If you major in accounting, you probably talk a lot with your friends about getting a job at a Big 4 accounting firm. How your aspiration is to secure a job at PwC, KPMG, Deloitte, or EY. However, you may be wondering which path is best for your needs. Is it better to intern at a small public accounting firm or work as an auditor/tax consultant for an organization? Sometimes it can be difficult to choose. Having worked for a large accounting firm for several years, I thought I would give you the positives and negatives regarding working at these firms. I hope it helps you decide which route is right for you.
Positives:
Work with the best accountants in auditing and taxes. These companies will only employ the best talent, which means you will be collaborating with the best. As a result, you are put under pressure every day and you dominate a lot.
Most of your co-workers will be close in age. This helps build group chemistry considering that you and your team have a lot in common. You like the team members you see in the workplace on a regular basis. If you work in a corporate company, you may not have a significant number of people your age as co-workers.
PTO time is significant. Depending on the parent company you’re with, you can have up to 25 days of PTO per year at the time you start. This is very unusual for other companies.
Lead a team early. Once you have spent two years working as a staff, you will begin leading audit and tax teams as a senior. This is a great opportunity that cannot be found outside of the Big 4.
Annual Training. If you want to become a great auditor/tax consultant, you must attend training regularly. Big 4 organizations hold annual employee trainings and have online classes to help them stay current in today’s accounting profession.
Savings. Because Big 4 accounting firms are multinational organizations, they typically have numerous agreements with various other organizations. This leads to many discount prices on things like mobile phones, flower arrangements, clothing, and event tickets.
Points. Working as a consultant or in a team that must travel, it is possible to accumulate a large number of rewards from airlines and hotels. Use the company credit card and then use the rewards during your personal PTO.
Celebrations. Major accounting firms know how to organize various meetings for office workers. The Christmas party and after April 15 is always a good time.
Negatives:
Many hours of work. From the first of the year to April 15, you are likely to spend many hours at the office each week. 55 hours minimum to 80-90 hours maximum. The rest of the months, the work schedule changes according to the commitment in which you are. For those in audit, your hours will increase each quarter. Tax time also increases again after August. It is often rare to get a consecutive forty hour week for more than a number of weeks during the year. In small companies, your work hours will be much less during the year.
No PTO period. From 1/1 to 4/15, you are not allowed to use your vacation time. This can be very irritating when your family and friends go on vacation.
Specials. When you are elevated it is essentially connected to your level of experience. It is only possible to become a senior only after two years as a staff member, five years as a manager, etc. High performers who may be able to get promoted earlier based on value will find this frustrating. However, this will never happen.
Self appraisal. For every project you do for more than 40 hours, you are required to take a personal evaluation. These are not fun to produce.
Politics in the Office. This is hard to avoid in any business and of course the Big 4 accounting firms are not immune to this.
Time on a computer. It’s probably not healthy to stare at a laptop screen for more than 10 hours a day, but this is exactly what happens from 1/1 to 4/15.
Changing the Client. Daily trips are rarely less than 35 to 50 minutes each way. This is likely to affect you if you find yourself working after 11 pm every night during the peak season. Those people who have an assignment near their home are the lucky ones.
In the end, the benefits of working with a Big 4 accounting firm significantly outweigh the negatives. Having EY, Deloitte, KPMG, or PwC on your resume is a great start to your accounting career. however, being employed at these companies is not for everyone. You should review this list and consider what you want for your own personal future. See if you can include another element in it. Being an accountant no matter what happens is a very good option.