On Saturday while I was waiting in line at Starbucks, I was scrolling Reddit and saw a couple posts on r/Big4 about EY of the Canadian variety handing out Christmas bonuses to senior managers on down. According to one post, here’s what everybody got:
$1,500 for managers and senior managers
$750 for staff and seniors
I reached out to a source at EY Canada yesterday about the bonuses, and that person confirmed what was posted on Reddit.
We’re not talking about buku bucks here, but just hearing or seeing the words “Christmas bonus” can make the miserable existence that is working at a Big 4 firm a little less miserable. And it’s better than the gift of unlimited PTO that EYers in the U.S. got recently from their beloved firm.
I will be a full time Advisory intern at Ernst and Young in Manhattan this coming summer. The duration of the internship is 7 weeks starting mid June. We just received a raise in our salary which has me thinking about compensation.
As you know, interns receive overtime which can contribute significant weight to overall pay. After researching the internet and the GC archives, I have not been able to find a clear answer regarding what I can expect for overtime hours. I know this varies by firm, workload, work groups etc but can you estimate an average of overtime hours per week? If any?
Right you are, grasshopper – it will depend on various factors you mentioned as well the clients you are assigned to, and what kind of expectations your superiors have (maybe that’s what you mean by work groups?). ANYWAY. In all likelihood, you’ll see some overtime hours which will probably result in some nice paychecks this summer but don’t be surprised if managers are staying on top of the hours you’re working. The Big 4 and other accounting firms aren’t quite as loose with the wallet as they used to be so I’d guess your hours will top out somewhere in the 50s on a weekly basis. That puts you in the range of 10 to 15 hours of OT a week (20+ only for those who work for lunatics). If your senior isn’t a headcase then you can expect 40-50 hours a week.
If you fancy yourself a intern hour handicapper, throw some numbers out there. And, interns, when things get rolling, get back to us with your numbers.
This morning we learned from a couple of sources that the big guy will be calling it a career officially on June 30, 2013 and the firm will announce a new CEO-elect at some point in early 2012.
Here’s JT’s message to the troops:
I have written to all our partners to let them know about my plans to retire from Ernst & Young on 30 June 2013.
Every year, our Global Executive (GE) considers the priorities and initiatives we feel Ernst & Young should focus on in the upcoming year, and these priorities are then approved by our Global Advisory Council (GAC), the top governance body of Ernst & Young.
Periodically, we also take a longer look at our strategy and vision, and involve the GAC in this as well. In July, we informed our partners that we were beginning such a long-term strategic review. The GE and I believe that our new strategy and leadership-succession plans are inextricably linked, and we agreed that June 2013 would be the right time for me to retire.
This is a normal process and the timing has worked out perfectly. I will be 58 years old, which is the normal early retirement age for many of our partners. By then, we will be implementing our new strategy and it’s right that a new leader should steer this implementation.
We are starting a robust process to identify the man or woman who will succeed me, in accordance with our regulations. We intend to identify a new Chairman and CEO elect during the first part of 2012. What I feel very good about is that we’re the type of organization that continually develops large numbers of great leaders, so I see many men and women who could lead Ernst & Young successfully into the future.
This is not a retirement letter or speech to you all, as there is much to do before June 2013. However, I wanted to be very open with you about our plans. Thank you for your continued support as we continue both our strategy and succession-planning process.
James S. Turley
Chairman and CEO
UPDATE: Ernst & Young provided us with the following statement:
In a communication to all Ernst & Young partners worldwide on 10 November 2011, James S. Turley, Chairman and Chief Executive Officer of Ernst & Young confirmed that he will retire as planned, aged 58, on 30 June 2013. The succession process to decide a new Chairman and CEO-elect is now underway and will conclude in early 2012, no later than April.
So after riding out Lehman, handing out a lot of trophies, and inspiring the greatest lyric in the history of Big 4 employee produced videos, (I’m sure there are other accomplishments too) Jimbo will ride off into the Black and Yellow sunset. This seems like an appropriate tribute:
Feel free to leave other well wishes below.
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