Company Culture

When you ask almost any accountant what they like most about their firm, the answer will be "the people."
At first, I thought this was just a standard answer. How different can the people really be from firm to firm?
There is actually a good amount of truth to this though. As I started talking to recruiters, there were some that I clicked with. We had things in common and carried on a conversation. Then there were others who I could not imagine having to work with- no personality, difficult to talk to.

After the prereqs (GPA, extracurriculars, etc.), the firm is mostly trying to find out if you "fit" with them. Would they like to work with you? Are you a potential future leader? Once you make it to the office visit, the company will try to sell itself to you. Why are they the best to work for?

Keep all this in mind during the recruiting process. Finding the best fit is more important than working for the biggest and best firm. You don't want to end up dreading going to work in the morning.

-M

College to Coffee Room?

So what exactly does one do during an Accounting internship?  Being that I will be doing mine in the upcoming summer, I would like to know as well.  But thankfully, in talking with those who have recently done internships at Big 4 firms and professionals within those firms, I have gained a modest understanding of what the internship is all about. 

The one thing that I was worried about was that I would be relegated to King of the Coffee Room, fetching various innocuous items for people too busy to share any sort of insight into what they are doing.  This could not be farther from the truth.  Almost all work at large accounting firms is done in teams.  A Partner will be the head of the engagement, with Managers and Associates in varying numbers supporting each other and essentially sharing the work.  An intern will get put on one of these client engagements, and will simply assume the role with the lowest responsibility.  This is nothing to sneeze at, as you will be an important member of a small team working with a major client. 

-B

So, do you have any questions?

It's interviewing season. We are preparing how to answer questions- how we got into accounting, why we want to work for their company, what our strengths/weaknesses are. At some point, the interviewer will turn the tables and it will be our turn to ask questions. This portion of the interview is just as important as the rest of it. The professional on the other side of the table will take note of what kind of questions you are asking. You should ask a little about the interviewer's background, but mainly focus on asking questions that would help you decide if YOU want to work there. Be creative and try not to ask the same questions everyone else is asking. Here are some sample questions:

How would you describe the ideal candidate?
Is there a training program for new hires?
Do interns/new hires get mentors?
What keeps you at ____(insert company name here)____?
How do you find the work/life balance?

Just a few ideas for starters.

-M

Fencing Club or Honor Society?

I’m going to share with you today a few tips about how to build your resume through club involvement.  As the title indicates, often tough choices have to be made about how to allocate your precious time at college.  Truthfully, it happened to me as well.  You want to pursue what you are passionate about in your leisure time, but you still want to make sure you are in the right groups and clubs to put you in a position to get that internship or job. 

Pick one.  No, I am not saying to pick between the strictly Business and purely Fun clubs.  My suggestion is simply to pick one “fun” group or club that you love being a part of, and stick with it.  Rather, don’t just stick with it, run it.  Being an “active member” (code word for you haven’t gotten kicked out yet) in 6 different obscure clubs is not nearly as effective on a resume (and in an interview) as being in 1 that you hold a position in. 

In future interviews, you will thank yourself for this choice.  While only you can tell what you are comfortable with, I would say that ‘owning’ that one obscure club position, while also being a truly active member in 2-3 business related organizations, is a formula for success.  You will be able to answer behavioral questions in an interview based on your leadership experience.  And I know firsthand that interviewers will remember you as “the Sailing Guy”, etc.  They will simply be confused if you try to be the Sailing Guy, the Fencing Guy, the Quidditch Guy, the Badminton Guy, AND the Medieval Literature Guy.

-B

Dear.....?

Email ettiquette with regards to accounting recruiters can sometimes be unclear. In my experiences thus far, the most difficult part of an email is the first line. Dear ___. Often times the people we encounter at career fairs are not much older than us. They introduce themselves by their first name. Older recruiters tend to introduce themselves by their full name. So when we get home and sit down to write follow-up emails, what do we do?

If this is the first time you after emailing someone, I feel the proper thing to do is use Mr. ___ or Ms. ____, no matter what age they are. After more contact with the person, it becomes more appropriate to use a first name. Every situation will be different, use your judgment. It is never a bad thing to be too formal, but it is a bad thing to be too informal.

Just another little decision to make on your way to becoming a CPA.

-M

The Fourth and a Half… err… Fifth Year

For those of you who do not know, the CPA examination is generally required for completion in your first 5 years at a major accounting firm.  In addition to passing the exam itself, you must also have 150 credit hours to be certified as a CPA.  Simple math (we know you’re good at it) would leave the average student doing 5 years at 30 credits a year (15 per semester).  This is fine.  No, really, it is.  This lets you do your Internship in the summer after your Senior year, take the CPA immediately after your Graduate school year, then start full time in the fall.  Great. 

Where it gets tricky is when you introduce the concept of an “accelerated” program.  Additional credits are thrown in here and there to allow you to reach the 150 credits in 4.5 years.  Essentially, you network yourself into a frenzy (see M’s post below) to the point where the big firms are throwing internship offers your way as a (very tired) Junior.  Then you Intern after your Junior year (when you really have no clue what you are doing) and then take the CPA in the summer after your Senior year (without the benefit of your last 15-18 credits), and hope you don’t mess up.  Oh, and all along the way you are taking summer classes and 18 credit semesters to make up the additional classes.

If you could not tell, I am not a big proponent of these accelerated programs.  The process of getting an internship is long enough without having to completely lose your mind as a Sophomore.  Also, the internship is a full 18 months before your projected start date.  Will they even remember you?  Will YOU even remember what you did there?  Add that to the fact that starting in January puts you right in the middle of busy season.  So you were under-prepared as an intern, and now you are stepping into the middle of busy season on an 18-month layover. 

Credit should be given to those who can escape that gauntlet unscathed and save a semester’s tuition.  In the long run, they have the potential to have a leg up on the rest of us.  I, however, prefer to avoid the gauntlet altogether. 

-B 

Audit or Tax? Audit or Tax?

The second you declare yourself an accounting major, you will have a big decision looming over your head. Your peers will ask you, your professors will ask you, and most importantly recruiters will ask you: Are you interested in audit or tax? Since tax classes can be a drag, the overwhelming majority of students will choose audit. What do we know about audit? Not much. What do we really know about tax? Not a whole lot either. The reality is that being an auditor or a tax accountant is very different from how it appears in classes.

This being said, the challenge lies in formulating an intelligent response to the recruiter's question. Learn as much as you can about your selected field before your interview/career fair/information session. Worst comes to worst, you can give the generic answer:

"So, John, why audit? What do you know about audit?"
"Well, I really enjoyed my audit class. I like the idea of traveling to clients and not spending every day in the office. Audit involves more teamwork, a skill which I have developed."

They know that, as a student, you don't have much experience in the field. As long as you show you know what audit or tax is, they will move on. Do your research and make your choice- remember, it doesn't bind you for life. There will always be an opportunity to make a switch.

Best,
-M

Why?

Simple question, really, and one aimed specifically for those just embarking on their journey as an Accounting Major.  Why is it that you want to be an Accountant?  To be honest, I didn’t have a clue when I was forced to pick a major as a Sophomore.  I picked Accounting because it has a “general business” feel, it involves some numbers, and it is one of the few stable sectors in terms of landing a job out of college.  That’s it. 

The good news (for both you AND me) is that the world of Public Accounting is nothing like the stereotypes of pocket-protectors and calculators.  Instead, Public Accounting offers a dynamic, exciting, people-based career choice.  Most of the work done by Audit and Tax Accountants is actually done in groups, with a strong support system and frequent communication.   Individual, isolated work is the exception, not the norm.  What some don’t realize is that most accounting majors are looking toward these Public Accounting jobs, and not an Accounting job within a large company.  If you want to be Ned from Accounts Payable with the pocket protector and never leave your cubicle, those traditional Accounting jobs within Fortune 500 companies are always available!

Fortunately, however, Public Accounting is a growing, well-paying, and intellectually satisfying career choice.  One thing you will find is that, much like me, many Accounting Majors stumbled upon their choice.  If you were one of the few to know about everything a career in Public Accounting offered before you declared your major, then hats off to you.  For those of you who did not, personally I think you made a great choice, aside from all of the networking nonsense you are sure to endure until you lock up that job.   For more information on the career opportunities the Big 4 offer, take a look at the following sites: 

www.ey.com/US/en/Careers/Students

www.pwc.tv

www.kpmgcampus.com/index.shtml

http://careers.deloitte.com/united-states/students/studentgrad.aspx

-B

Do's and Don'ts of Networking

With our Accounting Career Fair coming up, I figured this would be a good time to discuss some networking tips. For those of you who are sophomores, it is not too early to start attending these events! Introduce yourself and bring copies of your resume- you would be surprised how many recruiters will remember you later down the road. But for juniors and seniors, it's go time!

DO:
-Dress to impress! Girls- Spend an extra 15 minutes on your hair. Keep your heel height to an inch or two. Wear stockings if you are wearing a suit with a skirt. Boys- Shine those shoes and make that tie knot perfect.
-Make your resume stand out. If possible, go out and buy a pack of resume paper. It shows extra effort which the firms love!
-Research all the firms you plan on visiting before the fair. Have a set plan on what you want to talk about or ask the recruiters.
-Have a strong hand shake and be confident.
-Get a business card and send a follow-up email the next day. Include a specific detail from your conversation to make it easier for him/her to remember you. This shows interest and sets you apart from most of the other applicants who do not take this step.

DON'T:
-Girls- Stay away from perfume; don't wear too much makeup. Boys- if you have an ear piercing, take it out.
-Ask about salary
-Ask questions you should know the answer to (i.e. What does your firm do?)
-Say "um," "uh," or "like." When you feel like you have to say "um" simply PAUSE to collect your thoughts.

Overall, networking can be scary and awkward. I hope that these pointers make you feel more at ease at your next professional event.

Best,
M