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    Home Unlabelled Accounting MRW I work at BDO after getting a 7% raise and now am told I have to take a 5% pay cut

    Accounting MRW I work at BDO after getting a 7% raise and now am told I have to take a 5% pay cut

    April 03, 2020

    Accounting MRW I work at BDO after getting a 7% raise and now am told I have to take a 5% pay cut

    MRW I work at BDO after getting a 7% raise and now am told I have to take a 5% pay cut

    Posted: 02 Apr 2020 09:57 PM PDT

    Pour one out for my BDO brothers

    Posted: 02 Apr 2020 09:06 PM PDT

    Perspectives on the COVID Job Market from an A&F Headhunter

    Posted: 02 Apr 2020 04:26 PM PDT

    I'm a Chicago based A&F Headhunter. Our team works a "full desk," meaning we deal with both hiring managers and candidates. I've spent the last 2 weeks speaking with nearly 100 HR directors, CFOs, Controllers and VPs and wanted to share some of the themes that have started to emerge in this Covid19 era.

    Trends:

    It's scary, but there is still a lot of activity. - My team has seen roughly 60%-70% of the roles we were working three weeks ago go on hold or be cancelled. Newly created roles have been hard especially hit; 90-95% of those going away. I am still seeing activity on about 40%-50% of "back-fill" positions. Accounting roles are generally more plentiful and active than finance, but both are moving.

    People are being creative. - My team has had six candidates start 100% remotely since the Shelter In Place order went into effect. Some go into the office on their first day. Some get laptops via FedEx, and one even picked up his laptop at the CTO's home. If it's a critical role, people are finding a way to fill it.

    The weak link is exposed. - An unexpected trend in this work-from-home environment among teams that were "organizationally flat" or "cross-functional" have generally reverted to more traditional "chain of command" structures in an attempt to cut down on emails and keep focused. The result is that poor performers and especially poor managers' weaknesses are suddenly glaringly apparent to their supervisors. I expect more than a few "confidential replacement" searches to kick off in the coming weeks.

    Roles are reopening. - Many passive candidates had accepted new positions but were waiting to give notice to collect March/April annual bonus payouts. Given the change in the market, several of these candidates are getting cool feet and deciding to stick with "the devil they know." If you are looking for a job, be sure to follow up with anyone you have interviewed with since January; there may again be opportunities where you were a runner up.

    Top talent is not more plentiful. - Related to the above, many candidates are as spooked as companies. In the past 12 months or so, key roles have been filled almost exclusively with "Passive Candidates," as unemployment was so low and there just were not many top talents on the sidelines. Sure, companies are trimming the fat, but outside of entertainment and hospitality, we aren't really seeing Big4/CPA/MBA's hitting the unemployment line.

    submitted by /u/AwesomeOrca
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    The client hasn't been providing support so I started a flowchart of potential exit opps from Audit. Let me know your thoughts!

    Posted: 02 Apr 2020 06:32 AM PDT

    BDO Salary Reduction.

    Posted: 02 Apr 2020 03:40 PM PDT

    Title. BDO implementing a summer salary reduction. Just got the email from the big man himself Wayne Berson.

    5-10% reduction in Salary from 5/1 to 8/1 depending on your compensation total.

    Bummer. I think it will get worse too.

    submitted by /u/TaxRooster
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    This is too real

    Posted: 02 Apr 2020 12:37 PM PDT

    Actual Advice Given By A Real CPA Firm On Their Website

    Posted: 02 Apr 2020 10:02 PM PDT

    According to this doc KPMG cancelled (and is presumably cancelling all) an internship in NYC

    Posted: 02 Apr 2020 08:30 PM PDT

    According to the FL governor, essential services include: “Professional services, such as legal or accounting services”

    Posted: 02 Apr 2020 08:21 AM PDT

    Luckin Coffee, publicly traded and China-based Starbucks competitor, being investigated for falsely pumping sales by $300m. EY is the auditor.

    Posted: 02 Apr 2020 06:51 AM PDT

    Yikes. The company is traded on NASDAQ but based in China.

    Edit: the stonk is down 80% today

    submitted by /u/Flvr_blstd_gldfsh
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    Sex Work and CPA, implications?

    Posted: 02 Apr 2020 02:35 PM PDT

    Hi all, i'm a senior associate working at a big four firm in Canada, writing my CFE this September. I have recently started an only fans website (essentially nude/lewd content, nothing extremely explicit but still) under a fake name, and as I make more money from it i'd like to keep it going. That being said, Im sure this would be deemed iffy in terms of professional conduct. Can anyone give their two cents considering the Chartered Professional Accountants Act and big four codes of conduct? Ive read through it and am not sure where something like this would stand if discovered. I have also read through the CPA website on Reportable Outcomes of misconduct and didn't see anything along these lines in the documentation. I don't think there is a high chance of having it discovered as I don't advertise it but I know its a possibility. Any advice would be appreciated.

    submitted by /u/anon6767675
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    The partners explaining how the system works to the first years

    Posted: 02 Apr 2020 08:16 AM PDT

    Mid-tier (helping ppl thrive) pay cut: 5% (starting at $60k salary) capping at 10% ($250k+).. anyone else in public?

    Posted: 02 Apr 2020 03:44 PM PDT

    Is PPE considered PPE?

    Posted: 02 Apr 2020 03:41 PM PDT

    Would N95 masks and gloves fall under Equipment on the balance sheet?

    submitted by /u/today-is-the-future
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    What are the chances of termination with KPMG?

    Posted: 03 Apr 2020 04:14 AM PDT

    A few months back I've got an offer of employment with KPMG to start in August, in one of their crown dependency offices. The position is in tax. Bearing the mind the current situation, should I be worried that they might terminate my graduate position? What is the general vibe towards graduates at KPMG at the moment?

    submitted by /u/Snoreoff
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    Which would you chose?: $130k being a controller of a small private company, or $130k becoming a senior accountant at Google,?

    Posted: 02 Apr 2020 04:51 PM PDT

    Has anyone else's firm had a capital call?

    Posted: 02 Apr 2020 08:49 PM PDT

    I work for a regional firm and they asked the partners to put up capital. I'm pretty sure layoffs are next.

    Anyone else's firm in deep shit?

    submitted by /u/toxxxxicaccountant
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    Fact Finding: What specific roles could ex auditors move into in Advisory or front/mid office Banking

    Posted: 02 Apr 2020 07:39 PM PDT

    Hi All

    I am doing a bit of fact finding exercise and just wanted to see what other 'specific', finance related roles ex auditors could move into after qualifying. My main target has been M&A (I know, Covid's screwed this) but I'm currently trying to research other Interesting areas. There's got to be other interesting things out there!

    I'm aware of the obvious ones but was hoping to as many roles as possible to look into!

    • valuations
    • M&A
    • due diligence
    • business restructuring
    • Debt capital Markets
    • Treasury in Banking

    Hoping to hear from you!

    submitted by /u/aspirations1234
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    What are some good tips for students graduating this semester or this year?

    Posted: 02 Apr 2020 09:46 PM PDT

    Gosh.. the future is looking really bleak. I have been reading posts how there is going to be a 30% national unemployment rate.

    I try to ignore stuff like these, but I also think it is smart to plan ahead.

    From what I have heard, the firms are either cancelling or postponing their internship offers.

    Things are not looking good. Need some tips on how to continue networking and moving forward when many of the networking events are cancelling. I try not to get too depressed thinking about the economy and what awaits me, but being stuck inside has made me turn to Reddit more and more.

    submitted by /u/Nostalicraft
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    Audit Internship in Review

    Posted: 02 Apr 2020 09:39 AM PDT

    Hey fellow r/accounting! Recently completed an internship at KPMG in audit, I wanted to talk about my internship experience to help have a better idea of what an audit internship looks like. Hopefully some full time associates as well as past interns can chime in and help these students find their path.

    ​

    I started my internship in a huge office in the Southwest region in the US, there were nearly 100 audit interns alongside me. Throughout my internship I had 3 total clients, each one in a different industry. Although you get to preference an industry but they usually throw you wherever they need a body, so don't get too salty if you wanted healthcare but ended up in manufacturing. Across all of my clients, each team was a different size. Although if you're on a huge client you may end up being there your entire internship, which isn't necessarily a bad thing. Keep in mind, often your internship clients will take you back as a full-time.

    The internship experience was overall great, most of your team members are willing to help and are happy to answer any questions you have. It will obviously depend on your individual team, one of my engagements had a staff who was very arrogant and unwilling to answer questions but overall everyone is friendly. As an intern they will expect you to ask questions and you should ask questions. My biggest recommendation on this is to try and solve the problem on your own before you run to them for help, it will really show on your performance reviews and you will be seen as more independent.

    As an intern, you are the office gopher. You are in charge of getting/ordering snacks, coffee, lunch, dinner, etc for the entire team. To be honest, it's nice to get out of the office for 20 minutes, but whether you like it or not, you are in charge of that.

    The hours definitely vary across teams, there were some weeks where I worked only 40 hours, but others where I worked 60. I have some friends who broke the 80 or 100 hour mark as well, it purely depends on the team. I will say that the financial services team (PE, Hedge Funds, Insurance) tend to work the longest hours for the longest period of time. Large public clients typically have a hard and fast busy season. For example: Jan-February at 80 hours a week then a steady 50-60 until April.

    The work itself isn't very interesting, I'm glad I did this internship as it taught me that audit is not for me. I was just an intern so the work that comes our way is generally brain dead, but something to realize is that the work that comes your way as an intern is similar to the work you will see as a full time staff 1. As a whole, I found the work very repetitive the words "Just follow prior year" were said almost every day.

    Across all of my teams, I met at least 1 person who didn't like audit but were stuck in it, most people were very open about their thoughts and plans for the future. My biggest advice is to come in with an open mind, but if you find that you don't like audit, start networking with advisory or whatever team you are interested in right away. If you get good reviews and have some associates/seniors that you know in the other team, you may be able to pull a transfer through your Career Coach.

    Overall the internship was good, however I will likely not be coming back as a full time audit associate. Hopefully this helps upcoming students get an understanding of what an internship experience is like.

    ​

    Edit: For any upcoming interns reading this, at whatever public accounting firm you're at, B4 or not. If you finish the work assigned to you ALWAYS ask for more work if you want a good rating. My reviewers would always mention the fact that I'm always looking for work and it showed on my ratings as well.

    submitted by /u/kpmgkid
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    California CPA Requirements

    Posted: 02 Apr 2020 08:27 PM PDT

    Hi! I am a current Sophomore in college looking to be eligible for the CPA once I graduate. With my accounting degree, I will have all of the mandatory courses fulfilled but will still be missing a ton of units. Can I take whatever courses imaginable in order to get 150 units? Like a bunch of stupid classes just for the units? Thanks!

    submitted by /u/Ashamed_Sheepherder
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    Public Acct Tax Exit Opportunities?

    Posted: 02 Apr 2020 11:55 PM PDT

    Just wondering if any of you guys who are in tax have thought about exit opportunities and what they might be.

    Is Tax -> Controller a possibility?

    submitted by /u/Siouxman21
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    LinkedIn

    Posted: 02 Apr 2020 08:24 AM PDT

    What is with these LinkedIn posts from recruiters and HR people that have one clause per line?

    Like,

    I was on LinkedIn just now

    And you know what I noticed?

    None of these #recruiters know what the fuck a #paragraph is.

    It's like some bizarre #HR themed slam poetry.

    What do you guys #think?

    careers #employeeexperience #changinglivesoneplacementatatime #leadership #thebestemployeeIeverhadwasaconvictedmurderer #givepeopleachance #worklifebalance #fastestgrowingcompanyintheuniverse

    submitted by /u/sissysheeps
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    [US] Elect S-Corp for LLC Taxation?

    Posted: 03 Apr 2020 04:33 AM PDT

    Hello, I have what is probably a pretty easy question for all of you, but I'm having trouble finding an answer. I just started an LLC for providing anesthesia services. When I registered with the IRS, I elected to be a disregarded entity because I was unclear about compensation. Now, I'm interested in the tax benefits of the S-Corp. I have not provided any services yet. From my understanding, if I elect to be taxed as an S-Corp, I need to give myself a "salary." How does this work if at times during the year, I either make more or less than this "salary?" I'm in MN if that makes any difference.

    submitted by /u/etherlinkage
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    Considering a Masters in Accounting

    Posted: 02 Apr 2020 10:35 PM PDT

    I am junior and will be graduating next year I went through "winter recruiting" I interviewed a 3/4 big4 got rejected after the 1st round for all them. I accepted an audit internship at Moss Adams/CLA/BKD type firm I didn't have the opportunity to network with the people because I recruited at office in my hometown not the office that my schools feeds into.

    After reflection I'm not looking to living in my hometown. I want to pursue a masters so I can recruit again and just land any job as far away from my hometown as possible. I'm on the west coast and want to relocate somewhere in the east. I will be graduating with zero debt.

    Some concerns I have when I applied to the big4 internship and I put city X and I'm sure the recruiters can see my past application and will see I changed the city when I apply for a full time position. I'm sure this might come up in the interview in the future. I have 3.79 gpa and have been scoring in the low 700s on my practice gmat. Will not having a big4 internship on resume affect me getting into masters like UT Austin ?

    submitted by /u/glockinmylap4l
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