What's It Really Like?

With an internship in tax at a Big 4 lined up for this summer, I often get asked by family members what I will be doing. Well...I'll be in the tax department, specifically working with financial institutions (banks). But what do I do every day? As much as I have learned throughout the recruiting process this semester, I don't really have the answer. What I do know is that it will be very different from college accounting classes. Training will be very important in achieving success in the internship. How much does the firm expect us to know on day one? Hopefully not too much. It recently dawned on me that although I can spit out random stats and values of each firm, the day to day activities are still a mystery. Will I be filling out tax returns? Probably, but hopefully with a little help.

I guess the answer to the original question is time will tell. Everyone's day to day activities will be different. The middle six weeks of the internship are a mystery at the moment, but nevertheless exciting.

-M

Awkward...

We've discussed a lot of networking-related tips and shared some of our limited experiences in the professional world.  And most of it has been with the assumption that the recruiter from Firm X is a normal, nice person.  However, there will certainly be experiences in the recruiting process that are less than comfortable.  There aren't too many openly 'mean' recruiters, but if you go to enough events, you will see which recruiters are a little awkward to interact with.  

So how do you deal with it?  What does it mean?  In general, I would say that having one uncomfortable experience with a recruiter should not turn you off from that firm.  In most large firms, there are almost bound to be some people that you just don't 'jive' with.  What would concern me about a firm is if multiple recruiters from a firm are socially awkward, or you simply do not get along with them.  In this case, there are plenty of other firms out there to develop a strong relationship with.  Don't worry about uncomfortable interactions with firms, just stay true to yourself and be pleasant with whoever you come into contact with.

-B

Master of Confusion

We all know we need 150 hours to get the CPA license. Unless you came into college with a ton of credits, or perhaps pursued a double major in finance, you will have an extra year of school to tackle. There are options...Master of Accounting, Master of Tax, or even an MBA. These degrees definitely make you more qualified in the job market. Communicate with your professors, other students, or recruiters about which you should apply for.

If you are 100% set on public accounting, it is my belief that the Master of Science in Taxation is superior. Even if you are doing audit, professors have told me this is the way to go. You cannot work in tax without it, and the firms spike up your salary if you earn the degree. An MST gives you the most career options in accounting. There is nothing wrong with a plain Master in Accounting, but it may give you less options later on. For example, if you would like to switch to tax in a few years, this will prove much more difficult.

As for the MBA, there is a lot to consider. First, this degree generally takes two years instead of one like the MAcc and MST (and extra tuition). This may be the way to go if you do not plan on staying in public accounting forever. While you won't develop whole lot more of accounting knowledge, you will have a broader foundation in business to draw from in your career. MBA classes can teach valuable information on people/communication skills in the workplace.

Think about it, ask around, and happy choosing.

-M

Why You?

M has discussed interviews on here before, but I've been hearing more and more about a specific question that has been tripping up interview candidates.  In general, behavioral interviews are pleasant and the interviewer will stick to asking you questions about your resume and general questions about you and the firm.

However, I will never forget when I was interviewing in the office of a Big 4 firm with 60 other well qualified candidates for under 20 spots.  I interviewed with 2 very nice Managers before being sent into a Partners office.  We exchanged pleasantries and discussed the highlights of my resume briefly before he hit me with it:  "There are a lot of qualified candidates here today, why should we choose you?"

Wow.  What was I supposed to say?  There are so many angles here that you could take.  "I'm a hard worker", "I'm good at building relationships", "I have the necessary skills to do the job.... a lot can be said. So what did I say?  All 3.   And in hearing from current recruiters and professionals, this was a good choice.  Unless you really feel that there is something so special about yourself that will separate you from others, I suggest crafting a well thought out, articulate response that portrays you as a well rounded candidate.  This is the best way to rise to the top of a competitive field of candidates, without a disingenuous or canned response.

-B

The Dreaded Exam

Up until now, much of what we have discussed involves the recruiting process for accounting students. In this post, I would like to further discuss our end goal: passing the CPA exam. The exam is taken in four parts: Auditing & Attestation, Business Environment & Concepts, Financial Accounting & Reporting, and Regulation. Of course, it would be best to complete all four parts before starting to work full time. This is difficult, but the firms offer great incentives. Most of the Big 4 give a $5,000 bonus if the exam is complete within the first year of work and $3,000 within two years.

The short time window between finishing school and beginning full time may not leave much of an opportunity to complete the exam. If this is the case, I recommend having two parts done before work starts. With hard work, this can be done over your last free summer. There will be no time at all to study during busy season, so plan ahead!

Last thoughts: use the Becker CPA review. They have the highest pass rate between all the review courses.

-M

Think Small?

To this point, much of what I have shared with you has been about the “Big 4” Public Accounting firms.  With the sheer size and importance of these firms, I think that any discussion of careers in Accounting simply needs to start with these 4 firms.  Admittedly, on a personal level, I also happen to know a little bit more about the Big 4 than other firms.  However, I would be remiss in leaving out the mid-level firms that populate the landscape of Public Accounting. 

Firms such as McGladrey, Crowe, Grant Thornton, and BDO all command respect from those in the Accounting profession.  These are firms that offer most of the same services that the Big 4 do, but on a smaller scale.  They typically have offices in most large cities, and attempt to hire from the same schools the Big 4 targets.  So should you, as an undergraduate accounting major, consider working for these mid-level firms?  Absolutely.   Crowe can sell you on the idea that they have a more personal relationship with their coworkers because of their smaller offices.  And Grant Thornton might show you how they carry a number of large clients, making them a serious competitor in the market to the Big 4.  At the end of the day, comfort is crucial in determining a place to start a career.   The ‘second tier’ of public accounting firms should be on your list of potential employers, if for no other reason than doing your due diligence. 

-B

Location, Location, Location

Often times, recruiters at career fairs will ask you which office you are interested in working at. To be perfectly honest, it is easiest if you are choosing the office closest to your university. This is where they are mainly recruiting for. However, you will find that recruiters understand that many students leave home for college with the intention of moving back after earning a degree. Definitely apply back home, but apply for a couple near your college to be safe. With that said, don't apply for a random city just because you think it would be cool to live there. Recruiters can tell if you have no good reason to work in a particular city and it definitely ruins your chances of getting the offer.

It can be difficult to get into other offices, so consider yourself fortunate when you receive the office visit invitation. I myself have an office visit with a Big 4 in my hometown next week and was pretty surprised/excited when I got the invitation. Having taken one before, I can tell you that these trips are exhausting. You miss a few classes and travel upwards of thousands of miles in two days. HOPEFULLY, it is all worth it when the phonecall offer comes in shortly after the interviews are over.
-M

Getting the "in"

With the great reputation that the major Accounting Firms have, combined with a brutal jobs market, an Internship offer to a reputable firm is the modern day Job Offer. So, what then is the modern day Internship? The answer: Leadership Programs.

Essentially a courtship period for both you and the firm, a Leadership Program is usually a 3 day event in the summer that takes place at the office of the firm and usually involves Sophomores and Juniors. As a "recruit", you get invaluable insight into what happens at that particular firm, and perhaps most importantly you get to interact with the professionals in that office. You should expect: free (really good) food, slightly inflated promises about the environment at that firm, and lots of business cards. But all joking aside, the Leadership Program gets you an "in" that firm, and most firms will schedule them in a way that allow you to attend multiple programs.

Interested? You should be! The best part about the Leadership Program is that it is an easier path to the Internship offer (most of those who attend a LP get the Internship offer soon after). The stress of interviewing on campus as a Junior/Senior for the internship itself can be wiped away by getting in to these events. You still have to interview for them, but the process is less stressful, and once you secure the LP offer, interviews will likely not be necessary for the remainder of the recruiting process with that firm. If you are a Freshman/Sophomore, save some of your sanity by looking into the Leadership Program process.