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Public Accounting - Consulting Division
Posted on 9/28/15 at 4:31 pm
Posted on 9/28/15 at 4:31 pm
Anyone on this board have any experience with the consulting side of public firms? What type of projects did you work on? What were the hours like? Etc.
Any insight would be greatly appreciated!
Any insight would be greatly appreciated!
5
Posted on 9/28/15 at 5:38 pm to Jabstep
I worked at one of the big 4 as a consultant straight out of undergrad.
Was there for about 3 years.
Long Hours + Crappy pay (still not bad for a 23 year old at the time) + internal politics + shitty clients.
Ended up leaving for industry for a big raise + better work/life balance.
One thing I miss about my time at the big4 is the accelerated career development and professional network.
Was there for about 3 years.
Long Hours + Crappy pay (still not bad for a 23 year old at the time) + internal politics + shitty clients.
Ended up leaving for industry for a big raise + better work/life balance.
One thing I miss about my time at the big4 is the accelerated career development and professional network.
Posted on 9/28/15 at 11:24 pm to Jabstep
Most of "public accounting" consulting is probably going to be sox implementation or some sort of restatement assistance. Which sounds mind numbing to say the least but some people really like it.
Posted on 9/28/15 at 11:36 pm to Jabstep
Consulting at that level runs the gamut. Everything from software conversions to internal controls work to HR consulting to due dilligence.
Anything you do Big Four is going to be the same deal, especially if you are right out of school: Long crappy hours, mind numbingly boring work, a salary that looks awesome on the surface but is pathetic when broken down by the hours worked, tremendous career development and networking opps, looks great on a resume, all of which will give you pretty awesome exit opps in three years.
Don't fall into the trap of thinking that "consulting" instead of "audit" or "tax" changes any of those underlying facts I just mentioned.
Anything you do Big Four is going to be the same deal, especially if you are right out of school: Long crappy hours, mind numbingly boring work, a salary that looks awesome on the surface but is pathetic when broken down by the hours worked, tremendous career development and networking opps, looks great on a resume, all of which will give you pretty awesome exit opps in three years.
Don't fall into the trap of thinking that "consulting" instead of "audit" or "tax" changes any of those underlying facts I just mentioned.
Posted on 9/29/15 at 9:06 am to Jabstep
I haven't but a friend of mine has. He worked for one of the big firms, and took the job thinking it'd be less hours than tax, and more varied work than audit and tax. He was wrong on all fronts, and only worked there a year or so. I think he worked every Saturday and/or Sunday that entire year, or close to it. I know he missed a lot of football Saturdays that fall.
Posted on 9/29/15 at 9:36 am to The Spleen
Thanks guys!
Posted on 9/29/15 at 9:51 am to Jabstep
Had an internship in a consulting department at a public accounting firm, and I am extremely happy it was just an internship. In banking now. Hours were more flexible, but longer. Got to travel a little and even work from home if it was more convenient. Hated 2 things about it that were dealbreakers for me.
Could just be the firm, but the number one thing was that the internal politics were the WORST. I was told in one of my reviews that I wasn't going out of my way to speak to one of the directors more. I told them he wasn't going out of his way to speak with me more. Wasn't about to work for a place that cared more about faking being friends than production.
Obviously it depends what sort of consulting you go into, but as a control and risk auditor, the second thing I hated was that essentially felt like an idiot checker. We did a security risk assessment of a health clinic, and one of our recommendations (because you don't actually do things, you recommend things) was that they get better locks on their doors. After we really put our brains together, we decided to recommend that they change their computer passwords more frequently. This is crazy stuff. The same company wanted us to write up some security policies for them to give to employees. I asked my manager how I should go about writing them, and he said "just google it". So, I spent the next few days googling security policies, copy and pasting, and in the end we made it look all pretty and stamped our company logo on it. "Thanks for your business, that will be a couple thousand dollars." Thats the reason I will never hire consultants if I ever start a business
It really depends what kind of stuff you do though because some of its pretty cool and actually useful, but not the stuff they wanted me to do. Some of the people I worked with loved it, its just not for everyone. Depends on what you do and who you do it for.
Could just be the firm, but the number one thing was that the internal politics were the WORST. I was told in one of my reviews that I wasn't going out of my way to speak to one of the directors more. I told them he wasn't going out of his way to speak with me more. Wasn't about to work for a place that cared more about faking being friends than production.
Obviously it depends what sort of consulting you go into, but as a control and risk auditor, the second thing I hated was that essentially felt like an idiot checker. We did a security risk assessment of a health clinic, and one of our recommendations (because you don't actually do things, you recommend things) was that they get better locks on their doors. After we really put our brains together, we decided to recommend that they change their computer passwords more frequently. This is crazy stuff. The same company wanted us to write up some security policies for them to give to employees. I asked my manager how I should go about writing them, and he said "just google it". So, I spent the next few days googling security policies, copy and pasting, and in the end we made it look all pretty and stamped our company logo on it. "Thanks for your business, that will be a couple thousand dollars." Thats the reason I will never hire consultants if I ever start a business
It really depends what kind of stuff you do though because some of its pretty cool and actually useful, but not the stuff they wanted me to do. Some of the people I worked with loved it, its just not for everyone. Depends on what you do and who you do it for.
Posted on 9/30/15 at 12:11 am to GeauxPack81
I do this
It's 1 AM and I just got to my hotel room
Don't do this
It's 1 AM and I just got to my hotel room
Don't do this
Posted on 9/30/15 at 8:38 am to Tigerbait46
Thanks for the information man!
Posted on 9/30/15 at 1:40 pm to Jabstep
SOFTWARE CONVERSIONS AND IMPLEMENTATIONS = MAPPING and CODING and most likely dealing with interface company that is on their own deadline for whatever implementation bonus they are going to pocket if done on time. These people are fcking crazy.
Oh, you've had tons of turnover in your accounting department and you've hired us as a consultant to help us fix it = you are cleaning up the client's crap as a "consultant".
This is spot on:
"I haven't but a friend of mine has. He worked for one of the big firms, and took the job thinking it'd be less hours than tax, and more varied work than audit and tax. He was wrong on all fronts, and only worked there a year or so. I think he worked every Saturday and/or Sunday that entire year, or close to it. I know he missed a lot of football Saturdays that fall."
Oh, you've had tons of turnover in your accounting department and you've hired us as a consultant to help us fix it = you are cleaning up the client's crap as a "consultant".
This is spot on:
"I haven't but a friend of mine has. He worked for one of the big firms, and took the job thinking it'd be less hours than tax, and more varied work than audit and tax. He was wrong on all fronts, and only worked there a year or so. I think he worked every Saturday and/or Sunday that entire year, or close to it. I know he missed a lot of football Saturdays that fall."
Posted on 9/30/15 at 1:44 pm to GeauxPack81
quote:
Obviously it depends what sort of consulting you go into, but as a control and risk auditor, the second thing I hated was that essentially felt like an idiot checker. We did a security risk assessment of a health clinic, and one of our recommendations (because you don't actually do things, you recommend things) was that they get better locks on their doors. After we really put our brains together, we decided to recommend that they change their computer passwords more frequently. This is crazy stuff. The same company wanted us to write up some security policies for them to give to employees. I asked my manager how I should go about writing them, and he said "just google it". So, I spent the next few days googling security policies, copy and pasting, and in the end we made it look all pretty and stamped our company logo on it. "Thanks for your business, that will be a couple thousand dollars." Thats the reason I will never hire consultants if I ever start a business
I've spent close to a week going around an office with sets of keys and figuring out who had access to what keys and what they opened and what was in the file (customer info, SSN's, company info, etc.). Some people like it. I really couldn't believe someone was paying us to do this.
Posted on 9/30/15 at 2:22 pm to Serraneaux
quote:
I really couldn't believe someone was paying us to do this.
That's pretty much what my friend said. Companies would only contract them because of their name, and on virtually every engagement he and his team were mostly doing what a competent low to mid-level manager could do. He did say some of the engagements were useful and they provided a good service to the company, but most of them were a waste of the company's money and his time.
Posted on 9/30/15 at 2:38 pm to The Spleen
This is why a premium is put on working in specific divisions within large shops (i.e. Deloitte S&O or PwC Strategy&) or at MBB (McKinsey, Bain, BCG) or the specialty strategy shops (LEK, Oliver Wyman, et al).
If you do 'consulting' and end up on an implementation or a SOX project, then you waste away (unless you enjoy that type of work?).
Unless you are on a strategy project or even an operational efficiency project, the world of "consulting" is bleak. I saw colleagues work absolutely terrible jobs that added no value more often than those who got on good projects. I was a lucky one that got on some pretty cool engagements while I was in the biz.
If you do 'consulting' and end up on an implementation or a SOX project, then you waste away (unless you enjoy that type of work?).
Unless you are on a strategy project or even an operational efficiency project, the world of "consulting" is bleak. I saw colleagues work absolutely terrible jobs that added no value more often than those who got on good projects. I was a lucky one that got on some pretty cool engagements while I was in the biz.
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