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Big 4 Refugees: Where Are They Now? Are They Still Miserable?

Posted on by Caleb Newquist

Unless you’re completely illiterate, you’re aware that we cover lots of news on layoffs and exoduses here at GC. Layoffs seem to be more of ’08-’09 trend while this year the exodus seems to be en vogue.

That being the case, some of the people that you knew while they were in public accounting have completely disappeared never to heard from again. Those of you still at the mercy of the billable hour might assume that these refugees are loving life in their new jobs – working 40 hours a week, making far more money and seeing more than an hour or two of sunlight on a regular basis.

But do these ex-Big 4 and public accountants really have it better? One reader wonders aloud:

Something came to mind recently when talking to my ex-Big 4 friends, who were laid off in the mass curling about a year ago. Being someone who was laid off by a Big 4, I somewhat have to agree and feel the same way. That is, I have heard from so many of these friends who hate their current jobs, and considering quitting. Even more are thinking about going back to school. So I wasn’t sure if this only applied to my friends, or is a general trend among those laid-off from Big 4s.

So I thought it would be interesting in the thought of other people who were laid off by the Big 4s. Where are they now? Do they like their jobs? Or do they feel the same way? If they don’t like their current jobs, what are their intentions? And maybe even the question of whether they would consider going back to a Big 4?

Lots of questions in there, so it’s really a grab bag. Jump in on whatever applies to you – headed back a life or Ramen and frozen pizza to get at Masters or PhD? Still glad you escaped public accounting with your sanity intact? Thinking of – gasp – going back?

Firms are definitely looking for help as evidenced by the pleas by PwC and Ernst & Young to their current employees to refer everyone and their dog for possible employment, so hey, it’s an option for those that feel that the non-Big 4 grass is faux-green. Discuss.

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PwC Partner Desperate for Courageous Pianist Has Prayers Answered

It was only yesterday that we learned about a PwC partner that was thrown a curve when their regular pianist up and cancelled for a Monday night fiesta. The partner, not wanting to disappoint/disgust his guests, challenged everyone he knew to find the stones to stand up and say, “Yes, I play piano and I am courageous and I will dazzle your guests and be ‘well fed’ in the process!”

Frankly, we had our doubts this would get pulled off. Fortunately for this partner and his guests, a small miracle occurred:

. . . and the answer is, we’re courageous and talented! I received quite a few offers from people willing to play or with ideas on friends or relatives who could possibly help us out. More importantly, we received a number of replies from people simply stating that they wish they could help out and that they wish they had maintained their piano studies. So, what should we make of this little episode in our lives here at PwC? First, it is a reminder that at PwC we act like family and help each other out.

Second, it is a reminder that we have many courageous people who are willing to step up to a challenge. In a later note, I will highlight some of the individuals who responded and volunteered. In today’s note, I simply want to highlight the contributions of Craig Wilderman, the individual chosen to play last night. Craig played beautifully despite the fact that he hasn’t been playing regularly in recent times. Craig displayed an ability to jump from music genre to music genre — he was actually quite impressive. Perhaps the final message I have for you today is that when you can steal a moment or two away, it is probably a good idea to rekindle old passions and hobbies. I believe that Craig found sharing his piano talent with us last night to be very personally rewarding as well.

First, how annoying would it be to read the emails from “people simply stating that they wish they could help out and that they wish they had maintained their piano studies.” Save it people. What you’re really saying is, “I can’t play a lick but I would if I could and I thought you should know that!” You’re wasting the man’s time. He needs talent, not your bullshit excuses about how you quit when you were a junior high.

But luckily there was a real hero in the mix. We did some snooping around and found a Craig Wilderman on LinkedIn who is in the vicinity but his keyboard talents are not anywhere on his profile. We felt confident that we had our man and we tried shooting him an email to get the scoop on 1) songs played – did he take requests? 2) the hottie situation 3) was he, in fact, “well fed” 4) what form the “external gratitude” has taken so far.

But the most important question for Craig is, is he considering leaving the confines of his cube to go on the road to provide his talents for other partners desperate for in-home talent at a modest charge? It sounds as though he could make a run at it but maybe he just needs some encouragement. We say, go for it Craig. We can’t bankroll you but are more than happy to provide moral support.

The City of Toronto Pays KPMG $350,000 to Do a Study on the Obvious

To the Klynveldians, it was a pretty decent pay day just to state the obvious: that the city of Toronto could save a few bucks (make that a few loonies) by not putting fluoride in its water supply and a few other cost-saving measures. We find KPMG’s tagline of “cutting through complexity” to be extra appropriately hilarious in this particular context and there is no mention in the report of potential cost savings that could be realized were Toronto never to pay for Big 4 consulting services ever again.

Krupo has the entire story over at A Counting School but here’s the short version for those of you with legitimate ADHD problems: eliminating or reducing some non-core services provided by the Public Works and Infrastructure department could save the city $10 – 15 million (CAD).

KPMG states that ending the forced medication of Toronto’s public water supply by cutting the fluoride could have detrimental effects on the dental well-being of Torontonians, though obviously they haven’t been reading up on their tin foil hat, anti-fluoride research, which clearly shows a higher incidence of tooth decay in areas which use the fertilizer-production byproduct (which is considered toxic waste as long as it isn’t dumped in the water supply). Cut it! (If you think I’m insane, check out this “chemical spill” that burned through the concrete in Illinois. Those guys in Hazmat suits? Cleaning up Hydrofluorosilicic acid, the toxic industry slurry that becomes fluoride)

Anyway, back to the subject at hand. KPMG also advises Toronto that holding itself to a lower level standard could help save some cash. “Over half of the services that report through the Public Works Committee are provided ‘at standard’, which is generally the level required by provincial legislation or the level generally provided by other municipalities,” says the report. “30% of services are provided at slightly above standard offering some opportunities for cost reduction by lowering the service level provided. 17% of services are delivered slightly below or below standard.”

One such “higher standard” service to which KPMG refers in this report is the Toxic Taxi (no, that’s not what you call a bar crawl through Denver with Caleb after yoga and two red bean burritos), a free service that picks up your hazardous household waste like expired medications and batteries if you cannot drop them off at an authorized location yourself. We wonder how much went in to make the high quality “advertisement” of bootleg Canadian Mexicans Chuck and Vince trying to get you to turn in your used paint and batteries.

As Torontoist so astutely pointed out, the report didn’t actually look at how the horribly mismanaged Toronto city government could run more efficiently but instead simply analyzed which services could be cut. “KPMG did not assess the effectiveness or efficiency of City services,” the report states. “Assessment of how services are delivered is envisioned to be conducted through separate efficiency reviews. KPMG did not conduct financial analyses of programs and services to identify potential savings.”

I guess efficiency suggestions are extra.