The latest Trends in the Supply of Accounting Graduates and the Demand for Public Accounting Recruits report came out this week, and I’d be lying if I said I haven’t been anxiously waiting two whole years for it. I mean, I didn’t save the date or anything, but all of us around here have been […]
Accounting Today posted an article yesterday on EY’s “ambitious” recruiting goal of 15,000 new hires in the U.S. in fiscal year 2019. Given that EY only increased its headcount worldwide by 14,000 people in FY 2018 makes me think this has as much chance of happening as Adrienne Caleb coming back to GC. According to […]
KPMG just proudly declared they've welcomed a record 54,000 Klynveldians into the Church of KPMG in FY14, 18,000 of those new graduates. That's a pretty big number. Just how big? Well, let's put it into perspective. The Pimbwe of Tanzania The entire population of the Pimbwe people, who call Sub-Saharan Africa home, is 54,000, according […]
Anyone remember the awkward fireside chat? If so, this guy looks familiar. I have joined McGladrey as their Chief Economist. I look forward to creating a new product on the U.S. economy & the middle market — Joseph Brusuelas (@joebrusuelas) August 12, 2014 What does this mean for McGladrey, the middle market, and the rest […]
Remember back in March when we discussed PwC's recent attempt at corralling its staff into arbitration agreements? You'll recall a PwC spokesperson told us then it was "noncontroversial," which is code for "don't even worry about it, guys, companies do this all the time." In this case, PwC told current staff that not agreeing to […]
Ed. note: in case you are too lazy to click over and/or incapable of using professional skepticism, it's the Onion, guys. Are you desperate to land a Big 4 gig? You should probably start hashtagging your financial analysis: NEW YORK—Citing his rapidly growing social media presence and prolific, insightful takes on generally accepted accounting practices, […]
There are clues:
We hope you are settling into your new role and that things are going well!
The purpose of this email is to make you aware of some important information regarding the year end performance management process that applies to all new campus hires and all newly hired associates/administrative assistants for this year.
The firm recognizes that as a recent new hire, your primary focus is to transition into your role and responsibilities and build your network. It is important that you have the appropriate amount of time to learn about the firm and integrate fully before you are formally evaluated on your performance. Therefore, for this performance year, which ends June 30, 2011, you will not be assigned a performance rating.
Even though you will not receive a rating, you will participate fully in all other aspects of the performance process, such as getting feedback from individuals you work with and meeting with your counselor to discuss your feedback, progress, development and goals for the 2012 fiscal year. We are confident that even without a performance rating for this year, you can fully understand how you are doing by asking the right questions and having meaningful conversations with those you work with.
In the meantime, please make sure you are getting periodic feedback and staying in touch with your counselor. As the year end process approaches you can access helpful tools that will help you prepare for a variety of coaching conversations
Further, you can learn more about the Performance Management and Development process by clicking here.
If you would like to discuss this further please contact your counselor or your People Consultant. Thank you for your participation in this important process.
Take a stab in the comments and feel free to speculate as to the motivation and repercussions behind “all (wo)men are rated equal.”
Welcome to the aren’t-you-glad-healthcare-reform-is-back-in-the-news? edition of Accounting Career Emergencies. In today’s edition, should an incoming associate expect a salary adjustment on day one or they doomed to a pittance?
Find yourself in a jam at work? Do you have eight hours to spare and aren’t sure how to best spend this rare free time? Wondering what you should get Sharon Allen for a retirement gift? Email us at firstname.lastname@example.org and we’ll make sure you stay away from vacuum cleaners.
Returning to our Big 4 in waiting:
Can I expect to have my salary adjusted to market when I start employment? I will be starting in 2011. Reading through some of the articles and comments on here, it seems that new hires easily start with a salary above $50K. I received three offers from three Big 4 firms but all offered salaries were relatively far from $50K.
Each firm was within 1K-1.5K range from each other though. I know that starting salaries have even decreased in my area overall. I am not enjoying the thought of making less than what these firms have proven to have the potential to offer, or even making less than what another firm had to offer (although I knew that was the outcome by choosing this firm). I personally do not think it is worth asking for a raise or a salary adjustment since I feel that would only hurt my future annual raises. Should I just wait it out and see?
[Doubled over, catching breath, holding up hand with ‘I need a minute’]
Oh, dear. We had to take a break for a second, in fact our face hurts from laughing uncontrollably. Sorry about that.
Look friend, we don’t mean to make light of your question but a reality check is necessary here. There is virtually no chance that your firm will adjust to your salary when you start. You write, “I am not enjoying the thought of making less than what these firms have proven to have the potential to offer, or even making less than what another firm had to offer (although I knew that was the outcome by choosing this firm).”
We find this confusing for a couple of reasons – 1) obviously the Big 4 have “proven to have the potential” to pay more than $50k. It just happens this is occurring in a place where you don’t currently reside. If you did reside in one these places, your starting salary would eclipse the magical $50k. Were you expecting a big city salary for your mid-sized city lifestyle? 2) if you don’t like the idea of earning less money, why did you go with the firm that offered you less money? This simply doesn’t compute.
If making $50,000 is such a sticking point for you, move to a city with a higher cost of living so that you can eclipse the magic number you so desperately desire. If that’s not reasonable, then the best you can hope for is a pleasant surprise like PwC gave its recently hired peeps ($500 bonus for those hired post-June 30, 2010).
This may sound crazy but don’t get too caught up in what your salary is at the beginning of your career. So, to answer your question – sit tight and start your career. It’s a little early to be bitching about being underpaid when you haven’t billed a single hour.
No, really. They made a song:
Items of note:
– “Spin that beat” had to be requested twice.
– Things don’t get really serious until #20 gets off the stage.
– #21 didn’t know the words but managed to do the arm swinging quite well.
– The line, “My workpapers don’t lie” is obviously a lie. Everyone ghost ticks at some point.
– Calling out the tax practice for not having any swagger is a little presumptuous.
Other thoughts? Go.
Time to give a little love to everyone’s favorite prank victims, the interns. The word on the street is that this year’s dinner delivery specialists at the major firms will serve as the major pipeline for next year’s fulltime hires.
According to our source, next year’s budgets for much of the audit, tax and advisory service lines for the Big 4 will be met if all of this year’s interns accept their offers. And unless they’ve all suffered serious brain injuries, we’re guessing they’ll be accepting those offers.
More, after the jump
What hell does this mean? Well, in years past, the firms have had large budgets to go back to campus and hire additional new staff in addition to the offers that they made to the crop of interns from the previous year. And just like merit and bonus pools, the hiring budgets have shrunk to the point of the absolute bare minimum. Why? Because no one is jumping from the sinking ship like in years past.
So for you interns out there, it sounds like if you’ve got an internship you better learn to love that firm because if you decide it sucks, finding a fulltime gig at another Big 4 firm will be next to impossible.