Tag: Big 4

HELP! I Hate My Big 4 Job Part XLVIII

Welcome to the National Hugging Day edition of Accounting Career Emergencies. In today’s edition, someone is miserable at a Big 4 firm. AGAIN. Perhaps it’s been awhile since we’ve covered this, so we’ll make another run at it.

Need some advice on a busy season take-out routine? Worried that a client’s strange penchant for ginormous vehicles could be a Ponz? Having trouble coming up with a superhero name? Email u:advice@goingconcern.com”>advice@goingconcern.com and we’ll help you avoid something that involves a flying mammal.

Back to our accountant who really needs a hug:

I started with a Big Four firm a little over a year ago. When I accepted the offer pay was a HUGE concern for me. I took an over $20k/year pay cut to accept a “campus hire” position with a firm when I had six years of accounting experience under my belt (I worked my way up from clerk to manager in the years before joining the firm). At that time they weren’t even considering people with non-public accounting experience for experienced hire positions. I was wrapping up my 150 units (even though I am in a 120 unit state) and figured the experience would be worth it so I could get certified and bounce to somewhere that would pay me appropriately.

Unfortunately, I’m now a second year staffer who is expected to work more than my peers- because “I can handle it.” I haven’t had time to study or sit for a single CPA exam and no one seems to care aside from telling me I won’t get promoted until they’re all done. I requested a lighter workload during the summer so I could study but was turned down, sent on an extended out of town engagement with very long hours and then scheduled on another out of town engagement for the one week my boyfriend was supposed to be in town for work. I feel like I am giving up my entire life for a job that doesn’t even care about me.

I’ve tried multiple times to tell the firm about my concerns and am always shut down. It’s not like I hate the job- I actually like it- I just can’t stand feeling overlooked at best and mistreated at worst. I am burnt out and just wish that this job was more in line with my goals. I’m probably not going to quit during busy season because I cannot imagine doing that to the people I’ve come to care about- those whom I actually work with- but I probably won’t be there in the summer if something doesn’t dramatically change.

I feel lost, like I don’t know what else I can do and like I will go apeshit and quit the day the external binder for my client is turned in. I wish it weren’t the case and don’t know if you have any other suggestions for me at this point. Can you think of anything I can do to save my career and my sanity?

Dear I need a hug,

Your email was ridiculously long, so you’ll note we edited some things out that we found to be less important. We’ll channel a certain Irish talking head to any would-be advice seekers – keep it pithy. If not, expect your message to ignored or edited until it’s a manageable length. You want a full session? Get a therapist.

Now, then. You took a risk. A good risk in our opinion but a risk nonetheless and now it sounds like things haven’t panned out the way you hoped. It sounds like you’ve taken many different approaches to address the problem but ultimately it’s falling on deaf ears and now you feel like it’s affecting your life in an extremely negative way. We would suggest leaving ASAP for your own mental health but since quitting right this second (even though others are doing it) doesn’t sound like something you’re interested in doing, we suggest that you at the very least get the ball rolling. Call up some reputable recruiters in your city and explain your situation. They’ll take a look at your experience and will hopefully be able to give you an opinion on your experience to date and some good options for employment post busy season.

Honestly, you sounds miserable, so we encourage you to get out fast but be mindful to find a job that will meet your work-life needs and is “more in line with [your] goals,” to use your own words. It sounds like you’ve already made up your mind that you’ll quit after busy season but there are some things you can do now so that you’ll have something to look forward to rather than going apeshit. Hang in there and good luck.

Suing Big 4 Auditors Hasn’t Gone as Well as Investors Hoped

Sure, there are settlements here and there but not the big KA-CHING! investors are looking for.

Lawsuits have been dismissed against Deloitte & Touche over its audits of mortgage financier Fannie Mae, as well as a case against PricewaterhouseCoopers accusing it of helping hide risks at insurer American International Group. KPMG settled a lawsuit stemming from its audits of mortgage lender Countrywide Financial Corp, now part of Bank of America, for a relatively modest amount. “Every time somebody comes up with a new fraudulent scheme, auditors miss it,” said Andrea Kim, a partner at law firm Diamond McCarthy LLP in Houston who represents plaintiffs in auditor lawsuits. “The historical pattern is that they find a way to manage the litigation to limit their liability.”

Analysis: Big wins elude investors in auditor lawsuits [Reuters]

Despite the “Horror Stories,” an Eight-year Tax Vet Wants to Know How to Jump to the Big 4

Welcome to a special Thursday the Thirteenth edition of Accounting Career Emergencies. In today’s edition, a tax veteran who has spent their career working in smaller firms is looking to make a move to a Big 4 firm since they “can be even more flexible with schedules.” The problem is, our aspirant is having trouble getting any of the firms’ attention.

Want to know if you’re stuck in a dead-end job? Looking for some good press? Need help writing a farewell email? Email us at advice@goingconcern.com and we’ll help you keep your valediction out of these pages.

Returning to the Big 4 wannabe:

Dear Caleb,

I am a tax senior who has eight busy season and a CPA license under their belt. I have always worked for the smaller firms because of all of the horror stories I have heard regarding the Big 4. Lately, I have realized that I really don’t work that much less than they do and sometimes the Big 4 can be even more flexible with schedules because of the size of the workforce. (If you are one of several, there is not a lot of room to move stuff around.)

The problem is I have never been through the recruiting process with the Big 4 and don’t know where to begin to try and move into an experienced position. I have applied on the website but have not had any responses. Any thoughts?

Sincerely,
Lost in Transition

Dear LiT,

So the Times convinced you, eh? It’s a good paper (is that still the correct terminology?), we’ll admit but even the Gray Lady can find itself wandering into uncharted waters. ANYWAY, this problem you have – no communicado so far from the Four Horsemen; we can help.

Our first suggestion is to work with a professional recruiter that has placed others with the Big 4. A good one will be able to take one look at your résumé and flat out tell you if you’ve got what it takes to get in the door. Then it’s up to you nail the interview(s). Done and done.

The other thing you can do – if you prefer to avoid the recruiter – is to use LinkedIn to find who the experienced-hire Big 4 recruiters are in your market and contact them directly. You could get started by looking at some recent posts that have emails from recruiters that are floating around this here site but we realize that may be a longshot.

So off you go, Big 4 hopeful. We hope you hit the work-life balance jackpot.

The New York Times Takes the Big 4’s Work-Life Balance Bait

Late(r) on Friday, the New York Times published an article championing the accounting firms for their commitment to providing a flexible work arrangements for its employees. The article, as you would expect from the Times, provides numerous examples of how the policies of the Big 4 and other major accounting firms make life extra-peachy for their employees.

The article leads off with none other than a firm who has been in desperate need for good press:

As the peak season for the nation’s accounting firms begins, David Leeds’s team at Ernst & Young is once again bracing for two months of 60-hour weeks auditajor bank in Atlanta.

In years past, those grueling weeks often fueled nasty marital spats about missed dinners and children’s tantrums over forgotten basketball games.

Not any more. At Ernst & Young, as at the nation’s other major accounting firms, workplace flexibility has been built into the culture — even during crunch time. [our emphasis]

Every Monday morning, the 15 people on Mr. Leeds’s team meet and lay out the personal commitments that might interfere with work — basketball games, teacher conferences, Pilates classes, weddings. They arrange to cover for each other, helping make the busy season tolerable for everyone. Despite the auditing team’s six-day weeks, one Auburn University graduate, for example, is taking next Monday and Tuesday off to see the school’s football team play in the national championship bowl in Arizona. And Mr. Leeds plans to escape to New Orleans for three days to see his daughter run a marathon.

“We face very tight deadlines from our clients, but at the same time we try to make sure that team members have the flexibility they need,” said Mr. Leeds, a partner at the firm.

Parent-teacher conferences! Pilates! The Bowl Championship Series! From the sounds of it, you’d think being the an E&Y partner on a banking client was like whistling dixie (in Atlanta anyway). We’ll give this Atlanta team the benefit of the doubt (unless someone wants to email us with a different story) but the Times gives you the impression that the gambit of the industry is sympathetic to your family time and college gridiron road trip ambitions. Even during busy season. More untrue, this could not be.

We could go on with anecdotes about a senior manager’s spouse being in the hospital or the lack of flexibility given to a single dad OR not allowing someone to scoot out an hour early to see their girlfriend because she’s in from out of town but that really isn’t necessary. Examples such as those are simply provide you with a the spectrum of firms being at their absolute worst. What about the lion share of employees at these firms? Chances are, if you walked over to 5 Times Square and pulled aside the first person you saw with a E&Y backpack, they’d tell you that they are preparing to be sleep deprived for the next three months and if you told them they would get a dozen days off in that time frame, they’d be thrilled. Furthermore, if you were ask them if their partner had weekly meetings to ensure that everyone’s extracurricular activities were being respected, they’d look at you like you had three heads.

We won’t dismiss the firms’ efforts entirely because as we said, the Times cited several examples of employees who have taken advantage of the flexible schedules but the article is full of the rhetoric candidates and employees hear regularly when it comes to work-life balance. The best example being one of the last quotes from E&Y partner Brooke Sikes, who is out of Dallas:

“The firm very much rewards you for your performance,” she said. “It’s not about punching a clock. It’s not about face time.”

Not really much needs to be said. Reactions to this statement and any other thoughts on the current work-life efforts by your firm are welcome at this time.

Flex Time Flourishes in Accounting Industry [NYT]

KPMG Manager Irritated with ‘Other 3’ Calling the Kettle Black RE: Recruiting Methods

This week we’ve shared a couple of examples with you that demonstrate how KPMG is attempting to land some talent from its rival Big 4 firms. The strategy ranges from the Google-ish to the good old fashioned cold call email. After yesterday’s post mentioning the latter method, a Radio Station manager felt compelled to point something out:

I am a KPMG manager and I don’t want everyone thinking that it is only KPMG that is on an easter egg hunt to try land experiived the following linked in messages over the holidays:

PwC M&A Advisory Manager opportunity in Mclean, VA

Zahara Kanji Sourcing Manager at PricewaterhouseCoopers

Hi [KPMG manager],

I hope this note finds you well. By way of introduction, I am the recruiting manager for PricewaterhouseCoopers’ Transaction Services Advisory practice. We are strategically growing at various levels across the country. I am interested in your professional background, which seems to align well with our Transaction Services Financial Due Diligence practice. Please reply to this email if you would like to learn more about our business. I look forward to hearing from you soon.

Best
Zahara

and

Position with Ernst & Young LLP Audit Practice

Renee Scott (Creese) National Diversity Recruiting Manager

[KPMG manager],

My name Renee Scott, Assistant Director of Recruitment with Ernst and Young’s Assurance practice. We are expanding our searches for experienced Seniors and Managers with assurance background and CPA designation.

Sasha Le with HR Consulting Partners, my sourcing assistant, through networking, has identified you as someone we would definitely consider speaking further about these great career opportunities. I’ve opted to make my initial contact with you via LinkedIn, a professional networking venue, so if you are or know of someone who is interested, please contact me at 410-263-3702 or via email at renee.scott@ey.com OR you can contact Sasha Le via email at sashale@earthlink.net or via (626) 839-7174. We look forward to hearing from you soon.

Regards,
Renee Scott
Ernst & Young LLP

A couple takeaways now that we’ve sufficiently beaten the competitive recruiting drum: 1) This time of year, there’s a big push to bring on new people because, well, there’s a perpetual shortage of people in some practice areas; 2) if you’re unsatisfied with your current firm, qwitcherbitchin and call one of these recruiters. They’d love to talk to you.

As for our tipster’s motivation:

I just begin to get irritated when staff from the other 3 point fingers at KPMG for being the bad guy. They seem to forget that an audit is an audit and unless PWC has discovered a new shmebit [sic?] to account for that the rest of the Big 4 don’t know about then I am pretty sure they audit the balance sheet and income statement the same way the rest of us do.

Now, then. Some clever commenter on the last post wondered “Whis [SIC] is this big news? Recruiters have been doing this in public accounting for many years.” We admit, this isn’t Andrew Cuomo slapping E&Y and E&Y slapping back but we seriously doubt it’s known just how competitive it is. Plus, the firm’s downplay the whole thing. Look no further than the interview KPMG’s Vice Chair of HR gave to FINS last spring:

[Kyle Stock]: I often read about poaching amongst the Big Four. Has that activity increased or decreased recently?
[Bruce Pfau]: Like any business, there are going to be fluctuations and vicissitudes in the industry in general and there’s a certain amount of movement between the firms. There’s no warfare going on between the firms or any vendettas or anything like that. In general, we find at least when people leave us, by and large, they’re not leaving to go to a competitor. And I think the same is true of our competitors. It’s usually because they see opportunities in either a corporate situation or another consulting environment of some kind.

So, Mr Pfau says it’s NBD but the reality is that the talent at the firms is very similar and when the shortage of people in a particular practice area becomes severe, the leaders in those groups put pressure on the recruiters to find good people to fill the holes. It’s reflective of the culture inside the firms and is part of the underbelly of what is going on behind the scenes. And in case you’re new to the site, that’s what we do here.

Your Big 4 Revenue Rundown (2010)

We realize that you look at numbers all day but what difference does a few more make?

Accordingly, we’ll call attention to Big 4 Blog’s performance analysis of the Four Horsemen’s fiscal year 2010.

Some highlights:

• In 2010, Deloitte surpassed PricewaterhouseCoopers to become the largest Big Four firm, reporting revenues of $26.578 billion and growth of 1.8%, just ahead of PwC’s revenues of $26.569 billion and growth of 1.5%.

• Deloitte beat PwC by a small but significant margin of only $9 million.

• Ernst & Young placed third with 2010 revenues of $21.440 billion, but its revenues shrank 0.9% from 2009.

• KPMG remained the smallest firm with revenues of $20.630 billion, but had the highest growth at 2.6% and reduced the gap with Ernst & Young.

To summarize: Of course we knew about Deloitte dethroning P. Dubs for the top spot but with the margin of victory so close, it wouldn’t be shocking to see a one and done. Time will tell, time will tell. Additionally, you can see that KPMG had a nice a little rally from 2009 and E&Y, well, not only was E&Y the only firm with declining revenues, they have some other things to work out.

The 2010 Big Four Firms Performance Analysis [Big4.com]

Big 4 Auditor Respectfully Requests an Audit of Big 4 “Compensation Studies”

From the mailbag:

Hey Caleb,

So recently I was found out that KPMG will be conducting a compensation study as to whether or not we are in line with “market” and the effects of the results, if any, will be announced mid-January. This came as the result of the follow up on the Mid-America senior council meeting. Apparently the question was raised in this meeting about why KPMG employees weren’t receiving bonuses similar to the other firms [Ed note: We received the following message prior to the announcement of KPMG’s new bonus program that we reported on Friday.]. During the follow-up call it was told that a “compensation study” was being performed.

I always hear all of the Big 4 talking about how they did a compensation study and found out they were in-line with the market but obviously after all of the posts about compensation raises and bonuses nothing seemed to be consistent. My question to you is where are all of these supposed studies done by the Big 4? They say they perform them but do we actually see them? As an auditor I’m inclined to ask where is the supporting documentation? We don’t take our clients word that they have $50 million in the bank we have to agree that to something, so why don’t we get some proof of this study or in your experience with goingconcern have you actually ever seen results of these studies?

Thanks,
Disgruntled Employee

Dear Disgruntled,

We understand your frustration with regards to these so-called compensation studies. To directly answer your question, we have not seen any of these studies nor do we know how the firms commission them. (If you are familiar, get in touch.) The transparency of the process, as you rightly point out, is virtually non-existent. While your call for more information regarding these studies may get some attention and even a brief consideration, don’t expect any “supporting documentation” in the near future. Keeping the compensation sausage recipe secret is advantageous for the firms and since “in-line with the market” is another way of saying, “right in the meaty part of the curve” people have very little room to complain.

Now, if it appears that one firm say, PwC, is compensating employees in a more generous manner than say, KPMG, the only way to conclude that for certain is to speak to a recruiter who talks to employees from both firms. Sure you can mine the comments of posts here or read Bob Half’s salary report to get an idea of what’s what but if you want to know the actual compensation disparity between two firms (especially for your skill set), you’ll have to do a little digging for yourself.

So, do you have the right to be annoyed by the lack of information around these studies? Of course. But don’t expect an in-depth breakdown firm by firm to be presented at your next townhall or webcast.

Is There a Polite Way to Quit During Busy Season?

Welcome to the one-week-of-mall-madness-left edition of Accounting Career Emergencies. In today’s edition, a new hire is ready quit her Big 4 gig after three months on the job. Is there a nice way to do this during busy season?

Freaked out over your first busy season and need medication suggestions? Concerned about the lack of communication in your office? Curious about the drawbacks of a landing ��������������������ignificant other? Email us at advice@goingconcern.com and we’ll tell you what’s what.

Back to fed up in Big 4:

Hi,

I’m a recent new hire at a big 4 firm in LA, and I’ve been working for the firm since October. I’m hating the job and already want to quit. I’m currently looking for jobs as we speak. Is it inappropriate to quit during busy season? How do I do so in a “polite” way?

Thanks for the advice,
HatingMyJob


Dear HatingMyJob,

Your dilemma is not uncommon but we are curious as why you would accept a job that, at least semi-consciously, you already hated before you started. You essentially took a job from someone else that probably would sacrifice an appendage for the opportunity you have.

Now that we have sufficiently guilt-tripped you, we’ll address your problem. Way back in February, we addressed this very issue and here are a few thoughts we had then:

All the people we’ve had the pleasure of working with, despite all of them having multiple “F— THIS!” moments, pull it together because they have a job to do. Why the hell didn’t you quit prior to busy season? You really felt like sticking it to everyone?

Fine. Perhaps your desire for sweet, sweet revenge against your senior/manager/partner/firm is more powerful than any shred of integrity you may have but for crissakes, that makes you a very bitter person. More so than the average accountant.

We’re not sure what has happened in the last 10-ish months but we’ve mellowed on this position. That being said, we’re putting you on notice, regardless of whether you quit now (pre-busy season) or in mid-February, people will be JUDGING YOUR ASS. We’re not talking Chief Justice judging, we’re talking the WRATH OF THE ALMIGHTY judging (if your an atheist, think of it this way – science will get medieval on you with Lou Gehrig’s or something else sufficiently terrible). Hopefully you’re okay with that because your ears will be burning.

Accordingly, there’s no reason for you to worry about being polite about it. In fact, you’re better off admitting that you hate the job (feel free to get specific) and it isn’t for you. That involves you admitting that you made a mistake but hey, we all make them. It may save you a little face with some of your colleagues.

The good news is, your recruiter – if you’re using one – is going to be able to help you more during busy season because they won’t have a backlog of people burning up their phones with, “For the love of GOD, get me out of this job!” If you’re not using a recruiter, we suggest you find one and level with them about your situation. You’re not desperate but you want out ASAP. The process takes a little bit of time and you’ll be ahead of the people that choose to battle out busy season.

So, if you’re fed up. Fine. Nothing you can do to change that. If you’re looking, that’s good; you’ll have a leg up on the new associates that decide to leave after busy season. Good luck.

Big 4 Shoots Blanks on Glassdoor 50 Best Places to Work

The following was brought to our attention this morning:

Glassdoor just published their 50 best places to work… and I believe none of the Big 4 are on it. Surprise surprise?


So we checked it out and yes, it’s true that none of the Big 4 (or any accounting firm for that matter) appear on the Glassdoor 50 Employees’ Choice Awards for 2011.

It’s worth noting however, that the methodology for this particular list is driven entirely by audience participation. From the FAQs:

The Glassdoor list is the only list that truly represents employees’ choice. Unlike many workplace-related awards that require companies to self nominate, Glassdoor relies solely on the input from employees. All that is required for consideration is an employer must have had at least 25 employees complete a survey to be considered.

So you could probably conclude one of a two things: a) Fewer than 25 employees of each firm bothered to visit Glassdoor to sing their firm’s praises or b) the reviews were so incredibly negative that the firms landed nowhere near the Top 50.

Now, possibility “a” seems unlikely since there are plenty of people working at these firms that don’t have anything better to do than mindlessly surf the web and participate in seemingly innocuous surveys and whatnot. Possibility “b” seems a little more realistic, so we’ll explain our thinking:

Since this particular list doesn’t have an application process, it is merely up to some ambitious person in the marketing/Internet reputation department to take the initiative to spread the word about this campaign TO EVERYONE IN THEIR OFFICE. Besides the fact that asking employees to add one more thing to their already-impossible-to-conquer “to-do list,” these types of emails are largely met with eyerolls that would cause most people to topple over backwards in their chairs. But rather than simply delete the message, this wells up so much annoyed rage within the bitter Big 4 Bobs/Betsys out there that they immediately proceed to the survey to crucify their firm out of spite.

Or then again, maybe we’re just cynical. If you’ve got your own theory, do share.

Can a Future Big 4 Associate Expect a Salary Adjustment When He Starts Work?

Welcome to the aren’t-you-glad-healthcare-reform-is-back-in-the-news? edition of Accounting Career Emergencies. In today’s edition, should an incoming associate expect a salary adjustment on day one or they doomed to a pittance?

Find yourself in a jam at work? Do you have eight hours to spare and aren’t sure how to best spend this rare free time? Wondering what you should get Sharon Allen for a retirement gift? Email us at advice@goingconcern.com and we’ll make sure you stay away from vacuum cleaners.

Returning to our Big 4 in waiting:

Can I expect to have my salary adjusted to market when I start employment? I will be starting in 2011. Reading through some of the articles and comments on here, it seems that new hires easily start with a salary above $50K. I received three offers from three Big 4 firms but all offered salaries were relatively far from $50K.

Each firm was within 1K-1.5K range from each other though. I know that starting salaries have even decreased in my area overall. I am not enjoying the thought of making less than what these firms have proven to have the potential to offer, or even making less than what another firm had to offer (although I knew that was the outcome by choosing this firm). I personally do not think it is worth asking for a raise or a salary adjustment since I feel that would only hurt my future annual raises. Should I just wait it out and see?

[Doubled over, catching breath, holding up hand with ‘I need a minute’]

Oh, dear. We had to take a break for a second, in fact our face hurts from laughing uncontrollably. Sorry about that.

Look friend, we don’t mean to make light of your question but a reality check is necessary here. There is virtually no chance that your firm will adjust to your salary when you start. You write, “I am not enjoying the thought of making less than what these firms have proven to have the potential to offer, or even making less than what another firm had to offer (although I knew that was the outcome by choosing this firm).”

We find this confusing for a couple of reasons – 1) obviously the Big 4 have “proven to have the potential” to pay more than $50k. It just happens this is occurring in a place where you don’t currently reside. If you did reside in one these places, your starting salary would eclipse the magical $50k. Were you expecting a big city salary for your mid-sized city lifestyle? 2) if you don’t like the idea of earning less money, why did you go with the firm that offered you less money? This simply doesn’t compute.

If making $50,000 is such a sticking point for you, move to a city with a higher cost of living so that you can eclipse the magic number you so desperately desire. If that’s not reasonable, then the best you can hope for is a pleasant surprise like PwC gave its recently hired peeps ($500 bonus for those hired post-June 30, 2010).

This may sound crazy but don’t get too caught up in what your salary is at the beginning of your career. So, to answer your question – sit tight and start your career. It’s a little early to be bitching about being underpaid when you haven’t billed a single hour.

Survey: Young Accountants Think Big 4 Is Overrated

Most people choosing the art of debits and credits as a career path, likely had aspirations for working for one of the illustrious Big 4. Fame, prestige, working with only the finest accountants that Omaha Steaks can buy, are all par for the course. This has been accepted as truth for many years.

But now – if you can believe this – this truth is being called into question in the UK – a part of the world that you might not expect.

Accountancy Age reports that a recent survey has found that young accountants (less than three years experience) are not as hung up on working at a Big 4 firm:

Only 40% of accountants with less than three years’ experience surveyed by recruiter Marks Sattin said it was important to work for a big firm — compared to an average of 67% for all of the 450 accountants surveyed in practice and industry.

“We are entering a new era in financial services…in which candidates want to sell themselves not by reeling off lists of FTSE 100 clients, but on their experience on smaller accounts providing higher levels of responsibility,” said Laura Wilson, associate director of the professional services division at Marks Sattin.

Granted, this is the pulse of the UK but there’s always been a large firm vs. small firm debate and this a trend that makes its way to the States (if it hasn’t already).

The reason for young accountants’ attitude, it turns out, is that they don’t care if they are working on prestigious clients; they are looking for more expansive professional experience:

“Whether it’s true or not, candidates think they’ll be doing work that is more involved at an early stage in their careers by joining a smaller firm. The perception is counting against the Big Four because candidates think that smaller firms offer more variety and more autonomy – and candidates are increasingly willing to sacrifice exposure to the FTSE 100 to get it.”

According to one person quoted in the article, part of this is a generational attitude but we’re not convinced that’s entirely the case. Sure, Gen Y wants to have more responsibility as quickly as possible but it’s not as though the Big 4 are taking on the same number of new recruits each year. As a result, a competitive recruiting process has made smaller firms a very good option. Plus, news about layoffs and a slow climb up the corporate ladder at the largest firms might have some students looking for opportunities.

Make no mistake, working at a Big 4 firm will always be goal number one for a lot of students and young CPAs. Regardless of what any survey says, many still have ambitions to be a partner in one of the largest firms or to work in some of the world’s prestigious companies. But the more informed students and young professionals are about career options, the perceived need for Big 4 experience on your résumé will be less compulsory.

Young accountants shun Big Four firms [Accountancy Age]

What if Accounting Firms Had Their Own Version of WikiLeaks?

We were a little surprised to learn that both KPMG and PwC had brief mentions in the WikiLeaks cables, however it is far less surprising that they were quite humdrum and didn’t bring anything new to light.


From the Swiss site, inAte>Wikileaks published cable referenced 09MOSCOW3144, created December 30, 2009, classified as confidential and originating from U.S. Embassy in Moscow, on alleged pressure that the Russian government has exerted on PwC to disavow its “clean opinion” audits in the Yukos Oil, aided by the reported raids on PwC office in Russia and threats to recall Russian audit license of PwC, closing this market for the Firm.

[…]

Wikileaks also published (09LONDON2598, for official use only, originating from U.S. Embassy in London, created November 11, 2009) KPMG’s sceptical reaction on the Queen’s opening speech in Parliament on November 18, 2009, where Her Majesty sets out one of the priorities for new legislative session – to develop a new Financial Services Bill, requiring form systemically important banks to establish plans for recovery and resolution, that ensure banks’ financial continuity, later called by journalists “living wills”.

Like we said – meh.

Now, what happens within a Big 4 or other large accounting firm is rarely a matter of national security (Francine may disagree with us) but there’s little doubt that firm CEOs, partners and other notables have said things that would range from the slightly embarrassing to the absolutely mortifying. Consequently, reactions to those statements would also range widely from mere chuckles to ”OH NO YOU DI’INT!” Because our imagination has a tendency to run wild, we’ll dispel a few of our own scenarios that we imagine being in the Big 4/mid-tier version of WikiLeaks:

• Prior to the unveiling, Bob Moritz emails Tim Ryan, “Between you and me, the new logo looks like a half-finished Lego™ project.”

• Barry Salzberg and Jim Quigley are known inside some Deloitte circles as “Team Propecia.”

• After the OT loss to Michigan State, John Veihmeyer is so upset that he sends an email to Henry Keizer stating, “THAT’S IT! NO RAISES THIS YEAR.” Keizer responds to JV, reminding him that ‘if that punk Jimmy Clausen had stuck around’ they wouldn’t be in this situation and he shouldn’t take it out on the firm’s employees.

• Emails between two Ernst & Young partners in Jericho, reveal that they’ve been hoarding the extra bathroom keys because they can’t stand asking the receptionist.

• Various Deloitte partners are quaking because it is common knowledge that Arnie and Annabel McClellan have an elaborate spreadsheet detailing their various fetishes.

• In numerous exchanges Stephen Chipman begs Ed Nusbaum to let him ‘drop this ridiculous accent’ just like Ross did on Friends.

• High-level executives at McGladrey considered putting ecstasy in the punch so people would be happier but ultimately decided against it (Phoenix/Vegas went their own way) because it would have resulted in too many accountants dancing for no apparent reason.

• Jack Weisbaum = The Most Interesting Man in the World. (Just like several actual WikiLeaks, everyone knew this to be true but it was not discussed openly.)

Perhaps you have your own theories or documentation regarding other exchanges. Please share with the group at this time or email us.