discuss where you fall in your salary range and why, and what you might do in the year ahead to move along that range. Staff are paid within a competitive range of salaries. An individual’s salary is determined by years of experience in position, performance history, qualifications, and work history.

Competitor market midpoint PwC Midpoint

$74,000 $64,000
Your Salary

Competitor market midpoint; half of all individuals’ salaries in the survey data fall above and half fall below this point. PwC midpoint; set to be equal to or higher than the competitor market midpoint.
Examples where an individual may be paid in the beginning of the range ■ Newer to the position (newly promoted or hired) ■ Experienced, but historically has received lower performance ratings ■ Developing skills in some aspects of the role Examples where an individual may be paid in the middle of the range ■ Increased experience at level ■ Demonstrates required skills for position ■ Performance meets expectations over a sustained period of time in the role Examples where an individual may be paid at the end of the range ■ Significant experience at level ■ Demonstrated mastery of required skills ■ Performance exceeds expectations over a sustained period of time in the role ■ Brings unique and/or strong qualifications to the role


Salary Increases
Let’s talk about how annual salary increase budgets are determined. At the firmwide level, we take several factors into account to determine the size of our salary budget—market competitiveness, affordability, and broader business and economic trends. The first step is a review of how our overall salaries compare to the salary survey information we receive. The results assist us in determining the overall salary budget. Not every line of service, job, or city will have the same increase, since the market responds differently to all of those factors each year. Surveys give us valuable information on where shifts in pay have occurred and, in many cases, salary increase budgets will vary by position or city for our client service staff. Typically, IFS budgets are applied consistently across geography and positions for all IFS staff, although competitive adjustments may also be made, if needed.

Am I eligible for a salary increase? If so, when?
Following your annual performance review each May, you may be eligible for an increase in your salary. Annual increases depend on the overall increase budget, your performance compared to that of your peers, if you are being promoted, the position of your current salary within your salary range, and your date of hire. Annual increases take effect firmwide each July 1.

The second step in our planning is an affordability review. Staff costs are a factor in firm budgeting, and traditionally, billing rate increases (or decreases) have affected the affordability of our salary increases. The forecasted performance of the business as well as inflation and changes in the labor market also factor into our overall salary increases.

From an individual standpoint, the most influential factor in your personal increase is the combination of where your current salary stands in the PwC salary range and your personal performance. Promotions also play a significant role, since your salary range changes with a promotion and your total increase will reflect that promotion component. ■ Your performance determines whether your increase percentage will be similar to, higher than or lower than what others in your peer group receive. If your performance is exceptional relative to the expectations of your position and the performance of your peers, generally you should receive an increase that is higher than what many in your peer group receive. Your current salary position in the range is a factor and is weighed against your skills, experience, and years in your role. As you reach the end of your salary range, you are likely to receive a smaller increase than staff whose salaries fall toward the beginning or midpoint of the range and may be developing their skills more quickly.


Important annual bonus plan details
To receive an annual bonus award, eligible staff must be hired on or before April 30 in the current year and employed on September 1 of the current year. The firm determines annually what the bonus pool funding is for the current year based on firm and line of service results. Bonus pools fluctuate year to year based on these results. Bonuses are discretionary and are awarded based on performance.


Annual Performance Bonus Plan
Share in the success you help achieve Our annual performance bonus plan is an opportunity for all eligible PwC staff to potentially share in the success of the firm—and increase their rewards through their strong individual performance and contributions. New for FY12—Increased participation, clarity, and opportunity Beginning in FY12 we’re taking a new approach. We’re enhancing staff opportunity to share in the firm’s success while continuing to differentiate and reward high performance. We are also committed to keeping you more up-to-date throughout the year on how firm and line of service performance will affect year-end bonus amounts.

Your line of service will share more details in early FY12, but here’s a sneak peek at the highlights: ■ ■ ■ ■ ■ ■ At the beginning of the fiscal year, we’ll communicate how bonus dollars are allocated by line of service, including IFS. You’ll know what metrics will determine bonus pool funding and how you can affect those metrics. The dollars that are allocated at the beginning of the fiscal year will increase or decrease based on performance against the specific metrics identified by your line of service. The amount of dollars placed in the bonus pool is tied to the degree by which we meet our goals and is multiplied by the degree to which we exceed our goals. This means that the bonus pool is not capped. We’ll communicate individual bonus targets by staff class and performance rating with the rollout in FY12. Each line of service, including IFS, will communicate quarterly results against firm and line of service targets and demonstrate how those results are affecting the overall bonus allocation. This means that you will know whether the bonus you may potentially receive could be on target, below target, or above target. At the end of the fiscal year, individual award amounts will be based on line of service and individual performance in relation to goals.


Career Milestone Awards

Celebrating your successes, rewarding your loyalty It’s tough to be great. You must have what it takes to stick it out through every kind of challenge, when moving your career elsewhere might seem like the easier path. It takes an extraordinary individual to do this, one who is tenacious, loyal, and committed. One who sees the recognition, opportunities, and rewards that lie ahead. At PwC, it’s great to be dedicated and persistent toward the achievement of your goals, and we designed the Career Milestone Awards to show you exactly how great it is. To thank you for your commitment to the firm. To thank you for your loyalty and your continuing contributions to your clients and the firm. A promotion is a major event in the span of your PwC career. And certain promotions are key milestones. It’s to celebrate these special turning points that your partners have decided to introduce the Career Milestone Awards. With this new program, we are staking a claim on behalf of the hard-working, dedicated, and talented individuals who achieve the three promotions recognized under this new program: senior associate, manager, and senior manager/director. Through this singular program, we’ll celebrate your success and longterm PwC commitment with extraordinary opportunities for personal and professional growth and rewards.

Why build a career at PwC?
“Opportunities are limitless. I can be a partner here, if I want to, versus at a client company where I can only move up if someone retires. I feel like I’ll always be able to challenge myself here.” Senior Associate “You can’t get this kind of experience anywhere else.” Associate “I like the people I get to work with. They are intelligent and highly experienced. I like the broad range and diversity of work I get to do as well.” Manager

What if I was promoted before this program began?
Whenever we implement a new program, transitions are difficult and we try to take into account our loyal staff who have been with us and who might not have the opportunity to participate simply because of timing. That’s why we’re providing modified milestone awards at the manager and senior manager/ director level. The longer your tenure at PwC, the greater your award. Why does the award vary based on your tenure at PwC? Because our Career Milestone Awards reward both loyalty and contribution, while also considering fairness and internal equity. Current client service managers If you are a manager as of June 30, 2011, and you were hired as an associate, you’ll receive an extra bonus of $5,000 this year. If you are currently a manager and were hired as a senior associate, you’ll receive $2,500. If you were hired as a manager you will not be eligible for this grandfathering, since it is meant to recognize an achievement that was made while you were at PwC. Likewise, if you are promoted to senior manager or director, you will receive that milestone award, not the manager milestone award. Current senior managers/directors If you are a senior manager or director as of June 30, 2011, and you have been with PwC for five years or more, you too will be eligible to recharge. You are eligible to take a two-week sabbatical composed of one week given by the firm and one week of your own paid time off.



Why? What?

To enable all new seniors to build personal leadership skills, establish, and nurture a professional and personal network of leaders and peers, and focus on their vision of a successful life, anchored in their careers, while also achieving personal goals. Participate in a highly personalized offsite Senior Associate Leadership Development Experience that includes: ■ Executive coaching ■ Small group collaboration & network sessions ■ Interaction with firm leaders and peers ■ A structured follow-up process, including mentoring for ongoing support Most companies reserve this type of leadership experience for their most senior level staff. We feel, however, it is important to make an investment in our senior associates early on, as they grow their careers with the firm.

Client service has a senior associate leadership development milestone award, while IFS doesn’t at this time. We feel it’s a crucial time in the client service senior associate experience to provide a unique developmental leadership opportunity required for the demanding client facing roles. It also allows our seniors to broaden their professional network as their careers grow.


Why? What?

To recognize the significance of this promotion and the personal investment you have made to reach this status, reward your loyalty, and acknowledge your long-term contributions to the firm. A cash award to help you build your personal capital or to use for a significant purchase. Promotion year 2011 2012 2013 Percentage of salary Date payable 15% 20% 25% Qualifications April 15, 2012 If you are hired as: April 15, 2013 • An associate, then 100% of the award is paid. • A senior associate by October 1, 2010, then 50% of the award is paid. April 15, 2014

We're staging the manager milestone award, as shown in this chart, so that by 2013, senior associates who are promoted to manager will be eligible to receive 25% of their new manager salary. While we would have liked to have been able to introduce a 25% manager milestone this year, we had to consider affordability, internal equity for managers already at this level, and fairness for those promoted in years past. These issues combined led us to conclude that it was best to phase this milestone in over three years. This approach allows us to recognize those who have recently arrived at this milestone while also encouraging the loyalty and continued service of those on the path to achieving it.

In IFS, we want to recognize your loyalty and encourage you to build you career here. So, when you advance to manager, we’ll provide a leadership development experience that will help you build skills for the future.



Why? What?

To reward your sustained significant contributions and value to the firm with time away to refresh, recharge, and pursue your personal or professional goals outside of work. If you have been with PwC for five years or more when you are promoted, you will receive a paid sabbatical to be taken within three years of promotion. If you are promoted in… July 2011 or after You will receive… A four-week sabbatical: three weeks given by the firm, plus one week of your vacation

Coming in July: look for more information about how to make the most of your sabbatical, including tips for planning your time away from work, ideas on how to give back to your community (if that’s how you decide to use your time), ways to structure your client work in the months leading up to your sabbatical and more.

Experienced Associate Milestone
Early in your PwC career, you’ll already have accomplished a great deal: entry into the fast-paced, high performance PwC experience, associate training, and exciting client engagements. You have some seasoning behind you and an exciting path ahead of you. Soon, you’ll be joined by a class of colleagues who will look to you for guidance and advice as they enter the experience you’ve just completed. This too is a milestone, and it’s significant enough that we’re acknowledging it with a new title: experienced associate. We’re introducing this new title as a way to recognize what you’ve accomplished so far. The timing and recognition of this milestone will vary by line of service. It’s our way of saying: Good work! You’re on your way!


Contribution Awards
Recognizing your extraordinary contributions Contribution awards recognize outstanding performance in meeting internal and external client needs that go above and beyond the regular expectations of your position. Partners and leaders provide contribution awards throughout the year. Real-time recognition through these awards is one way to demonstrate the sincere appreciation for the many things you do day-in and day-out. Contribution awards recognize highly exceptional discretionary effort and performance in providing internal and external client service that goes above and beyond the high expectations of your position. Discretionary effort and performance are defined by firm behaviors that go above and beyond the standard. By design, these awards are special recognition awards. While a significant number of employees may receive these awards each year, the program is not designed for all employees at every level to receive a contribution award every year. Each line of service budgets and delivers these awards to meet their unique work schedules and priorities. Starting July 1, 2011, contribution awards replace We Recognize Great Performance Awards. Another reason to look forward to summer!
This year, the firm will be providing an additional holiday and shut down July 1 - 4 to celebrate the July 4 holiday. To make the most of this four-day weekend, we strongly encourage you to enjoy an extended break and use some of your vacation time in conjunction with the extended holiday.

Firmwide Extended Holidays
Pursue quality of life

It’s amazing what we can achieve when we don’t have to worry about the demands of work. But how often does that happen? Even during the smoothest times, integrating life and work can be challenging enough. That’s why the firm wants to create opportunities for everyone to rest, relax, and rejuvenate through firmwide extended holidays. Firmwide extended holidays are not a substitute for vacation—they’re a valuable opportunity to receive paid time off without the worry of checking email or meeting client demands, other than in exceptional circumstances. While business realities require us to retain the flexibility to determine whether and when we will offer these extended holidays, going forward, we’ll announce them with more lead time, to give you time to plan a trip, schedule time with your family, or do whatever it is that allows you to relax and refresh. 20

Career Growth
Direct and drive your destiny Careers with PwC are rewarding—and not just because the experiences, people, and growth opportunities are unmatched from what you will find in private industry or at any other public accounting or consulting firm. PwC also offers exceptional opportunities to direct and personalize your career path so that it’s personally and professionally rewarding over the long term. You may experience a career progression that keeps you in your chosen profession and extends from associate to director or partner. Or you may have several different “careers” with the firm, moving from one line of service to another, from one geography to another or between a client service role and an internal firm services role. Alternatively, you also may decide that PwC is a launching pad for a career elsewhere. The skills, experiences, and people you encounter while you’re at the firm will provide you with a rich portfolio of skills to build on, and the “PwC” on your resume will always be an eye-catcher. And, you never really leave

How does PwC help you pursue a balanced quality of life?
“I have switched offices, taken a year off, and I can do a rotation in another division if I want. Also, the four weeks of vacation time is really good. It’s one of my favorite pieces of the total rewards.” Manager “There’s great flexibility and vacation time.” Senior Associate

us. We consider this a lifelong relationship—we’ll keep in touch with you through our various alumni programs and always hope you choose to return. No matter what your career aspirations are and however you define career value, you’ll find that PwC is a great place to start, build, and grow a career. So take advantage of the opportunities and flexibility PwC offers to drive your career ahead in ways that are right for you and your interests—because each career is distinctive, and, of course, personal. Remember: only you control your destiny—but count on us to celebrate your progress along the way. Visit the myKcurve Careers site at www.mykcurve.pwcinternal.com for more information.



Your starting salary when you joined PwC as an associate.

3D Growth for Deeper Skills and Higher Earnings
In our fast-paced, learning-intensive environment, career growth at PwC involves three dimensions— depth, breadth, and contribution. Over time, you deepen your skills and knowledge to function at even higher levels of expertise. You may grow in breadth by taking on management responsibilities or by gaining experience in a different line of service or geography. And as your PwC career progresses you can turn that depth and breadth into value for the firm and for yourself through your contributions. This invaluable three-dimensional growth results in an exponential career curve that yields more advanced skills and higher long-term earnings. The following chart shows how earnings might potentially grow over time within PwC. Keep in mind that the curve shown here is for an individual who starts as an associate and makes a career here. The ratios will change, depending on the career stage at which you begin your PwC career, but you can experience healthy growth in your skills and earnings potential as you earn promotions.

Experienced Associate

As an experienced associate, you can expect to make 1.1 times the salary you started at when you joined PwC as an associate.

Sr. Associate

As a senior associate, you can expect to make 1.5 times the salary you started at when you joined PwC as an associate.


As a manager, you can expect to make 2 times the salary you started at when you joined PwC as an associate.

Base Salary Potential ($)

Sr. Manager/Director

8X 7X 6X 5X 4X 3X 2X 1X

As a senior manager or director, you can expect to make 3 times the salary you started at when you joined PwC as an associate.

Managing Director New Partner
On average, as a new partner, you can expect to make approximately 7 times the salary you started at when you joined PwC as an associate.

Career Progression

Success Plans
Talking about what you want to do and where you want to go—helping to set you up for success PwC is a large organization populated with intelligent, motivated people. While that may seem daunting at times, we believe it also creates a world of opportunity to grow your career and be supported by a large network of partners and coaches to help you every step of the way. The same goes for the experience at PwC: it’s broad, and deep, and that can seem overwhelming. But, it means you can determine what interests you, and where you want to take your career—and then, make it happen, with the support of our partners and coaches. At PwC, you have the opportunity to explore career options in other lines of service and other offices, other states and other countries. That’s the beauty of a global network and the people who bring it to life. Some of the formal process in place today, including completing a development plan, can be improved to better help you see these possibilities and support you in pursuing them. Based on your feedback, we’ve recognized your concern that the approach to development planning seems to be more about deadlines and “checking a box” than about a meaningful working plan. That’s why, starting this year, we’re revising our development planning process. The first changes you’ll see are to the form itself—it’ll be streamlined, and it’s now called a “success plan.” And that’s important— because it refreshes our outlook and helps to better focus us on the conversation rather than the form. That’s not all. We know the real impact is in the conversation you have with your coach—because that’s the starting point for driving your career ahead. We all want a conversation that’s real, personal, and honest about our individual goals, career interests, and how we see the potential to grow our own careers. So…get real, get personal, and be honest. Talk to your partner or coach about the opportunities you see out there— whether it’s another job, a domestic or global assignment, or a more challenging assignment in your current role. Ask for their input. Look to the future. Have the conversation. Because, in a change from past years, you won’t fill out your success plan until after you’ve met with your coach and discussed the coming year. This makes the conversation the driver, not the end state.

How do you help create value at PwC?
“PwC has good resources not only to help you learn, but to teach others what you know.” Senior Associate “I am part of the PwC brand. At the end of the day, I’m the organization I work for.” Director “I’m motivated by my team. I’m concerned with helping my team out, not the number I’m going to get.” Associate

What are your career goals at PwC?
“At first my goal was to make manager. And now I’ve got the challenge of making director.” Senior Manager


You’ll talk, and then write.
So, when you complete your form, you’ll already have discussed and agreed with your coach about what you want to accomplish in the coming year and beyond to: ■ Develop the skills you need to deliver contributions for your clients and the firm, ■ Balance your personal life and your work life, ■ Strengthen your relationship skills, ■ Enhance your technical knowledge, ■ Earn the credentials you would like, on time, and ■ Grow your career through experiences tailored to your strengths and interests—not only in the coming year, but in the next five to ten years.

What would make your performance discussions more valuable?
“You’ve got to have a two-way conversation for the discussion to be valuable. If you don’t get to speak for yourself and your manager speaks for you, your value gets lost in translation.” Manager “Getting information along the way would make the discussions more valuable to me.” Senior Associate “It would be nice to know how much is available in the bonus pool and how much will be given to each rating.” Senior Manager

You’ll understand how you and your coach see your potential for career growth here at PwC and what that means, including what adjustments you should make to achieve your goals. We’ve already put quarterly coaching sessions into place and the success plan is another tool for you to use during these sessions to see if you’re accomplishing what you want. There’s an old saying that failure to plan is planning to fail. Your success plan will help you to plan, to look ahead, pinpoint opportunities and construct your own roadmap to a satisfying future, built on your personal goals and interests. It will help you tie that roadmap to potential career paths, potential outcomes, and potential compensation. It’s just one more way to drive your career, and succeed.

It’s just the beginning…
This guide isn’t the last word on your pay, career, and rewards at PwC. It’s just the beginning of a very important, candid conversation. To continue the conversation, talk to your partner or leader. He or she can explain how the rewards described in this guide affect you and your career. And remember, throughout the year, you can expect your partner or leader and your coach to: ■ Help you set goals, ■ Discuss your longer-term career plans and potential, and ■ Provide regular, open, candid, and supportive feedback. At the same time, your partner or leader will expect the same things from you. After all, conversations are two-way by nature—so give back what you get! 24

Sign up to vote on this title
UsefulNot useful