Contents Big 4 Blueprint overview Is the Big 4 right for you? Suggested exercise: Choosing your target firm...

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2 Contents Contents... 1 Big 4 Blueprint overview... 4 Is the Big 4 right for you?... 7 Suggested exercise: Choosing your target firm Interesting History of the Big 4 Accounting Firms The Big 4 Firms Suggested exercise: Resumes How Big 4 firms see your resume Express accomplishments, not job duties More Resume Dos and Don ts Networking Networking Templates: Cold Call Networking Templates: Online Networking Meet the Firms Background What to wear What to bring What to do... 47

3 Questions to ask: Questions not to ask: Making an impression Interviews First round interviews nd Round - Office Visit/Partner Interview Using the STAR method to crush your interview Appendix I -Tools & Resources Additional reading: Resume / interview resources: Appendix II - Accounting vs. Finance Accounting vs Finance Career Path Accounting vs Finance Compensation Accounting vs Finance Lifestyle Busy periods: Audit: Tax Hours Audit Travel Geography Work Environment Life After Public Accounting Big 4 Blueprint Page 2

4 Hours - Investment Banking Hours - Sales/Trading Travel Work Environment Accounting vs Finance: The work Audit Tax FP&A (Financial Planning and Analysis) Internal Audit Investment Banking Private Equity (PE) Sales & Trading (S&T) Hedge Fund Big 4 Blueprint Page 3

5 Big 4 Blueprint overview Welcome to the Big 4 Blueprint! By reading this book, you've made an important first step in launching your career with the Big 4 firm of your choice. Let's start off by going into who I am, and why I wrote this guide. To do that, we're going to travel back in time a bit. In the fall of 2008, the financial world as we knew it was crashing down all over the world. The market was in free fall, iconic banking institutions were going bankrupt, and audit professionals were in the news for all the wrong reasons. All in all, this was NOT a great time to be a college student looking for a job or internship with a Big 4 firm. Big 4 Blueprint Page 4

6 But there I was, at a decent but not great school, with the goal of working for one of the Big 4 firms. During the golden years after the dust settled from the Enron & WorldCom collapses and Sarbanes - Oxley regulation, there was a sort of social contract between students and accounting firms: Go to college --> major in accounting --> get decent grades --> get a job In the wake of 2008, that contract got ripped to shreds. I had to start from square 1 and figure out how I stood a chance at employment as I competed against people who: - were coming from better schools - had better GPA's - had professional experience and were laid off due to the meltdown I knew I had to get started ASAP to have any chance of getting Big 4 job when I graduated. So I started working backwards, trying to figure out what dominos I had to start knocking down in order to reach my goal. Big 4 Blueprint Page 5

7 In my head, it looked something like this: I need a job > I need to get an interview > I need a great resume > I need relatable professional experience, and I need a sufficient GPA so my resume doesn t immediately get thrown out. Well, as you can probably guess by now, I was able to knock down those dominos and land my dream job at PwC. Today, the job market for aspiring Big 4 audit, tax, and consulting professionals is as competitive (and lucrative) as it s ever been. With the right approach and a few little know tips and tricks I ve picked up after 5+ years working in the Big 4, you can put yourself in the best possible position for success. Big 4 Blueprint Page 6

8 Is the Big 4 right for you? Getting a Big 4 job is hard. Very hard. Are you ready for the hours upon hours of preparation, sacrifice, and hard work just to get an interview? Then are you ready for years and years of long hours, more sacrifice, and more hard work if you get a job? If the answer to these questions isn t "hell yes!" then you should spend some time to seriously consider whether this is a path you really want to go down. Personally, I wouldn't trade launching my career at a Big 4 firm for any other job in the world, but everyone has different personal goals and circumstances that could change your stance. To help you think through why you want to join a Big 4 firm, consider the below pros and cons: Big 4 Blueprint Page 7

9 Pros: Compensation: - Compared to jobs in internal finance, accounting, and marketing, the Big 4 firms tend to pay their staff well and offer competitive benefits. Training: - It's tough to match the training experience of Big 4 firms. From inperson training sessions at your local office and at off-site locations, trainings are a great way to learn, network, and score copious amounts of free booze. People: - The #1 thing Big 4 employees cite as their favorite part about working at their firm is the people. You get to work with very smart, hard working, and genuinely helpful people every day something that tends to be extremely rare in other fields / companies. Travel: - In most lines of service (especially consulting), there's a good chance you will be traveling frequently. In consulting, I traveled just about every Monday Thursday. I loved it. Coming out of college I was SHOCKED that companies would foot the bill just to fly me to their site, but they did. Traveling on the companies dime is a great way to see the country (and if you're lucky, parts of the world as well). Big 4 Blueprint Page 8

10 Mobility: - Each of the Big 4 firms stretches across so many different industries and functional areas, it's nearly limitless the types of work you can do (and locations you can do it in). If you're not sure exactly what you want to do, but want to go somewhere where you can have the opportunity to float between different types of work / projects, then the Big 4 is the place for you. Cons: Compensation: - Yes the comp is good compared to some types of alternatives, but if you're looking to get rich fast then you should probably look for a job in i-banking, hedge funds, or sales. Hours: - Yes, the rumors are true. The hours can SUCK. You may think you know what you're in store for during your first busy season, but when you don't have time for a haircut and you know the pizza delivery guy on a first name basis, you may start reconsidering career alternatives. Travel: - While I loved to travel, I'm not sure I would have had the same experience if I had kids or a strong desire to stay connected with my local community. Big 4 Blueprint Page 9

11 Suggested exercise: If you are on the fence, I suggest you do the following exercise. If you decide to do this, it will prove useful during your interviews later as well. Complete the sentence below: I want to work at a Big 4 firm because Big 4 Blueprint Page 10

12 Example: I want to work at a Big 4 firm because I learn best from the people around me, and I want to work with and learn from "A" players every day. I want to work on high profile clients and work with them to solve and work through complex problems. I want to work somewhere that values diversity, mobility, and continuous learning and through my research and networking, the values instilled at the Big 4 firms align well with my goals and ambitions. Did you come up with a good answer? Let us know! Send me your response at james@big4bound.com and I'd be happy to share my thoughts with you. Big 4 Blueprint Page 11

13 Choosing your target firm The big 4 accounting firms lead the pack in terms of their auditing and accounting services which include things like taxation services risk assessment and control, external audit, etc. Not only do they provide excellent auditing and accounting services but they also offer massive employment opportunities to auditors and accountants in their many different offices located all over the world. These big 4 accounting firms are the very best at what they do and are constantly involved in a race as to who can provide the best services and post the biggest revenue by the end of the fiscal year. It is no small wonder why these top 4 often end up competing for the top slots and this is especially true for the top two. Interesting History of the Big 4 Accounting Firms This list used to be the Big 8 but several mergers and dissolutions whittled the number down to just the big 4 accounting firms. It was by way of mergers and dissolutions that the number was reduced to what it is now. Big 4 Blueprint Page 12

14 The mergers that took place to make the final list are mentioned below but one company is not mentioned the infamous Arthur Anderson. This firm s failure is credited to its involvement with the Enron Scandal that shook the US and the world several years back, leading to the massive Sarbanes Oxley regulation that still drive a TON of accounting / consulting revenue. The company took such a big blow that they have been unable to stage a comeback to become the massive accounting firm that they were for so many years. The consulting arm, which spun off into Accenture, has had success in the strategy and technology consulting space. Big 4 Blueprint Page 13

15 The Big 4 Firms HEADQUARTERS: New York, NY MAIN OFFICE: Deloitte, LLP 30 Rockefeller Plaza New York, NY Phone: (212) Fax: (212) REVENUE: $36.8 Billion (2016) Overview: With over 150 years of public accounting service, Deloitte is ranked as the number one public accounting firm. Founded in 1845 by William Welch Deloitte, the company grew, and continues to grow, from successful mergers and acquisitions. Today the company is known Big 4 Blueprint Page 14

16 primarily as Deloitte LLP, and has four subsidiaries: Deloitte & Touche LLP, Deloitte Financial Advisory Services, Deloitte Consulting LLP, LLP and Deloitte Tax LLP, each with their own CEO. They cater to a variety of industries including media, oil and gas, power, retail, and healthcare and the list is not exhaustive. Deloitte serves 80 percent of the Fortune 500. Cathy Engelbert, serving as their CEO, is the first female U.S. CEO of a Big Four firm. Famous for their multi-million dollar learning facility, Deloitte University, the company breeds over 225,000 professionals in over 150 countries. Majority of their entry-level hires come from university recruiting. So if you re interested in this firm, be proactive! Rankings: Vault - Most Prestigious Accounting Firms - #2 Vault - top 50 Accounting - #2 Vault - Best Accounting Firms for Diversity - #4 Vault - Best Accounting Firms for Tax Accounting - #3 Vault - Best Accounting Firms for Audit - #2 Vault - Top 50 Consulting - #4 Consulting Magazine - Best Firms to work for - not listed Fortune Best Companies to Work For - #90 Big 4 Blueprint Page 15

17 HEADQUARTERS: London, England MAIN OFFICE: PwC, LLP 300 Madison Avenue New York, NY Phone: (646) Fax: (646) REVENUE: $35.9 Billion (2016) Overview: PwC, formally known as PricewaterhouseCoopers, consistently battles with Deloitte for global leadership in the Big 4 space. Founded in 1998 with the merger of Price Waterhouse and Coopers Lybrand, this firm has demonstrated significant growth, ranking number two after Deloitte. Big 4 Blueprint Page 16

18 PwC concentrates on 16 key industries and serves more than 90% of the Fortune Global 500. Like the other Big 4, their services include audit and assurance, tax, and consulting. There are PwC firms operating in countries all over the world-157 to be exact- as well as independently owned firms that still work to uphold the standards set in place by PwC. Their most recent acquisition of strategy consulting powerhouse Booz & Company formed Strategy&, which has added value and breadth to PwC s consulting practice. This company has been ranked #2 as the best place to intern and continues to find ways to add value to the public accounting space. Rankings: Vault - Most Prestigious Accounting Firms - #1 Vault - top 50 Accounting - #1 Vault - Best Accounting Firms for Diversity - #1 Vault - Best Accounting Firms for Tax Accounting - #1 Vault - Best Accounting Firms for Audit - #1 Vault - Top 50 Consulting - #5 (strategy& #12) Consulting Magazine - Best Firms to work for - #9 Fortune Best Companies to Work For - #53 Big 4 Blueprint Page 17

19 HEADQUARTERS: London, United Kingdom MAIN OFFICE: EY, LLP 5 Times Sqaure New York, NY Phone: (212) Fax: (212) REVENUE: $29.6 Billion (2016) Overview: Following the same trend of the other Big 4, Ernst & Young (EY), was the result of a significant merger in 1989 between innovators Arthur Young and Ernst & Whitney. EY ranks #3 in the Big 4 accounting space with $29.6 billion in revenue, however they are #1 in matters of their employee professional development earning awards such as World s Best Multinational Workplaces to work and Best Companies for Working Big 4 Blueprint Page 18

20 Mothers. They serve a plethora of industries providing tax, assurance/auditing, advisory, and transaction advisory services. EY is known for pioneering the diversity and inclusion movement in the public accounting professional services space. Ernst & Young is continually rated in the top five in DiversityInc. Magazine s top 50 places to work. Hiring roughly 231,000 employees, EY believes firmly in their people, and hiring only those equipped with the very best skills and who exhibit integrity, enthusiasm, motivation, teamwork, professionalism, and respect the very values that drive the accounting firm Rankings: Vault - Most Prestigious Accounting Firms - #3 Vault - top 50 Accounting - #3 Vault - Best Accounting Firms for Diversity - #7 Vault - Best Accounting Firms for Tax Accounting - #2 Vault - Best Accounting Firms for Audit - #3 Vault - Top 50 Consulting - #21 Consulting Magazine - Best Firms to work for - not listed Fortune Best Companies to Work For - #49 Big 4 Blueprint Page 19

21 HEADQUARTERS: Amstelveen, Netherlands MAIN OFFICE: KPMG LLP 345 Park Avenue New York, NY Phone: (212) Fax: (212) REVENUE: $ billion Overview: Founded in 1987, KPMG is composition of four leading firms. Klynveld Kraayenhof & Co. originating in Amsterdam forms the K, while William Barclay Peat & Co. from London forms the P. Marwick, Mitchell & Co. joined as well to form the M and the G comes from Dr. Reinhard Goerdeler who later became the chairman of KPMG. They rank number 4 in the Big 4 with the most recent reported earnings of $24.44 billion in Big 4 Blueprint Page 20

22 revenue. Services include advisory, tax, and audit. KPMG is definitely the smaller of the Big 4 firms, employing approximately 174,000 and operating within three main service lines. But their growth is consistent and their service lines can be broken down in many sub-services giving them tremendous breadth. Rankings: Vault - Most Prestigious Accounting Firms - #4 Vault - top 50 Accounting - #5 Vault - Best Accounting Firms for Diversity - #2 Vault - Best Accounting Firms for Tax Accounting - #4 Vault - Best Accounting Firms for Audit - #4 Vault - Top 50 Consulting - #13 Consulting Magazine - Best Firms to work for - #13 Fortune Best Companies to Work For - #43 Big 4 Blueprint Page 21

23 Suggested exercise: If you are on the fence, I suggest you do the following exercise. If you decide to do this, it will prove useful during your interviews later as well. Complete the sentence below: I want to work at a (Deloitte / PwC / KPMG / EY) because Where do you want to work? Let me know where and why james@big4bound.com Big 4 Blueprint Page 22

24 Resumes Resumes can be one of the most frustrating aspects of a job search because no one has the "right" answer. If you poll 100 different "experts" asking what they think of your resume, you will probably get 100 different answers back, often time contradicting themselves. That being said, I can tell you from experience that there are certain truths to resume writing that will put you in the best possible situation to interview with a Big 4 firm. Here are 5 big ones: 1. DO NOT exceed 1 page 2. Remember easy to read! Screeners are going through 100s of these an hour, you need to make yours is readable and succinct. 3. Quantify wherever possible 4. There is ZERO tolerance for spelling / grammar mistakes. You can't tell an interviewer that you have great attention to detail and then show up with a typo on your resume actions speak louder than words! 5. Do not list references, "objective" statement, or qualifications summary. This is almost never read and takes up valuable real estate. Big 4 Blueprint Page 23

25 ******************END OF SAMPLE***************** Big 4 Blueprint Page 24