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Grant Thornton’s New CPA Policy: Bonuses and Requirement for Promotion

Grant Thornton rolled out some policy updates today related to obtaining a CPA (full email after the jump), including some impressive bonuses for its newest employees (hired after April 15, 2010). The largest available is $10k if you happen to be of the Elijah Watts types and “are among the top 10 candidates earning the highest cumulative scores on the four sections of the CPA Exam in the country.”

Other bonuses include:

• $5k for passing all four sections within one year of full-time hire.
• $3k if you pass within 18 months of full-time hire.
• $7.5k for those in the top ten in their state but not good enough for national recognition.

The firm is also paying a small bonus ($1k) for current employees who have epicly failed so far but��������������������exam between August 1, 2010 and July 31, 2011.

While most people easily get hung up on the money aspect of things, the bigger change is the requirement for new employees (again, those hired after April 15, 2010) to have passed all four sections of the CPA prior to being eligible for promotion to Senior Associate. That goes for both audit and tax employees.


We covered CPA exam policies in a couple of posts earlier this year and the only other firm that has this requirement is PwC for the audit practice. The tax practice requires a CPA for promotion to manager.

So some pretty interesting developments at GT and it seems to be a fair transition – from a timing standpoint anyway – as those hired in the last six months can hardly find their ass with both hands, let alone be ready for a promotion to SA. But again, this is major policy change going forward and GT is, at the very least, making the case that they will be holding all of their associates to a higher threshold of performance than firms that don’t have such requirements.

Sound off your support or displeasure in the comments on the bonuses or promotion requirements below. And for the non-GTers out there, what do you think of your firm’s policy? Does it need updated to keep the pace with GT’s move? Are changes in the works? Keep us updated by emailing us at tips@goingconcern.com.

Policy update
Important information regarding CPA licensure
At Grant Thornton, we are a dynamic global organization that is committed to making a difference to our colleagues, clients, the profession and our communities. As part of our commitment to providing our clients with distinctive service and the highest quality, I am pleased to announce two important changes effective immediately.

Introducing the CPA Pass Bonus
It is our goal to continue to attract intellectually curious, talented individuals to our firm and to encourage them to pass the CPA exam and earn their license as soon as possible. As such, I am delighted to announce that Grant Thornton will now offer a CPA Pass Bonus.

Grant Thornton will pay professionals who joined the firm as entry-level associates from campus on or after April 15, 2010
· $5,000 – For passing all four parts of the exam prior to or within one year of their full-time date of hire

· $3,000 – For passing all four parts of the exam within 18 months of their full-time date of hire

· $10,000 – For those who are among the top 10 candidates earning the highest cumulative scores on the four sections of the CPA Exam in the country

· $7,500 – For those who are recognized as earning the highest cumulative scores on their initial sitting for the four sections of the CPA Exam within their state and were not national winners

To recognize a transition within the spirit of the new policy, Grant Thornton will pay a one- time “catch up” to experienced associates through senior associates

· $1,000 – For passing all four parts of the exam, if they pass during the August 1, 2010 and July 31, 2011 time period only

CPA requirement for promotion to senior associate
In addition to paying a bonus to those passing the CPA exam, the firm has made the decision to require audit and tax employees to have passed all four parts of the CPA exam in order to be promoted to senior associate.

For employees hired on or after April 15, 2010

· This new promotion policy is effective immediately.

For employees hired before April 15, 2010 or as experienced associates and senior associates:

· Employees who have not yet passed the CPA exam will be “grandfathered” under our current policy. In that regard, we encourage all individuals currently at the associate 2 level or above to pass the CPA exam within the next 2 years. However, they must be a licensed CPA prior to being promoted to manager.

For additional information, please see the CPA Pass Bonus Policy linked here.

If you have any questions about either of these changes, please contact your practice leader or local HR professional.

Lou

Grant Thornton Didn’t Promote Me, Do I Go to PwC?

Today in accounting firm musical chairs, a SA3 who got passed over for promotion at GT has an offer to joining soon-to-be rebranded PwC as an SA1/2. WHAT TO DO?!?

Have a question about your career? Worried that you’re too hot for the Big 4 and your hot brain will be overlooked? Trying to decide if you should give it all up and join the circus? Email us at advice@goingconcern.com and we’ll let you know if you should consider becoming the next human cannonball.

Back to our accountant in peril:

I’m a recurring S3 (financial) who was passed up on the manager position because of internal politics [Ed. note: reader admits that this is their opinion]. I have a offer with PWC to join their asset management group as a S1/S2.

Is this career suicide? I have until today to tell GT if i’m leaving or tell PWC that i have to rescind the offer.

I’ve had it with GT and although they said there is a good chance next [year] to make manager, i dont believe the hype.


Timing if of the essence, so we’re on this – Looking forward to a promotion to manager and getting passed over is a tough pill to swallow. All of your hard work that you’ve put in over the last five or so years (that feel like ten) no feels wasted. As you say, you’re not buying the hype any more and we don’t blame you. However, succumbing to your frustration and allowing PwC to knock you down a notch (or two) on the ladder is the last thing we think you should do.

You shouldn’t let any firm take advantage of your vulnerability and devalue your experience just because you were in Casa de Chipman. If you were an associate, the situation might be different but if you’re on the throes of making manager and now it might be at least another year before you’re even being considered for manager, feels like a disservice.

That being said, it doesn’t sound like you’re happy at GT. And being miserable at work sucks. If you’re crawling out of bed, hating your commute and the faces of your co-workers make you want to projectile vomit on their laptops, that’s a serious sign that you need to GTFO.

Luckily, you’ve got options, friend. If you trust your performance coach/counselor, ask them if there are possibilities within GT that you can explore (possibly a practice rotation?).

But if you’re truly burned out on GT, don’t do something rash like take the first offer thrown in front of you. Take your time and make the next career move that’s perfect for you. Don’t settle for the glitz of PwC just because they make it sound like the best shit since paperless audits (they aren’t that cool anyway). Your experience is valuable, go find a company that will reward you for it.