Why You SHOULDN’T Work at Big 4 After Graduation
Hey before you start reading, I just want you to know that this is a two-part entry where we explore the positives and negatives of working at a big four accounting firm right after you graduate. The Big four (and some of the other top 10 firms) provide an interesting blend of pros and cons for someone starting their career in accounting. If you're a student reading this, it will be up to you to weigh these pros and cons against your future career goals. For some people, starting a career at a big four firm is the best decision they can make, despite any of the drawbacks. For others, it can be a very costly waste of time and sanity.
Now let's talk about why you should NOT work at a Big 4 firm after graduation as an accounting major.
#1 - The Benefits Don’t Align With Your Career Goals
In last week’s blog, I outlined some of the many great benefits of starting a career at a Big 4 accounting firm, many of which are almost exclusive to a Big 4 firm experience. These benefits are so great that many people will blindly recommend starting at a Big 4 firm because it probably has some benefit for most people. However, that doesn't mean starting at the Big 4 will always be right for you. You might be a person that has done their research online (including reading last week's blog) about the Big 4 and thought to yourself:
I don't really value the prestige
I don't have goals to work for publicly traded companies.
I'm not ready for extra responsibilities early on in my career
For me, working with Fortune 500 companies wasn’t my end goal. In fact, I preferred working with small and middle market companies. Because of the nature of the Big 4 clients and services, I know that starting (or even switching to) Big 4 wouldn’t directly help my ultimate goal of servicing these smaller companies. If you are certain about the types of clients that you want to serve or the pace of your career path, and you don’t think that a Big 4 job would help your goals, then the Big 4 isn’t right for you. I mention this one first because the thought that a Big 4 experience won’t sufficiently support one’s career goals is often overlooked by many aspiring graduates. The decision to go to a Big 4 after graduation should be accompanied by a cost-benefit analysis, and if you don’t get enough benefit, then it won’t be worth it!
#2 - The Working Hours
For accounting professionals, the Big 4 have some crazy working hours. Due to the constant deadlines for public companies and staffing issues due to turnover, people who work at Big 4 firms tend to put in more time than the folks in industry or at smaller public accounting firms. It’s not uncommon to hear stories about people working more than 70 hours in a week as a first year staff at one of these firms. Unfortunately, the culture of public accounting (and especially these larger firms) has made these hours a normal part of working at a Big 4 firm. If you are unable to put in the time that they demand, it won’t reflect well on you. For many people, myself included, constantly working excess hours can be detrimental to mental health. Most Big 4 alumni I know were able to put up with these hours for a couple of years but couldn’t handle it long term. Be sure to consider the working hours when making your decision about going into Big 4!
#3 - The Turnover
Another downside of public accounting in general is the turnover, and the turnover at the Big 4 is certainly a huge downside. With many of the benefits of the Big 4 being based around the experience you can take somewhere else, it’s no wonder that I’ve been told by a Big 4 alumni friend of mine that “everyone you know will probably leave in 1-4 years.” Turnover sucks, and it’s unfortunately a large part of the Big 4 accounting firm model. But having to constantly shuffle information while saying goodbye to coworkers and taking over work for people who no longer work at your company can be very exhausting. The turnover of Big 4 firms adds a layer of difficulty that should be considered before taking a position there.
#4 - The Fast-Paced Work Environment
SEC reporting deadlines? Check. Turnover or insufficient staffing? Check. A work culture that promotes overworking and rewards workaholics? Check. All the ingredients needed to form a fast-paced work environment that may not be best for everyone. While some may thrive in this environment and step up to the challenge of learning on the fly, there are others that may crumble under the pressure. Managers could expect you to work through lunch and get many hours of work done before an arbitrary deadline of midnight so they can review your work (but they still won’t for a couple of days). While this isn’t necessarily true for every person on every team, the Big 4 business model promotes this type of environment due to the factors I listed above, and it unfortunately turns into a harsh lesson for those who aren’t prepared. If you are someone who would do well with a more relaxed pace, a smaller firm or an industry job may be a better fit for you right out of school.
For those of you that come from schools where all the instructors and career services people preach that the Big 4 is a great place to start your career, remember that there is a bit of truth to it. The Big 4 firms offer a unique blend of opportunities, workload, and career progression that is hard to find anywhere else. However, when weighing the pros and cons, it may not be the right choice for you (especially if it doesn’t pay enough for your time). I hope these two blogs have helped shed some light on the things you should be considering as you make your employment decision coming out of school, good luck!