As we approach the 500 comments mark, I’m going to close this thread to new comments.
Until I make a new post with a summary of these comments with regard to cuts, I would suggest the following:

http://retheauditors.com/2008/01/big-4-starting-salaries-the-facts/ For salary updates.
http://retheauditors.com/2008/01/the-reality-of-working-for-the-big-4/ For pros and cons of Big 4 life
http://retheauditors.com/2008/12/music-for-chameleons-a-visitors-view-of-the-firms/ For the discussion of the partner model, becoming a partner and partner compensation
http://retheauditors.com/2008/08/update-deloitte-statement-on-layoffs/ Any updates specifically on Deloitte cuts

Thanks for al the great discussion. I look forward to more, hopefully under better circumstances.

Francine

In addition, the person (493?) who argued above about your ‘income being above 50% of all US households’ — seriously man thats the weakest argument in here. If you live in CA or NY or anywhere else that is actually a RELEVANT market your income would probably still allow you to qualify for government assistance.

Let’s make this constructive – since I’ve laid out the perks and drawbacks of life at the Big Four – expound for us in a similar way your job at your current position. As we don’t see the other side of the grass, until after we make the jump, it should prove helpful. Do a pargraph of the pros and likewise for the con (i.e. thus keeping it objective).

As for “getting something for yourself on the Firm’s dime” — that would be illegal unless it is an approved activity with business justification and partner approval. If it is purely a self-benefit it is taxable (by law – not cause the partners are after you). You may take advantage of things such as the flight to a client site and adding on extra time for sightseeing while there, but otherwise it is a different form of income.

Also, where else can you get 5 weeks vacation/PTO in your first year.

Reality, people. That’s what we’re here for. Quit the freaking kool-aid dance. I swear…

“For example, layoffs in advisory were not utilization based (the discussions I was aware of were more about long term potential, attitude, quality of work, skillset, etc)”

That may have been true at the most recent mid-year touchpoint sessions. In fact, that’s been true of every mid-year session I ever attended. However, it is emphatically not the case regarding prior rounds of layoffs, in which a certain number of heads were identified by national leadership based almost entirely on actual YTD utilization numbers. Folks with millions in the pipeline were targeted; one Director who just sold a $3.5 million engagement but hadn’t actually started working on it was laid-off. Those attributes you mentioned had nothing, but nothing to do with the layoff decision … and the local partners had little if any input.

Of course I can’t speak for all firms, just the one I was with until late last year. But I was in an Advisory practice and I know whereof I speak. (By the way, I left on my own but I was aware of how close to the axe I came in the prior rounds. Knowing how vulnerable I was helped hasten my exit.)

– Tenacious T.

But, to whom much is given, much is required. You’ll be expected to work 55 hrs from Jan 1- March 31 (at a miniumum). You’ll be expected to work weekends around every quater close/year end. You may not get to do those ski vacations in Jan/Feb but have to opt for the later March sessions. The work at the onset of your career might not be as glamorous or forensic as you envisioned, but part of learning and truly managing is knowing how to do the grunt work. You have no idea how many times document services has missed a deadline and I’ve been forced to rush to Kinkos, finish last minute jobs when the staff has gone. In the end, our only real dealiverable is either an opinion or normally an Excel/PPT/Word deliverable. Mastering everything from tracking changes in Word, Pivot Tables in Excel and formatting quality PPT presentations will help you quickly distinguish yourself.

When you being your first day at a Big Four, keep in mind your starting salary will be higher than the “MEDIAN HOUSEHOLD INCOME” in the entire US. In this culture of greed, many compare our salaries to that of ibankers, private equity or hedge fund guys. Of course, they make a ton more. But compare yourself to an AP clerk, a nonprofit accountant or a mid level CPA firm. At 22 when you start, you’ll be making more than 50% of households in the entire US. And you’ve still got 30-40 more years to go. Think of the opportunities. Think of your potential. But never compare your net worth with your self worth.

Sign on that Big Four line…