Lost your easy button? Email us your worries, problems, questions, and requests for gluten-free recipe ideas.
I was fortunate enough to received an offer for a full-time audit position with one of the Big 4 following the conclusion of my graduate program. I received the offer at the end of an internship, so I did get a taste of what’s to come next year.
And I’m worried.
To absolutely no one’s surprise here on Going Concern, I had no idea what to expect from public accounting when I went through the recruitment process. Now that I’ve been exposed to the actual work environment and to individuals who can actually provide me with useful insight, I’m starting to question whether I can truly handle this job.
I am not allergic to work. I have worked my asset off through school. However, in all those years of hard schooling, I learned that I am an academic Tortoise, and I will never ever be the Hare. You know those people who slack off the entire semester, pull an all-nighter, and miraculously pass the final exam? That’s not me. I have to keep pace the whole time because if I try the Hare strategy, I fail.
The reason is that I can’t pull an all-nighter. My body is very aggressive about its sleep needs. I need a minimum of 7 hours a night, and when I don’t get that, I crash very quickly. I can try to negotiate this reality all I want, but my body always wins.
At first, I thought that busy season was the only time during the year in which an auditor can expect to go through the Hare kind of lifestyle, and I resolved that I would find a way to tough it out. Now I’m starting to see evidence that such a work schedule can happen at any time, and I’m wondering if perhaps survival isn’t just about getting through busy season.
So my questions are as follows:
– Can a person like me survive in public accounting? If so, how?
– What are the ways to mitigate the physical drain of the job without hurting your career prospects? (The idea of asking to leave earlier than the team strikes me as a terrible option.)
– What is the breakdown of hours worked and hours slept? I know there’s a wide range of experience, but is there a general kind of lifestyle I can expect?
– If it is NOT possible to survive in public accounting, then where to within the accounting/auditing world?
Thanks so much for your insight.
Dear Tortoise,
Your body requires seven hours of sleep? Jesus, why don't you just hibernate during the entire period from November to March?
What I don't understand is how you've concluded that life at a Big 4 firm is always in "Hare" mode. Yes, there are certainly periods where you won't see daylight and you might get a little behind on your beauty rest, but that shouldn't continue in perpetuity. Occasionally, you'll hear about someone going for long stretches of working long hours, seven days a week with no end in sight, but these people allow themselves to get in these situations. As for "all-nighters" these are not the norm. In my time, I did quite a few 11/midnights and a handful of 1 AMs but I NEVER slept at the office. Why? Because that is STUPID. People who sleep at the office are STUPID. It's completely unnecessary. I cannot imagine a scenario where you have so much to do that it requires that you work late into the night, through the morning prior to everyone else arriving. Sure, there's work to be done, but at one point of another, it's time to GO HOME. The work will be there tomorrow. Maybe these people who dive into a sleeping bag under their desk for 45 minutes have a monster for a spouse or don't want to think about emptying the dishwasher when they get home and that's fine, but don't think you have to acclimate to their incredibly bad life choices.
Now, your questions:
Can a person like me survive in public accounting? If so, how? – Yes. I recommend surviving public accounting like you survive life. Eat well. Exercise. Allow yourself play time. Yes, playtime is important:
GET THE SLEEP YOU NEED. When someone is an asshole to you, say, "I'm sorry that you're a horrible person but there's no reason to treat me this way." Find people you can trust. Avoid people you can't. Respect other people's time and efforts. I could go on.
What are the ways to mitigate the physical drain of the job without hurting your career prospects? – The way I see it, you have to apply the same slow and steady methods you used in school to your job. You're not a "hare" as you put it. Fine. Nothing wrong with that. So what would the tortoise do? The tortoise would get to work a little bit earlier, bring their lunch, keep smoke or coffee breaks very brief, minimize chit-chat. In other words, BE EFFICIENT. Those good-for-nothing hares take two hour lunches, go for coffee twice a day and gab all day long even when happen to be within arm's length of their computer (which isn't often). When 7 pm rolls around and those idiots are finally starting to get serious, you'll already be done. Let your senior/manager/whomever know what you got accomplished for the day, what you'e going to accomplish tomorrow and GTFO. And talking to them is key. You can't just dash on your own time without telling people; you have to – gasp – communicate with them.
What is the breakdown of hours worked and hours slept? I know there’s a wide range of experience, but is there a general kind of lifestyle I can expect? – Simple: If you consistently work more hours than you sleep, you will DIE. Science says so.
If it is NOT possible to survive in public accounting, then where to within the accounting/auditing world? – It's possible to survive. There are plenty who have done it. Sure, some of them are the walking dead, but don't forget – it's still auditing.
‘Dismissed’ partner accuses Ernst & Young of corruption [Telegraph]
Accountant Ernst & Young is facing an allegation of corruption at one of its global headquarters as part of a whistleblowing case brought by one of its ex-managing partners.
Cuomo Pushes New Tax Rates for Big Earners [NYT]
While Mr. Cuomo did not provide specifics on his tax proposals, he and legislative leaders were negotiating a deal, the officials briefed on the plan said, that would allow the state’s so-called millionaires’ tax — a surcharge on incomes over $200,000 for individuals — to lapse as scheduled on Dec. 31. But one or more new tax brackets for high-income earners would have those individuals paying less than they did under the surcharge — allowing officials to say that the millionaires’ tax had lapsed — but paying at a higher rate than they would have been under existing tax brackets.
Zynga Eyes $1B in Biggest Web IPO Since Google [Bloomberg, S-1]
Zynga Inc., the biggest maker of games on Facebook, is seeking as much as $1 billion in the biggest initial public offering by a U.S. Internet company since Google Inc. (GOOG)’s debut. The company is offering 100 million shares for $8.50 to $10 apiece, according to a regulatory filing today. The high end of the range would value San Francisco-based Zynga at $7 billion.
Enron’s Tenth Anniversary: Conclusion—Or Is It? [GOA]
The Grumpies are thankful for Enron because it gives them a lot of blogging fodder.
Senate Democrats to Offer New US Tax Cut Plan [Reuters]
U.S. Senate Democrats plan to offer a new proposal on Monday to extend a popular payroll tax cut amid signals that Republican leaders would accept a compromise that covers the cost to the federal Treasury. Senate Budget Committee Chairman Kent Conrad, a Democrat, said that the offer would be a “serious attempt to move this ball forward,” and avoid a Dec. 31 expiration of the popular tax cut.
Obama Seeks Grand Bargain on Deficit [Bloomberg]
“Now is the time to deal with these issues,” Obama said at a White House news conference yesterday before resuming talks with congressional leaders on reducing deficits and raising the $14.3 trillion U.S. debt ceiling before the government exhausts its borrowing authority on Aug. 2. “If not now, when?”
Amazon Backs End to Online Sales Tax in California [NYT]
Amazon said Monday that it would back a California ballot initiative that would ro law that forces more online retailers to collect sales tax. Amazon’s decision to support the proposed referendum pits the world’s biggest online retailer against the state government, which is looking for ways to raise additional revenue to cover budget shortfalls.
High-Speed Tax Rewrite Falters as Lawmakers Bicker Over Basics [Bloomberg]
Republican congressional leaders and President Barack Obama discussed a rewrite of the tax code over the past week and couldn’t resolve even the basic outline of what it should look like. They disagreed on revenue targets, the progressivity of the code, international taxation issues and the treatment of large businesses that aren’t currently taxed as corporations, according to two Republicans familiar with the talks.
Alleged Ponzi Scheme Accountant Settles SEC Complaint [Dow Jones]
In 2009, Philadelphia-area investment-fund manager Joseph S. Forte pleaded guilty to charges of wire fraud, mail fraud, bank fraud and money laundering, all linked to a Ponzi scheme he admitted to the year before. He is serving a 15-year prison sentence. Monday, the SEC said it has filed and settled a civil action against accountant John N. Irwin and his consulting firm, Jacklin Associates Inc. Both agreed to settle the Commission’s charges, without admitting or denying allegations. The complaint claimed Irwin and the firm participated in Forte’s scheme by recruiting investors for it.
Millennials frustrated with weak economy, scarcity of jobs [AW] Dennis Nally can’t hire everyone now, can he?
KPMG Names Marc Moyers to Head U.S. Private Equity Group [KPMG]
Moyers takes over for Shawn Hessing.
PwC Sends Partners, Staff and Interns to Belize to Boost Financial Literacy Among Students and Teachers [PwC]
Don’t get jealous. It’s probably not too nice down there.
Cantor outlines $353B in Medicare, Medicaid savings [The Hill]
House Majority Leader Eric Cantor (R-Va.) on Monday proposed changes to Medicare and Medicaid he said would save $353 billion over the next decade. Cantor made the proposal in talks at the White House. His plan was immediately criticized by House Minority Leader Nancy Pelosi (D-Calif.), who said it would lead to benefit cuts.
Before you go!
Are you Looking for a fresh accounting career opportunity?
Going Concern now has thousands of open accounting jobs.