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    Accounting 07/06 Weekly Thread: Covid-19 and CARES Act

    July 05, 2020

    Accounting 07/06 Weekly Thread: Covid-19 and CARES Act

    07/06 Weekly Thread: Covid-19 and CARES Act

    Posted: 05 Jul 2020 09:04 PM PDT

    With virtual finals coming up, the mod team would like to remind students of the subreddit rules, specifically number 3. That being said, any solicitations for assistance on exams will be REMOVED and posters will be be PERMABANNED, no exceptions.

    This is a weekly mega-thread for items related to Covid-19 and the CARES Act. Covid-19 continues to have significant impact on the profession, as such posts related to Covid-19 and the CARES Act should be posted in the comments here. Other Covid-19 related threads will be removed and posters will be directed to this mega-thread that will update every Monday.

    US PUBLIC ACCOUNTING UPDATES

    (While we recognize there are users from other countries that frequent r/accounting, the information for US firms tends to be the most prevalent and is applicable to the broadest audience)

    *Note that NA means no information available

    Firm Layoffs Bonuses Salary Partner distribution reductions PTO Honoring Internship / FT Offers
    PwC No Covid-19 layoffs planned Bonuses to be paid out based on firm performance No raises for non-promotes NA NA Yes
    EY No Covid-19 layoffs planned No fiscal 2020 performance based bonuses NA Yes NA Yes
    Deloitte 3% - 5% layoffs, 1.5% furloughs, hours reductions NA Tax - No raises for non-promotes Distribution Reduction NA Yes
    KPMG No Covid-19 layoffs planned No fiscal 2020 variable compensation, encore awards frozen NA Yes NA Yes
    GT No Covid-19 Layoffs No bonuses No raises Partner draws reduced by 25% through July, leadership taking 20% salary reduction through fiscal year, partners to answer capital call NA NA
    RSM Layoffs, furloughs for underutilized LoS Possibly deferred, but to be paid out. Firm metrics based bonus paid at 70% No NA NA No PTO accrual for second half of 2020
    BDO NA NA 5% - 10% reduction from 5/1 to 8/1 Yes NA NA
    Clifton Larson Allen NA NA 10% reduction from 5/1 through 10/31 NA NA NA
    Moss Adams 300 Furloughed, 200+ reduce schedules NA 5% - 20% reduction 20% partner reductions NA NA
    Crowe Yes NA NA NA NA NA

    (While we recognize there are users from other countries that frequent r/accounting, the information for US firms seems to be most prevalent and is applicable to the broadest audience)

    *Note that NA means no information available

    Got something to add about your firm? Leave it in the comments and we'll update the following week.

    Since this thread is likely to fill up quickly, consider sorting the comments by "new" (instead of "best" or "top") to see the newest posts.

    submitted by /u/AutoModerator
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    Public accounting feels

    Posted: 05 Jul 2020 12:32 PM PDT

    First time posting a meme I made. Have mercy.

    Posted: 05 Jul 2020 02:55 PM PDT

    We need more tax memes

    Posted: 05 Jul 2020 09:04 AM PDT

    Pay Cuts

    Posted: 05 Jul 2020 04:30 PM PDT

    I’m going to have an aneurysm.

    Posted: 05 Jul 2020 02:38 PM PDT

    "Why can't we find someone for this position? The posting has been up for over a year now."

    Posted: 05 Jul 2020 10:33 AM PDT

    Always seems so easy during the lectures

    Posted: 05 Jul 2020 05:23 PM PDT

    Confirmed COVID case at the office.

    Posted: 05 Jul 2020 06:57 PM PDT

    Industry fuck here.

    With a confirmed case at the office, this means that my team is now on the FRONT LINE. Which makes us HEROES.

    submitted by /u/hashpuck
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    What EY was doing during the Wirecard audit

    Posted: 05 Jul 2020 04:57 AM PDT

    What are your best client stories?

    Posted: 05 Jul 2020 05:04 PM PDT

    WFH: how do you find motivation to not become a fat slob slowly?

    Posted: 05 Jul 2020 01:26 PM PDT

    Been working from home since late March. Slowly becoming fat slob. Doesn't help gym was closed most of that time and I still refuse to go due to virus and family. There's no motivation to stay looking like a normal human. Wearing mask in public makes it even easier to become a fattie. I don't care how my hair looks (just wear hat). This sounds disgusting but wearing mask means a little stinky breathe is not going to kill. Haven't had any meaningful human interaction besides very close family in months. One day they're gonna ask me come back to work and I'm just going to be fat mess. It's just hard to stay motivated when no one is going to look at you.

    submitted by /u/Some_Tear
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    Big 4 -> Mid Tier -> Industry

    Posted: 05 Jul 2020 06:36 PM PDT

    I've heard a couple people followed this career path. Some people stay a bit for for one or two years in B4 then moved to a mid tier firm for the better hours but they still have the big four recognition. Do you think this career path is a good choice? Does it give the advantage of having the big four on your resume but at the same time get lesser hours in a midtier?

    submitted by /u/ilove1099s
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    WFH culture in the accounting industry

    Posted: 05 Jul 2020 04:15 PM PDT

    So there seems to be alot of talk of shifting towards a more WFH culture in tech. How about in Accounting? I feel like most of us don't need to be in the office for Accounting related stuff as well

    submitted by /u/Objectiveb4
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    What do you think will happen once all the boomer partners are replaced by millennial partners?

    Posted: 05 Jul 2020 01:25 PM PDT

    Will things change a bit?

    submitted by /u/bullmarket6969
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    Made a few tweaks based off the feedback from my prior post. Can I get a round 2 resume review? Don't be gentle.

    Posted: 05 Jul 2020 05:10 PM PDT

    Why are Big 4 firms paying for Masters of Accounting with Data Analytics programs?

    Posted: 05 Jul 2020 05:16 AM PDT

    Pretty much just the title. The subreddit generally had the opinion that a masters in accountancy has little value because the CPA holds the greatest weight in public accounting.

    The reasoning makes sense, but Deloitte and KPMG (probably the other Big 4 too) pay for a cohort of incoming first years who already have CPA eligibility. They are paying or have deals with expensive schools like USC.

    I doubt the firms are simply wasting money with these programs, so can anyone explain the reasoning for the firms sending students to these programs?

    submitted by /u/SacredSource
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    Starting B4 soon. How will remote onboarding work?

    Posted: 05 Jul 2020 09:12 AM PDT

    I'll be starting B4 audit soon this year, and I assume it'll be remotely done. My question is - how do the onboarding processes work regarding online/remote? For example: will they ship us our laptops, credit cards, and office badges? Do we have giant zoom meetings? I'm not sure how this works and I just want to know what to expect.

    Has anyone started recently and gone through this process?

    submitted by /u/franxxgoat
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    KPMG Canada (GTA) - start date?

    Posted: 05 Jul 2020 06:51 PM PDT

    i know incoming staff usually starts working in October. does anyone have any info on whether this will be delayed? will it be work from home in the beginning, and if so, how long will it likely last?

    submitted by /u/ExtensionDesign0
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    This applies in PA, except you are paid below your replacement value due to the flood on new grads willing to take your job

    Posted: 05 Jul 2020 05:04 PM PDT

    Internal audit salary in industry (Canada)

    Posted: 05 Jul 2020 06:05 PM PDT

    Hey guys, does anyone here work in internal audit in industry in Canada and would be willing to share their salary/salary progression, and # years of experience? I received a job offer for an Internal Auditor role at a financial services company but I've no clue if the salary they offered is good or not . I want to negotiate but don't want to come off pushy. Help!!!

    submitted by /u/BrokenTelephoneBooth
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    Women of accounting- wardrobe?

    Posted: 05 Jul 2020 08:09 PM PDT

    I'm fashion-challenged and start my first accounting job (big 4) in Vancouver this fall. I've never even had an office job. Could anyone give me tips on a bunch of staples to tie together my wardrobe? Easy to mix and match type thing. I think if I have a checklist it'll be a lot easier for me

    submitted by /u/zkklemon
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    I am starting a bookkeeping business in Pennsylvania but am not sure if I can call myself an accountant or name my business: _______ Accounting/ ________ Accounting Services. I have a masters in Accounting, but no CPA license.

    Posted: 05 Jul 2020 03:26 PM PDT

    Does it sound like I'll be able to get interviews this recruiting season?

    Posted: 05 Jul 2020 09:18 PM PDT

    I'm a senior at a semi-target school graduating in December with 150 credits, so this fall I'll be looking for full-time PA positions. My GPA is 3.4 and accounting is GPA is 3.8. Is that good enough to where it won't be my GPA that holds me back from getting interviews? Other than that, I've had an assistant bookkeeping job throughout college, and my ECs are average.

    submitted by /u/Accrual_player
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    Finding a job to mesh well with night classes.

    Posted: 05 Jul 2020 03:16 PM PDT

    I'm currently planning on taking night classes to achieve my Master's within the next year. The problem I am having is that I also want to get my career started while I take night classes. I do currently have an accounting position but all I do is basic bookkeeping, and 1040s for a small startup. Unfortunately this position is a bit shady so I don't want to stick around much longer.

    Is it possible to find a position that will allow me to leave by around 3PM or am I reaching too far? What positions would offer such a schedule? I'm interested in getting my experience in public ASAP so if I could land a position there that would be ideal.

    Any advice for job hunting would be appreciated as well.

    submitted by /u/MajorWhite
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