Hi. Is Big 4 considered as public sector? I thought they are under private sector?
It's considered to be public accounting - and the audit is done on both public and private companies. Agree though - seems strange if you dig deep to figure out why.
Wednesday, 10 July 2013
Notices
Also have you ever had a really good auditor leave w/o warning? Like you found out the day they were leaving.
For the most part, you find out a week before - via the grapevine, almost everyone gives a 2 week notice in the US. Depending on the Firm, you may get "escorted out" on the same day if you go to a competitor, even if it's a different practice. It's pretty crazy when that happens. Also, when you're laid off, you have to fill out your paperwork and leave that same day.
Most good auditors are kind enough to give their two week notice though, it helps transition a lot of work to others.
For the most part, you find out a week before - via the grapevine, almost everyone gives a 2 week notice in the US. Depending on the Firm, you may get "escorted out" on the same day if you go to a competitor, even if it's a different practice. It's pretty crazy when that happens. Also, when you're laid off, you have to fill out your paperwork and leave that same day.
Most good auditors are kind enough to give their two week notice though, it helps transition a lot of work to others.
move from europe to the US
I work for a Big 4 in Europe and I want to continue my carreer in USA (in audit if possible). My firm encourages the international carreers but I think it's not that easy. Do you know anyone that has moved from Europe to USA? How it worked? Hard to fit in? Is it hard to adapt yourshelf to the local GAAP?
There are a lot of people on exchange from Europe. It is a difficult transition since audit is much more intense and detailed than it is in most of Europe. It's funny seeing individuals from other countries audit - might as well audit by inquiry sometimes. As far as adaptation to local GAAP goes, it'll take you time, but you'll get there. Just have to spend some time using the research tools to familiarize yourself depending on the issue.
There are a lot of people on exchange from Europe. It is a difficult transition since audit is much more intense and detailed than it is in most of Europe. It's funny seeing individuals from other countries audit - might as well audit by inquiry sometimes. As far as adaptation to local GAAP goes, it'll take you time, but you'll get there. Just have to spend some time using the research tools to familiarize yourself depending on the issue.
big 4 tax
I'm currently a first year senior in the tax practice for a big 4 firm. The experience so far is nice but I've been thinking a lot about switching to audit. The reasons being, I feel like audit has so much more exit opportunities (Controller, CFO, Partner etc), you get to learn how company operate, and you can basically find a job anywhere in the world not just limited to US. As for tax, I feel like once you are a tax guy, you will always labeled as a tax guy so your exit opportunities will only be limited to jobs related to US tax. Is my understanding correct?
Also, do you think it is a good idea for me to switch given I've invested 3 years in the tax field already? And would I be starting over as a first year audit staff and would I need to take a pay cut? please advise!
I see your point but almost every Company needs a tax expert, and you likely provide more value than accounting experts since it helps the Company implement tax strategies that result in less costs. You are labeled a tax guy but it's such a niche space that the opportunities pay higher and definitely do exist. As far as US tax, there are plenty of sub-groups within tax, so if you chose global tax, there are obviously more opportunities there.
If you'd like to go down the CFO/controller path, you should probably switch, but this isn't to say it's impossible going from tax to controller. I've seen it happen, albeit not common. Depending on the city, you may still be able to start as a senior, but it would depend on your performance reviews and the office's preference. 3 years is still early enough to change. Once we go into year 5, gets very difficult to do so.
Also, do you think it is a good idea for me to switch given I've invested 3 years in the tax field already? And would I be starting over as a first year audit staff and would I need to take a pay cut? please advise!
I see your point but almost every Company needs a tax expert, and you likely provide more value than accounting experts since it helps the Company implement tax strategies that result in less costs. You are labeled a tax guy but it's such a niche space that the opportunities pay higher and definitely do exist. As far as US tax, there are plenty of sub-groups within tax, so if you chose global tax, there are obviously more opportunities there.
If you'd like to go down the CFO/controller path, you should probably switch, but this isn't to say it's impossible going from tax to controller. I've seen it happen, albeit not common. Depending on the city, you may still be able to start as a senior, but it would depend on your performance reviews and the office's preference. 3 years is still early enough to change. Once we go into year 5, gets very difficult to do so.
big 4 experience
keep hearing that having experience from any of the big 4 on your CV is a major advantage in looking for other jobs. But what kind of jobs specifically? Is it limited to just accounting/controller jobs, or are there other types of jobs where a "big 4 background" is held in high regard.
Think I've blogged about this before, but it is a huge advantage to have the big 4 name on your resume, believe me. I've seen this on plenty of recruiter emails - many of which say it's a requirement, the others say that it's preferred. It's limited to accounting/controller positions unfortunately. Don't get me wrong, by no means am I saying that big 4 firms are better than the smaller firms, it's just how the recruiters and companies work, especially since there are likely big 4 alums there.
Think I've blogged about this before, but it is a huge advantage to have the big 4 name on your resume, believe me. I've seen this on plenty of recruiter emails - many of which say it's a requirement, the others say that it's preferred. It's limited to accounting/controller positions unfortunately. Don't get me wrong, by no means am I saying that big 4 firms are better than the smaller firms, it's just how the recruiters and companies work, especially since there are likely big 4 alums there.
moving office locations
Is it difficult to move to a different office location within the same Big 4 Firm? How do you approach this and how important is the timing?
It is difficult the first couple years since there are a plethora of first years and second years at every office - so there is likely no business case for you. It is pretty easy senior associate year and above since there's a business case to be made at every office, especially these days given the lack of resources.
Your best bet would be to go to a partner who likes you and explain where and why you transfer. That partner likely has a contact in the office you want to transfer to, and will put you in touch with them. After this contact likes you and wants you on board, the HR in their office will initiate the process with HR in your office. In terms of timing, start a few months before you want to transfer, and definitely avoid late fall since it goes into busy season. Ideally April-September.
It is difficult the first couple years since there are a plethora of first years and second years at every office - so there is likely no business case for you. It is pretty easy senior associate year and above since there's a business case to be made at every office, especially these days given the lack of resources.
Your best bet would be to go to a partner who likes you and explain where and why you transfer. That partner likely has a contact in the office you want to transfer to, and will put you in touch with them. After this contact likes you and wants you on board, the HR in their office will initiate the process with HR in your office. In terms of timing, start a few months before you want to transfer, and definitely avoid late fall since it goes into busy season. Ideally April-September.
workspace environment
First post since the beginning of busy season. In fact, first post of 2013 and we're more than halfway through 2013. This new audit world we're entering is tiring. Anyways, on to some of the questions I've received since my last post. Please note that I've skipped questions that I touched on before.
One thing that I found interesting was how he told me about the way work stations and cubicles are set up. Left, top, and right sides are all covered with steep sidings resulting in a very anti-social work environment. I also asked him if he's had a chance to befriend co-workers, and he said no - people don't talk to each other unless they have to and people dread working in teams (i.e. it's just a requirement of the job, not actually very team-oriented). Are Audit jobs this depressing of an environment? At least in some finance and consulting jobs you have bullpens and chance to be collegial with people in your level. I guess not so at all in the accounting world? Are people really that boring and fit the stereotypes?
For starters, the first 5-6 years, you're out at clients most of the time, and you're likely sitting in a small room right next to each other, so it can be very social and at the same time it could make you very anti-social in a matter of months depending on your team. Outside of your team, you definitely have the opportunity to socialize with co-workers, especially during trainings when you get to meet them. You also tend to use them as your therapists (except you really want them to shut up so you can vent), so you lean on them a lot. It is definitely a team-oriented job in that everyone needs to do their job for the audit to be efficient and of decent quality. As far as people being boring go, given that most people are between 22-28 and like to have fun and go out a lot, I definitely wouldn't categorize it as boring - especially when compared to regular companies where the medium age is 35 and everyone has pictures of their kids on their desk and go to lunch to the same place every day. Not sure where your friend works - but either that particular office has a bad culture, or your friend doesn't like to socialize.
One thing that I found interesting was how he told me about the way work stations and cubicles are set up. Left, top, and right sides are all covered with steep sidings resulting in a very anti-social work environment. I also asked him if he's had a chance to befriend co-workers, and he said no - people don't talk to each other unless they have to and people dread working in teams (i.e. it's just a requirement of the job, not actually very team-oriented). Are Audit jobs this depressing of an environment? At least in some finance and consulting jobs you have bullpens and chance to be collegial with people in your level. I guess not so at all in the accounting world? Are people really that boring and fit the stereotypes?
For starters, the first 5-6 years, you're out at clients most of the time, and you're likely sitting in a small room right next to each other, so it can be very social and at the same time it could make you very anti-social in a matter of months depending on your team. Outside of your team, you definitely have the opportunity to socialize with co-workers, especially during trainings when you get to meet them. You also tend to use them as your therapists (except you really want them to shut up so you can vent), so you lean on them a lot. It is definitely a team-oriented job in that everyone needs to do their job for the audit to be efficient and of decent quality. As far as people being boring go, given that most people are between 22-28 and like to have fun and go out a lot, I definitely wouldn't categorize it as boring - especially when compared to regular companies where the medium age is 35 and everyone has pictures of their kids on their desk and go to lunch to the same place every day. Not sure where your friend works - but either that particular office has a bad culture, or your friend doesn't like to socialize.
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