Big Wide

Working for the Big 4 – The First Year All Star

INTRODUCTION: Entering a Whole New World

You will learn more in your first year with the Big 4 than you learned in 4 or 5 years of college.  In fact, you may learn more in your first month.  Take everything you know about accounting, all the debits and credits, all the journal entries, and throw them out the window.  Working for the Big 4 is a whole new world and for the first year associate it is an exhilarating miasma of stress and glory.

The Big 4 Firms are organized in “classes.”  The people who start working with the firm at your level at the time that you do will become your “class” in the firm.  You will spend countless hours with your class, go to trainings with your class, hang out at firm social events with your class and become great friends with (some) of your class.  However, you’ll also be ranked against the other members of your class and compete for projects and promotions with your class.  There will come a day when some members of your class are promoted and some are not.  The impression you make in your first year with the Big 4 and your standing in “the class,” will set the tone for your career with the Big 4.  Want to put yourself on the fast track? Become the All-Star in your class.

 

What is the All-Star?

 

 Every class in the Big 4 has at least one All-Star.  It is not something that is talked about openly, but it is understood by everyone.  The All-Star is the person in each class who turns the head of the Seniors and Managers.  The All-Star is one of the few names in the new class that trickle up to the conversations of the partners.  The All-Star is the associate that the Seniors fight over when building their teams.  The All-Star is the person that even the Experienced Associates fear, because they take work away from them.  Most importantly, the All-Star is the one that gets ranked #1 during the annual performance review, gets the biggest raise and is the fastest to be promoted. 

 

Who is the All-Star?

 

Everyone wants to be the All-Star and everyone thinks they will be the All-Star.  Most Big 4 employees are used to being the best in their class, used to winning at everything they do.  They assume that since they stood out in college, they will stand out in their career.   Unfortunately, the whole firm is made up of people who were at the top of their class in school.   So who becomes the All-Star?  The All-Star is the person that combines hard-work, insight, social skills and accounting knowledge to become a trusted member of their team.  The All-Star builds a rapport with their Senior and is trusted with advanced work.  The All-Star knows that while the number of hours he works is important, it is what he does in those hours that will set him apart.  The All-Star knows how to utilize often overlooked firm resources to give him a huge, but fair, advantage over the rest of the class.  The All-Star knows how to navigate the many social events of the firm, including team lunches, golf outings and holiday parties. 

 

What Does it Take to be the All-Star?

 

Becoming the All-Star requires a fierce determination.  The All-Star cannot be complacent to just “get the job done” or “do what everyone else does.”  The All-Star cannot get his work done in a timely and concise manner and consider himself done.  The All-Star must decide early on that he will be playing a different game than his peers.   He must think 5 moves ahead of them.  When everyone else is worried about their first-year performance appraisal, the All-Star is already thinking like a partner. 

 

The Pyramid vs. the Ladder

 

You often hear the phrase “climbing the corporate ladder.  There is no ladder in the Big 4.  Instead, there is a pyramid.  On the top of the pyramid are partners and on the bottom are first year associates.  As you move up the pyramid to experienced associates, then to senior associates, managers, senior managers, and directors, the pyramid shrinks.  Why is that?  Because not everyone can move up in the Big 4.  At the Big 4 you either move “up” the pyramid or walk “out” the door.  It is that simple.  While this may sound harsh, it is a reality of the Big 4 model. Not every first year can become a partner.  This is bad news for some and great news for the All-Star.  Why is that?  Because at the very, very top of the pyramid there is a great party and only All-Stars are invited.

 

Do you want to be the All-Star? 

 

If you are interested in being the All-Star of your class, then this book is for you.  The tone of this book is that of a friend talking to a friend.  I will teach you how you can become the All-Star in your class and give you the tools to blaze your own trail and rise to the top.  I hope you’re ready for the ride of your life!

 

Chapter One:  The All-Star Mindset

 

While the majority of this book will provide concrete, actionable, steps for you to take to become an All-Star First-Year, this first chapter is all about the mental aspect of working for the Big 4.  You will receive a lot of advice, both formally and informally, from your peers and bosses.  You will find some people that you can trust completely (e.g. most of the partners) and some people whose advice you should steer clear of.  It is naïve to think that everyone has your best interest in mind.  Some people grow jaded with the firm after awhile and have one foot out the door.  If you catch these people on the wrong day they may give you an earful of terrible advice or share their own horror stories.  If you do not set your own compass to where you want to go in the firm, it is easy for other people’s opinions to sway you off course.  In this chapter you will learn how to mentally prepare yourself for the many challenges that you will face during your time with the Big 4.

 

Rule 1:  Don’t Lose Yourself

 

When you start working for the Big 4 you will be entering a world that is completely different than the world that you are used to.  You will be faced with new pressures and new situations and often you will be pushed out of your comfort zone.  It is times like these, in life, when we are most likely to forget who we really are in an effort to “fit the mold” of our surroundings.  If I can stress one thing, more than anything else, it is to remember who you are and where you come from.  Working for the Big 4 will change you professionally, but it should not change you personally.  If at any point in your career you feel that you are trying to be something you are not, take a step back and reevaluate.  There is not a “right way” to succeed with the Big 4. 

 

Rule 2:  Be Realistic About Your Firm

 

Because competition to work for the Big 4 is so fierce and students are inundated with how great the firms are from the outset of their college careers, it is often difficult for First Years to accept that working for the Big 4, at the end of the day, is just a job.  Further adding to the mythical status of the firms are the many campus events that lavish expensive dinners on new hires before they even step foot into the office.  On my first day with the Big 4 I honestly expected to walk into a bee-hive of activity, with vibrant, passionate people engaged in stimulating debate.  I expected everyone to be as energized and thrilled to be working for the firm as I was.  While I found the people to be bright, vibrant and passionate, working for the Big 4 was just their job, not their life.  Like every other job, people couldn’t wait for Friday, people had complaints, just like every job, and some people wereeven thinking about leaving the firm to do something else.  Some people were just sitting around browsing the internet, complaining about certain managers, and making their weekend plans.  I was shocked to find that not every single person at the firm was on the “partner track,” that is, planning to work with the firm long enough to make partner. 

 

“It is hard to come to terms with the fact that someone could want to leave the firm that you worked so hard to get into”

 

You should not expect the environment of the firm to be a constant source of motivation.  Some people simply do not like working for the firm and often the morale at the firm is low.  If you are prepared to witness this then you can use it as a source of strength.  The motivation you have as a First Year, the motivation that prompted you to read this book, is something that you must cultivate and maintain from within.  As you will see in this book, much of what the Big 4 has to offer is dependent on what you make of it.  Don’t be discouraged by the naysayers. 

 

Rule 3:  Spend the Majority of Your Time in Someone Else’s Shoes

 

The essence of being an All-Star First Year is to not think like a First Year at all.  While your peers take a self-centered approach to their work, you will take a broader view.  Later in the book you will learn techniques you can use and actions you can take to transcend the quality and quantity of work that is typical of a First Year.  Imperative to this approach is to also think beyond the horizon of a First Year.  The best way to do this is to think of certain situations from the viewpoint of someone else in the firm.  We will explore this through a series of examples.

 

Example 1: Think Like A Senior

 

Senior Associates, for the most part, will be your “boss” during the first year.  Seniors typically have three or four years of experience.  While it varies for different engagements, there are typically four of five First Years for every Senior.  The Seniors are in charge or managing the day-to-day operations of an engagement, assigning responsibilities to the First Years and Experienced Associates and, most importantly, reviewing the work of the staff below them.  Seniors must also complete their own assignments on the engagement and bring the Managers up to speed on how things are going.  It is widely accepted that the Seniors are generally more stressed out and busier than anyone else in the firm.  Seniors have been with the firm too plead ignorance when they make a mistake (though even as a First Year you should never do this!).  However, they have not been with the firm long enough to step back from the day-to-day annoyances of running an engagement.  Whereas Managers have the ability to deal with a select population of complex issues and worry about client relationships, the Seniors are either doing or reviewing all of the “grunt work” of the engagement.  Understanding and empathizing with the Seniors will serve you well in your first year.  This is so important, in fact, that Chapter Two is entirely dedicated to building and leveraging your relationships with the Seniors. 

 

Example 2: Think Like a Manager

 

As discussed above, Managers are one layer removed from the day-to-day audit work.  Managers are more concerned with specific and complex areas of the audit.  The biggest fear of a Manager is that something big will be missed in the audit work and that, at the last second, the Partner will demand that the team do additional procedures before the audit can be complete.  No matter what your level in the firm, you could potentially come across an issue that has huge implications to the audit.  If you do, be sure to notify your Senior and/or Manager with plenty of time to make sure that the issue can be resolved.  Use your professional judgment.  If something does not seem correct, even though you’ve performed audit procedures on it, articulate this to your team quickly.  One of the privileges that Managers have is that they do not need to know about every single detail of the audit.  That is for you and your Senior to worry about.  Nevertheless, there are times when the Manager may ask you what you’re up to or how things are going.  To be prepared for this, keep a running list of the more important things that you are working on.  Have this fresh in your mind so, if asked for a status update, you will be able to provide a well thought out response. 

 

Example 3: Think Like a Partner

 

It is never too early to start thinking like a Partner. While the full reach of what the Partners deal with could fill a book in itself, there are certain items you can focus on as a First Year that will bring your thinking in line with the partners.  The first of these is complex accounting issues.  Each quarter and each year, your clients will inevitably enter a transaction or dealing that creates a complex accounting scenario.  Examples of these include issuing convertible debt, entering agreements that contain imbedded derivatives, issuing a new stock compensation plan or completing a merger or acquisition.  While it is likely that you, as a First Year, will not be assigned a role in dealing with these transactions, you can take it upon yourself to get acquainted with the issue and the appropriate accounting guidance.  All of the Big 4 firms have tools (e.g. PwC Comperio, EY GAAIT) that make it very easy to get a general understanding of complex topics.  By researching these issues, you will be able to not only better understand the issues that your client is facing, but you will be potentially able to add a point or two to the dialogue between the Mangers and Partner, should the opportunity present itself.  All it takes is one or two well timed comments to put yourself on the Partner’s radar. 

Rule 4:  Don’t let Down Your Guard…Too Much

When you’re spending most of your waking hours every day with the same people, things tend to get a little…shall we say…”casual.”  Friendships build, walls come down, and suddenly you and your boss are telling “This one time in college…” stories.  More than other work environments, the line between what is appropriate and what is inappropriate is completely blurred at the Big 4.  Due to the fact that Seniors are only three or four years older than First years, and Managers are not that much older than that, the whole team is relatively close in age.  If you think about it, is a 28 year old Manager really that different than a 22 year old First Year when you’ve had a few drinks after an 80 hour work week?  Not really.  This bonding and sharing contributes to team morale and fosters some of the best friendships in the Big 4.  It is definitely OK to relax, have fun and treat your coworkers as friends.  However, do not forget that the Seniors and Managers hold the power to control your destiny with the firm in the palm of their hands.  You must be ever aware of when to draw the line.  If a joke or prank feels like “too much” or if someone is getting picked on that is not part of the joke, then you should not be involved.  Needless to say, if you’re aware of any behavior that violates the firm’s ethics or harassment policies they should be handled accordingly.  In short, while you will have some fun at work, be smart with your choices.  Even your closest friend with the firm may someday turn out to be against you in some way (e.g. you get promoted ahead of one of your peers).  The less ammunition they have on you the better!

 

Rule 5:  Trust Yourself

Warning, what you’re about to read is going to sound like a cliché.  Acknowledge that and then read it again.  OK, here goes.  If you cannot trust yourself you will not succeed.  Trust myself, you may be asking?  Of course I trust myself.  But do you really? 

 

• When you uncover an error during the audit, do you trust that yourself to do what it takes to get it resolved even when it will entail many hard conversations and additional work? 

 

• When your work is reviewed by the Senior and you feel that you are right and he is wrong, do you trust that you will speak up and make your point known? 

 

• When your work is reviewed by the Senior and you realize that you were wrong, do you trust that you will be humble and learn from your mistake? 

 

The answers to these questions has to be yes.  In the long road to success with the Big 4 the only constant will be you.  Colleagues will come and go, the project that you hate will eventually end and the project you love will eventually end.  In the end it is you, the body of work that you’ve done and the difficult decisions you’ve made.

 

In Summary:

In the upcoming chapters of “Working for the Big 4 – The First Year All-Star‘ you will learn specific techniques to become an All-Star First Year.  These techniques can only be successful if you have a strong mental foundation.  Trust me, you will have difficult days with the Big 4, days when ANY job seems easier. You will envy your clients who leave at 5 and return the next day all bright and chipper when you worked until midnight and got in at seven AM.  You will cringe when you calculate your hourly pay when you factor in your overtime.  Sometimes the path that you’re on really won’t make sense.  This is why people fail at the Big 4 or burn out before their time.  I want you to be different – so keep your head in the game (and if you need to vent, send me an e-mail at Big4Guru@yahoo.com !). 

 

TO CONTINUE READING PLEASE VISIT:

http://big4guru.com/first_year_all-star

About the Author

The Big 4 Guru is a career coach, CPA, proud Big 4 alumni and seasoned industry professional. He is the founder of the website Big4Guru.com.   His passion is helping accounting students, graduates and professionals land the job of their dreams.

The Big 4 Guru is the author of two books, ‘Big 4 Guru’s Guide to Getting Hired with the Big 4′ and ‘Working for the Big 4 – The First Year All-Star.’  For more information please visit Big4Guru.com. 

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