Carmine Talks About AI Putting HR Out of a Job, Attrition, and a Rough Labor Market
EY Global Chairman and CEO Carmine Di Sibio and King Charles III stan showed up on Squawk on the Street today talking about the labor market and, more notably, how the firm is using an AI chatbot to answer payroll questions. The AI segment begins around 3:05. He also discussed hiring, saying they’ve been seeing […]
PwC UK Has a Soft Spot For Students Who Got Wrecked By the Pandemic
It’s no secret the pandemic screwed a lot of things up. Firms suddenly had to figure out how to manage an entirely remote work force, CPA exam candidates couldn’t test for months due to Prometric closures, and let’s not forget the poor interns and first years who had to wait for answers in Teams while […]
New Recruits Are Allegedly Telling EY They’re Really Excited About the Split
Amanda Iacone has written a piece for Bloomberg Tax about the EY split and how it stands to shake up an already shaken industry, the whole thing is worth a read. We already know there is a talent war, and we also know that PwC in particular is eager to snap up unhappy EY talent […]
Robert Half Reports Finance and Accounting Talent is in High Demand (Duh)
According to the results of a recent Robert Half survey, companies across the U.S. are hungry for talent and of all professional roles, finance and accounting are nearly the most in-demand, second only to technology. The survey also shows that few respondents expect to freeze hiring or eliminate positions in the first half of this […]
Advice on How to Get Hired at EY From the Vice Chair of Talent
Insider has published an ‘as-told-to- essay from EY Americas Vice Chair — Talent Ginnie Carlier in which she offers insight on what the firm is looking for from prospective hires. One takeaway: add a “personal purpose statement” to your résumé if it doesn’t already have one. This is not a bland objective — those have […]
Local Accounting Firm Baffled That Desperate Laid Off People Don’t Want to Work There
When big layoffs began in tech last year, accountants everywhere justifiably celebrated for having chosen a career that may not be the most prestigious (or exciting or lucrative…) but will always be in demand. While their employees were quietly boasting about not losing their jobs, it seems EY leadership was waiting in the wings hoping […]
An Accounting Firm Is Hiring an Honest-to-God Actor to Perform in a Client Onboarding Video
Googling “accounting firm” as I do each and every day multiple times a day in the hopes today is the day that something interesting happens in the accounting profession, I came across this ad looking for an actor to serve as “accounting firm spokesperson” in a client onboarding production. Anyone wanna make $75 an hour? […]
Deloitte and PwC Top This Indeed List of Companies Hiring Tech Workers
The tech sector continues to lay off talent in droves (don’t worry, it doesn’t affect you) and Indeed has helpfully put together a list of companies looking for tech talent to assist the newly laid off in finding a new gig. At the top of this list with the most jobs? Deloitte and PwC. Interestingly, […]
BDO UK Spreads the Load
FT had an interesting story yesterday about a situation across the pond: average BDO UK partner pay fell 15 percent to £647,000 (USD$794k) because a hiring spree took a bite out of profits. Last year, BDO UK partners walked away with more than even EY and KPMG partners. They aren’t worried about it though, the […]
What Shortage? EY Is Supposedly Hiring 220,000 People This Year
According to the horse’s mouth, EY is buried under millions and millions of resumes and on track to hire nearly a quarter of a million people this fiscal year. Bloomberg: EY is on track to hire around 220,000 people in the twelve months to July 2023, having achieved its highest growth in nearly two decades […]
The IRS Is Soon to Be Leaderless at the Worst Possible Time
In case you haven’t heard, IRS Commissioner Charles Rettig will be leaving the agency in three weeks and his replacement has not yet been found, leaving a leadership void. The Wall Street Journal wrote about it yesterday: With less than three weeks left in Charles Rettig’s term as Internal Revenue Service commissioner, President Biden hasn’t […]
Moss Adams is Going on a Hiring Spree in India
The Hindu Businessline is reporting that Moss Adams plans to hire a few hundred people in India over the next couple years because India “offers the best talent pool.” Talent shortage? Aggressive growth? Cheaper labor? Who can say. But Moss Adams’ COO Dave Follett gave all the details to Businessline. Read: American accounting and consultancy […]
Anyone Looking Forward to a Highly Militarized IRS SWAT Team is Going to Be Sorely Disappointed
Because the IRS SWAT team memes your crazy aunt Kathy is spreading on Facebook are getting out of control, the AICPA has stepped forward to clarify: no, there will not be 87,000 armed IRS agents deployed to bang down the doors of American taxpayers. From the Journal of Accountancy: Reaction to increased funding for IRS […]
The IRS is So Broke Staff Have to Buy Their Own Paperclips
While we continue to wonder which hat the IRS is going to magically pull 87,000 new agents out of, more stories are coming out about just how tight things are at our nation’s tax collector. Like this recent NBC News article: Will Kohler, who works as a tax examiner at the IRS office in Cincinnati, […]
Where TF Is the IRS Supposed to Find 87,000 Agents?
While various factions bicker over the Inflation Reduction Act, we have one question: where is the IRS supposed to find 87,000 agents!? In case you haven’t heard or seen your aunt sharing Impact font memes about it, Senate Democrats want to throw some cash at the IRS (among other things not getting into here): The […]
PwC Will Not Let Economic Chaos Foil Its Aggressive Hiring Plans
That’s per PwC US chair Tim Ryan who told Insider the firm has its all-seeing eye firmly focused on the market. For now though? Let’s get those warm bodies into chairs. Tim Ryan, the US chair of PricewaterhouseCoopers, said the firm’s hiring plans aren’t going through “any major shocks or changes right now” and that […]
If Y’all Keep Quitting Your Jobs Like This You’re Going to Break the Economy
Before we get into the meat and potatoes of this article on Bloomberg Tax, I just want to call out the photo they used for the header. “Paraphernalia” got a chuckle out of me. OK so everyone and your mother knows by now that public accounting firms are struggling with a talent shortage. Regardless of […]
Are You Hiring Accountants During the Pandemic? We Want to Know
Ugh, it seems like every day we’re writing about some new round of layoffs, pay cuts, or furloughs in public accounting. It’s pretty depressing. So now’s the time to focus on something good—and help out accountants who recently lost their jobs during the COVID-19 crisis. By now you’ve probably seen the tracker on our home […]
Hiring Watch ’19: Deloitte Is Taking Applications In Gilbert, AZ
The latest Big 4 job creation news comes from Deloitte, which will be adding hundreds of jobs in Gilbert, AZ, as part of a major expansion at that location. Phoenix Business Journal reported: Deloitte is doubling its footprint in Gilbert and preparing to hire 900 more people. The global business consulting group announced last year it […]
Hiring Watch ’19: Does EY’s New Digs In Akron Mean New Jobs?
The answer to that question seems to be: eventually. So that’s good news for aspiring capital market servants and public accounting veterans looking for a change of scenery who live or work in or near Akron, OH. EY is getting new digs in LeBron’s hometown, moving its office from downtown Akron to the East End […]
Vault 2020 Firm Rankings: Culture, Leadership, Relationships with Supervisors, and Work/Life Balance
Hey, guys. Hope you all had a nice, relaxing holiday weekend. As you know, Mondays after a holiday weekend suck, especially if you hate your job. But there are accounting professionals out there who were probably champing at the bit to come to work today because they actually enjoy being there and being around their […]
AICPA Trends Report Finds Enrollment in Master’s Programs, Hiring by CPA Firms Taking a Breather
The AICPA released its much anticipated 2017 Trends In the Supply of Accounting Graduates and the Demand for Public Accounting Recruits (“AICPA Trends” or “TSAGDPAR” for those of you who can’t resist an acronym) report today, and it shows two major developments: 1) A dropoff in enrollment for master’s in accounting programs; 2) Slower hiring […]
Hiring Watch ’15: KPMG ‘Lou Wants You
KPMG plans to hire 175 IT professionals in St. Louis. The positions "will range from entry level to management, will be part of KPMG’s national technology organization." So if you know anyone looking for an internal IT job, with an accounting firm, who wants to live in St. Louis, then I guess you should let […]
If No One Else Will Hire You, Maybe You Should Call Deloitte
This is from Jim Moffatt, Chairman and CEO of Deloitte Consulting, as written in The Hill: "That’s why, in January 2014, my organization, Deloitte, joined more than 300 companies – including 20 members of the Fortune 50 – in signing the White House’s Best Practices for Recruiting and Hiring the Long-Term Unemployed. We did this […]
It Takes Four to Five Weeks to Fill Vacant Finance and Accounting Positions
According to new survey results published today from Robert Half Finance & Accounting, it takes an average of four weeks to fill open staff-level accounting and finance jobs and five weeks for management-level positions. But hiring managers need to move fast not only because it can be challenging to be short-staffed during that stretch, but because top candidates […]
Accounting Grads are More in Demand Than Ever, But When Does it End?
Like most topics, we've discussed this ad nauseam but it's a slow Tuesday so why not attack it again? Here's our jump off point from CPA Trendlines: Bolstering reports of a suddenly surging profession with a high demand for top talent, CPA firms are hiring a record number of graduates. At the same time, the […]
Should You Put Your Home Address on Your Resume?
Came across this interesting bit on AvidCareerist via Lifehacker and thought it worth sharing with you all if for no other reason than to discuss: You might not have thought about it, but in-house recruiters know that people with long commutes have more stress and often eventually quit “because of the commute.” If you quit, […]
Accounting Career Conundrums: The Path to Becoming an International Accountant of Mystery
This week, a newb discovers GC and solicits career advice. Which is pretty much every day around these parts. If you just happened to Google the right combination of words to land in our lap and need career advice, first please look around a little to see if your question has already been asked. Then, […]
According to the Results of This Survey We’ve Been Waiting For, CPA Execs Are Less Optimistic on the Economy
Disappointingly, I snoozed through the alarm I set for 6:59 AM and therefore I completely missed the release of this information I have been waiting anxiously for since they told me to start waiting anxiously for it on Monday. BUT HERE IT IS, the AICPA Economic Outlook Survey: NEW YORK (Dec. 5, 2013) – Business […]
Deloitte’s Ability to Recruit Talent Not Affected By New York Ban Because, You Know, These Things Happen
Deloitte plans to hire about a gajillion people this year. If you don't believe me, just ask them! Even if the humblebragging gets a little old, jobs = good, so we (the royal kind) should all be grateful that the likes of Deloitte, EY, et al. are trying to solve the unemployment problem all by themselves. […]
Ever Wonder What Accounting Firm Recruiting Seminars Look Like? Here You Go
The following slides were sent to us from a reliable source who works within public accounting in a capacity that does not involve actual accounting. Call that talent acquisition if you’d like, all we know is that our source sat in on an actual seminar about recruiting talent that included these actual slides. I don’t […]
(UPDATE) Can Anyone Make Sense of Ernst & Young’s Hiring Numbers?
I’ve been out of the numbers game for awhile now but for the life of me, I can’t figure out just how many people Ernst & Young will be hiring off campus for this year. Or is it last year? The firm put out a press release yesterday that states that it “will hire approximately 5,000 students from campuses across the US in the 2010-2011 academic year.” That’s all fine and good but it’s different from the report in CNN back in March that we told you about that said “It’s looking to hire 7,000 employees from college campuses — 4,500 full-time and 2,500 interns […] in 2011.”
That report also stated that “campus recruits are up 20%,” but yesterday’s press release said “campus hiring [increased] 25 percent from last year.”
All told, E&Y and the rest of the Big 4 are hiring lots of people but the numbers don’t quite add up. The nice folks at E&Y are trying to help me out, so I’ll report back when I’ve got some answers.
UPDATE: I’ve been informed by an E&Y spokesperson that “numbers referenced in the release are for the US, whereas the numbers cited in the Fortune article are for the Americas.” To clarify, the “Americas” includes the U.S., Canada, Mexico, Central America, South America, Bermuda, the Bahamas, the Cayman Islands and the Caribbean.
[via Ernst & Young]
If You Believe the AICPA, Hiring Is Looking Good
Sometimes we get job reports from certain mainstream media outlets that shall remain nameless that look a tad suspect but in the case of this info from the AICPA, I think we can safely rely on the findings.
Here’s the good news via the Journal of Accountancy:
On the demand front, hiring is back on the upswing after decreasing from 2007 to 2008. In 2007, the total number of accounting hires was 36,111. That dropped to 25,488 in 2008 but climbed to 33,321 in 2010. A large portion of that increase was in firms with fewer than 10 CPAs on staff. Firms of that size increased their hiring projections from 11,432 in 2008 to 16,342 in 2010 (see Exhibit 1).
In terms of the types of positions CPA firm new hires were recruited to fill across firms of all sizes, accounting and auditing still commanded a narrow majority at 51%; followed by taxation at 25%; other at 16%; and information technology at 8%.
The accounting and auditing share of new hires was down from 60% in 2007, with the declines coming from firms with 50 or more CPAs. Hiring of new CPA graduates likewise decreased for information technology (down 5 percentage points from 13%). Tax showed a slight increase (2 percentage points) with the strongest gains coming from firms with fewer than 10 CPAs, while the largest growth since 2007 was in the “other” category.
The percentage of overall firms expecting to hire the same or more new accounting graduates than last year also is up—to 89% from 74% when the question was asked in 2008.
Here’s the next obvious question: are we talking about real, created-from-nothing jobs or are we talking about covering massive staff turnover popularized in public accounting by serf-like working conditions and disappointing compensation? Because hiring the same guy in four different firms doesn’t add up the same as hiring four new accounting grads. Duh.
Oh, and something else – where’s 2009? It doesn’t appear in any of the included exhibits, nor is it mentioned in the Journal of Accountancy article even once. The full survey, available from the AICPA’s website, doesn’t specifically mention the exclusion of 2009 in the survey methodology. We aren’t one for conspiracy theories (yeah, right) but it seems suspect that an entire year would just disappear and fail to get a single mention. I mean it was only two years ago.
We’ll dig into the survey results in more detail later, maybe once we track down 2009. Though not specifically mentioned in the above charts, the entire 2009 Trends in the supply of Accounting Graduates and the Demand for Public Accounting Recruits report can be found here.
CFOs: We’ll Start Hiring Just as Soon as We Hit Our Unreachable Revenue Goals
Sound good to everyone?
Chief financial officers at large North American companies polled by Deloitte LLP said it would take a 20% surge in revenue before they felt comfortable adding to their payrolls.
The quarterly survey released Thursday found that nearly half of respondents would seriously consider adding employees if revenues rose 20%, but few would be moved by a 5% increase. A 10% bump in revenue would only be a major hiring consideration for 11% of CFOs.
Worse yet, perhaps, actual growth isn’t expected to reach such heights: respondents estimate top line growth at North American companies will be just 8.2% this year. (This is, however, a rosier picture than the fourth quarter when respondents forecast 6.5% for the coming year.)
And don’t bother trying to bait them with tax reform, revisions to the healthcare reform bill or payroll tax incentives because they’re all non-starters.
In Case You Forgot, the Big 4 Are Hiring a Small Army of People This Year
CNN/Fortune managed to dig up this corpse of a story: “Bean counters wanted: Why the Big 4 are in a hiring frenzy.” This refers to the hiring bonanza that Deloitte announced last September that was followed by various announcements by the rest of the Big 4:
[T]here’s one unlikely place where the help wanted sign is up, big time: Accounting firms.
Deloitte plans to hire 17,000 professionals in the U.S. and India in 2011, according to Cathleen Benko, its chief talent officer. It’s seeking accountants, auditors, consultants, and IT staff. Hiring is split evenly between experienced and entry-level applicants.
Ernst & Young has stepped up recruiting. It’s looking to hire 7,000 employees from college campuses — 4,500 full-time and 2,500 interns — and 6,000 experienced staff, totaling 13,000 people in 2011, says Dan Black, its director of Americas Campus Recruiting. Experienced staffing is up 80% from last year and campus recruits are up 20%.
Both firms compete for talent against PricewaterhouseCoopers, KPMG, and large consulting firms such as McKinsey and Bain. The hiring confirms a 2011 Bureau of Labor Statistics report that predicted employment in accounting and auditing would spike 22%.
For starters I don’t know why accounting firms are an “unlikely” place for the “help wanted sign” but don’t forget that this is the same outlet that told us that the firms were making money hand over fist back in the Fall of ’09. Also, why CNN/Fortune is now reporting Deloitte’s India’s hiring numbers as part of this story is a little confusing. Plus, if “hiring is split” between experienced and new hires that is a change in the breakdown from what was reported last September. Again, maybe the India numbers change things up a bit and I lost my 10-key long ago.
And we’ll also mention that the E&Y numbers are slightly better than what they initially reported last September so make of all these stats what you will, the rainbow and unicorn PR machine is in full force and CNN is happy to scoop them up spit them out.
Bean counters wanted: Why the Big 4 are in a hiring frenzy [CNNMoney]
New Robert Half Survey Reveals CFOs Will Need You to Go Ahead and Come in on Saturday
We’re not very good at math or statistics so perhaps our numbers are off a bit, but how do 89% of CFOs expect their firms to grow in the second quarter of 2011 while 85% also do not expect to add any new full-time accounting and finance professionals? It doesn’t take a mathlete to figure out what that means for those of you lucky enough to work for these CFOs, so you better get to slacking off now before they come down to your cube and kindly inform you you’ll need to go ahead and come in on Saturday.
Robert Half interviewed 1400 CFOs across the country for their Robert Half Financial Hiring Index and here’s what they came up with:
Most (85 percent) chief financial officers (CFOs) interviewed for the Robert Half Financial Hiring Index said they expect to make no changes to their current staffing levels during the second quarter of 2011. Seven percent anticipate adding full-time accounting and finance professionals, while another 7 percent plan personnel reductions. The net 0 percent projection is down two points from the first-quarter 2011 forecast.
As businesses navigate the current economy, they remain optimistic about the outlook for their own companies. Eighty-nine percent of CFOs expressed confidence in their firms’ growth potential in the second quarter, up one point from the first-quarter survey.
Looking to relocate? Try the Pacific or Mid-Atlantic regions. Twelve percent of CFOs plan to add full-time accounting and finance professionals and 5 percent foresee cutbacks, a net 7 percent increase.
“Many Pacific-region companies, particularly those in the manufacturing and technology sectors, are rebuilding their teams to meet renewed demand for their products and services,” said Max Messmer, chairman and CEO of Robert Half International. “In particular, firms are looking for skilled financial analysts to help them control costs and prepare for potential growth.”
In the end, a net 0 hiring projection is a lot better than previous recent surveys which were in the negative however we’d be remiss if we did not point out that the last time the survey showed a net 0 projection was for 3rd quarter 2008. And we all know how that particular period of time went.
What does this mean? New grads who are still waiting around for jobs can keep waiting, and more seasoned professionals who have been out of work for quite some time should probably just give up. Thanks for the great news, RH!