Graduate Recruitment 2007 (2 Viewers)

[redruM]

hahaha.

Thats awesome dude...Still have any others lined up?

 

[seremify007]

I think it's their Security and Technology Solutions (STS) division from Technology and Securities Risk Services (TSRS) under Assurance & Advisory Business Services (AABS).

 

[Meads]

Omg, the view on Level 48 of the EY Building is like to die for . I can see the top of UTS from there!

Yeh...I had my EY assessment centre today. Was a lot better than I expected and I thought it would be long, since it went from 9:30am-4:30pm =.= but it went by pretty quick!

Anyways...I got an offer 3 hours later

Congrats man! EY is the place to be

 

[olechel]

meads,

ive posted a thread on this but just read that u work for ey so thought id ask ya personally lol

ive got an offer from both ey and kpmg in the tax area (but kpmg has offered 3k more).

ive heard ey has a really good firm culture but thought id get an employees opinion lol

if any1 else has any input that'll be great
thanks every1

 

[seremify007]

Meads gets $2k more than the rest of us

 

[roadcone]

*HIGH 5s*

Congrats jasee! It is a sensational feeling isn't it.

I just got back from uni, could you (or someone) let me know what the abbreviations stand for in the previous post. My head hurts.

edit: redcone, Audit. Are you applying there too?

nah i work there, just interested who was taking grads.. couldnt quite work it out from the other evening

 

[Meads]

to be completely honest (dis-regard my post in the other thread ) I personally don't think it makes much of a difference. They both pay similiar in the end, they both have great cultures, they will provide quality training and experience, and if one of the big 4 go under, the other 3 are going to go with them regardless...so toss a coin and hope for the best.

 

[turtleface]

their cultures are the same...how different can you get? they all started as uni students like u and me

they dont pay similar in the end either. holding all other things constant (e.g. performance, seniority etc), a partner will be paid less at one big 4 than another depending on profitability of the firm.

not sure what u mean by one big 4 firm going down, and the others going with them...

 

[theone123]

congrats to jase, redrum... and many others who received offers. yes i shall call you's role models!

 

[Meads]

their cultures are the same...how different can you get? they all started as uni students like u and me

they dont pay similar in the end either. holding all other things constant (e.g. performance, seniority etc), a partner will be paid less at one big 4 than another depending on profitability of the firm.

not sure what u mean by one big 4 firm going down, and the others going with them...

I am talking about corporate culture, that has nothing to do what universities we came from. :S

And I am afraid you have the wrong impression on how partners are paid. It is not as simple as 'sharing the equity'. You are not going to have one big 4 firm paying a substantially different amount to its partners than another firm, that is simply not how the employment market remains competitive. Profability of the firm makes a difference to technology, resources, the physical work environment, christmas parties, but not the pay packets of its employees.

As for one big 4 firm going down...at the state the market is in with all the independance issues, the loss of another firm in the top bracket is going too many big clients to be shared between 3 firms...meaning it will have to like in the second tier. As a result, the second tier firms will build, gain reputation, and take the clients away from what was the 'big 3'.

 

[turtleface]

I am talking about corporate culture, that has nothing to do what universities we came from. :S

We're all humans in the same country, with similar cultural influences. How different can it get.

And I am afraid you have the wrong impression on how partners are paid. It is not as simple as 'sharing the equity'. You are not going to have one big 4 firm paying a substantially different amount to its partners than another firm, that is simply not how the employment market remains competitive. Profability of the firm makes a difference to technology, resources, the physical work environment, christmas parties, but not the pay packets of its employees.

Of course Partner salaries vary between big four firms.
As for the partner employment market...what market??
Partner turnover is very low. (except Deloitte a few years ago when they had the shit going on). If any market exists it would be so illiquid it'd be ineffective. In any case, just cause EY may pay more than Deloitte (hypothetical example) does not mean a Deloitte partner will defect to EY. Using that precedent, would you say CBA's CFO would defect to the NAB cause it pays more there? I guess what I'm getting at is a few extra thousand is just one small factor in what job you want, when you are already earning 300K+

Profitability DOES make a difference in pay packets. Hence why forensic accounting partners and corporate finance partners get paid more than audit partners.

Hence also why a partner was saying (during vac work) that if the firm pulled in a bumper year this year, she'd go buy a boat with the extra money.

As for one big 4 firm going down...at the state the market is in with all the independance issues, the loss of another firm in the top bracket is going too many big clients to be shared between 3 firms...meaning it will have to like in the second tier. As a result, the second tier firms will build, gain reputation, and take the clients away from what was the 'big 3'.

No.
Big Four clients are unable to be serviced by mid tier firms. They just don't have the man power or the experience to do so.
Hell, sometimes Big Four firms aren't even able to service clients of other Big Four Firms. When NAB changed from KPMG to E&Y for auditing, E&Y had to transfer like 50 staff from Sydney to Melbourne so they could conduct the Audit.
Regardless, I don't think theres much danger of another firm collapsing. They'll be protected, their too big and important to fall. For one of them to collapse now would almost be as catastrophic as the NYSE collapsing.

 

[redruM]

PKF made me an offer today! lol. I want to have a look at the contract details and the potential free pen.

 

[jase_]

Congrats on PKF!

 

[Meads]

We're all humans in the same country, with similar cultural influences. How different can it get.



Of course Partner salaries vary between big four firms.
As for the partner employment market...what market??
Partner turnover is very low. (except Deloitte a few years ago when they had the shit going on). If any market exists it would be so illiquid it'd be ineffective. In any case, just cause EY may pay more than Deloitte (hypothetical example) does not mean a Deloitte partner will defect to EY. Using that precedent, would you say CBA's CFO would defect to the NAB cause it pays more there? I guess what I'm getting at is a few extra thousand is just one small factor in what job you want, when you are already earning 300K+

Profitability DOES make a difference in pay packets. Hence why forensic accounting partners and corporate finance partners get paid more than audit partners.

Hence also why a partner was saying (during vac work) that if the firm pulled in a bumper year this year, she'd go buy a boat with the extra money.



No.
Big Four clients are unable to be serviced by mid tier firms. They just don't have the man power or the experience to do so.
Hell, sometimes Big Four firms aren't even able to service clients of other Big Four Firms. When NAB changed from KPMG to E&Y for auditing, E&Y had to transfer like 50 staff from Sydney to Melbourne so they could conduct the Audit.
Regardless, I don't think theres much danger of another firm collapsing. They'll be protected, their too big and important to fall. For one of them to collapse now would almost be as catastrophic as the NYSE collapsing.

Yawnnn...but seriously with the whole culture thing...have you got any idea what your talking about? Being humans in the same country has nothing to do with corporate culture...read a book or something...please!

 

[turtleface]

Although I'm no expert I've had a little taste from having worked in a few corporates for vacation work and stuff.

The only difference I saw with regards to culture and stuff were, if there were dickheads in the company, the culture would be "dickheadish", if there were young people, the culture would be "youngish" etc

but the differences are overrated, at least in my opinion

 

[seremify007]

I agree with turtleface's post before about why mid-tiers can't take over Big4 clients, the salaries (if I recall correctly- Partners are paid both in salary and incentive?) of partners, etc...

I was thinking the different firms have very different personalities (as in, that's my interpretation of 'corporate culture' of the different big4 firms)... not to say dickheadish or youngish, but more of a, one Big4 firm has very loud/sporty/assertive individuals whilst another may be very conservative and only speak when necessarily kindof thing. None is better than the other, you just notice the difference when you talk to and hang out with people from various firms.

 

[Meads]

I am not saying that the mid-tier's would take over, but it generally seemed consensus from all the firms I spoke to that they could not afford for one of the Big 4 to go down. The clients from the firm that goes down can not neccessarily go to one of the other big 4 because of independance issues...meaning they have to go further down the chain. This will lead to mid-tier firms catching up, with the gap between the big 4 and the rest being closed. This is obviously all hypothetical, but it seemed to be a concern everyone had.

 

[seremify007]

What you said is right- we need the Big4. That's why KPMG only got a small fine in comparison to being shut down. It's a pretty general concensus that smaller firms won't be able to handle the work which large clients require- not to mention the compliance with independence issues and so on. I remember one mid-tier telling me that they even resign from large clients because otherwise they are forced to put all their staff on the one client, leaving the other clients with a less than adequate service/staff level.