Category: Big 4

If it happens at a Big 4 accounting firm, we’re talking about it here.

Comp Watch ’11: Individual Results Coming in at Deloitte and More Details on Bonuses

Following up on our previous post that addressed the high level discussions at the firm, some people started getting calls on Friday and more are having meetings today:


Our first tipster was a recently promoted to Senior Associate in ERS Tech Risk in the Northeast:

Year end rating of 2, 18% [raise].

And the latest from Houston for an 5th year Senior Associate in audit:

Audit 4th year senior going into my 5th year from the Houston Office (Mid-America Region).

As a 1-rated senior my numbers were:

9.9% raise
10.4% AIP bonus

In addition, we received a couple of slides that could be of interest to you on the following two pages.

Here are details for “Rewards and Recognition” which spells out the awards in the program and last year’s stats:

Sixty-nine percent of SMs receiving a bonus seems impressive and the Outstanding Performance award could pay out nicely if you’re lucky enough to get one on the high end. The Service Anniversary award, on the other hand, is not impressive at all.


If this slide looks familiar, it’s because it is very similar to one we posted back in July that showed Deloitte’s efforts to revamp their comp structure. The previous slide showed the AIP pool for Senior Consultants while this one is for Senior Managers (although :

So share your details as they roll in and feel free to comment on the results, the slides and anything else that tickles your fancy (as it relates to Green Dot Comp).

Military Man Needs Help Transitioning into Public Accounting

Ed. note: Have a question for one of our Big 4 refugees or the perma-ink stained wench that has never passed the CPA exam? Email us at advice@goingconcern.com.

Thank you for taking the tide to address my concern. I am a 10 year veteran looking to transition out of the military and into public accounting. I have a BSAcc from a private school and am looking at potentials for a Grad degree. My enlistment expires in the next few years, and I am really lost on the direction I should go with a Master’s degree. I have heard some say that I should do MBA with a finance interest so that I am more marketable. I have also heard others mention that I should specialize. I have some marketable qualitiSCI clearance, 3.9 GPA in undergrad), but I feel like I have lacked in networking due to my military service. I do have several contacts in the space business, specifically with Lockheed Martin, Aerospace and Boeing, but nothing on the accounting and finance sides (my current job is in military space communications). My undergrad school is in Colorado Springs and the networking events do not have any real attraction from accounting firms. Because of my military commitment, getting accounting experience is not possible (short of small things like running finance for my local HOA and VITA tax stuff for my base).

My dream is to work for a large accounting firm (doesn’t have to be Big 4, as I am not nearly as marketable as a 22 year old), but I am finding Internet research and local conversation to not hold enough for me. I am a student member of my local IMA, but management accounting is not the direction I want to go. I prefer audit, and would even consider tax (or if I am desperate I would even consider compliance), but I feel stuck in a hole about how to get my foot in the door. It seems until my military commitment is up I don’t have any place to start. I am in my early 30s, but my military career has taught me how to work long hours, so I am not opposed to Big 4-like treatment. I really want to make this change in my life, and any advice would be greatly appreciated.

Given that you have a few years left in your enlistment, I commend you for planning ahead. Your situation could lend itself to being a difficult one, but with some patience and enduring networking, I don’t see a reason that shouldn’t be able to break into a career within public accounting. For the reason you mentioned above (young blood), you might not be able to start out at a Big 4, but regional/midsized firms should definitely be on your radar.

Couple of things to consider:

Education: You have a great foundation with your BS in accounting and high GPA; however, you will be removed from the classroom by almost 15 years when you’re applying for accounting positions. Consider a Masters in Accounting program, as it will compliment your undergraduate work well, refresh your memory and skillset, and look attractive to HR reps at the public firms. I suggest staying away from the Masters in Finance because it won’t be the strong refresher you need to impress the hiring managers.

Network: Definitely check in with your contacts at Lockheed Martin, Boeing, etc. Sure, they may not be in the finance/accounting departments you’re interested in, but they should have access to the internal job boards. Have your contacts formally introduce you to the HR hiring rep responsible for the accounting positions now, just to initiate contact. Stay in touch in the coming years, seeking advice and providing feedback about your situation. Keep these doors open even though they are not direct links to the public accounting career you seek.

Spread out: Make a list of the geographic areas that you’d considering move to when you return to the States, then do your due diligence on what accounting firms are in the area. Reach out now to their HR/hiring managers (if not listed on company’s website, search LinkedIn) to establish contact now, and ask them straight up what they think of your candidacy.

Feel free to email me your résumé or any follow up questions should you have them. Stay in touch.

Bonus Watch ’11: Deloitte Gives Up PowerPoint Presentations After Stellar Going Concern Reporting UPDATE: Audit Practice Didn’t Get the Memo

This just in from the Deloitte FAS comp call that is apparently going down circa now:

7% AIP pool. No slides with details b/c it ends up on GC. Talking about PwC right now.


What, exactly, is being said about P. Dubs is not immediately known but I’m guessing it has something to do with the fact that they’re obviously vulnerable in the Tampa market but actually it’s more like simple trash talk, according to our source:

[PwC] made draconian cuts during the recession. They are making up for it now. They suck, D&T rules. [FAS CEO] David Williams is stressing total comp., not just base salary throughout the call. Base comp is targeted at 50% of the comp survey range.

[PS -] He loves to use the word “granular” as much as possible.

Unrelated sidenote: David Williams’ favorite hobby, according to his firm profile, is yoga.

Of course you’re on the call and have other details you wish to share, you can elaborate below.

Earlier:
Comp Watch ‘11: Deloitte’s New Structure Is Taking Shape

UPDATE:
A little comparison for AIP and merit increases for the opiners appears on the following pages.

KPMG Wants to Help College Students Find Jobs (Presumably, Even the English Majors)

KPMG LLP, the U.S. audit, tax and advisory firm, announced today the release of the KPMG GO app for iPhone® and iPad®, designed to provide tips and information to help college students in every major launch their job search in today’s competitive employment environment.

Available for download in the Apple iTunes Store, KPMG’s new application delivers fresh videos, articles, blog posts, Q&As, and branding tips from its partners as well as its professionals in HR and campus recruiting. “Today’s students face a very competitive market and need every advantage to make a good impression and secure that first job,” said Blane Ruschak, KPMG’s executive director of university relations and recruiting. “We are excited to offer a resource that provides helpful and practical advice to young adults entering the job market.” [KPMG]

And Now…Ernst & Young Interns Employees Singing a Song About Making Partner, Acronyms in the Tune of Katy Perry’s ‘Teenage Dream’

UPDATE: Don’t ask me why staff are singing a song about “Intern Dreams” but apparently that is the case, hence the change in the headline. Carry on.

After being away for awhile, many you probably thought that I get on here and bitch and moan how awful it is to be back to grind with you all. It’s been quite the opposite experience actually, as we’ve learned that Adrienne is more than capable of getting people’s attention that inevitably result in emails being sent directly to me while it was widely known that I could be doing any number of things at the time, including A) watching someone’s Vespa go up in flames in London B) eating space cakes C) speaking to French women with a bad American accent D) watching a shockingly violent fight at Amsterdam’s Gay Pride Parade.

But nevermind all that. Cooler heads typically prevail around here so it’s nothing that couldn’t be handled. Plus, it nice to know that I can leave for a couple of weeks and the site doesn’t miss a beat.

But what really makes my life easy is coming back to emails pointing me to the EYConnects Facebook page where you can find this video:


As any long time reader of GC knows, Ernst & Young runs away with from the rest of the Big 4 when it comes to producing videos that border on hilarity. No need to look further than the masterpiece of “In a JIT” to the video from the Las Vegas office featuring an Elvis impersonator.

While “EY Dream” doesn’t feature legendary lyrics like “On a jet like Turley” mocking acronyms and well-rehearsed choreography wins points in our book. Still would have been funny to hear some self-deprecating lyrics related to Lehman Brothers. Oh well, we’ll keep waiting.

Feel free to leave your thoughts on this latest effort below.

The Greatest Farewell Email We’ve Seen…EVER

Subject: And When I Leave Come Together Like Butt Cheeks

You can figure out where this is going to go based on that alone, I’m sure.

Predictably, this email has been making the rounds since it was sent. If the OP was shocked it went viral in public accounting inboxes up until this point, wait until he sees it here. Names have been changed to protect the innocent, including the OP, who isn’t innocent at all but still deserves that. I think.

Hey Motherfuckers!

Guess who just got the fuck outta Dodge?! This guy! How many people had Craig Douchenozzlestein lasting until August 4, 2011 in the YMP pool?

But seriously, it is NOT easy to get out of these contracts. Im pretty sure it would have been easier to escape from Auschwitz th knew from the second week I start here that this wasn’t going to work out. I mean, working past 7pm cuts significantly into my drinking and foundling women time. So therefore, since October 28, 2008 when I was forced to work until 10pm on my fucking 23rd birthday, these wheels have been in motion.

I feel like it is probably appropriate to go over what got me to this point of release, in case anyone wants to take a similar approach and not have to pay back any tuition money and get a severance package.

The first breaking point for EY was during my staff 2 year when I lost an inventory count and the bitch of a senior manager WOULD NOT stop hassling me about it. Dude, I told you I lost it. No matter how many emails or sametimes you sent me, that sheet isn’t coming back. Get over it. Rose cried less when the Titanic sank. Needless to say, he personally wrote my review. Didn’t go over too well during roundtables.

The next “occurrence” happened in February 2009 during busy season. It was a Friday night and I was newly broken up with [the girlfriend] for the 24th time. That Saturday I had to work on [rando client] in the office because we just received their 10K. However, this was a minor inconvenience because 2 buddies from college were in town and I had a kitchen full of liquor waiting for them. During that night at the bars, I hit it off with one of the girls in our party and, as any guy knows, the first lay after a break up is as necessary as oxygen. So we leave to go back to my apartment only to realize I had given my buddy from college my keys so he could get in later. In a crime of passion and lack of forethought, I punched through our glass window to get into the lobby, only to realize the door to my apartment was still locked. Not letting this stop my teenage sex drive, we hopped a 30 minute cab to her place. The next morning I awoke at 11am realizing I should have been at work 2 hours ago. By the time I got to work it was 1pm, I reeked of booze and was bleeding all over the place because of my hand. AND I had forgotten my badge so called the senior manager to come let me in who greeted me with a “what the hell happened to you?” I also found out I had texted my senior the prior night while in the cab saying “Getting laid in West Randombury, Ill be at work ASAP” at 3am. Needless to say, my year end review mentioned something about “unprofessional” and “this is a career, not some part time job”

Those 2 situations resulted in me being held back for my staff 2 year. After that, there was not much anyone could do that would prevent me from doing what I wanted to do. I worked from home, ignored deadlines, and pretty much didn’t give a shit. I even made up some bullshit excuse that I was stuck travelling back from the Kentucky Derby in Pennsylvania during a 3/31 year-end just so I could catch up on the DVR I missed while away for the weekend.

The final straw that broke Camel Craig’s back resulted from a year-end job at the beginning of January. The Manager was a complete bitch and I spent most of my day exchanging texts with a girl I had met the prior weekend at the bar. She did not take kindly to this. But the breaking point for her was definitely when I didn’t show up til 2pm on that Friday because it was my roommates birthday the night before. Everyone knows Roommates birthday=Your Birthday, right?!?! That’s another thing that gets me about this place, everyone is so caught up in work they forget about enjoying life. Shit, life is so short (especially if you are a raging alcoholic) and is way too short to spend stressing over excel sheets all damn day. Every once in a while enjoy it! Take a sick day to go to the beach. Get hammered on your roommates birthday and come in late, have unprotected se…. well, maybe not too much enjoyment. But you get the message!

But I digress, I truly enjoyed my summers with you guys and the shit we got away with. I hope I was able to have a positive effect on your lives in some way, even if it was just “damn, at least Im not as bad as Craig . Did you see him lick the Backer pole last night?!” I hope you all keep in touch and wish you the best down the road.

If you guys are ever in the Random City area, Im always down to meet up. Just no rioting like we did when Joey and Dan were here.

One Love,

Craig

Good luck to you in your future endeavors, “Craig,” you’ll need it.

Please note, we’re pretty sure this guy is a one-off and not at all reflective of the overall quality of his colleagues. Therefore let’s reserve any judgments for Craig and Craig alone. Judge away, my darlings.

Can Someone Help This Guy Know What It Feels Like To Be Wanted?

I am pretty sure some of you have some sage advice for this poor lost little sheep who can’t seem to elbow his way into the Big 4.

I have a question. I go to a small college where I am an accounting major. I hold a high GPA, several internships, involved in campus activity and in the community and a member of a fraternity. I understand that your resume is not going to get you an interview with one of the big 4. However, since I do not attend a school that the big 4 recruit from I am not able to gain any face time. I cannot get the time of day from any recruiter because I am not in their “pipleline” and I am always told that they willl keep it for consideration come time to recruit in the fall. I have networked like crazy through alumni of my school, my fraternity, my friends, my church, and my community. I am always referred to the recruiter and then I am always told that I will be considered. If you can shed any advice on how to obtain an interview from the big 4 that does not recruit your school I would appreciate it. I am I just out of luck and should of went to a bigger university?

Ahem. “Should have gone to a bigger university” for starters. This particular OP also attached a resume which I obviously won’t share and didn’t even open. I didn’t need to. And I’m a no-CPA-having, pissed off blogger, imagine what Big 4 recruiters would think reading a submission like the one above.

When you say you’ve “networked,” what exactly does that mean? “Networking” with your fraternity usually doesn’t have anything to do with work, and unless you are a member of the St H&R Block congregation, I’m unclear as to how your church is helping you get in at the Big 4. It’s good that you are making the rounds to get advice and support on this but the best thing you can do is evaluate your own way of approaching this because something obviously isn’t working.

In any correspondence with the firm, double-check this list to make sure you aren’t making any of these. I wouldn’t dare say working at the Big 4 is like rocket science or that you need to write a perfectly-worded dissertation to get in but maybe your fraternity experience is better expressed in person than written. You’d probably do great at a recruiting event if you had the opportunity to go to one.

There is a back door you can take by attending other professional events to see if you can meet someone who knows someone that likes your __________ (knowledge; ability to be molded into whatever they need; desire to please people whose job it is to bullshit you into one more busy season) and get you in. I don’t think writing to these people is going to help you.

In short, your fast track to the “pipeline” is to make yourself marketable and desirable to these bloodthirsty sharks. Slit your wrists in the water if you have to knowwhatI’msayin.

In a followup email to the OP, I asked “How are you approaching these recruiters? ‘Hey I kinda want a job with you guys’ or ‘I have x to offer and will take y assrape in exchange for it’ ?”

“I am pretty assertive so I am probably approaching it the second way you mentioned it. I am not sure if I would want to stay forever but, I want the name on my resume and I am willing to put in the time while I am young and single,” he wrote. I’d have to see his communications with recruiters or HR shlubs to confirm if he is being explicit about the level of assrape he’s willing to endure and for how long.

They can smell it, you know.

Comp Watch ’11: A Detailed Explanation of Uncle Ernie’s Complicated “Metrics”

… and it promises that if you just stick around for 12 years, you could be an executive, director, partner or principal.

Warning: the propaganda is absolutely raging in this piece of HR gold, dive into it accordingly (and turn your head to be able to read it).

EY Curve

Comp Watch ’11: Deloitte Audit Comp Call Details Are In

Thanks to our tipster who spilled the dirty details just moments ago:

No specific salary increases or bonuses were addressed, as the call was high-level. But here are the approximate levels:

Raise and Bonus Percentages:

3-rated (average) – 7% salary increase, 5% bonus
2-rated (middle) – 8.5% salary increase, 7% bonus
1-rated (highest) – 10% salary increase, 10% bonus

Milestone promotions (senior, manager, senior manager) would be 3 to 5% on top of the salary increases above. No additional bonuses or raises for new managers.

As expected, Deloitte talked a bit about salary multipliers, but not nearly to the extent that PwC did in their presentation. Of note on this front are the fact that experienced audit seniors can expect to earn 1.3x their starting salaries, as opposed to 1.5x at PwC. Also notable is the Deloitte model is “total compensation” (salary + bonus + rewards received), whereas PwC’s structure appears to apply only to salary.

Deloitte Hedge Fund Adviser Threatens Soros Won’t Be the Last

When George Soros announced he was essentially shuttering Soros Fund Management and his infamous Quantum fund after almost a decade of declining new client money, you could almost hear the jaws drop around the world. But one person was not surprised: Ellen Schubert, chief adviser to Deloitte’s hedge fund practice.

“Soros won’t be the last,” Schubert told investment website AdvisorOne this week. “Hedge fund managers generally are very smart people who have usually enjoyed what they were doing.”

Earlier in the year, Schubert actually described Soros’ new strategy pretty well when she shared a new trend among startup hedge funds; bypassing clients that aren’t friends or family to avoid hitting the mandatory SEC registration requirement for funds managing a minimum of $150 million.

When Bloomberg told us Soros was out, they made Dodd-Frank sound like a dirty word writing “There’s a two-word explanation for closing what was once one of the world’s biggest hedge funds and consistently one of the best-performing — with returns of about 30 percent annually in its first 30 years: Dodd-Frank.”

How many more hedge fund managers will follow Soros’ lead? And how many of them could blame Dodd-Frank for their departures from other people’s money?

Soros’ fund was exempt from rules that require private investment advisers to register with the SEC but those exemptions will not be an option come March 2012. Which could or could not have something to do with Soros’ decision, though that’s doubtful given the fact this decision has been in the making since 2000.

Comp Watch ’11: Let’s Discuss the KPMG Comp Talks That Started Last Week

We’re really sorry for taking so long to get this in order, or rather, Caleb should be sorry because it happened on his watch but, in his defense, he was off in the UK kissing up to the people who actually own this website and therefore technically make sure our checks are signed every month. So we’ll give him a pass. I’m sure ignoring KPMG compensation had absolutely nothing to do with any residual feelings he may have for the firm he once called home.

Anyway, we got word last week that some more KPMG comp talks started some time last week (OK, so they started last Monday) and apparently they are making all those fools at Uncle Ernie’s look pretty lame with their 11 percents.

We have it on good authority that, at least for our audit staff tipster, last week’s comp talks were probably going to bring news somewhere in the 16% range or thereabouts.

Well great, that’s not very helpful at this point, is it? We’ll have to badger our tipster incessantly to see how that worked out (we never heard further so maybe they took that 16.4%, bought a bunch of gold and ran off to Sri Lanka) but if any of you KPMGers have good news to share, please let it launch below.

As always, it’s extra helpful if you A) avoid commenting with your full name so the partners don’t get their Depends in a bunch over you blabbing your salary all over the Internet and B) include where you are, what service line you are in and any bonus.

Earlier: (UPDATE) Comp Watch ‘11: Early Returns Are in at KPMG

KPMG Global Plans to Hire 75,000 New Grads Over The Next Three Years, But Not Here

And they decided this information was so important that they had to send out a press release telling everyone about it.

KPMG’s member firms will hire approximately 75,000 campus graduates worldwide over the next three years, representing a 25 percent increase in the firm’s historical on-campus resourcing target.

The global member firm network has identified a need to hire approximately 250,000 new hires over the next five years and graduate recruitment plays an essential role in meeting the firm’s long term global growth strategy. New hires will be integrated into all of KPMG’s functional areas – Audit, Tax, and Advisory, and Internal Firm Services.

“While KPMG’s firms plan to hire a large number of new graduate employees, it’s important to note that our focus is about more than simply high volumes – it’s about recruiting top talent to drive our growth now and into the future,” said Alim Dhanji, KPMG’s Global Head of Resourcing, KPMG International. “To attract the best, we offer new graduates the opportunity to work alongside talented professionals in 150 countries, solving complex client issues and making a difference to some of the world’s most prestigious organizations.”

Don’t get all hot and bothered about this one, sophomores and juniors, it looks like a large chunk of KPMG’s new “top talent” pool will be out in the Asian Pacific. They call the region “one of KPMG’s strongest performing regions” and “a pillar within the firm’s global strategy.” Uh huh.

Remember, the economy doesn’t suck everywhere around the world.

“Globally, we are seeing a revitalized labor market, with students seeking international work experience, which we’re able to deliver on,” says Dhanji. “The competition for top talent is fierce. To attract the best, we offer programs that place students at the heart of our business to fully develop their global mindset, which will in turn enable them to realize their full potential and help us to deliver on our business goals.”