We’ve heard some rumors that all the firms are giving serious consideration to freezing pay this year and possibly pay cuts in the Northeast and Mid-Atlantic regions. This would follow the Radio Station rumors that we mentioned last week.
Top performers and promotees, determined by God knows how, may be getting bumps but we haven’t heard anything definite. If you’ve got some deets or just more rumors, shoot us an email to tips@goingconcern.com.
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What Say You? Are Early Promotions a Crock?
It’s about the time of year where the Big 4 start announcing promotions and with promotions come the inevitable debate about who got promoted, who didn’t, hating on some, congratulating others, and ugly debates over those that were promoted early.
Early or skip promotions are never short on controversy. As one source put it “[early promotions] are completely arbitrary and situational, merit generally doesn’t play into it”.
The claim will often be made that someone needs to fill an empty role on a team. Sometimes it is a purely bullshit political situation and there have even been cases where older associates are promoted early based on their age and other work experience regardless of their performance with the current firm.
In one case, another source told us about an associate that was promoted to manager in three years (i.e. promoted early twice) but it was pretty clear to the most of team (i.e. staff) that the person was hardly ready for the pressures and responsibilities of being a manager.
The other side of this debate are the professionals that are actually performing at a high enough level to warrant the early promotion (no, really). Granted the situation has to arise where the individual has the opportunity to take on greater responsibility and thus proves him or herself but if someone does step up (read: working 24/7) to the plate on several occasions, maybe the promotion is warranted.
Because of the hierarchal nature of accounting firms, this may not even be an issue in your office but it does happen with freakish regularity at other offices. Let’s us know what your office has done in the past and what is going on this summer now that were in swing of promotion season. Feel free to discuss in the comments or email us your inside info to tips@goingconcern.com.
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Your Nominations for ‘Accountants of the Decade’ Are Now Being Accepted
Friends, you may not be aware of it but the current decade is closing fast. This means several things, a few of which are worth mentioning here: 1) Many of you will embark on this new decade inching ever closer to your first mid-life crisis 2) Many of you will enter a new decade and still not have your CPA despite posing as one for the last 3 – 5 years. 3) Ubiquitous “[insert anything here] of the decade” lists.
Now you may also be aware how we here at GC feel about lists. Not typically a fan. However, considering the historical significance of the end of the ‘0Xs (what the hell is this decade called?) and the fact that we don’t feel like working too hard today, we will now request your nominations for the “Accountants of the Decade”.
We’re looking for those CFOs, CPAs, etc. etc. that defined the decade for you, for better for worse. One possible nom is the man you see pictured here, the oddly stunning yet diabolical Andy Fastow. If you’re not familiar with AF, then please slap yourself.
A few things: 1) No obscure nominations. Your Intermediate Accounting Prof who was constantly eating star mints and wore warmup pants to class doesn’t count. Celebrity CPA Review instructors, on the other hand, are acceptable. 2) CFOs in form but not in substance are acceptable (e.g. Erin Callan). 3) Don’t blow this off. It’s important.
So fire away, and feel free to make an argument. If you’ve got a favorite picture with your nomination, kindly pass it along and we’ll include it if we end up putting this to a vote. We’ve got less than three weeks until the ball drops so get on it.