Is there any particular industry you recommend for an associate to being with?
I wouldn't recommend any one industry, it all depends on your interest. The core sectors are - Technology/Software, Manufacturing, Hedge Funds and Mutual Funds, Insurance, Banks, Retail, Government, Real Estate, Entertainment, Biotechnology, Energy, Alternative Energy and Non-Profits. I'm sure there's more. I started breaking down why you'd want to join each industry, but then realized it all came down to one more thing - your interest in that particular industry. If you see yourself in that industry long-term (after your stint in auditing), choose that industry. Simple as that. One thing you'd want to take into consideration is specialization. For example, if you go into the financial service industry, it will be hard to transition to manufacturing, retail and technology. Consider the similarities between the industries if you don't know what you want to do and want to keep your options open. Hope this helps.
Friday, 9 December 2011
big 4 jobs vs other jobs
How often do big 4 auditors compare how their situations are with others working in Fortune 500s, Investment Banking, Consulting, etc jobs?
Sadly, a good amount. Let's break it down -
Fortune 500 - I'm going to group in all public companies here. This is what most employees compare their jobs to. When you audit these companies, you get to say their payroll reports, and so you know exactly how much each individual makes. You get mad when you see people who are not as competent but make a ton more than you. Then while you're slaving away through 8-9 pm, you see these guys jet faster than Usain Bolt at 5:30 pm, so they can enjoy life, and work to live rather than live to work.
Ibanking: You know it's a miserable job but you get riled up when you see how much they make, be it 5x, 10x or 20x the amount you make. It hits you when you audit banking fees on certain transactions, and you look at the amount of money they make for each transaction. You barely ever see them outside of the occasional nights "at the printer" when they walk in in their armani and gucci suits, acting like everyone else around them (the non-ibankers) are peasants. It either turns you off (many of them are glorified douchebags) or makes you want to be them.
Consulting: This is one of those jobs that everyone thinks is ideal. People think you don't pore over the details, and that you're very high level, like Bob and Bob from Office Space.
It's a tough transition though, you'd probably need an mba to go from auditing to consulting. When people realize this, and that you're basically living in hotels 75% of the time, they cut back on their need to join the consulting world.
Basically, every time you compare your job to someone else's, there is a 75% chance you'll feel miserable. I try to avoid it, but fall into this trap a lot. Just shake your head, stop thinking about other jobs unless you really want to leave and can leave, and move on.
Sadly, a good amount. Let's break it down -
Fortune 500 - I'm going to group in all public companies here. This is what most employees compare their jobs to. When you audit these companies, you get to say their payroll reports, and so you know exactly how much each individual makes. You get mad when you see people who are not as competent but make a ton more than you. Then while you're slaving away through 8-9 pm, you see these guys jet faster than Usain Bolt at 5:30 pm, so they can enjoy life, and work to live rather than live to work.
Ibanking: You know it's a miserable job but you get riled up when you see how much they make, be it 5x, 10x or 20x the amount you make. It hits you when you audit banking fees on certain transactions, and you look at the amount of money they make for each transaction. You barely ever see them outside of the occasional nights "at the printer" when they walk in in their armani and gucci suits, acting like everyone else around them (the non-ibankers) are peasants. It either turns you off (many of them are glorified douchebags) or makes you want to be them.
Consulting: This is one of those jobs that everyone thinks is ideal. People think you don't pore over the details, and that you're very high level, like Bob and Bob from Office Space.
It's a tough transition though, you'd probably need an mba to go from auditing to consulting. When people realize this, and that you're basically living in hotels 75% of the time, they cut back on their need to join the consulting world.
Basically, every time you compare your job to someone else's, there is a 75% chance you'll feel miserable. I try to avoid it, but fall into this trap a lot. Just shake your head, stop thinking about other jobs unless you really want to leave and can leave, and move on.
Sunday, 27 November 2011
masters or credits
What's your advice for a soon to be college grad interested in the big 4 but dealing with the new 150 credit hour law? It seems like everyones advice is to go right for your masters after graduation. Is the Masters program worth it or would extra credits from a community college still look good?
At the end of the day, all that matters is your CPA. Your masters program's only help is getting you credits towards the 150 requirement. If the costs are much higher for a masters vs credits from a community college, then just do the credits from the comm college. I've seen many either do the masters or the credits from the comm college, but nobody really cares as long as you have your CPA. The two kinds of people who get their masters in accounting are - a) people who need the 150 and b) people who were non-accounting majors but now want to switch to an accounting career.
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