Dear WSO,
I am in somewhat of a precarious situation right now. I have received some solid advice in the past, so I'm turning to you guys for advice on this situation.
I am a recent graduate, working in the audit division of a Big 4. So far, I have done my first set of exams and am going through my first busy season. The exams were stressful, but I managed to handle them ok.
However, in busy season I have been noticeably underperforming, to the point where if it continues this way I am certain that I'm going to get coached out. I have been working way longer hours than my peers, to get much less work completed, and I am beginning to experience burnout less than one year into my contract.
I desperately want to turn it around. My main cause of underperforming is speed; it takes me so much longer to get through tasks, it's not even funny. I was always slow at school/college, but I managed to get tutors and through my work ethic and their assistance I did OK in my academic endeavours as a result (decent GPA from good semi-target in Maths, btw also had a lot of help from peers and professor at college). So it's been a complete shock to me how badly I've been doing.
Honestly, before beginning work, I was targeting finance as a career. Now, I don't even know if I can make it two years through my accountancy training, let alone make it to senior.
Has anyone been through something similar? Or how to get out of this rut? Honestly sucks seeing the change in body language of my seniors after working with me for a while, because I really am trying quite hard. How could I do well academically and struggle this much? Is career coaching a good option for someone like me? Or even a psychologist? I just want to fix this.
Thanks
no advice but good luck figuring out this situation. it seems like a tough situation to be in. bumping and adding this comment also for visibility reasons
Thank you very much! Appreciate the help
I was in the exact same situation when I was in the Big 4 towards the end of my time there. Not sure what your career goals are for later, but I was deathly afraid of being pigeon-holed in audit, which imo has no transferrable skills to anything, other than Excel skills and reading financial stmts. I would definitely try to leave as soon as you can into something you're passionate about. In the meantime that would involve:
I would not focus on getting the CPA (if you're US based), or whatever the equivalent is in your market. Instead, devote that time to the CFA, or to the above.
The alternative is to transfer into another line of service, like advisory, that has more interesting work and is a more proven exit strategy to get into actual finance positions. However, imo and based on what others have said, it seems to be easier to get a new job in a new firm than transferring (audit doesn't want to lose people, advisory might not have a business need, other office politics, etc.). Not sure how it works at your firm, but I brought this up with my career manager and he was very supportive, since he himself had transferred offices (but not lines of service). My own partner was supportive too actually which was surprising, but I wasn't able to find anything in the the advisory dept despite networking with multiple offices and ended up just leaving. YMMV of course, but it's something to think about.
Hi, thanks for taking the time to provide your input.
So I agree with you re trying to avoid getting pigeon-holed into audit, and the steps involved in trying to get out. It was actually very insightful, so thanks for that (especially regarding the dynamics of transferring out of audit).
However, my fear is that even if I managed to transfer out, I would experience the same problem as I currently am in audit. Namely, I am too slow at the work, even after trying quite hard to improve myself (examples include improving my focus via the pomodoro technique, working on my communication skills/confidence so as to manage up re my workload, trying my best to understand the context/accounting behind what I'm doing so that it comes to me quicker when I have to do a similar task).
Do you have any advice regarding this issue specifically; I imagine most jobs have a deadline element to them, and right now even though I am trying quite hard I really suck in this aspect.
Have you ever heard of career coaches actually helping? or perhaps even a psychologist?
Thanks again for your help.
That's a tough situation, but similar to how I felt. The thing that really kept me going is having a goal to work towards (in my case, breaking into the industry I wanted to, or at least where I knew I'd learn some better/more marketable skills). If you're naturally interested in something and have a goal, I think you'll then naturally try harder to make progress towards it, and in the meantime that means working your current job so you're not let go, as that would financially suck as well as for your self-esteem. My career coaches/managers haven't been particularly helpful in motivating me to work harder through actual support (in fact, I suspect this is part of the reason why one of my ex-managers was let go), but since this is business everyone has to do what's best for themselves, so you're going to have to realize that and do what's best for you. That sounds a little bleak but it's the truth.
However, in terms of a psychologist, I can't comment on that but I think it could be a good idea for exploring ways to get in a better mind set. I think that, combined with some lifestyle choices like exercising, healthy diet, quality sleep, etc. (all easier said than done), would help you become more patient and productive, which will help with finding a new/more personally interesting position. It all depends on your personal situation.
With the amount of turnover in Big 4 it's unlikely you'll be coached out at all if you're still doing work and not causing problems, you just won't be given a high ranking or promotion (who cares in your shoes). You have plenty of time.
A psychologist or career coach might be helpful to help you talk through what you're experiencing, but it sounds like you've tried different time management methods and this job is just not for you. Look into corporate jobs. FP&A, strategy, or corporate accounting are far more laid back than Big 4 audit without constant deadlines or long hours, and you're not expected to be a speed demon at work.
It's okay to not like your first job and change your path, don't be so hard on yourself.
This is great advice. Re your earlier question about how long, I'm not sure but I would say 6 months would probably be the limit, maybe a bit more. But like I and this commenter are saying, it's important to explore other career options, so just do a lot of research and try to have coffee chats with as many people as possible to get a better idea. If you set your mind to it which you're more than capable of, you'll definitely get there.
Ok, noted, will definitely follow this advice re networking and applying myself and keep my head up.
Thanks so much!
Yeah I am trying to do the work and not kicking up a huge fuss, so hopefully I will hang around. Also I do believe my department is expanding so maybe I could fly under the radar for 12 months (ideally), and just stay a staff/assistant.
Yeah I'd agree re this job just not being for me, I've been making a fairly focussed effort, and I'm just not turning a corner. Ok thank you very much for the suggestion, I will look at FP&A and try to network with people in that line of work.
Thanks a lot, rlly appreciate your insight; this is what makes WSO great. I hope to pay it forward someday.
Ok that's really encouraging to hear, I'll look into FP&A, someone else mentioned that one too.
Thanks also for your words of encouragement; I'm located in London actually.
25% of your entering class will leave the big4 at the end of year 1
another 25% will leave by the end of year 2
just be part of that 25% and leave...go get some kind of job at a corporate in the finance dept...you are not alone...25 out of every 100 will leave the big4 each year
May sound naive but had no idea this was the case, so I guess encouraging that I'm not alone in feeling Financial Services audit is too much a lot of the time
I made the move from audit to TAS at the same firm and now in RE acq. Speaking from experience, I can say advisory at big 4 is much harder/more demanding than audit. In fact, in a lot of ways I think TAS was technically more challenging than what I’m doing now in RE. So I would get comfortable with audit before thinking about moving to advisory.
That said, as others have mentioned, corporate finance or internal accounting could be the move for you. I have a lot of friends who left audit/TAS to work in those sorts of gigs and love it. Far less stressful, better hours, less demanding etc.
It just sounds like this isn’t the job for you and that’s ok. My first job was in Audit and I hated it partially because I had similar issues. Ultimately, I realized it just wasn’t for me and when I got my next job I got promoted and had WAY better reviews. I’ll say this, find a place to jump to now. It’s a lot easier to say, “the fit was terrible” rather than “I’m looking for a new job because I got fired” (even if you can collect unemployment)
Do what you can to tread water, but definitely get out ASAP. If you’re underperforming they’ll find a way to make sure it goes on your review, since the rankings are forced.
Thanks man, may I ask what this path was that got you better reviews? Was there less deadline pressure perhaps? The only problem with finding a place to jump is I still have exams to do, and it is quite hard to switch practices like that (though I am sure it is doable). I want to hang on for say another 12 months. Is that feasible if you're not an average performer (say the one below average)?
Oh ok, guess I'll have to see my rankings first then. Thanks a lot!
Honestly, my attitude just changed. I went from "hating" my job, to being more intellectually curious. Of course, the work was more interesting which helped. But I think it was my outlook, and being in a "new" environment. worked wonders for my mental health and if you feel better, feel valued, etc. you tend to perform better. Sometimes you just need a change.
Not many people are addressing your core question about your work style and what other exit options are like. I've worked with and managed slower, more thoughtful workers -- including at a Big 4 advisory group. Please don't take this the wrong way, but based on your personality, going into consulting or investment banking would likely be very damaging to your mental health. Banking involves a lot of very fast-paced tasks combined with very long hours to the point of exhaustion. If Big 4 Advisory is Audit on steroids, Banking is another several levels up from there.
One of the questions you should ask yourself is what you're interested in. If you want to do finance but perhaps not "high finance" I think working in a CorpFin or FP&A role at a big company could be an interesting spot for you. You will be able to slowly gain a lot of proficiency in the company you're working at, which means you won't have to keep switching gears to new deals or projects that take time to ramp up. As you gain confidence in your role, you could blossom.
Client service (like banking, law, consulting) is a lot about the treadmill experience and hopping around on tasks. Some people find it exhausting, others find it exhilarating. Being this honest with yourself this early in your career is an excellent sign and I'm sure you will do well.
A lot of new graduates feel the same way you do, by the way. For many people, working their first full time job is the first time they have failed a task. Some people who have never received a "C" in their life will get on a deal and have their work ripped to shreds! On top of that, you have all the added career and money pressure. So it's normal to freak out a little bit, and normal to feel burned out. That feeling should not persist, though, so after some time, the problem may not be with you so much as it is where you are or what you're doing.
I would also strongly recommend good diet and exercise habits. You might have been able to get away with not caring about it too much in college, but working life is a different monster. It's part and parcel with your mental health.
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