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SHOCKING: That Rockin’ PwC Wall Street Journal Ad Cost A Few Benjamins

Posted on by Daniel Braddock

Happy Friday folks. Hopefully you're reading this from one of three places:

1. Your Couch
2. Gate 23 on your way to St. Louis
3. The Bar – any bar.

But regardless of where you are today, we just know your holiday weekend wouldn't be complete without knowing how much cash money The Powers That Be at 300 Madison Ave dropped on yesterday's Wall Street Journal ad.  With the help of a friendly tipster, I was directed to the Journal's media kit site. 

Holy sh*t, those are not Going Concern prices.

Yesterday's ad – aimed at a demographic of PwC/Journal readers that doesn't exist – was a color 1/4 page ad.  Assuming the ad was run on a National scale, there are a few price points we can use to figure out how many Experienced Associate bonuses were sacrificed by this HR blunder:

National Edition, 1/4 page ad (black & white): $43,927.70*
National Edition, 1/2 page ad (color):            $121,416.51
*1/4 color was not listed

Alright gang, what do you think?  Does $60,000 for a color 1/4 page ad in the front section of a newspaper that none of you read sound about right?  Don't forget the wages/time/conference calls/catered breakfasts that went into this strategically misplaced "Thank You" card.  Makes you feel warm and fuzzy inside, doesn't it?  Or maybe that's just the bourbon you're sneaking at your desk while you watch the clock tick down to the long weekend. Either way, Happy Holidays!

One More Thought: Let's not forget that the probable purpose of the ad was not to thank the staff members, but to provide mass exposure of PwC's name and brand in the WSJ without it being a direct advertisement.  Don't believe me?  Revisit the newspaper clipping in yesterday's post.  The colored portion is an extension of the firm's logo and "PwC" is in bold, white letters not once but twice.  You see your firm spending frivolous money on a silly thank you.  A Fortune500 executive sees a firm treating their employees well, and makes a mental note to call them next time his company needs something. 

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Cash-strapped Clients Could Force Accounting Firms to Come Up with Creative Cost Savings

Because times weren’t already cheerful enough around GT, they recently released a study which found that businesses are generally pessimistic about raises and bonuses this year.


From the press release:

The firm surveyed 496 U.S. CFOs and senior comptrollers from March 22 through April 5, and found that 53% plan no salary changes in the next 6 months, while 32% plan to decrease and 15% plan to increase. On the bonus front, there is also equal pessimism, 47% plan no change, 44% plan to reduce, and only 8% plan to increase.

Well – that certainly sucks.

We know raises are the last thing on the minds of higher-ups at GT, but come on, really? Imagine being a no-name staffer at GT grinding away on a report about how your clients are a collective group of Negative Nancy’s. With headcount discussions ongoing in several GT offices, one would be – and should be – concerned.

The freezes in salary and bonuses don’t really apply to the accounting firms because – as it has already been discussed here in great length – money should be flowing your way this summer. The underlying concern with this report is this – if your client isn’t giving its own employees a bump in pay, there’s no bloody chance your firm is getting a bump in fees, either.

Any and all resources will be applied to minimizing any talent exoduses from occurring.

So how will the firms find enough cookies in the jar to “support the current pipeline?” I checked in with a Big 4 auditor in New York who had this to share:

During casual conversation with my mentors, word is the firm will be pushing for leaves of absence again this summer for everyone who has not completely passed the CPA. The hope is for a decent percentage of staff members to do this to save on salaries.

Makes sense-ish. Temporarily cut staff salaries during a relatively quiet audit period. Will this be enough to cover raises and bonuses while client fees remain stagnant? Heavens no but it’s a start. As always, let us know if you learn of ways your firm plans to pinch pennies.

Deloitte Polishes Its Online Recruiting Presence but Who’s Listening?

A few weeks back I talked about the flashy websites the Big 4 have invested in for recruitment purposes. For those of you DT’ers still wondering where your raises went, the answer is now clear.

Facebook, Twitter, YouTube, and a brand new (interactive!) recruitment website. DT is completely revamping their online presence.

Seemingly launched the same week as PricewaterhouseCoopers’ personal branding campaign, DT’s overhaul is much more comprehensive. The Twitter page already boasts 1,500 followers; its unique twist is that employees take turns tweeting about their daily work. Interesting approach, only if you remember to log in to the Twitter page and read the biography of the weekly tweeter.


Deloitte’s YouTube approach is similar to that of KPMG’s established page; clean and consistent website hosting professional videos. One of the videos, entitled “What if your work mattered to the world,” delves, umm, deeply into the importance of cow manure on the job. Taking the term “shitty job” quite literally, I suppose.

Finally, everything is nicely tied together with a flashy site showcasing – shockingly – its youngest and brightest employees. Stories, videos, and links to various DT pages make working for the dot seem downright enjoyable and fun.

The question remains, though – who is this targeting?

From my brief experience on the sites, there’s still no direct way to contact the recruiter responsible for a particular school (PwC boasts the only clear option). There’s no way to ask questions, request feedback, contact the recruiter who’s business card just went through the wash.

This maneuver of hiding behind a flashy website is a running theme for corporate recruiting websites. Why? Why not? The employers hold the cards. The recruiters mailboxes are already overflowing. And if you’re a top student on campus, trust me, the recruiters will find you. So why the website?

See the Joneses out there in front? Yup, better go catch them.

We’re still at a point in the social media world where no one really knows what works best. Facebook has been all the rage for teenagers and young adults, but now that older generations are joining in swarms (i.e. creepy overprotective parents) , there has been a shift of concern among younger users. Twitter is a cluster of a mystery, but the it’s a cluster that everyone (including me) is going along with.

The Big 4 marketing gurus are no different. They know that the recruiters will do the legwork to find the best candidates. They know students will talk to their professors for advice, and listen to their older friends who interned elsewhere.

Perhaps in the end the websites, tweets and cow videos are for the helicopter parents. Seriously. Recruit the parent, recruit the student.

What To Do When You’re Ready to Quit Public Accounting

What to do, what to do.

As summer promo’s and raises (or lack thereof) loom on the horizon, you may or may not be on the hunt for a new job. If you are, great, keep reading. If you’re not that’s swell too but I encourage you to use this as a reference when the time comes. What I do want to talk about is how to resign from a job. Because if I’ve seen anything on my side of the HR table, it’s that you accountants can be rough around the edges come Hugh Grant time.


Listen, I don’t know what your recruiters tell you, but here’s what you need to know:

Respect your colleagues and boss – So you get the call you’ve been working towards – XYZ Company wants to hire you. Offer is for better money, hours, and potential. You’re on board. Great – now what?

When you’re done with your victory dance in the parking lot, the people you should break the news to is your engagement team. After all, they are the ones that will be forced to immediately absorb your departure. You shared long hours and an infinite number of other unfortunate circumstances and the whole “in the trenches” camaraderie is flushed away with your decision to leave. The best way to explain this situation to them is to be honest – you’re moving on to a better situation and you’re sorry that this puts more work on their plate but it’s not personal.

Spread the word to your mentor and mentees. It is vital to protect these professionally personal relationships. Chances are your mentors know why you’re leaving; hell, they might have even encouraged you to look outside the firm. Include them on your final “farewell” email, but be sure to contact them on a personal level as well. Thank them for their help in shaping your career.

Your resignation letter should be short and sweet. Keep the feelings, personal jabs, and wisecracks out of the email. Here’s an example:

Dear Caleb Newquist,

As of today, (May 12, 2010) I am officially notifying you of my resignation. I am prepared to work for two weeks from this date, ending on (May 26, 2010). I will do whatever it takes from today until that date to make my departure as smooth as possible.

I sincerely hope to continue the professional, and more importantly personal, relationships I have developed in my time at ABC. I hope that this parting can be accomplished without hurting said relationships.

If you have any questions, please do not hesitate to ask.

Sincerely,

Daniel Braddock

Short and sweet. Should you have the need to express personal messages to TPTB, do so in a separate email. Your resignation letter is nothing more than a means to an end.

Whatever you do, don’t burn the bridges – The accounting world is smaller than you might think. Chances are when you leave your current firm you will consider a number of your former colleagues to be current friends. Keep your farewell email short and genuine, but also professional. Whatever you do, don’t burn bridges now. You have no idea when the next happy hour will turn into a professional opportunity.