Category: Accounting

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Big 4 Internships and the Pandemic Impact (Part 4 of 4)

This is part 4 of a 4 part post. If you already saw the part prior, go ahead and skip over the remainder of this introductory paragraph since it is the same as that in the others. During the summer of 2020, in the heat of the pandemic, I had a rare opportunity: I was part of Ernst & Young’s first fully virtual internship experience. This post is geared towards students looking at interning at the “Big 4” in the coming years, so this post is particularly suitable for current or prospective accounting majors. But, if you are not considering accounting, there is still something here for you.

4. The reality

In spring of 2020, I found out that my internship would be 100% remote. While I was disappointed, I was impressed with how well EY was able to adjust their plans in such a dramatic way on such short notice. The program was shortened by about three weeks and the start date shifted back by about a month. I was mailed a laptop (and everything that came with). Within the first day of the internship, thousands of new interns were up and running on EY’s remarkably advanced technological platforms. We were provided with training, broken down into groups, assigned mentors and peer-buddies (one of the greatest things about EY), and put on client-engagement teams. We were given a few weeks to work with our assigned client engagement teams, and then we were given a week to work through EY Badges to earn the Intern level badge. The final week of the internship had 8-10 interns from all service lines were paired with a coach to work through a real business problem for a client, and compete to see who could offer the best plan, slide deck, and presentation.

While the internship did not look the way I expected it to, being remote showed me an even clearer picture of how EY works. They were off knocked off kilter and navigating foreign territory, and while they could have canceled the internship or cut it down to merely the training portion, they proved that people matter and displayed the power of the organization to rally in hard times and unwaveringly meet objectives.

Disclaimer: I do not represent nor am I speaking on behalf of any of the Big 4; all information in this article is subject to change; the intent of this article and all following posts on the same subject is to help inform students, not to advise their career decisions.

 

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Big 4 Internships and the Pandemic Impact (Part 3 of 4)

This is part 3 of a 4 part post. If you already saw the part prior, go ahead and skip over the remainder of this introductory paragraph since it is the same as that in the others. During the summer of 2020, in the heat of the pandemic, I had a rare opportunity: I was part of Ernst & Young’s first fully virtual internship experience. Depending on how you look at it, this is either a scar in my past or a badge of accomplishment. I certainly view it as the latter, but I did not initially. This post is geared towards students looking at interning at the “Big 4” in the coming years, so this post is particularly suitable for current or prospective accounting majors. But, if you are not considering accounting, there is still something here for you.

I discussed previously what companies the “Big 4” are and what they do, and I covered why internships there are so significant. This post is aimed at relating my experience from the summer of 2020, and discussing how it was shaped by the pandemic.

3. My expectations

My relationship with Ernst & Young started long before my first day as an intern; I met a recruiter on campus for a mock interview, and knew from that meeting that EY was a place I wanted to work and grow. As I progressed through the application and interview process, everyone that I spoke to or exchanged emails with further affirmed my decision. When I applied, interviewed, and accepted my offer (all before Easter in 2019), no one knew how the world would change over the coming year. I went into this expecting to be sitting in a recently remodeled office in one of Denver’s tallest buildings with a view of the city and the mountains. I expected intern activities after days in the office, and opportunities to visit client sites and really see a “day in the life of an auditor.” More importantly I expected to be challenged, pushed, taught, mentored, and exhausted.

Disclaimer: I do not represent nor am I speaking on behalf of any of the Big 4; all information in this article is subject to change; the intent of this article and all following posts on the same subject is to help inform students, not to advise their career decisions.

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Big 4 Internships and the Pandemic Impact (Part 2 of 4)

This is part 2 of a 4 part post. If you already saw the part prior, go ahead and skip over the remainder of this introductory paragraph since it is the same as that in the others. During the summer of 2020, in the heat of the pandemic, I had a rare opportunity: I was part of Ernst & Young’s first fully virtual internship experience. Depending on how you look at it, this is either a scar in my past or a badge of accomplishment. I certainly view it as the latter, but I did not initially. This post is geared towards students looking at interning at the “Big 4” in the coming years, so this post is particularly suitable for current or prospective accounting majors. But, if you are not considering accounting, there is still something here for you.

2. Internships

Big 4 internships are highly competitive because they are very valuable. You probably have heard jokes about fetching coffee and making copies; Big 4 internships leave students at times craving a simpler job description. Big 4 internships are significant because they are well respected both inside of and outside of the Big 4. They are well respected because they are consistently challenging. Much of the internship is spent in training – a training very similar to what you would receive if you were a new hire fresh out of college. This training is invaluable because it provides interns with the skills they will need in the next phase of the internship which is typically one or more different client engagements. While on client engagements, intern roles vary by team and by client and by intern, but it is safe to assume that you will be doing substantive work, safe to assume that you will get a taste of what the Big 4’s environment is like, and even safer to assume that you will learn a lot.

Disclaimer: I do not represent nor am I speaking on behalf of any of the Big 4; all information in this article is subject to change; the intent of this article and all following posts on the same subject is to help inform students, not to advise their career decisions.

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Big 4 Internships and the Pandemic Impact (Part 1 of 4)

During the summer of 2020, in the heat of the pandemic, I had a rare opportunity: I was part of Ernst & Young’s first fully virtual internship experience. Depending on how you look at it, this is either a scar in my past or a badge of accomplishment. I certainly view it as the latter, but I did not initially. This post is geared towards students looking at interning at the “Big 4” in the coming years, so this post is particularly suitable for current or prospective accounting majors. But, if you are not considering accounting, there is still something here for you.

1. What are the “Big 4”?

The “Big 4” is a term used to refer to the four largest global accounting firms in the world. The firms, in no particular order, are EY (Ernst & Young), KPMG (Klynveld Peat Marwick Goerdeler), PWC (Price Waterhouse Coopers), and Delloite. While they differ in what portion of their business comes from which service line, they are known for high performance in three key areas: audit, tax, and consulting. Audit is also referred to as “assurance,” because the service line is geared towards assuring clients and users of clients’ financial statements that the statements are free from material misstatement. In other words, we make sure they did their accounting right. It is required by law that public companies get audited, and the largest ones rely on the Big 4. Consulting is pretty much what it sounds like – consultants are hired by clients to lend a set of fresh, expert eyes to business operations and decisions. For example, if a client is considering a new operational strategy, they may ask a team of Big 4 consultants to analyze, evaluate, and help make the decision. Tax is also fairly intuitive – public companies have to navigate a complex tax system whether they are US only, foreign, or multi-national; they also deal with often complex transactions (such as mergers or acquisitions) that have powerful tax implications. In short, successfully navigating the tax system requires expertise and planning, and the tax service line at Big 4 companies exists to provide that.

Disclaimer: I do not represent nor am I speaking on behalf of any of the Big 4; all information in this article is subject to change; the intent of this article and all following posts on the same subject is to help inform students, not to advise their career decisions.

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Career Networking Mixer

Grove City College Career Fair, 9/26/18

After the Grove City College Career Fair on Sept. 26, the Business Department offered a career networking mixer and panel discussion. This event offered an insider’s perspective into the business world and insight on how to gain a competitive advantage in interviews. Students had an opportunity to mingle with business professionals over hors d’oeuvres before hearing from speakers at the panel session.

David Durfee ’13, returned to the Career Fair as a sales executive with Armstrong World Industries. His degree in Marketing prepared him for this career, but he said that the services offered to current students has improved since his college years. Durfee explained that the annual career fair – a school-wide event – attracts more marketing and management firms now, which provides more networking opportunities to business students. In addition, he has seen improved professor interaction during the fair; students can now find guidance from their professors on which firms to approach, how to start a career conversation, and how to increase self-marketability.

Grossman Yanak & Ford (GY&F), a Pittsburgh accounting firm, regularly sends representatives to recruit Grove City College students. Colleen Febbraro, HR Director at GY&F, says that the Certified Public Accountant (CPA) firm seeks Grovers because they have found that Grove City graduates are well-rounded compared to their peers. In addition, the graduates have been prepared by their education to work well on their own and in groups. She mentioned that GY&F has found Grovers to have “superb” communication skills and advanced technical training – attributes that are evidence of thorough preparation by trained faculty. Though GY&F has a familiarity with the quality of a Grove City College education, Febbraro said that Grove City’s exceptional Accounting program – which graduates students with a CPA passing rate at nearly 30% higher than the national average – is making a name for itself as ninth in the nation for CPA success rates.

Emily Miller, who graduated from Grove City College in 2015, now works with Grossman Yanak & Ford and returned to the Career Fair to help with recruitment. She says that Grove City College left her prepared to excel in the CPA exam and her future career. Though she was not expecting the volume of writing that her job demands, she says that the Grove City humanities core adequately prepared her to handle this challenge.

The business mixer representatives offer not only career placements, but also higher education opportunities. Alexander Lowry represented Gordon College as the executive director of its Financial Analytics program, explaining that this program would be ideal for Grove City students studying a variety of disciplines. For students interested in a career involving finance, statistics, or data analysis, the Boston school offers a Master of Science in Financial Analysis. Entering a fast-paced career after college can be intimidating to undergraduate students, but Gordon College offers insight into the Boston financial scene. Lowry, who has experience in executive management at JP Morgan, explains that students can expect networking and internship opportunities during the 12-class program – Gordon has long-standing ties with financial powerhouses like Liberty Mutual, Fidelity Investments, and Putnam Investments.

The question and answer panel, which featured several Grover alumni, consisted of several businessmen giving advice and feedback to the students about launching a career. After the event, there was a tangible atmosphere of excitement and anticipation about preparing for the future, with many students discussing what they liked about the panel. One student noted that it was encouraging to see Grove City College alumni in such high positions at their firms – evidence that a Grove City degree is highly marketable. Another observation was an appreciation that the speakers went very in-depth in giving advice on how to prepare for a full-time interview. Interviewing for a part-time job in high school, the student said, is very different from the process for a “real” career, and so he enjoyed the tips for interview preparation. Overall, the Business Mixer was a huge success, providing not only opportunities for students to network with prospective employers and fellow members of the Business department, but also opportunities for students to hear relevant advice for career preparation during the panel.

 

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Alumni Spotlight: Larry Thompson

Larry Thompson graduated from Grove City College in 2017 with a major in Accounting and Finance. As the first in his family to graduate from a four-year college, he is now successfully working on his future Certified Public Accountant title. Larry currently lives in Charlotte, NC working for the accounting firm RSM U.S. LLP audit, tax, and consulting services. While enjoying his life down in North Carolina, Larry is also benefiting from the perks of his company. A major perk he has in mind is traveling. In the past eight months he has been able to travel to Dallas, Texas; Charleston, SC; New York City; Atlanta, Ga.; and Greenville, SC. Larry looks forward to traveling more in his future.

When asked about the CPA exams Larry replied, “I worked on studying every day. I woke up and went to the public library to free myself from any distractions from 9 a.m. to 5 p.m.” He then stated that he had three out of four exams already completed before he started working for RSM U.S. Being put into his job during busy season, Larry could not really focus on passing the fourth exam; he had to work hard and study even harder in order to prepare himself for the final module of the CPA exam. Soon after the busy season, he ended up passing his fourth and final exam. His next move in his career is to work for RSM U.S. for a year, but in order for him to obtain his CPA title, he must pass all four modules and work for an entire year to become officially “certified”.

A motivational part of Larry’s experience with the exams is the way he went about taking them. Larry stated, “I took the exams in order from hardest to easiest [in his own opinion].” He believed that if he could pass the hardest exam, then the rest would be easy. His motivation to pass in this order kept him dedicated to studying and keeping on top of things in order to fulfill his dream of becoming a CPA.

Ideally, Larry plans to work for RSM U.S. for two to three years and then reevaluate his options after being certified. He wants to end up in Wealth Management or become a stay-at-home father who does technical stock analysis trading. His dedication and commitment to becoming a CPA has already and will furthermore open up doors in his future.

Larry finished the interview by stating a word of advice: the Career Services Office is extremely helpful. He acknowledges that they want the best for students here at Grove City College. Career Services should be taken advantage of more often to set up a student’s future and career. “Make friends with them, and do not ignore them,” Larry stressed. He believes they have truly helped him further himself earlier in finding jobs and even more so now during work.