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Job with Ernst and Young

Posted on 5/20/23 at 8:32 pm
Posted by Taxman2010
In The Woods
Member since Jan 2022
530 posts
Posted on 5/20/23 at 8:32 pm
My stepson just got a job in international tax with Ernst and Young. He's an economic major and they didn't give him any details about the job during the interview. He's starting in Austin soon and is worried about the duties/hours... anyone have any experience in this area?
Posted by tiggerthetooth
Big Momma's House
Member since Oct 2010
61113 posts
Posted on 5/20/23 at 8:34 pm to
Pretty sure he'll be working a shite ton. All big 4 new grad hires work their asses off.
Posted by shutterspeed
MS Gulf Coast
Member since May 2007
63192 posts
Posted on 5/20/23 at 8:34 pm to
Yeah, well my son can fill up his entire mouth with marbles.
Posted by TBoy
Kalamazoo
Member since Dec 2007
23651 posts
Posted on 5/20/23 at 8:34 pm to
My daughter works for a major investment bank. They work them like Trojans. However, if they work more than like 15 hours or so, they pay for dinner delivery and an Uber back to your apartment so you don’t pass out at the wheel.
Posted by Cocotheape
Member since Aug 2015
3782 posts
Posted on 5/20/23 at 8:36 pm to
Form 5471. Learn it, love it, live it.

Hours will be reliably bad during January - March and September-October. Austin isn’t a huge office so there’s no hiding in the crowd.

International tax is a good spot to be in though. Multinationals make the world go round, Pillar 2 is going to generate a ton of work.

ETA: it ain’t that bad though when you are young and single.
This post was edited on 5/20/23 at 8:40 pm
Posted by crimsonsaint
Member since Nov 2009
37247 posts
Posted on 5/20/23 at 8:37 pm to
Why is he starting soon if he doesn’t know what he’s doing?
Posted by Cocotheape
Member since Aug 2015
3782 posts
Posted on 5/20/23 at 8:38 pm to
quote:

Why is he starting soon if he doesn’t know what he’s doing?


Public accounting staff don’t know what they are doing, that’s why they get paid in experience
Posted by OleVaught14
Member since Jun 2019
6868 posts
Posted on 5/20/23 at 8:42 pm to
quote:

major investment bank. They work them like Trojans


Big law
Big 4 accounting
Investment banking

Just a non-stop grind where 50%+ burn out
Posted by Taxman2010
In The Woods
Member since Jan 2022
530 posts
Posted on 5/20/23 at 8:43 pm to
That was the issue. The salary is nice but they asked him several behavioral questions and nothing about the actual job. He has no clue what he is stepping into and it sounds like they might want it that way.
Posted by SirWinston
PNW
Member since Jul 2014
81337 posts
Posted on 5/20/23 at 8:45 pm to
if he toughs it out for 2.5 years he can jump for $105k or more plus bonus to a city of his choice for a corporate tax or a cpa tax sr role. If he toughs it out 4 years and earns a promotion during that time he can jump to a tax manager role for $120k or more in any city he wants plus bonus.

He will have to work 50 to 80 hours a week depending on time of year to accomplish this.

After that move, another 3 more years of 50-70 hours per week would have him well on his way to a partner track with cpa firm
This post was edited on 5/20/23 at 8:48 pm
Posted by Cocotheape
Member since Aug 2015
3782 posts
Posted on 5/20/23 at 8:47 pm to
It’s a good place to start your career, he should be excited. If he hates the hours plenty of companies will be happy to offer employment to an ex-B4 guy.

If he sticks it out for 3-5 years he will have to work to screw up his comfortable career trajectory.

Genuinely, he should be excited to work there though. Interesting work and you make friends. If he goes into it dreading the job before he starts, he will certainly find what he is looking for though because there are definitely times where you are just grinding it out.
This post was edited on 5/20/23 at 8:48 pm
Posted by Rouge
Floston Paradise
Member since Oct 2004
136793 posts
Posted on 5/20/23 at 8:52 pm to
quote:

they didn't give him any details about the job during the interview.


Sounds like a healthy work environment to me
Posted by jpbTiger
Tampa FL
Member since Dec 2007
4969 posts
Posted on 5/20/23 at 8:52 pm to
Probably should have asked during the interview lol
Posted by LemmyLives
Texas
Member since Mar 2019
6403 posts
Posted on 5/20/23 at 8:55 pm to
He's screwed. His entire experience will be dictated by who his Manager/Senior Manager/Partner are.

The milk is spilled, but he should have proactively asked what he would end up doing during the interview.

If he has a good partner leading his group, the partner won't let clients dictate he fly in on Sunday to make an 8AM meeting in Seattle, and not let him fly out before lunch time on Friday. Yes, this kind of stuff happens.

He should be prepared for "Busy Season" to be an excuse to sit at his desk for enormous amounts of hours. Big 4 consulting is very much like being a doctor; he will get subjected to stress and BS for little reason than everyone above him had to endure it for the last two decades.

Now, he *may* have some cover since he's not an accounting grad, and the accountants may struggle to understand what they can ask him to do on a job.

1. Attention to detail. Don't send a slide to a senior or manager unless he's checked it multiple times. Once I identify a consultant as a quality problem, this means I can't trust you (yet.) The canary in the coalmine for me is if someone switches font sizes in text. Yes, I can look at something and tell if most of it is in 12 point font, but one paragraph or sentence is in 11 point font. This means you don't pay attention, and the beatings will continue until morale improves.

2. File expense reports fast. Do *not* let them linger until the project is over, etc. Take pictures of all receipts, even if they're below the threshold of not requiring receipts for reimbursement. I watched many consultants "lose" money through the black hole of forgetting what they paid for parking at the client, how much the Uber was to the office, etc.

3. Always submit time in the tracking system ON TIME. Fail to do the backend stuff, especially related to time, brings the wrong kind of attention from office managing partners, etc.

4. Find any way possible to avoid filing time as "on the bench." He should take any CBT training he can so he can charge the training time code instead of "I did nothing but wait for people to tell me to do." Hell, even volunteering in the community probably has a charge code (it did for me at a different firm). The absolute biggest red flag to end up on the naughty list is him charging 40 hours to "unbillable" or the equivalent.

5. Read travel and expense policies, and follow them. Tell him to be proactive in scheduling hotels and flights the way he wants them, and don't let him sit on his arse and wait for the partner to tell him which flight to take to La Guardia. I actively avoid flying with coworkers, and have only had to do it once in 20 years. It just turns into more work.

6. Do not let him "eat" hours. This means he works 60 hours, but bills for 40. It's not his job to deal with the repercussions of the Manager being unorganized or unprepared, etc. The senior manager can adjust the discount rate to make the invoices have the amounts needed, but if he eats hours, that's work he is not getting credit for. This also becomes the project's nearly only defense against a client, or someone else at E&Y expanding scope in the middle of a project, which loses the company money. Partnerships do not like losing money.

7. Pick a hotel/airline alliance and stick with it.
Posted by Cosmo
glassman's guest house
Member since Oct 2003
120172 posts
Posted on 5/20/23 at 8:56 pm to
In residency dated a chick that worked for PWC

Her life was miserable

She was horny though
Posted by BigBinBR
Baton Rouge
Member since Mar 2023
3980 posts
Posted on 5/20/23 at 8:56 pm to
quote:

Taxman2010


With a screen name like Taxman you would think you would have been pretty familiar with how hard the big 4 drive their new hires in to the ground.

Posted by oldskule
Down South
Member since Mar 2016
15476 posts
Posted on 5/20/23 at 8:56 pm to
Big firms expect 12hrs/day and throw you to the wolves, and fast.

Positive: great on the resume!
Posted by AFistfulof$
New Orleans
Member since Jan 2013
973 posts
Posted on 5/20/23 at 8:57 pm to
If he’s an economics major.. does he have a CPA?
Posted by Centinel
Idaho
Member since Sep 2016
43318 posts
Posted on 5/20/23 at 8:57 pm to
Jesus christ this sounds like one shitty way to live.

Posted by Sterling Archer
Austin
Member since Aug 2012
7293 posts
Posted on 5/20/23 at 8:57 pm to
Started my accounting career with PwC. I wouldn’t be where I am now without that on my resume but it will be a grind. Tax actually works more hours than audit. Tax is more of a pigeonhole as well but with an Econ major it might make it easier for him to pivot to advisory/consulting a few years in
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