Category: PwC

Compensation Watch ’10: PwC Starts Spreading the News in New York

It’s raining bonuses and raises over at PricewaterhouseCoopers these days. Unfortunately, all I’m seeing are news tips (monetary tips or buybacks at the bar are always appreciated). All of my sources are from the NYC office, so if you’re elsewhere in the country, please share your numbers in the comments below. Here’s what we know so far:


• Advisory/Consulting senior associate received a raise north of 18.5%. No, that is not a typo. So in the advisory practice it’s safe to assume the spread is 0% to 19% for raises this year, with the average being about 6% as reported by Caleb earlier.

• A recently promoted associate to senior associate in advisory received a 10.5% raise and a $3,000 bonus.

• Tax bonuses are being handed out now as well. Size matters in this instance, people. Cough up the details below.

This indicates that resources are being spent on what is being determined to be the right people in the right practices. Average performers should expect to receive 4-6% and take it to the bank.

Audit people, what are your numbers looking like? Email us or post your comments below. Practice/office/level are always appreciated

Thanks to everyone that is sharing information. Enjoy the weekend.

PwC Will Be There for You When Your Gridiron Dreams Come to an Abrupt Halt

PricewaterhouseCoopers understands that their employees have big dreams. But if those dreams come crashing down into a heap of flaming shit on the doorstep of your life that they’ll be there for you when you have nowhere else to turn.

Case-in-point, Danny Brannagan is a football player. A Canadian football player. And he has a dream to play in the CFL for the Toronto Argonauts. He also has an opportunity to realize his dream to become an auditor for a Big 4 firm but PwC is accommodating his desire to be a tackling dummy until his knees need replaced:

[PricewaterhouseCoopers] is willing to wait while the young quarterback sees how far his skills can take him in the Canadian Football League.

“They (PricewaterhouseCoopers) understand I have a limited window to participate at a high level in sports and they told me to take advantage of that,” the Queen’s graduate said on Wednesday.

Brannagan will get to experience the life of a CFL quarterback while on the practice roster, but more importantly continue to develop the skills that helped him take Queen’s all the way to a CIS title in 2009.

“It will give me an opportunity to learn and develop as a quarterback, get used to the system and get used to the professional aspect of the game,” he said.

Brannagan will be paid the handsome sum of $500 a week while on the practice roster, which is undoubtedly less than he would be making at PricewaterhouseCoopers, even at an entry-level position.

“I don’t know if it’s a sacrifice, necessarily,” Brannagan said.

“PricewaterhouseCoopers has been very accommodating. They have allowed to me to have a flexible start date there. I don’t necessarily look at it as giving something up as much as I’m postponing a career after football.”

Argonauts head coach Jim Barker was thrilled to be able to accommodate Brannagan on the practice roster.

“It’s a lot better than working for an accounting firm,” he said half-jokingly.

$500 a week to get crushed by the defensive starters? Picking up the starting QB’s leftovers (if you catch my drift)? Get snapped on the ass by a linebacker’s towel who may want to get to know him a little better in the shower? These are the things dreams are made of.

Fortunately for Dan-o, PwC has elevators in its offices because he probably isn’t going to be able to walk up stairs after his “football career” is over.

Plus, the nerve of this coach. There was no half-joking there. He was dead serious. Would the Argonauts be there for Danny if he was part of the next round of PwC layoffs? Not likley.

PwC Is Making Your Dream of a Rotation to Rwanda Possible

PricewaterhouseCoopers is opening a field office in Rwanda, thus bringing the glorious PwC Experience to the African nation that has likely never known it. This means one more opportunity for anyone interested in an international rotation to country that barely qualifies as such.


Although this isn’t quite as adventurous as working the Somali engagement that the firm won last year (no pirates in Rwanda after all) but it’s nice to know that you have one more option on the continent.

The daily comings and goings still seem to be dicey enough to keep things interesting although authorities seem to be giving Americans fair warning. S’pose that’s the most you can ask for except the second you explain what an accountant does, they’ll assume you have money and you’ll get shaken down.

PwC’s “White Male Strategy” Is Working Out Pretty Well

According to a recent post on Fast Company, some people say that discussing diversity is dead. Barry Salzberg doesn’t buy that for a second.

And neither does PricewaterhouseCoopers. They and the rest of the Big 4 are all over this diversity thing, strategically placed fliers around the office, the constant barrage of emails and the training. Thank the Maker for the diversity training. However, we did note something that is part of the diversity strategy that probably has better intentions than it sounds:

One of those people I interviewed is Niloufar Molavi, who is the U.S. Chief Diversity Officer for PwC (PriceWaterhouseCoopers.) She is very proud of the diversity and inclusion work of PwC. When I asked Niloufar which of their programs, policies or processes were the most innovative, she said, “At PwC we’re proud of all our diversity efforts, but if I had to choose one to highlight, it would be our white male strategy. Men comprise over half our firm and it’s critical to engage them in the dialogue about inclusion.”

Diversity Is Dead? Not According to PwC [Fast Company]

(UPDATE) Apparently You Can Also Be Too Hot to Work at PwC

~ Update includes statement from PricewaterhouseCoopers spokesman

By now you’ve probably heard about Debrahlee Lorenzana, who was claiming that being an über-hottie caused her to get fired from her job at Citi.

The Big 4, having its share of hotties, now is facing allegations of its own discriminatory behavior. We were sent the following email that has been making the rounds at PwC about a young associate who was shown the door last Friday. Bravely, the author of the email included her name and phone number, which we’ve redacted:

I have been following the story about the banker in NYC who was fired for her “appearance”. I was just fired today [June 11th] froerhouseCoopers. I am a graduate of Lehigh University, I have been with the firm since September 2009. I would like to think I am competent enough to hold a job – I recently studied 8 hours for a CPA exam and passed. A test that I have watched my peers struggle with – studying for months and failing multiple times. I have 3 of 4 CPA exams completed, and I am 3-3 in my testing.

Anyway, I was placed on an engagement with an all-male team and one female partner. I was given a poor review on this engagement, however, my work received glowing reviews. On all my other teams I have gotten feedback that I am a pleasure to work with, intelligent, hard-working etc.etc. Per my performance review, they noted that the reason I performed below expectation was because I had a negative attitude with my team and the other piece of feedback I received, from this female partner, is that I was dressed inappropriately because I didn’t wear tights with my skirts in the winter. This is during a time we lived out of a hotel, working from 9am-4am, 7 days a week, and the last thing on anyone’s mind is clothes. I am a 22 year old girl, and I definitely do not “look the part” of an accountant. While on my team with all males, I received constant harassment about how I should “sleep with the senior manager (who was very disliked) to make him cooler” or “you have to go talk to the client cause you are hot”. My mentor from the firm was on my team as well, and every day would comment on my appearance, such as, “Did you lose weight? You look good” or “Your legs look fabulous today”. I was also told that my senior on the team was “in-love with me” and that I should “hook-up with him”. During this period I had a boyfriend whom I expressed my deep deep frustration on this with. Since my employment at the firm, I have been constantly harassed by the partner who hired me. I received such e-mails as, “I am home alone in my hot tub, you should come” or text messages like “So what color underwear are you wearing?” which, I kept my mouth shut about. Keep in mind this individual is married, with kids. Eventually I went to HR when I received my performance review because obviously there was a major disconnect. Of course, they “fully investigated” with the team of all males, and today I was told that I was fired, for under-performance. I was denied a copy of my performance reviews (which as our review policy goes – are given back to each individual at the firm). I inquired as to whether HR had spoken to other individuals I had worked with, and they told me “it was irrelevant” and that my review was contingent only upon “this one engagement (as referred to above)”. Bear in mind that I have worked on 5 other clients since September 2009, and these reviews were thrown to the wayside.

I have been following the story in the news about the woman banker fired in NYC, and have received multiple comments from my co-workers such as, “I can see them doing this to you” or “this is probably why the female partner doesn’t like you – cause you are hot”. Obviously, there seems to be an underlying theme here.

I graduated with a 3.4 from Lehigh, majoring in Accounting and minoring in writing. I got a 1410 on my SAT’s, a near perfect split of 710 Verbal and 700 Math. Throughout my life, the one thing I was sure of was my ability to compete intelligence-wise with my peers, and often exceed far above. So you can understand my extreme confusion and frustration that I could be capable of under-performing, at a firm, where there is documented proof on paper I perform well above my peer group.

So I come to you, whomever may be concerned, as this is an issue I am bringing to light and will hire an attorney for. I was wrongfully terminated – without a fair reason. I have saved all of my work performed while at PwC to provide as evidence of comparison with my peers. If this type of story strikes interest with anyone over at the NYT, I am more than happy to share more information. Like they say, Big Fours are “slave-drivers”, and yet again, they perpetuate this image.

I can be reached by telephone at [redacted]. I live in Stamford, CT and worked on clients from NYC to NJ to CT. Thank you for taking the time to read this – I am a bit flustered still from today’s events, but find no better way to vent than by writing.

SO! That’s a lot to digest. Being a fan of fantastic gams (who isn’t, amiright?) is one thing but verbalizing it in the middle of internal controls testwork is entirely another. That being said, a text requesting the hue of undies is whole other level of awkward.

Our calls, emails, telegrams, and messages by carrier pigeon to PwC have not been returned.

UDPATE: PwC spokesman Jon Stoner provided us with the following statement:

As a matter of policy and practice, PricewaterhouseCoopers is fully committed to maintaining a workplace free of sexual harassment. We take any complaints about sexual harassment seriously, and investigate any such claim thoroughly and confidentially. That is exactly what we did in this case, and we did not find any basis to the allegations.

PwC Needs a Few Good Accounants…Average Accountants Will Do Fine Too

We had little intention of hitting the Big 4 Superfecta today but sometimes that’s how the workpapers shred, amiright?

Back in April, Ernst & Young put its people on a mission to find friends, enemies, jilted lovers, basically anyone that you’ve ever met, and refer them to E&Y.

Well now PricewaterhouseCoopers is getting on this action, as a source tells us that assurance and advisory needs bodies ASAP and Bob Moritz is encouraging you to get out there and start tricking telling people that they should join the 24/7 disco dance party that is the P. Dubs experience. And just in case your pure unadulterated love for PwC isn’t enough, TPTB are bumping up the referral bonuses:

Bring a friend to the firm

I want you to know that your leadership team recognizes how this phenomena is affecting many of you, and we’re working on ways to help better distribute that workload. One way is by increasing our efforts around talent acquisition, both in terms of getting it done faster and finding new and improved ways of sourcing talent. By increasing our staffing levels, we hope to lighten up the pressure you’re feeling and better spread the work around. We already know one of the best ways to attract new talent is to tap into your personal and professional networks, and we want to make it worth your while. That’s why we’re increasing our employee referral bonuses for client service positions between now and September 30th.

Click here to go to our career site, see our open positions and read more about how our enhanced referral bonus program works. We also want to increase the level of excitement, fun and passion around the firm. You’ll be hearing from me soon about some interesting ideas we plan to implement, as well as from your market leaders and/or functional and vertical leaders about local Pulse results and ways we plan to address them.

Whoa! “Increase the level of excitement, fun and passion around the firm”? Any ideas on what this could possibly be? We’ll get things rolling:

A) Hug a new partner day.

B) Sending the interns on wild goose chases.

C) Brainstorming sessions on how to poach some partners from E&Y.

D) Two words: Undies only.

E) Your ideas…

PwC May Have Overlooked Billions in Illegal JP Morgan Transactions. Oopsie.

Now £15.7 billion may not seem like much to you if you are, say, Bill Gates or Ben Bernanke but for PwC UK, it may be the magic number that gets them into a whole steaming shitpile of trouble.

UK regulators allege that from 2002 – 2009, PwC client JP Morgan shuffled client money from its futures and options business into its own accounts, which is obviously illegal. Whether or not JP Morgan played with client money illegally is not the issue here, the issue is: will PwC be liable for signing off on JPM’s activities and failing to catch such significant shenanigans in a timely manner?


PwC did not simply audit the firm, they were hired to provide annual client reports that certified client money was safe in the event of a problem with the bank. Obviously that wasn’t the case.

The Financial Reporting Council and the Institute of Chartered Accountants of England are investigating the matter, and the Financial Services Authority has already fined P-dubs £33.3 million for co-mingling client money and bank money. That’s $48.8 million in Dirty Fed Notes if you are playing along at home.

Good luck with that, PwC. We genuinely mean that.

Inquiries mount after PwC ‘failed to notice’ mistakes [Times UK]

PwC’s Ian Powell Will Have You Know That His Firm Is Turning Away Millions in Business in the Name of Independence

It could be argued that the Big 4 is on some thin ice re: independence by trying to grow their advisory businesses. But hey, can you blame them? The audit and tax service lines alone can’t keep the lights on of a multi-billion dollar firm (but not really one firm, it’s actually a network of firms that operate under a single name, JSYK).

And besides, if you were to ask Ian Powell, the UK Chair of PwC, he’d tell you that they have to beat off clients with a stick that want that PwC experience all over them. But you know what? Independence is far too crucial tenant of the business to be jeopardized by some overeager clients that are throwing a few million clams at P. Dubs. THEY. DON’T. NEED. IT.


Mr Powell put down his binoculars to give an interview to the Financial Times where the “affable and youthful-looking” Chair dispelled any idea that the consulting business posed any risk to PwC losing its independence merit badge:

Mr Powell thinks the traditional skills of consulting can still have great value, such as in “sourcing, outsourcing, supply chain and workforce efficiency” – areas PwC has been investing in – “that can demonstrate a short term payback”.

Here again he faces controversy – persistent claims since the collapse of Enron that the Big Four’s growing consulting practices could affect their audit independence.

He responds: “We will not take on any assignment that we believe either will bring us into any independence issue, but even more so would bring us into any perceived independence issue – so we turn away millions and millions of pounds worth of business each year.”

PwC boss seeks debate on regulation [FT]

Promotion Watch ’10: PwC Admits 83 New Partners

[caption id="attachment_12392" align="alignright" width="260" caption="83 pairs of undies just like ours!"][/caption]

Is it a complete coincidence that it’s National Donut Day?

Besides complimentary undies any thoughts as to what comes in the gift bags? We called Pricew�������������������� folks to find out but so far there’s no word.

But we did hear there’s a little party going down at 300 Madison circa now to introduce the new partners. If there are tears, fist fights, or old partners icing new partners, get in touch with the details (and pics).


First a word from TPTB:

It is with great pleasure that I share the names of the 83 individuals who are being admitted into the PwC partnership as a result of our internal admissions process on July 1, 2010, along with the names of the partners who are retiring from the firm on June 30.

The level of talent in this year’s class of new partners is tremendous and gives me great confidence in our ability to create value for our clients and continue to invest in and develop our people in even more meaningful ways. For those of you who know some of these outstanding professionals personally, you know that they are on this list for good reason. While they have individual talents, skills and experiences, they all share certain qualities. These include a passion for serving clients, a relentless focus on quality, a talent for coaching and mentoring, and the ability to add value to every interaction among our various stakeholders — all while helping grow our business and leading our firm into the future. In addition to their cumulative credentials, two-thirds have worked in more than one office, about a third have changed roles or line of service, and close to a third have done an international tour or have spent significant time overseas. These statistics emphasize that high performers are open to change and willingly step out of their comfort zones.

At this time of the year, we not only say congratulations to our new partner class, but we also say thanks to those moving from being an active partner to a retired partner. This group of partners has collectively contributed to the success and overall brand of our firm. It’s difficult to acknowledge them as a group, as each of these partners has made unique contributions and leaves behind a distinct legacy. I’m proud to say I know many of them personally, and I have learned a great deal from them. Many have been excellent at serving our clients and have been exceptional coaches, mentors and role models for our future leaders. Overall, during their careers at PwC they have made a noticeable difference — for our clients, for our people, for our communities, and for one another.

Refreshing our partnership with new talent each year is one way we continue to drive innovation and a fresh perspective on our business. I think it’s appropriate to celebrate the contributions and legacy of our retiring partners as we welcome a new class of partners to take that legacy and shape it into something inspiring and new. Please join me in wishing our retiring colleagues and friends much success and happiness as they begin the next phase in their journey, and in celebrating our new partners and wishing them ongoing success as they help support the firm’s goal of being the #1 professional services firm!

Here’s a brief breakdown by service:

Assurance – 32
Tax – 40
Advisory – 11

And by city:

Denver – 1; Philly – 3; Houston – 7; Moscow – 1; DC Metro – 4; Florham Park – 6; Minneapolis – 2; Detroit – 3; Hartford – 2; Boston – 5; NYC – 12; Chicago – 7; Tokyo – 3; St. Louis – 1; Baltimore – 1; Indy – 1; Columbus – 1; Pittsburgh – 1; Raleigh – 1; Cleveland – 1; San Jose – 6; Atlanta – 3; Stamford – 2; San Fran – 2; L.A. – 1; Dallas – 3; San Juan – 1; Washington, DC – 1

Congrats to all the new partners!

PwC, Ernst & Young Building Defenses Against Each Other’s Spies, Peeping Toms

Ernst & Young had a nice little buffer zone from the other Big 4 in their London office until PricewaterhouseCoopers decided they’d set up camp next door and now the two firms are strategerizing.

P. Dubs is finishing up the construction on their new digs and the Telegraph reports that “At their closest point the two offices are roughly 10 [meters] apart.” This proximity (not to mention the obnoxious tendency of Big 4 types to be competitive just for the sake of being competitive) has apparently led to rampant paranoia at the two firms about spying.


Getting up in E&Y’s shit seems to be bean counting as usual at PwC, as this latest move more or less correlates with the alleged poaching of 20 E&Y partners in the Middle East.

The Telegraph is insinuating hilarious war-esque undertones, saying, “First blood in the battle has gone to PwC with the installation of blinds that close automatically whenever audio-visual presentation equipment is switched on and an office layout that ensures no computer screens face windows.” The obvious concern being that PwC’s secret “we provide the absolute best client service” plan would be imitated by E&Y, which would mean an all-out war.

However, the real concern should be voyeurs scoping out the office sexcapades. As we’ve mused in the past, the odds of fornication for accountants are slim as it is and work relationships are a convenient option. With this development, some E&Y and PwC minions will be denied the opportunity for office sex. This is not as much of a problem for the exhibitionists at the firm, however, that cross section is likely small.

E&Y is reportedly “evaluating a number of options,” to combat P. Dubs’ tactics, which may or may not include the following:

A) A group mooning that will involve the most portly E&Y employees.

B) Placing inflatable bozos in the windows.

C) Draping the entire building with a photo of Susan Boyle in Beckham’s PwC undies.

D) Your idea.

Blackout curtains beckon as accountancy rivals find themselves too close for comfort [Telegraph]

PricewaterhouseCoopers Suggests You Put Your Money on Brazil to Win the World Cup

Leave it to an accounting firm to make a conservative pick on the biggest sporting event in the world. The firm tries to make the point that wealthy countries do not outperform poorer ones in the football tournament. The most poignant (and blatantly obvious) example being that the United States sucks and Brazil is a heavyweight:

“The US football team performs well below expectations based on the size of its economy or population relative, for example, to Brazil. This reflects the ascendency of football in Brazil as contrasted to the greater popularity of sports such as American football and baseball in the US.”


However, P. Dubs manages to give England a fighting chance, “England seems a reasonable bet to reach the quarter finals based on its current FIFA world ranking and past World Cup performance, but it will do well to get beyond that point – which it has never done before when playing outside Europe.” That’s especially shocking since the firm has a vested interest in at least one English lad.

But as we mentioned at the outset, P. Dubs suggests the safe money is on Brazil, “Brazil remains the favourite to lift the World Cup this summer as the number one ranked footballing nation and the only country that has won the tournament outside its home region.” If you want some sweet action, take the home team.

Power v passion: Wealth comes second to location and tradition when projecting World Cup winners [PwC]