Worth it to switch to Big4 firm?

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  • #186666
    Anonymous
    Inactive

    Hi all –

    I recently made a post asking how to best tell my current firm, which is a midsize regional firm in a major city, when I am quitting. A little background – I graduated last June and started working at my current firm in January and just recently passed my 4th and final CPA exam section. After busy season my friend who works at PwC asked me if I was interested in working for them and I said yes and applied. I got an offer and am scheduled to start September 8.

    I will be taking a $6,000 base salary hit, but PwC offers semi-annual bonuses from what I’m told. My question is: Is it really worth it to move to a Big4 firm? When I was in school, my dream was to work in a Big4 firm, but now that I’ve worked at a regional firm, I’m not so sure. My work/life balance right now is pretty solid, but there are only about 12 people on the audit side at my current firm. What are some of the long-term benefits of switching to Big4? fwiw I plan on staying until at least Senior.

    Any insight is greatly appreciated. thanks!

Viewing 13 replies - 1 through 13 (of 13 total)
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  • #578934
    fuzyfro89
    Participant

    Before I respond with my opinion, what is your's on why Big 4 audit makes sense?

    Since you applied, interviewed, got an offer, and accepted, there must be something going through your mind.

    As a general addition, where do you see yourself in 5 years? (if not a specific place, then you can list several things you believe might be something you could see yourself doing… it's okay to not be 100% sure, but you should have at least some ideas brainstormed)

    #578935
    Anonymous
    Inactive

    Tbh with you its kind of a personal thing. I never had the grades during recruiting so I didn't think I'd ever get a job at a big4. I want to prove to myself that I can hang with the top dogs at the big4 firms. The prestige of working for arguably the top firm in the world is also a factor. I plan on staying until I'm at least a senior which would happen in about 3 years. After that reevaluate and see how I like it. If I like it, I'll keep going for manager and up, if not, maybe have an intercompany switch into a different department in the firm. The fact that they promote intercompany change like that is a huge benefit imo.

    #578936
    Anonymous
    Inactive

    Go big4. If you don't you'll always have the “what if” question.

    #578937
    GSU-CPA
    Member

    I dont think anybody can really tell you if it is worth it.

    Few questions to ask

    -Are you ok with working with 55-80 hours?

    -Are you ok with losing $6000 a year ?

    -How do you like your current job/coworkers?

    REG-77
    BEC -Waiting on score May 5th
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    FAR - Q3 depending on if i pass above two in Q2

    #578938
    greg422
    Member

    Agreed with above. Don't overlook quality of life. I worked in a mid sized regional for a few years and can't really complain about quality of life compared to my friends in Big 4. I would just laugh when they said they worked until 10-11pm 4-5 days a week. Is it worth it? Ultimately I found better opportunities in the private world and by no means did not having a Big 4 background hurt me one bit.

    REG - 82
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    DONE!

    #578939
    Anonymous
    Inactive

    If Big 4 is a personal goal for you, or you want to do it just to see what its like, then by all means, go for it.

    Do not, however, delude yourself into thinking Big 4 is the only way to success, or even the best way to success.

    It's kind of like the iPhone vs Android youtube video from like 4 years ago where the lady was saying she wanted the iPhone just because it's the iPhone- do you want to go Big 4 just because it's the Big 4? What does that even mean?

    Good luck!

    #578940
    Anonymous
    Inactive

    You know what it means.. we get more oohs and aahs then someone who works at some Johnson&Smith midsize.

    #578941
    Anonymous
    Inactive

    Thanks for all of the input everyone.

    -Are you ok with working with 55-80 hours?

    I worked about 60 hours/week during busy season at my current job so I'd be used to the longer hours.

    -Are you ok with losing $6000 a year ?

    Kinda sorta. I'd be losing $6k in base, but I believe there are two bonuses of about 1500-2k/year paid out. Also I would be getting $5k on my first pay check for passing the cpa exam instead of $3k that my current firm offers

    -How do you like your current job/coworkers?

    My current job right now is pretty solid. It is the summer pension season right now so doing a lot of 401k audits. Coworkers are nice, however I am the youngest person at the firm (besides the tax interns).

    #578942
    Anonymous
    Inactive

    I'm doing the same thing you're doing: going from a regional firm to a Big 4, and also taking a $6k cut in pay…additionally, I'm switching from tax to audit and I've never audited before.

    The reasons I am making the switch to the Big 4 are as follows (in no particular order):

    – the name recognition on my resume

    – WAY better benefits

    – I'm 25 and since I'm older than other people starting out in audit, I figure I need the best training available and Big 4/national firms are known for great training

    – I also wanted to prove to myself that I was desirable to the Big 4 firms (kinda embarrassing to admit, but it's the truth)

    – Big 4 will allow me to see a wider variety of clients for at least the first couple of years until I figure out which industries I like

    When I told my current employer I was leaving for Big 4 audit assoc. position everyone I spoke to was happy for me and agreed it was a great opportunity, which reassured me I was making the right career move.

    #578943
    Anonymous
    Inactive

    Hi CPjAson,

    When you applied to Big 4, did you apply as an experienced associate or as an entry level?

    I have been working for a small firm in NYC for around a year and when I applied to one of the big 4s, the recruiter emailed me to apply for an experienced position. I can't find any requirement that fits my experience.

    Any suggestions appreciated

    #578944
    Anonymous
    Inactive

    @CPAketa – I'm not really sure what I applied for… I just gave my friend who works at PwC my resume and then got contacted from recruiter. I think its experienced hire. However, I am starting with all of the new associates this fall.

    #578945
    fuzyfro89
    Participant

    “I want to prove to myself that I can hang with the top dogs at the big4 firms.”

    Lol, I think it's funny to call the Big 4 top dogs, but to each his own. This is enough of a reason on it's own. If working at a Big 4 is a personal goal, and you would regret not joining if you had the chance, then go for it.

    “The prestige of working for arguably the top firm in the world is also a factor.”

    Yes, this is a big part of why it's beneficial to people. Instant name recognition on your resume no matter where you are in the world (almost).

    “I plan on staying until I'm at least a senior which would happen in about 3 years. After that reevaluate and see how I like it. If I like it, I'll keep going for manager and up, if not, maybe have an intercompany switch into a different department in the firm.”

    I'm glad you are thinking logically about this. Setting short-term goals is the only way to really think about your career. Any more than 2-3 years out, you're just bullsh*tting with yourself. No one can predict that far. Always explore your options as you'll regret not taking chances with your career. I remember sitting in training and one of the leaders was a 2nd yr manager. Someone asked him what his LT goal was, and he said he didn't want to stay in audit, or even in accounting for that matter. His LT goal was eventually to move into finance/marketing. I remember thinking to myself “yeah, good luck, bro”. He spent far too much time in audit than was useful to him, and will end up having to take a huge pay cut to try something different… most likely. Once you spend 5+ years in audit, it's very difficult to switch into finance and continue to progress at the same pace as you were accustomed to.

    “The fact that they promote intercompany change like that is a huge benefit imo.”

    I disagree here. They advertise mobility, but it really isn't that easy. It's much more complicated than raising your hand and saying “hey, I'd like to do a project in advisory”, as audit (or tax) will hog all of your time, and you might get a chance if your schedule permits and you have a good relationship with someone in the practice you're trying to get into who wants you on their client. I'll put it this way, of the 5 people I know from my old firm who went into M&A from audit, 3 of them switched to another firm in order to do that. I'll let you interpret this however you please.

    General points: I think Big 4 is a good place to start, especially if you don't have concrete long-term goals (i.e. “I want to start my own tax firm”). In general, it will offer you the widest array of options and your resume will more easily pass through someone's hands than having Joe Smith & Associates on your resume. The fact is, perception is just as strong as (if not strong than) reality. Additionally, outside the Big 4, it's very difficult to get public company experience (something like >90% of SEC issuers are audited by one of the Big 4, for reference).

    Anyone can come up with anecdotal evidence suggesting a small(er) firm is better than Big 4, and they may be right in those situations. But, like I said, **all else equal**… Big 4 > small(er) firms.

    Good luck!

    #578946
    skyraptor
    Participant

    I'll be doing a switch from industry to PwC soon in a few weeks. I was an intern at an entertainment company and became a full-time financial analyst shortly before graduating college. I was definitely happy, but am one of those that always wanted to get into the Big4. I got my position through campus recruiting and if I turned the PwC job down, I know I would always be having those “what ifs” moments. If you ask me, life is too short to be having those “what ifs” moment.

    I love my current job and get along great with my co-workers, and when I told them I'd be leaving, they all said it would be a great opportunity.

    I've talked to quite a few former PwC people and they've all been saying its a great firm and the experience is invaluable. They told me that so many doors open afterwards and if you look at many corporate finance jobs, Big 4 experience is a plus. In my current company, so many finance/accounting people came from the Big4.

    While I haven't started yet at PwC, I'd think it would be totally worth it to switch firms. I'm giving up 40 hour work weeks for busy seasons! So it definitely about the experience, learning, and training that I'm looking forward to.

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