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Former McGladrey Employee Rates Experience at Firm as Below Average; Cites Stress Level, Getting Fired While on Vacation

On Tuesday, I brought you a rundown of a survey I recently took on my Big 4 experience scoring it a 5 – on a 1 to 5 scale – for the days spent inside the House of Klynveld. Today, from the mailbag, a former McGladrey tax pro who pegged his experience at Mickey G’s a bit lower than that:

Per yesterday’s newsletter [Ed. note: which you can subscribe to here], I worked at McGladrey from 2002 – 2009. I would rate the experience as a 2 on a scale of 1 – 5 (with 1 being the lowest).

On the positive side I was able to complete the [Midwest University] MST (distance-learning) which they fully financed, as well as gain valuable tax experience which helped me get my next gig as a Tax Analyst for a private company.

On the negative side: getting laid off on the following Monday after busy season. Even worse, I was taking my first vacation day in 4 months and was informed via courier who delivered the information to my house. It took a while for me to get over that extremely cold termination but I now realize it was a promotion in disguise!

Also, the stress level in my office was very high leading several in the tax department to have health issues (chest pains, high blood pressure, etc.).

KPMG Global Revenue Drops 11.4%

Thumbnail image for Thumbnail image for Thumbnail image for PomeranianSP1324.jpgThe wait is over Klynveldians. Your firm’s revenue results are out and — not to put fine a point on it — they’re disappointing.

The press release has the typical spin that we’ve come to expect from the Big 4 bigiwigs as Tim Flynn focuses on the, ‘high growth markets’ and the opportunities that arise out of ‘a markedly changed regulatory environment’ (code for: “Democrats are in power”).

These “opportunities” are noted but the numbers speak for themselves. As Big Four Blog notes, “A drop in revenue was expected, the surprise was the magnitude of the drop, which was higher than other Big4 firms.”


From the press release:

KPMG, the global network of professional service firms providing Audit, Tax and Advisory services, today announced member firm combined revenues totaling US$20.11 billion for the fiscal year ending September 30, 2009, versus US$22.69 billion for the prior fiscal year, representing an 11.4 percent decline in U.S. dollars.

“While overall revenue results for the 2009 fiscal year reflected the global economic downturn, we were pleased that our continued investments in high growth markets resulted in continued growth in those country member firms,” said Timothy P. Flynn, Chairman of KPMG International.

The drop in revenues breaks down like this:

Audit – $9.95 billion in FY09 versus $10.69 billion in FY08, a 6.9% decline in U.S. dollars.

Advisory – Revenues of $6.07 billion in FY09, versus $7.27 billion in FY08, a 16.6% decline in U.S. dollars.

Tax – $4.09 billion in FY09 compared with $4.73 billion in FY08, a 13.4% decline in U.S. dollars.

The numbers certainly speak to the tough year that KPMG professionals have witnessed through many rounds of layoffs and several shake-ups that appear to be part of major restructuring in the U.S.
So now that the 2009 earnings season has come to a close, all the firms can focus on making 2010 less crappy. That should be breeze. We shall see. If you’ve got thoughts on the Radio Station’s year, or want to talk about how psyched you are for 2010, discuss in the comments.

KPMG reports 2009 revenues of US$20.1 billion [Press Release]

See also: KPMG 2009 Revenues of $20 B Drop 11%, Most Among Big Four Firms [The Big Four Blog]