When accounting goes unaccounted for
We kid, we kid. Obviously this was up prior to this year’s “Rank the Hotties 2010” email got loose as the old logo still lives on in Minneapolis.
Which begs the question, did the Twin Cities not get the memo on the launch? We don’t know if there is an internal disciplinary action for this sort of non-compliance but it does demonstrate a shocking lack of attention to detail.
The cards are usually stacked against former Big 4 employees who take one of the […]
It’s a slow day out there*, this first day back from Memorial Weekend so perhaps I’m making a mountain out of a molehill here but it seems that PwC might be stretching the definition of assurance services. Based on various obscure reports, the firm fka PricewaterhouseCoopers has been engaged by Tourism Development ‘&’ Investment Company (“TDIC”) “to monitor its contractors’ and subcontractors’ performance in the area of worker welfare on Saadiyat.”
“Saadiyat” is Saadiyat Island, a “mixed commercial, residential, and leisure project […] expected to be completed in 2020,” according to Wikipedia. This sort of project of course needs manpower, so presumably there will be plethora of construction workers coming from various parts of the world to earn some scratch. Anyhoo, it’s no secret that labor comes cheap in the Middle East and the treatment of workers isn’t the best. In an effort to get those pesky human rights types off their backs, TDIC has called on the most prestigious professional services firm in the world to assure everyone that worker welfare is just fine and dandy and there’s no cause for concern that these workers are living in squalor and being treated like stray dogs:
In stringently monitoring compliance, PwC will report to TDIC on key aspects of worker welfare, including holding of personal documents, illegal recruitment fees, payment of wages, health and safety, and working and living conditions. The results of the audit reports will be released in a comprehensive report to the public on an annual basis. During the reporting cycles, PwC will conduct formal and informal interviews with construction workers in their own language, as well as with the Contractors’ and Sub-Contractors. In gathering facts and reporting their findings, PwC will conduct scheduled and surprise site visits to check contractors’ compliance. They will also be conducting site visits to assess the living and working conditions of the workers.
Considering the fact that Abu Dhabi has an average temperature of 88 degrees Fahrenheit, it’s safe to assume that those “site visits” will be an interesting experience.
PwC to monitor Saadiyat Island contractors’ performance in area of worker welfare [WAM]
*Unless you’re glued to the train wreck in Columbus.
If you haven’t already, please read Adrienne’s post on submitting questions to the site. I applaud her for hitting every damn nail on the head, and I want to echo her bottom line: we love hearing from you; the advice columns keep this place buzzing; but please check to see if we answered your question last week. I’d also like to add that the details you can provide (practice lines, office location, level, etc.) make it easier for us to offer more precise feedback. Keep ‘em coming.
In the meantime, consider this post as Example A as to what will happen when a lazy ass individual seeks advice they can find right under their noses. With this tried to find some shred of a question to answer, but instead I found myself screaming at my monitor. If this is the product of Helicopter Parenting, we as a society are screwed. Nevertheless, we’ll get right to it:
Hey GC, how’s it going? I am writing about making a decision between EY’s FSO practice and their TAS practice. Right now there is a lot of squawk about PWC’s FSR and EY’s FSO practices. These are both very hot topics and I believe relevant to readers, as seen after the EY FSO Assurance article [this one].
First off, you’re making a decision between two different options at EY, yet refer to the “hot topic” of PwC’s FSR practice (Financial Instruments, Structured Products and Real Estate). Let’s spell out some definitions for people here who are not familiar:
1. EY FSO – Not a practice but rather a term that stands for Financial Services Office. Per their website (which I Googled like any child can do) EY’s FSO practice includes all three lines of business: assurance, tax, and advisory. It’s a go-to-market philosophy/marketing strategy/organizational hierarchy more than anything else. Go to the website to learn more, if you’re so inclined.
2. EY TAS – Transaction Advisory Services – an advisory practice by name, includes a variety of services (due diligence, restructuring, valuation, etc.). Without splitting hairs here, a TAS associate will work on FSO clients (e.g. valuing insurance claims at AIG). Said associate could also work on a transaction involving a factory in Topeka, Kansas.
3. PwC FSR – Most closely related to EY TAS as it would fall under TAS if it were at EY. But it’s not. It’s at PwC, where you don’t have an offer. Again, not relevant.
Many students have accepted or are contemplating offers from the big 4, and there are rumors circulating that FSR and FSO employees work banker hours and get paid like consultants.
You are clearly new to public accounting, Going Concern, and the world in general. Get paid like consultants? WTF does that even mean? And for the love of God, you’re not working at PwC. Stop talking about it. Note: At this point the contributor goes on with a list of questions; my feedback at the bottom.
I am having trouble making a decision between TAS and FSO. For staff one’s in NYC, total year one compensation with salary and signing bonus is between 60-70 thousand on average. Not bad, but with what kind of hours?
On the other hand, TAS year one salary is about 55k, no bonus. What type of hours can be expected? Being that all new hires in EY FSO start in BAP [link for those playing at home], a 4 year rotational program, does good old uncle Ernie just rotate their staff through busy season after busy season? How much travel can be expected in NYC, aren’t most financial clients located in the city? FSO and FSR new hires are earning on average about 10k more than their audit and TAS counterparts. If the hours are comparable to these service lines, why so much more money? If the hours are much longer in FSO, does the staff ever receive a bonus? There must be a hitch…
Readers should note: This contributor happened to email us from a company email address of a flailing/failing/going-down-in-flames investment bank and – in this writer’s opinion – should be thankful to have ANY job at ANY Big4 firm. Turns out this person has already worked at EY during a previous (and VERY recent) internship and assumedly had ample time/networks/professionals/resources/access to the Internet to answer the above asinine questions.
The hitch is that you don’t have an offer from PwC, so drop the comparison. It’s like comparing my ideal commute to work (jet pack, duh) to the one I currently have (6 train, running with delays). Comparing a PwC FSR offer to an EY TAS offer would at least be a bit more relevant.
I’m going to ignore all questions about busy season hours/travel because you should have asked them while going through the interview process. After all, that’s the point of the interview process. I’m also going to point out that your statement that, “FSO and FSR new hires are earning on average about 10k more than their audit and TAS counterparts” is wrong on many levels. First, FSO includes auditors. Second, new hires within FSO make different salaries (tax hires make XYZ, auditors makes ABC, etc.). Finally, STOP COMPARING EVERYTHING TO PwC’s FSR PRACTICE.
What you do have:
1. An offer in EY FSO: What group? I don’t have a f*cking clue, and you never told us.
2. An offer in EY TAS: Which sub-group? There are six spelled out on the company website.
So, back to one the question in your email that hasn’t been answered at GC a thousand times before:
Hey GC, how’s it going?
Overworked and underpaid. Ring a bell? Take a number.
Bottom line: read through EY’s website to understand their practice lines and acronyms, something you should have done before emailing us. Also, consider taking a job in a “safer” practice…because the last time we had record Black Friday sales was November 2008…and we all know that the house was on fire then…