Tag: Interns

(VIDEO) The CBH Raleigh Interns Present: Insanity!

Ever see those annoying exercise infomercials in the middle of the night that promise ripped abs and a tight core, all while screaming at you to get your fat ass off the couch and get started for just 12 easy payments of $99.95?

Well a few Cherry, Bekaert & Holland interns in the Raleigh office decided to make a video that pimps out the greatest fitness plan of all-time – a summer audit internship – with that same high energy madness. We have to admit we didn’t have high hopes until we actually watched it and let’s just say these interns did not disappoint.

When we asked a CBH spokesperson if these amazing interns will be joining the team come fall, we were told “Full time offers? These are obviously all super-accountants, so I’d be afraid to see what they’d do to us if we didn’t. However, I hear HR is still looking at their before pictures.”

Amazing results!

(UPDATE) Fulltime Offer Watch ’11: Interns, Let’s Talk About Offers

A wise suggestion from the mailbag:

I had an idea for an interesting blog topic – most Big 4 interns will be finishing up within the next week or two. It would be interesting to see what the starting salaries and bonuses are turning out to be across the firms and across the different offices for new hires starting Fall 2012. I know you did a similar compensation blog a while back and it had several hundred comments with people sharing their respective numbers.


Thanks, astute future capital market servant! Jesus, is it really August already? We did do this last year around this time and you are correct that we got some great feedback from the kids. Except for the ones who got kicked off the team before the big trip to Disney, awww sucks for them.

Instructions this year are the same as last year, please be sure to include 1) your starting salary 2) your office 3) practice 4) signing bonus (if applicable) 5) Bonus for CPA (if applicable). Remember that anything you post will be seen by everyone you know including your colleagues, lover, dog and grandma so please, if you want to remain anonymous, post as such. Mommy won’t be around to moderate your discussion.

Because not everyone fits into the Big 4 cookie cutter, all interns looking forward to full-time offers are welcome to join the conversation, compare packages (erm) and brag about how much better their firm is than others. There’s no crying in baseball but this is public accounting, which means whining is also welcome.

Get on that, future leaders of the industry!

UPDATE:
The latest:

I believe PwC and DT offers come out this Friday. I’d really appreciate the input from other readers. It could affect my own FT offer.

(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]

Big 4 Summer Intern Open Thread

Let me just say first off that this will not be an exclusive thread to the Big 4, I simply have to appease my SEO fanatic co-workers. That means if you’re interning at Grant Thornton, BDO, McGladrey, Moss Adams, Rothstein Kass, it doesn’t matter, don’t be afraid to jump in with questions or comments or respond to any of the regular commenters out there (“GT Partner” is a treat).

Anyway, it’s not technically summer but DWB encouraged me to drop an open thread on you all so that A) interns can share their skyrocketing anxiety and B) the veterans can bestow some of their wisdom upon these coffee gophers so that they don’t get in the way too much. Since I saw my fair share of interns pass through my time inside the House of Klynveld, I’ll jump in first.

For starters new interns, you need dress nice. If you show up in baggy Dockers without a belt and a Nike golf shirt and scuffed-up shoes – I hate you already. And unless you can do back flips (as it relates to your work) and buy me coffee once a week, my mind is made up about you already. For the ladies, since the dress code is a little more subjective for you, all I ask is you not show up in your pajamas. That said, your female superiors will be eyeing your attire much closer and they will be judging the shit out of you. And if they’re really offended by your fashion forwardness, they aren’t above tattling on you. Believe me, I’ve seen it happen.

As for work – find it. Sometimes you may have to act busy by reading god-awful training manuals or diversity literature or something else that makes you want to bathe with a toaster but FOR THE SAKE OF YOUR MEDIOCRE BIG 4 CAREER, I suggest you don’t look bored. I don’t care if you have to grovel to the lowliest A1 on your team, if you’re not working (or at least appear to be working), someone will notice and that doesn’t bode well for your chances at fulltime offer.

Finally, make some friends. Can you carry on a conversation that doesn’t revolve around your Beta Alpha Psi chapter or the bitch of an Intermediate mid-term you had? Excellent, you’ll be fine. Someone will like you. If you like talking about those things, I strongly suggest you find a hobby fast. The Mets are driving you crazy? Great, talk about that. You just saw the Arctic Monkeys in concert? Wonderful, music is rad. Outdoorsy type? Talk about some camping trips. You’re into Brazilian Jujitsu? Okay but don’t show off your injuries. That’s just gross.

Bottom line: be yourself. Unless yourself sucks. In which case, email the career advice brain trust and we’ll turn this around. Now if you’ll excuse me, some of us don’t have interns and I have to fetch my own coffee.

Will One Bad Performance Review Doom a PwC Intern’s Chances at a Fulltime Offer?

Editor’s Note: Got a question for the career advice brain trust? Email us at advice@goingconcern.com.

I need some advice. I am doing an internship and all my performance evaluations have been good except one. I got one that said did not meet expectations. All the others were met or exceeded expectations. will the on bad pff prevent me from getting a job offer?

PwC Intern

Dear PwC intern,

Forget about your work ethic; your grammar and spelling should be enough for HR to deny you an offer.

Quick side note: I’m sure Caleb has touched on this before (if he hasn’t, he should), but emails are a representation of your professional image. Spelling/grammar mistakes are excusable when it’s an email to a fellow intern about the evening’s happy hour, but not when you are trying to represent yourself to the client, a partner, a manager, or in this case the GC community. My first piece of advice – proofread your $#!%.

Now, back to your original question. Considering the job market and how strapped for staff the firms will be in the next few years, you should be fine. Modern day internship programs at the Big 4 are a testing ground for both the firms and you, the student. Were you able to fumble through workpapers, create some binders, and generally not piss anyone off? Seems like you did, for the most part. For whatever reason (and considering that you didn’t provide one, I’ll assume the poor ranking was justified) you received a less than satisfactory review on one engagement. The positive reviews will counter this. Also, if you have a positive relationship with your recruiter, he/she will fight for you to receive an offer (after all, HR has their own goals to fulfill).

However, if you rubbed an important partner, manager, or recruiter the wrong way at any time, consider your goose cooked. All it takes is a short “I don’t want this person receiving an offer” email from a person of authority to erase your chances of receiving an offer.
Good luck. Cross your fingers and dot your i’s that you can rise above the poor review.

How Does an Overachiever Stand Out From Other Overachievers During Big 4 Recruiting Season?

Ed. note: Got a question for Dan Braddock or anyone else on the GC advice team? Email us at advice@goingconcern.com and we’ll get to your query in due time.

Dear Going Concern,

I am currently a sophomore in college and am interested in a Big 4 internship (Chicago) for the summer of 2012. This means that I will be
involved in the heavy recruiting season this coming fall. I have a 4.0 GPA, am on my way to becoming Executive VP of Beta Alpha Psi, am a member of the Accounting Club, and have done some volunteer work. Any tips on how to stand out from the sea of other students just like me? Should I do anything else before recruiting season besides networking? Any advice would be appreciatedver

Big 4 Lover,

Glad to see that GC has some young people in the audience. Take what you read here with a grain of salt and shot of tequila – adulthood makes people cranky, not just public accounting.

Be cognizant of the fact that there are two versions of you that every recruiter sees: the version of you on paper and the version of you in real life. Either version can make or break your candidacy. Let’s break it down:

You on paper: At first read, the “résumé” you describe seems just fine – you’re maintaining strong grades while being involved in extracurricular activities outside of the classroom, even holding a leadership position. I wonder if your “volunteer experience” was only due to the Beta Alpha Psi volunteer requirement or if you do it on your own; either way, this is minor and I’m nitpicking for the sake of nitpicking. Any Big 4 recruiter will have your résumé sitting in their “yes” pile going into the fall recruiting season.

However, your résumé is strong on the “I am just trying to land an internship at a Big 4 firm.” What are your interests outside the realm of debits and credits? Unless you are a living, breathing calculator, I’d like to think that you have hobbies other than what is described above (this is assuming you did not leave any experiences out when describing your background above). I encourage you to diversify your experiences in college – not just for the sake of your résumé but for the sanity as well. VP of the Wiffle Ball Club? Great. Part of the campus sewing circle? Fantastic. Genuine, non-accounting extracurriculars will not only enrich your life but they’ll be great conversation starters when you begin meeting with recruiters and Big 4 professionals on campus.

You in real life: As you mentioned, you’ll be in the thick of the recruiting process this fall. Being that you’re only a sophomore (and probably on the 5 year track due to Illinois requiring 150 credits for the CPA), you’ll be interviewing for the “leadership” programs at the Big 4. These lead to internships which lead to job offers which lead to high-fives and back slaps for everyone. Here’s what you need to do when you meet the firms:

Do not regurgitate your resume – let your strong résumé speak for itself. No one likes a bragger, not even your mother.

Do not be too transparent – 99.99997% of Beta Alpha Psi members join the society because it looks good on a résumé. DO NOT TELL THE RECRUITER THAT. Unless you want to come across as an internship-chasing fool, then by all means go ahead and say so.

Do not suck up – There is a subtle difference between saying, “I’m only a sophomore, but I have heard positive things about your firm from my professors and older classmates and I’m hoping to learn more,” and “OMFG your company is so cool!!!”

Be yourself – you are more than accounting. The best people you’ll ever work with in the industry will also be much, much more than debits and credits.

Does Interning Count as Experience Towards a CPA?

Today’s CPA exam question has little to do with the actual CPA exam and more to do with your career thereafter, or before if you’re already working in indentured servitude public before taking the exam.

From the mailbag:

Hi Adrienne,

I’ve been trying to look this up, but I keep ending up with vague responses. Can you get your “accounting hours” or whatever work related experience needed for a CPA license (1-2 yrs) before you pass the exam? Do summer internships count (say you interned on an audit)? Which states make you get audit work experience as opposed to states that just ask for accounting experience?

Thanks.
A bit confused.

For future reference, you guys can really help me out here by letting me know what state you are in (or applying for licensure in) as all states are different. Generally speaking “experience” is defined as work performed under the supervision of a licensed CPA in that jurisdiction. Even if you are unsure of which state you will be applying to, a general idea is helpful for my purposes.

You should be able to get your experience before, during or after taking the CPA exam. In some states, you have a limited amount of time to actually complete the requirements once you have passed, in others you will have to take some CPE to “refresh” passing scores after quite some time has passed (5 years).

States like Oregon, Virginia, Georgia and Kentucky will accept general experience in lieu of direct accounting work, meaning you can work in corporate finance and still get your experience requirements met.

States like Colorado and Oregon will accept work performed under the supervision of a Chartered Accountant as well. Colorado will also waive the work experience requirement completely if you meet certain additional educational experience requirements (150 units), check with the Board for exact details on this. Illinois and Massachusetts may also allow you a license without actual work experience. In Mass, you can receive a non-reporting license if you do not meet the 1 year of overall experience and 1000 hours of attest experience, meaning you can do everything but issue reports on financial statements.

States like Alabama, Florida, Illinois, Montana, and Nebraska will give you a CPA certificate instead of an actual CPA license if you have passed the exam, meaning you can put it on your résumé but will not actually be able to practice as a licensed CPA in that state until you meet the additional work experience requirements.

Currently, California does not require audit hours and you can always add them later if you decide you want to perform audits in the state.

Your best bet is to cough up $10 to access NASBA’s Accountancy Licensing Library to search through the different requirements based on which you might meet. You don’t have to know where to look, just plug in what you have (or expect you will have by the time you are ready to apply for licensure) and figure out which state would work best.

Hope that helps!

How Should a Ex-Big 4 Intern Explain That He Snubbed a Full Time Offer?

Welcome to the Animal-Kingdom-to-Win-in-the-Preakness-edition of Accounting Career Emergencies. In today’s edition, a former Big 4 intern who turned down a full time offer wants to know how best to explain this snub to his new prospective employers without dragging his old firm through the mud.

Need help with a busy season break-up? Dealing with some crazies at your job? Do you feel ignored for your effohref=”mailto:advice@goingconcern.com”>advice@goingconcern.com and we’ll help you get some attention (or, at the very least, create a diversion).

Back to the Big 4 snub:

Hello,

I interned at a Big 4 tax recently and got a full time offer. My internship experience consisted of little work aside from fighting boredom and trying to find work. I was very disappointed with my experience, and to an extent, felt cheated. I was not expecting much as an intern, but I was expecting to learn at least a few things. Long story short, against the advice of people who say they have my best interest in mind, I turned down the offer.

I have a bad habit of not using my rear view mirrors when I drive, so I am not seeking advice as to whether I should beg for my offer back. My question relates to how I should approach recruiting in the future. Rule #1 is not to speak poorly of a past employer. Not sure how to get around that. Advice? Also, would saying that I was not happy with my internship hurt future opportunities due to the fact that it seems that few people full time seem to be happy (proven flight risk)? Should I leave this experience off my resume? My mother always told me honesty is the best answer, but then again she has been telling me I am special for the last 22 years of my life. Depends how one defines special perhaps.

Anyhoo, I am confident that I will land interviews in the coming season and I have connections with many firms who had extended me internship offers. I am just unsure how to go about explaining this little snag in a beneficial and professional way.

Thanks for any help.

Dear Momma’s Boy,

This is the first instance that I can recall hearing about an intern turning down a full time offer without another one in place. Your confidence in your decision is impressive but we can’t help but think that you had a slightly itchy trigger finger. But as you said, we’re not looking back. Onward!

You are correct that you should not speak poorly of your previous employer. Slamming your former firm for asking you to spend all day at the copy machine will make you sound petty, unprofessional and any prospects will immediately wonder how you’re talking trash about them once you’re out of their presence. Rather than get all mysterio about the experience, you should listen to your mother and be honest about it. But don’t focus entirely on the negative aspects of the internship; there has to be something you took away from it. Once you’ve described something positive (no matter how petty), you can explain why you turned the internship down. Just be careful to not make the situation personal. “It wasn’t a good fit” or “It wasn’t what I expected” is a far better than saying, “I was bored” or “I was smarter than everyone else” OR “I should be running that firm.” Keep it constructive and thought-provoking in when discussing it. Also, I would not leave the experience off your résumé simply because that misrepresents you. Best to go with honesty all the way.

So just keep your ego in check; did you turn a prestigious firm? Yes. Why? It was a decision made based a variety of factors and it wasn’t an easy one to make (even though it might have been). You’ll come off as contemplative and your integrity will be intact. Those aren’t bad qualities to have.

Tax Intern Wants the Lowdown on Opportunities After a Stint in Big 4

Welcome to everyone-whip-out-those-birth-certificates edition of Accounting Career Emergencies. In today’s edition, a Big 4 tax intern is thinking about life after public accounting, just in case, you know, he hates it. Are there real options out there or will it be a choice between being a Big 4 partner and opening a H&R Block in a strip mall?

Looking for career advice from a complete stranger who may mock you in the process? Is a co-worker questioning your intelligence? Thinking about taking your talents to an archrival? Email us at advice@goingconcern.com and we’ll help you with your Benedict Arnold impression.

Back in tax:

I’ve accepted an offer for an internship in tax this summer with a Big 4 firm, because I’ve always preferred tax to audit as far as a career within the firm. However, I am starting to have concerns over my potential career outside the firm should I decide that I hate public accounting. Unless I were to make partner, it is likely that I will have to look elsewhere to continue my career.

What are the career options outside the firm for someone working in tax at the manager/senior manager level? What can I do to make myself a more attractive candidate? Should I try to get into a specialty tax group? Would my career in tax give me the skills to open my own CPA firm down the road?

I apologize if these questions have been answered, I’ve spent the better part of two days trying to get answers to some of these questions. Feel free to direct me to the answer if this is the case.

Dear Tax Intern who seems to be getting ahead of themselves,

You’re having career concerns and you haven’t even been shown your cubicle? That makes me think that you might also be stressing over the Mayan calendar but since you mention making partner, I suspect you’re not that crazy (or this crazy).

Anyhoo, I’ve got good news – there are plenty of opportunities for you both inside and outside your Big 4 firm. Hopefully you’ll get exposure to various groups within your tax practice during your internship and that will get you thinking about what aspects of tax you enjoy best. If you like compliance – wow, are you in for a treat. You’ll probably start out there but at some point you may be able to jump into state and local (aka SALT), an international tax group or M&A. There are lots of options, which is why tax is such a great career path. Personally, I feel a speciality group can be great experience but you may limit yourself for opportunities outside the firm. That said, there is something to be said for being considered an “expert.”

As far as opportunities after your career in Big 4, you’ll be able to take any expertise you’ve obtained to clients in their own tax department. Remember GE’s department is the best tax law firm known to man and other corporations strive for similar tax savvy; you could fit in nicely. Similarly, if you’re confident you can go out on your own and start a tax boutique firm, you might be able to provide specialized services for a fraction of the cost of other firms. You’ll probably need a couple of colleagues to take the risk with you and some capital wouldn’t hurt but it could pay off in spades in the long-term.

Any tax mavens with some years behind them are invited to share their experiences. Now if you’ll excuse me, I have to get back to mocking birthers.

Ernst & Young Advisory Intern Wants to Get an Idea of What the Overtime Gravy Train Will Be Like

From the mailbag:

I will be a full time Advisory intern at Ernst and Young in Manhattan this coming summer. The duration of the internship is 7 weeks starting mid June. We just received a raise in our salary which has me thinking about compensation.

As you know, interns receive overtime which can contribute significant weight to overall pay. After researching the internet and the GC archives, I have not been able to find a clear answer regarding what I can expect for overtime hours. I know this varies by firm, workload, work groups etc but can you estimate an average of overtime hours per week? If any?

Right you are, grasshopper – it will depend on various factors you mentioned as well the clients you are assigned to, and what kind of expectations your superiors have (maybe that’s what you mean by work groups?). ANYWAY. In all likelihood, you’ll see some overtime hours which will probably result in some nice paychecks this summer but don’t be surprised if managers are staying on top of the hours you’re working. The Big 4 and other accounting firms aren’t quite as loose with the wallet as they used to be so I’d guess your hours will top out somewhere in the 50s on a weekly basis. That puts you in the range of 10 to 15 hours of OT a week (20+ only for those who work for lunatics). If your senior isn’t a headcase then you can expect 40-50 hours a week.

If you fancy yourself a intern hour handicapper, throw some numbers out there. And, interns, when things get rolling, get back to us with your numbers.

PwC Interns to Enjoy the Magic of Disney This Summer

Twenty-four hundred lucky boys and girls will descend on Orlando, Florida to traipse around Disney World in “living classrooms” which sounds a little strange if they’re going to somehow incorporate assurance, advisory and tax services. No one wants to see Minnie Mouse in pantsuit, do they?

“This is a high energy, unforgettable experience that helps prepare interns for their full-time career,” said Paula Loop, US and Global Talent Leader, PwC. “We emphasize the importance of individual contributions to the entire team and how the skills taught at each phase help them advance through the challenges.” Presumably, part of this experience will include persuasion skills that will convince the interns’ best and brightest friends (mostly those interested in tax) who are currently planning to intern with KPMG to defect to PwC at a moment’s notice. [PwC]

Future Ernst & Young Intern Wants to Know How to Land on a Prestigious Engagement

Welcome to the slightly-less-mad-Friday edition of Accounting Career Emergencies. In today’s edition, a future E&Y intern only wants to work on the sexiest tech clients that the House of Turley has to offer. How can one ensure that he/she lands only on the clients worth bragging to their peers? Let’s find out!

Caught in a busy season love-triangle (audit-cleaning crew-admin)? Not sure if your auditor is being honest with you? Upset over a rival’s shady moves? Email us at advice@goingconcern.comDear Going Concern,

I am a future 2011 Assurance Intern for EY. Do you suggest emailing my contacts in the firm regarding preferences as to industry and clients? They know from my interviews that I prefer tech clients, but is it wise to go into greater detail? I don’t want to seem entitled, but I also don’t want to get stuck on some crappy client because everyone else voiced their preferences and got spots at Apple, Google, Facebook, etc. Suggestions on how to voice such opinions would be welcome also.

– Future Staff 1


Dear FS1,

I like it when someone knows exactly what they want but I feel that you need some perspective. Let me start by answering your question directly. I don’t see anything wrong with voicing your interests in the clients you mentioned to your contacts at E&Y, especially if those contacts work on those engagements. If none of the people that you met during the recruiting process serve those clients, attempt to get in touch with someone via the contacts you did make. “The squeaky wheel gets the grease” or “the hooker won’t land the john in the Mercedes across the street if they don’t yell at him” certainly applies here.

Now for that perspective I mentioned – Apple, Google, Facebook are all sexy names and are obviously prestigious clients but let me be clear, these engagements’ allure is extremely deceiving. When I was a resident in the House of Klynveld, I worked on one of the most prestigious private equity clients the firm had. I landed a spot on this team because this is exactly what I wanted at the time, I spoke up and with some luck, I got what I asked for. It was great experience and I worked with a lot of talented people but the majority of the time, I wouldn’t say it was a pleasant experience. The hours were long, there were lots of political games and it was a GIANT rumor mill. Now if you think you can thrive in such an environment, then I say go for it but in my experience it wears on most people. I would expect the teams you mentioned would be a similar experience.

However, as an intern, I’d expect that you’ll be mostly on the fringes of most of the negative aspects of working on such a team because the firm wants you to think it’s a great place to work and managers and partners on those clients want you to think it’s a great engagement. And because you want a full-time job someday, you’re going to do your best to impress the wrinkled pants off these people. If you accomplish that feat, they will want you back on their team. The problem is that once you’re on that team, it may be very difficult to get off that team when you discover that it is Hell on Earth. Now maybe you’ll get mentored by one of those I’m-working-my-ass-off-for-very-little-gratitude-because-I-want-to-get-ahead-in-this-firm types and you’ll really like it. But if that doesn’t sound like your cup of tea, then learn as much about the team while you are an intern to determine if you want to work on it or a similar client in the future. Talk to the A2s and SA1s (sorry A1s, you’re still clueless) to get their perspective but make sure it’s the people that will level with you about what life is really like on that engagement. HINT: If you get a rah-rah speech about the “experience on such a great client” you’re not getting an honest take.

So make your client desires known to get a taste of the life on a sexy client but once you land there, be sure to take a look around to see what life (or a pathetic version of it) will be really like if you’re still there in the future. Good luck.