This is our second submission from the stable of Going Concern freelancer candidates. The following is by Bob Loblaw. Notwithstanding a few e-mails I’ve written in the past that had a wider circulation than intended, this is my first piece of journalism (Ed. note: relative term). With that in mind, it’s important to my unpaid […]
Ed. note: Whatever your problem is, we can fix it. Or at least make you feel better for the rest of the day. Email us your query at [email protected]. Going Concern: There is a good amount of time spent discussing careers moves within and outside of the public accounting world, but one topic I have not come […]
Ed. note: Looking for above average advice from some snide, know-it-all hipster doofi? Take a number by emailing your problems to [email protected] and, if you're lucky, your position in the queue will still be in triple digits! Hi GC, I am going into my 7th busy season at a mid-tier ("MT") (2nd as a manger) […]
Ed. note: Have a question for the career advice brain trust? Email us [email protected].
I am an associate working for KPMG. During the past 13 months of my career here, I’m just tired of using their outdated office technology, audit tools (an electronic audit system that was made in 2010 when all other big 4s started at least 5 years ago), unfriendly people culture (politics and white-eyes), and stingy meal reimbursement ($14 for dinner). I often work really late hours (utilization rate more than 180%), at the year-end review, I am really unhappy for the rating and raise they gave me.
But still, I want to work in public accounting for the next 2 to 3 years. My question is, do Big 4 recruiters share their employee’s review? Does a recruiter at DTT/EY/PwC know what the employee’s performance is at KPMG (maybe a call to his/her close-friend in KPMG to find-out)? Also, while I’m choosing my next target, which Big 4 has better people-culture so that I will be motivated to work hard for the 2 or 3 years?
An Escaping Klynvedian
Oh, the woes of a being a first year associate: you think the hours/pay/bennies can be substantially better at another firm in your area, but really where you’re at now is oftentimes par for the course. Yes, the audit tools at KPMG are antiquated compared to the others (to their credit: they’re desperately playing catch up now), but with the other areas of complaint I doubt the GC crew has much sympathy for you. Your $14 Per Diem rate is not a KPMG decision but rather based on rates set by IRS. As someone who has traveled extensively for my firm (and uses the IRS rates), I’ve never had a problem ordering in or dining out within the rates set for any given city. Hellz, you could live on $14 a night in NYC if you had to (street meat, anyone?). On to your other concerns:
1. Hours – going to be bad wherever you are. 180% chargeability bad? I don’t know. Talk to anyone you know at the local offices of your competitors and ask about their busy seasons. Also ask if they’re hiring.
2. Unfriendly culture – I think we can all agree that this is different for every office, for every firm, for every city. Best way to find a better one is to look around.
3. Sharing employee reviews – it’s unlikely that one HR professional will call up his/her counterpart at your firm and inquire directly about your reviews. However, they will most likely ask that you provide copies of past reviews before making you an offer. This is a legitimate request and you should be prepared to cooperate. Based on your expressed concern, I’m going to guess that your reviews are not that…great. If this is the case, be prepared to explain any average/less than review points made by your manager(s).
GC’ers – who has some advice for our fleeing first year? Hit up the comments below.
Forgive me for suggesting this to (alleged) financial professionals but perhaps if they treated their current talent like, well, talent as opposed to third-rate street whores, they might not have this problem. One need look no further than the comment section on any of our salary posts to find warranted discontent, anger, frustration and threats of exodus.
The Robert Half Global Financial Employment Monitor was developed by Robert Half International and is based on surveys conducted by independent research firms. The study, focusing on hiring difficulties, retention concerns and business confidence, includes responses from more than 6,000 financial leaders across 19 countries.
Here are the key findings:
• Two-thirds, 67 percent, of financial leaders reported at least some level of recruiting difficulty. Approximately one out of five (19 percent) respondents said it is very challenging to find skilled accounting and finance professionals today.
• Retention concerns are rising. Globally, 56 percent of executives said they are either very or somewhat concerned about losing top performers to other job opportunities in the year ahead. This is an 11-point jump from the 2010 survey.
• In the United States, 43 percent of executives cited worries about keeping their best people. This is up from 28 percent in 2010.
• Eighty-nine percent of respondents reported being at least somewhat confident in their organization’s growth prospects for the coming year.
More disturbing, retention issues seem to be a globally pervasive issue. More than half of executives, 56 percent, said they are very or somewhat concerned about losing valued employees to other opportunities in the coming year. This compares to 45 percent who cited retention concerns in the 2010 survey.
In some countries, the results were much higher. The number of executives worried about keeping key employees is up 16 points in Singapore, for example; 91 percent of respondents there said they see retention as an issue. In Hong Kong and Brazil, 88 percent and 85 percent of financial leaders, respectively, noted retention concerns.
What this means, of course, is that if any of you are desperate for work and somewhat decent at your jobs, you might want to look into tapping these markets. Despite what the IASB may like you to think, U.S. GAAP isn’t dead and knowledge of it is still a marketable skill, though a decent command of international standards will obviously benefit you more going forward.
Or turn your keepers’ fears into a tool to be leveraged and get yourselves raised up to at least second-rate street whore. Stranger things have happened.
Ed. Note: Give DWB a warm welcome back to regular posting. If you’ve got a question for the advice column, email us at [email protected].
Good afternoon, everyone. Caleb must have tripped and knocked his sombrero-wearing-head last night, because he has invited me back for a weekly post. Regardless, I’m excited to be back. Let’s knock the rust off, shall we?
I am a 2nd year senior associate at a Big 4 firm. I like doing public accounting but am thinking that at my level and performance I am underpaid. I’ve several offers in hand but I do like what I am doing.
Now this does seem like a silly question – how do I go about asking for a raise without making it sound like that all I care about is money? In this economy…what are the chances that I am gonna get what I ask for?
Thanks a bunch!
You don’t specify whether your “several offers in hand” are for positions in the private sector or with other public accounting firms, so I’m going to address both.
Private sector – why are you interviewing with companies if you “like doing public accounting?” Turn these down.
Public accounting – you should be considering these offers if they are with another Big 4 firm. Do not go from Big 4 to mid-tier. Don’t have any offers with the other Big 4? See your own comments above and interview with the other firms. All four have problematic staffing issues this spring as the young guns continue to burn out. Sure, you’ll receive a nice little bump in pay when you transfer from one firm to another, but remember you’ll be down at the bottom of the networking food-chain.
Considering both the fact that you work at a Big 4 and it’s only a few months away from mid-summer raises and/or compensation restructuring, asking for a raise now will probably not lead to much. You work for an international firm responsible for more than 100,000 employees…you are one person. Granted, you are a second year Senior, which is one of the areas that all firms have a shortage at.
It also depends on your what practice line, your performance rankings and industry, as all of these factors play into how much leverage you will have. If you’re a top-ranked staff member with your CPA and on track to be a lead senior in the fall, your firm may toss you a $1,500 bone to keep you salivating for summer raises. If you’re more of the middle-of-the-road-and-I’m-studying-for-BEC type it would not totally surprise me if you were not given a raise or even shown the door. It would take the length of an episode of “30 Rock” for the word to spread through your office that all it took to get a bump in pay was to claim you had an offer from another firm. Leadership isn’t stupid.
Regardless of where you stand when compared to your peers, be absolutely certain you’re comfortable taking one of the offers you have should the latter situation happen. Your best bet is to wait until summer raises come through. The other firms will still be hiring experience staff in September.
Welcome to the the-shutdown-will-probably-last-45-minutes edition of Accounting Career Emergencies. In today’s edition, a Big 4 senior associate has a hanker to jump ship. Problem is, corporate accounting and internal auditing don’t sound like appealing life-preservers. Are there other options or is our hero doomed for permanent Big 4 burnout?