Cons are true, people leave, particularly from the audit line. I work in audit and I got exhausted through out this year and I will be leaving the big four end of this year. Your health and work life balance is more important. If you collapse and die due to exhaustion you will be replaced, so take that into account. Otherwise the big four name has allowed me to get opportunities in industry and public service, so for that I will always be grateful, but I need to consider my wellbeing.
@@FinancialMatter I will be studying for an MPA in the near future, and will likely be working in public service in Canada. Making the move in Jan. I will not go back to an audit firm 😂😂
Really helpful video! Currently deciding whether to accept an audit graduate scheme offer at a B4 or to look at industry roles. Heard about a lot of people quitting early on, but it’s reassuring to hear that you didn’t regret your time there!
I work for one of the Big 4s and can relate to everything you said... especially the long nights working haha. Another positive of the experience I'd say is working with highly driven people. Great video! Just discovered your channel. Looking forwards to seeing more. Subbed 🙂
Hey! Glad you enjoyed the video! Every team and office is different. For full transparency, my health wasn't the greatest while working. I explain a little bit more in this vid: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-C1e1I5_Auy0.html Good luck on your career journey and lmk if you have any other questions!
In what world is a mid 60's salary (Audit) considered good when you work as much as you do in the big four? especially considering the cost of 5 years of school and the difficulty of passing the CPA. I've had two big four internships and will be starting later this year full-time in assurance. People leave because these firms don't pay it's as simple as that. The only real pro is leaving
Hello. I am a student from PH and I am on the process of crafting my career path. I'm considering audit as my future career but I'm quite worried about certain blogs saying that eventually, auditors will not be needed in the workplace as we progress with regards to technologies. What's your opinion about this? I hope you find this question a good content for your videos, many of us needs to be enlightened on this matter before making a decision. Thank you.
Hi Levi! We are still far away from fully automating anything when it comes to accounting (although I'm not saying these technologies don't exist). I made a video on this topic that you can watch here: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-jENcsd3_o18.html. My personal opinion is that, as a professional, you have to adapt. When new technologies do roll out, be the first one to learn more about it. "Automation" can really affect any job but I don't think it will wipe out the profession completely.
Only IT personnel are saying that accounting or auditing is going to be obsolete soon because they don’t understand the level of judgments involved. They think accounting is counting (e.g. 1+1) and purely math, which is not.
Hi, I am going for internship on November at EY for tax on quantitative services. But actually, I was going to take audit for internship but it turns out EY is offering me tax. Is it possible to go for audit after i graduate? I am so curious whether internship in tax or audit will affect my future in taking audit or tax after I graduate. Thanks.
An internship in either audit or tax at Big 4 will be a great experience. Just because you intern in one doesn't mean you can't do the other when you graduate. You can see if you like tax and if you don't, then you can switch over to audit/ consulting/ anything else :)
vivi2834 hey! I did leave at the senior level and was hired as a senior in a mid tier firm. Was promoted 8 months working there to manager. Helped with the transition to the manager role.
You said that that the Utilization= (# of hours works )/40. Can you please give me an example of what would be a good Utilization? Is this percent is done once a week? Each month? Once a year?
Hey yeah sure! I’ll give you an example when I used to work at Big 4. So we had a “40 hour work week” but checking your email, doing trainings, going to events, etc were non-chargeable and not client work. So if I worked on client work for 65 hours then 65/40 = 162.5% utilization for that week On a slower week, say I worked on client work for only 20 hours. Then it would be 20/40 = 50% utilization for that week This metric for associates and seniors were done on a weekly, monthly basis and a yearly basis. So ex: they would send reports each month of everyone’s utilization so you could compare among your peers. Normal utilization was about 90%-100% for the whole year because it’s seasonal so your high and low utilization normally netted to 100%. Every public accounting firm deals with it in their own way though. Hope that helps!
@@FinancialMatter Thank you so much for the quick and detailed response. You mentioned that pay raises were based on the Utilization percentage and not how much work you complete or how efficient you are? In other words you can complete 50% more work than your peer, but they might have a higher Utilization percentage and they will get a pay increase and you won't? Can you please let me know what would a big 4 company consider an excellent Utilization for the year?
@@chibbu1965 some factors that go into pay raises that I can think from my past experience: utilization (not the only factor tho), firm initiatives you are a part of, your reviews that you get back from the seniors / managers that you worked with on different engagements, how they see your growth at the firm, leadership, etc. So say you’re 100% utilized but your coworker is 120% but you’re a part of different firm initiatives and you got great reviews, then I’m sure you’ll get a raise that reflect that. I don’t know what the “excellent utilization” is because each department and group is different so you would have to see! I wouldn’t focus too much on that until you start.
Utilization is so bullshit when they force you to take on a bunch of "special projects" that aren't billable Do you mind if I ask if your work-life-balance improved after switching to a mid-size firm? I'm debating for a switch too
Depends on where you work! I find that the more you advance in your career, the more flexible your work schedule can be. Of course that required sacrifice in the beginning.
that's a really good question! I would definitely ask HR once you start working at any public accounting firm. I received my last score on the first week of work so I'm not 100% sure.
It seems very awkward that so many people would be leaving the firms after just 1-2 years. That doesn't make sense for a position that requires 150 hours of very specific educational requirements as well as a recruiting period that is extremely long, supposedly so you can get to "know the firms."
I don't think people leave strictly because of the hours. It would make no sense for young professionals to leave so soon, especially after (in most cases) spending and extra year in school to become CPA Eligible. It has more to do with the reasonableness and fairness of their day-to-day experience. Don't the firms' business models dictate that they experience high turnover, which they facilitate with their heavy recruiting efforts where they have so much scale? The firms would have to desire a high level of turnover to keep their salary rolls filled with entry-level auditors.
One reason people leave that soon is because they don't want to pigeon hole themselves into accounting but instead use their accounting experience to leverage their way into true finance roles.
You don't need to get a masters in accounting and then sit for the CPA exam (or at least become CPA Eligible) to gain the accounting experience that will help you in a finance role. Just take Intermediate Accounting as electives and perhaps some financial reporting courses. Taking five years to complete an accounting undergrad/masters is a very high price to pay so you can spend a few years performing substantive testing of low risk accounts and/or tests of internal controls at a Big 4/Mid Tier Firm. That experience isn't going to help you in a finance role.
Thanks! Just from my own personal opinion, I would say 50% men and 50% women (from interns to senior managers). After becoming senior managers, there tends to be fewer women compared to men. However, over the next few years, I’m sure there will be ever more women in leadership.
Hey! Great video. I just passed all 4 parts of my CPA exams and will be starting at a mid-tier firm. I was worried about the decreased exit opportunity of working for a mid-tier instead of big 4 but looks like it’s worth it haha. Do you feel that hours are better now that you are at a mid-tier firm? I know firms like GT/Moss Adams/BDO still work you to the bones if not worse than b4
I don't work at any of the mentioned firms but the number of hours I work has decreased significantly!! I really do enjoy the mid-tier life although I don't regret working at Big 4 either!
@@FinancialMatter that’s so great to hear! I’ll actually be working for a firm that’s not listed on my comment either. It’s more of a regional firm that’s becoming a national firm but I was hoping the hours aren’t as crazy as B4 haha
Financial Matter yes, still in b4 but I don’t know if I want to stick with accounting tbh 😅 I wanted to see if you or anyone you know has done that before
Miss Nacional yup! I have a friend who quit accounting in big 4 and went into the fashion industry. He became a buyer for men’s street wear. Do you know what kind of industry your leaning towards or have a passion for?
