• Breaking News

    Wednesday, October 9, 2019

    Home Unlabelled Accounting Dang, Reddit... just twist the knife....

    Accounting Dang, Reddit... just twist the knife....

    October 09, 2019

    Accounting Dang, Reddit... just twist the knife....

    Dang, Reddit... just twist the knife....

    Posted: 09 Oct 2019 07:50 AM PDT

    We got this, I’m fine ��

    Posted: 09 Oct 2019 11:54 AM PDT

    Basics to Recruiting

    Posted: 09 Oct 2019 08:44 PM PDT

    Every year in the fall we always see an influx of posts with regards to the recruiting process so I thought I would put some thoughts down below. This will be mostly focused on public accounting. I've organized this guide by section so feel free to skip to whatever you questions on. Hope this helps someone out there!

    Recruiting Season Timing

    Recruiting season for public accounting generally runs from September through late October/early November. This will vary slightly based on your school but the bulk of internships/full time offers are extended in the fall.

    For internships winter internships are the most prevalent as this is during busy season. Recruiting occurs in the fall of 20x1 and the internship starts January of 20x2. Summer internships are recruited for in fall of 20x1 and start in June 20x2. Recruiters however are willing to work with schedules so if you have an extenuating circumstance internships can be pushed out a year if you have and academic reason or something else relevant.

    Full time positions are recruited for in fall of 20x1 and start generally in fall of 20x2 (yes, that's one year between the offer acceptance and start date). For tax, positions sometimes start in mid-summer of 20x2 just in time for the extension deadlines that happen in September/October.

    A smaller, second round of recruiting happens in late January/early February of 20x2 for full time positions for firms who didn't fill their pipeline the year before. These are mainly for full time positions starting fall of 20x2.

    If you only have the one semester of school left in fall of 20x1 you should apply for full-time positions and not internships! Just about all firms fill at least some of their spots through full-time hires. It makes less sense to graduate then intern and then have to go find a job afterward when you can just start working.

    Recruiting Events

    You should try and make these events. Generally firms will hold meetings through Beta Alpha Psi/accounting clubs, pre-interview dinners, and attend meet the accountant/accounting job fair/business school job fairs. The more of a firm's employees that you meet the more comfortable that you and they will be if you end up interviewing. It also helps because your face becomes recognizable to the employees and importantly the recruiter.

    Certainly if you can't make these events for legitimate reasons (e.g. exams, work to support yourself through school, etc) it's not the end of the world. But if you can make all of the events it helps give you a small edge.

    Attire

    Apologies to the women as I'm not as well versed in women's attire and women's clothing tends to blur the lines a little bit more, this section will be mostly geared towards men. However you can probably make an educated guess based off of the male equivalent what is appropriate to wear.

    Generally the host of the event/interview will send out information with regard to what the dress code is. The safe bet is to over dress and you can always take off your jacket.

    • Business Formal - wear a suit and tie. This means that your jacket and pants should match
    • Business Casual - More open for interpretation, but generally a collared shirt (polo or a button down) and slacks/nice jeans (read dark jeans, no holes)
    • Smart Casual - Generally nice jeans and a collared shirt (polo or can be a button down shirt)
    • Casual - Jeans and a casual shirt, generally safe to wear a casual button down and leave the top button undone

    Interview Process

    The profession has been seeing a change in how the college hiring process is run.

    Previously firms would hold on-campus interviews where you speak with a manager/up for an initial interview on your campus. From there firms would extend offers for office interviews where you speak with a manager and a partner at the firm's office and then take you to lunch with some associates/seniors. Some firms/offices are still using this model.

    More recently however firms are conducting 1-2 interviews on campus and extending offers after that. Some will hold an office visit for those who receive an offer after where you can tour the office and attend a kool-aid session run by the recruiter.

    Generally the questions will be behavioral for audit/tax and some advisory interviews. A few advisory interviews, depending on the sub-service line, will have a technical component. For the behavioral section, it's best to stick to the STAR method. If you don't know what that is, pause and do some reading here. It's best to have a few good stories where you faced adversity or did an outstanding job in your pocket that you can craft to their behavioral questions.

    At the end, always be sure to ask your interviewer what the next steps are. They should let you know the timeline of offers, if they don't then ask them point blank when you should expect to hear back either way.

    Ranking Process

    To start, there's two rounds of offers. Just keep this in mind as it will be explained later on.

    After interviews are done for the day, the recruiter will generally gather all of the interviewers and a round table occurs where all the interviewers discussed the candidates noting who they did/didn't like. Interviewers also generally fill out a review/ranking form which gets submitted to the recruiter who aggregates everyone's responses. From there the partners work with the recruiter to decide who is/isn't getting an offer in the first rounds.

    Offer Process

    Generally first round offers are extended to the top candidates a few hours after the interview, this allows the roundtable process to occur. Sometimes it may be a day later because there are two days of interviews. Partners generally make phone calls to candidates receiving an offer.

    All other candidates, who don't receive an offer in the first round are put on a waitlist of sorts. Some candidates who received a first round offer don't accept for one reason or another. As they decline the firm's offer, the firm extends additional offers to those who have not heard back. Ideally this process of the firm waiting and going down the waitlist lasts no longer than two weeks. At the end of the two weeks, rejection emails go out to anyone who have not heard anything back from the firm. If you haven't heard back after two weeks, it's appropriate to reach out to the recruiter to find out the status of your candidacy.

    Evaluating Offers

    Every year, without fail, people ask whether they can negotiate their offer. If you do a quick google search, the answer is always yes, and in general, for experienced hires I would agree. But for new grad hires in public accounting the answer is generally no. Firms generally decide on the starting salary and then cost adjust it for the cost of living for each office. Which is to say this is decided at a national level and pushed down to the local offices who have little leeway in adjusting these offers. Smaller firms (read regional firms) might have slightly less rigidity in adjusting entry level salaries.

    If you are to try and negotiate it's a business transaction just like any other. Which means there has to be a business case. You don't get a higher salary because you feel like a special star. You have to have some sort of leverage, which, as a new grad 95% of people have none because they have little to no experience and your spot can be filled by some other warm body. Below is a list of things that generally do not qualify as leverage:

    • Having a masters degree that isn't specialized outside of accounting. Because of CPA 150 requirements, many new grads now have masters degrees. Unless your degree is specialized out of accounting AND is relevant to giving an additional skillset that can be utilized at your new position, it adds no additional value.
    • Having your CPA is not an additional value add, this is a minimum requirement of all accountants at a public accounting firm at some point. You can make sure they'll give you a pass bonus as if you had passed while working and reimburse you for your study materials but that's it.
    • Having internship experience is not leverage for a salary raise. Internships honestly don't teach you much beyond familiarizing yourself with a company's software and people. Your experience in the profession is essentially zero, not one year, not a half year. If your internship was truly meaningful, they would instead be hiring you as an experienced hire.

    One of the very few instances that you MIGHT be able to get more pay is if another firm is offering more money. Sometimes, if it's close within $1k or $2k then they won't budge. If the firm is completely off the mark they may adjust it.

    Tips

    • Networking - This is often times thrown around without much explanation. "Go expand your network" or "it's good for networking" which, without context is not useful. Networking basically boils down to meeting other people in the profession. Talking to them and making some sort of human connection so that, in the future, if they're in a position to help you get a job/promotion/business you can reach out to them and ask for their help. So how do you do that as a student? Go out and talk to employees and recruiters. Become a familiar face. That's what networking is for students. Other than that, connect with your fellow classmates. They will become professionals in business down the road and you never know when they may be in a position to lend you some help.
    • Keep an updated resume. You should have this reviewed by a second set of eyes because it's hard to pick out your own mistakes.
    • Don't speak ill of others. I've been in interviews where students spend the interviewing saying nothing but bad things about other people as an excuse for this or that. Regardless of whether you're right, you never know who's friends with who. Also, if everyone is in the wrong in your narrative, it quickly starts to sound like you're the problem and not others.
    • Don't put your eggs in one basket. Some students decide that they only want B4 or regional experience, apply to only those firms, then get no offers when they would've been perfect candidates at bigger/smaller firms and still gotten good experience. Don't limit your options and hear everyone out.
    • Sip the kool-aid, don't chug it. Certainly the firms want to see you have some buy in to their message, but recruiters and employees are people too and they can see when your outward enthusiasm for the firm is not authentic. And to be honest, as an employee at the firm showing up to a recruiting event and has already seen how it really is, they don't want to be pushed kool-aid from the students. If you just connect with them as people it will go a long way.
    • Pay attention to deadlines, if you miss a deadline you may miss the whole recruiting season with that firm.
    • If you're looking for other information about accounting, check out the wiki.
    submitted by /u/its-an-accrual-world
    [link] [comments]

    It’s time to cram, for this AUD exam

    Posted: 09 Oct 2019 05:03 AM PDT

    October 15th deadline is coming fast. Gotta send in what you can.

    Posted: 09 Oct 2019 11:00 AM PDT

    My hotel room at orientation in Houston looks over Andrew Fastow’s evil lair

    Posted: 09 Oct 2019 05:13 PM PDT

    When a manager argues with the partner

    Posted: 09 Oct 2019 03:28 PM PDT

    Apple doesn’t fall too far from the tree

    Posted: 09 Oct 2019 01:34 PM PDT

    When the intern talks about the time they found "Huge Fraud"

    Posted: 09 Oct 2019 04:23 PM PDT

    First interview tomorrow, wish me luck

    Posted: 09 Oct 2019 09:12 PM PDT

    Freshman at community college. Have my first Accounting interview tomorrow for an internship. Got it by mass applying and networking. I've been saying u/Bletchlypark 's accounting prayer. Wish me luck please!

    submitted by /u/Hockeyboy540
    [link] [comments]

    Are industry jobs less social than public accounting?

    Posted: 09 Oct 2019 09:15 PM PDT

    I will have been at my public firm for about a year in a few months. The thing is my office doesnt seem to be that social and its kinda sad I just go to work, talk to my supervisor here and there, and then go home and that was basically all of my interaction with someone for the whole day. I have heard people meet the people they date or end up with through work a lot, or that they make friends at work, or they at least have a bunch of social events, happy hours, etc.

    I know you shouldn't date at work, and work is for work not making friends, but I look at my friends at other firms and they go to a handful of events and have happy hours and all of that. I cant even tell college students I love my firm because of the people, I barely know any of them. I am at a sort of mid sized firm and I know a bunch of people at firms at the top 7 so I guess their companies can afford that kind of stuff.

    Being a mid 20s guy, who is single, lives on his own, friends have kind of drifted apart or are too busy with their relationships and lives to really even talk to me, I was hoping work wouldnt be so empty.

    I know people say industry jobs are so much better hours and work load wise but I am guessing socially they arent really all that great? I honestly dont know about industry jobs or where I can even go after getting to Senior and leaving public so if anyone can give me ideas I would appreciate it. While I am grateful to have the opportunity to have a good paying and stable job, I just dont know how I am supposed to meet people even just platonically.

    It seems like most people on here have people to turn to whether its friends, their SO, family, or even coworkers, I just kind of exist for the time I am at work and then fade away until the next day. Sorry for making this so long, I didnt mean to just vent but I am just wondering how industry/private jobs compare to public jobs socially.

    submitted by /u/basketballguy4
    [link] [comments]

    Why is quick books so popular?

    Posted: 09 Oct 2019 01:25 PM PDT

    I am a credit card processor. Anytime I go up against quick books for merchant services I routinely save 1% of their total processing volume but the business owner usually tells me something to the effect of "if I stop using quick books my accountant will get mad". We're talking a difference of hundreds of dollars a month in some cases. What does quick books do that is so great that it's worth paying the extra percent? Have you found a better alternative to quick books?

    submitted by /u/corporate_vanilla
    [link] [comments]

    61 on Becker FAR mock, should I just go take the test?

    Posted: 09 Oct 2019 09:09 PM PDT

    I'm starting work next week and don't know if I'll even have much time to study more. Is a 61 on the becker mock close enough to land that 75 on the real deal?

    submitted by /u/SendTheDamnConfirms
    [link] [comments]

    How to politely exit out of a conversation during Meet the Firms?

    Posted: 09 Oct 2019 10:46 PM PDT

    So i had a Mock Meet the Firms last week and when my conversation with a recruiter was about to end, a few other people came in and started asking questions to the recruiter. Essentially, i was stuck listening to their conversation with the recruiter and I didn't know how to exit out of it.

    submitted by /u/Azurevale
    [link] [comments]

    Are job prospects always this bad? Thinking of switching to CS.

    Posted: 09 Oct 2019 10:32 PM PDT

    I was a computer science major but switched to accounting because I'm not good at math. I live in the Seattle area so this may be the reason, but all of my friends who did CS have jobs and are making at least 70k.

    Only about half of the accounting majors I know have jobs and the ones who are employed are making around 35k. Not only that, when I look up positions for "junior accountant" on websites like Indeed and LinkedIn, I got 16 results. If I look up "junior software developer"? I get 473.

    I know CS has the best job prospects especially in Seattle. But looking at this, is there ANY real incentive for someone to keep studying accounting when CS just seems to be so much better?

    submitted by /u/sadnlow79
    [link] [comments]

    Got denied from every Big 4. Now What?

    Posted: 09 Oct 2019 09:41 AM PDT

    Hey all, I went through the interview process and was denied from every big 4 firm. I am a senior have a 3.87 overall GPA and 4.0 accounting GPA. I've also had 3 very relevant summer internship experiences to accounting and finance. I went to all the networking events that I could, and I feel like I did a good job in the interviews. I don't know what is wrong with me, but I got denied from every single big 4. I'm lost now and don't know what to do. I feel like I have a decent personality, but maybe the interviewers saw differently. Please advise thanks

    submitted by /u/qasdx
    [link] [comments]

    Me trying to explain a client's ELC to the ICA.

    Posted: 09 Oct 2019 11:42 AM PDT

    Tips on beating ATS?

    Posted: 09 Oct 2019 06:25 PM PDT

    Does anyone have any tips on how to beat applicant tracking systems? I have seen various information online but wonder if anyone here has advice. Thanks.

    submitted by /u/AngAcc
    [link] [comments]

    Possible upcoming interview with audit client whose team I interned with almost two years ago -- too risky?

    Posted: 09 Oct 2019 06:14 PM PDT

    Got contacted with an interesting sounding role by a recruiter and sounds like an interview may be upcoming.

    The hitch is that it's with one of my firm's audit clients. Ordinarily I wouldn't care about this, but I interned on that team two busy seasons ago. It isn't a given that I'd run into the team if I were to show up, but it's more possible than I'd like.

    Too risky, or worth it if the position is good enough?

    submitted by /u/acct_tway
    [link] [comments]

    KPMG vs RSM?

    Posted: 09 Oct 2019 01:57 PM PDT

    I am a current grad student and I have offers from several firms. I think I am down to KPMG or RSM. RSM offered me slightly more than KPMG. I was wondering if anyone has any feedback or suggestions?

    submitted by /u/bk_1573
    [link] [comments]

    What is a harder degree finance or accounting

    Posted: 09 Oct 2019 11:26 PM PDT

    Just curious, how did you guys get into accounting, I don't think kids grow up dreaming of debits and credits.

    Posted: 09 Oct 2019 03:46 PM PDT

    I myself, fell ass backwards into the program. I was good at it so stuck to it.

    submitted by /u/PkmnMstr91
    [link] [comments]

    Accoun-TING or AccounING?

    Posted: 09 Oct 2019 11:16 PM PDT

    How do you guys pronounce the word Accounting?

    submitted by /u/FastestManAlive21
    [link] [comments]

    What should I be doing?

    Posted: 09 Oct 2019 11:11 PM PDT

    I'm a second year accounting major and attended MTF not too long ago. I made sure to follow up with everyone that I talked to and received a business card from. Some emailed me back stating if I had any questions I could always contact them and that's about it. I'm not really looking for internships but more of SLPs since I'm just starting to take accounting classes. Is there anything I should be doing now or should I just continue with my studies? Thanks!

    submitted by /u/minorinconveniencez
    [link] [comments]
    Read more
    at

    No comments:

    Post a Comment