What to Expect as a Big 4 Intern?
Hello all,
As the title reads, I am going to be an intern at one of the Big 4 firms this summer. I know 90% of the people here shit on Big 4 but I didnt want to go that route and I was happy to get the offer I did. It is for an audit position in financial services and is located in a major city on the east coast (think NYC, Boston, Philly). I have been researching the various boards and forums, and speaking to some people about the experience of public accounting, specifically Big 4 audit. However, I keep getting varying answers depending on where the sources come from.
I spoke to a few former interns from my university who all had really excellent experiences and had nothing but good things to say about the firm; they all accepted ft offers for when they graduate. I spoke to my first round interviewer, a senior manager at the firm, and he gave me a very honest and straight forward opinion which was, that while it is definitely not a typical 9-5 job, it is a great place to learn a lot in a short period of time and your experience is basically what you make of it. Lastly,of course, I read endless posts on here and other boards that big 4 is hell on earth with hours comparable to a sweatshop, and that I should turn around and never look back.
So what exactly am I looking at for the summer ahead? How is training, what kind of hours, travel and actual work might I do? Any insight is much appreciated, post or pm.
Big 4 Accounting Internship
Big 4 four interns can expect to be wooed by their firm. Every firm is different but they all want to retain top talent. Additionally, summer is not a busy season for tax or audit. The workload will be average and the hours will be easy. Summer interns will also be able to participate in outings and social events because of the slow season.
Big 4 Internship Hours and Work
Tax and Audit are welcomed with a seminar from human resources. Next, training for tax and audit takes typically takes place at the regional company headquarters or corporate training facility. As an intern, your day will typically start 9 and end at 6. Hours can be capped at 40 a week if the firm does not want to pay overtime. However, take advantage of it if you have the opportunity to work overtime. Travel will depend on your service line.
A note from certified user Hugo Stiglitz on hours, pay, and travel
I've heard a lot of Big 4 Audit practices try and cap intern hours at 40 to prevent the OT, which is good and bad depending on what your goal is. You may or may not travel depending on your line of service in those cities (example, doing FS in NYC, you'll most likely not travel), most of the kids I know in my class did not travel but there were always a few that traveled frequently. Luck of the draw.
Full Time Offers From Big 4
Usually, you can expect a return offer from your firm if you've performed adequately. As mentioned previously these firms are highly invested in getting you sign these offers. In other words, securing an offer should not be difficult.
FT Offers are close to 100% unless you screw up. Think of it this way you already did the hard part (getting the internship) now you just have to prove your somewhat capable and you will get an offer. As an intern, you will be doing a lot of boring work (its auditing) but just get your stuff done and ask questions and you'll be fine. Also don't get super trashed at training and miss class/get in a fight, they sent kids home from my training and those kids didn't get offers.
Recommended Reading
It's very different in the US than it is in the UK but here's what you can expect:
PM me if you want more info.
The internship is a usually a really great experience. Chances are you won't be very busy, but even if you are you get paid by the hour so who cares.
Everyone is very friendly to the interns, and there are a lot social/networking events to keep things interesting. You might have training at a hotel in another city, if you get a FT offer you go to Disney World, etc.
Advice? Learn as much as you can, always have a positive attitude, make a lot of friends and have a crap load of fun.
Don't drown in the kool-aid tough if you end up having a great time. Being an associate is totally different from being an intern. People (partners/HR especially) are nice to you while you're an intern because they spend a lot of $$ and they want you to accept the offer. Once you do no one gives a crap anymore.
Also interested. What is the training like?
I've heard a lot of Big 4 Audit practices try and cap intern hours at 40 to prevent the OT, which is good and bad depending on what your goal is. You may or may not travel depending on your line of service in those cities (example, doing FS in NYC, you'll most likely not travel), most of the kids I know in my class did not travel but there were always a few that traveled frequently. Luck of the draw.
The summer internships are pretty awesome int at they are trying to win you over still to accept your FT offer (id imagine like 90%+ of interns do),and also its not their busy season (depend on your client), which means there will be a lot of social outings. It should be fun, but note that this will in no way dictate what the real job will be like. They treat interns like royalty to win you over, but once you commit, your the bottom of the barrel.
Great advice on here.
In terms of the training question, I'd say it's likely better in the summer, and least in the sense that sh*t isn't hitting the fan and seniors can and are willing to spend more time with you. The real training IMO is getting used to the culture of the team, and learning as much as you can about how the audit process works (rather than being an expert in any one technical area).
Also, if your breath is decent and people like working around you, you're all but guaranteed a FT offer, which is nice. Good luck!
At one big 4, the first day of the internship, tax and audit listen to a HR seminar and you get your laptop and stuff. The next day, tax was flown out to Texas for tax training and audit did training in the home office. You are basically taught everything you need in training, but you don't actually retain anything haha.
Interns get treated better then anyone else at the firm. Enjoy it because it will be the best time you'll have at the big 4. Also remember that with overtime you make more then the other staff people you are working with.
When I interned at my big 4, it was an overall great experience.
Training - usually done either at the corporate training facility or at regional HQ (most likely NYC). its pretty cool, like everyone said, people bend over backwards to be nice. training usually lasts for 1 week-2 weeks. They give you your laptop, your service line and sometimes for first client designation. It can be a bore sometimes...but most of the things you need to learn is figured out on site. Though I will caution that each Big 4 uses its own auditing system that they teach you to use during training, so pay attention or you're fucked.
Travel - Depending on what your service line (as some mentioned already) you might be travelling a lot or a little. The most important thing is that you talk to your recruiter or staffing manager. They can be your best friend in getting in on the coolest clients. I talked to my HR person and told her I wanted to travel so I was on several clients in NYC, Atlanta and even Texas. they actually wanted to fly me up to Canada for a brief engagement, but getting the visa would take too long. Since you are FS, you'll probably be in NYC the majority of your time, sometimes Philly. You can request a different industry if you want to travel more. A cool thing my big 4 did is that if you flew to a client site, they had alternative travel options...meaning that instead of flying home on thursday, you could opt to fly anywhere else (round trip) as long as it was equal to/less than the cost to fly home. use it on your friends or family or yourself...its awesome. also, sign up for travel points...you'll be travelling a lot.
Hours - usually 9-6, sometimes later or earlier. you get your hours capped at 40, but if you have a cool manager, they usually let you bill more hours. I ended up working overtime (by choice) most of my summer and made tons of money. remember to always bill what you work and work what you bill...HR wont question it if you follow that mantra.
As for what you will do, it really depends. Some projects, like anything in life, suck balls. Others are fun and you actually cant wait to get to your client site.
if you need more explicit detail, shoot me a pm and we can chat.
Great post KingJuice, thanks.
I have to say that coming from an Investment Banking geared forum I didn't expect to get so many great posts on what to expect. For any of you that have went through the summer intern programs, roughly what percent got full time offers I have heard most do but I am also guessing it is not 100%. Any reason one would not get a full-time offer at the end? Also when do you here if you get an FT offer and do you have to interview again? Thanks for all of the excellent advice people. I am sure I will think of some more q's in the next few.
Can't speak for the exact percentage of those getting return offers, but it's pretty high. Be likable, dress well, don't be a moron, get to know a lot of people and you'll get an offer. You won't have to interview again. As someone else said, take it with a pinch of salt because they really want people to accept.
FT Offers are close to 100%, unless you screw up. Think of it this way you already did the hard part (getting the internship) now you just have to prove your somewhat capable and you will get an offer. As an intern you will be doing alot of boring work (its auditing) but just get your stuff done and ask questions and you'll be fine. Also don't get super trashed at training and miss class/get in a fight, they sent kids home from my training and those kids didn't get offers.
What happens if you don't meet your expected graduation date? Are the big 4 firms likely to rescind your offer? or Push your start date back?
They might just have you intern again. I'm not familiar with that part of the process and thankfully have since left audit, but they would typically be willing to help someone out. Explain the situation to your manager first and they may have you talk to HR.
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This actually picks up on a couple of important points:
Big 4 Internships (Originally Posted: 09/24/2010)
How do you guys choose amongst the Big 4? Does anyone know how much interns get paid at each? I heard that KPMG pays 25/hr and PwC pays 26.50. Can anyone confirm this? What about E&Y and Deloitte?
Theyre all the same deal man. Just choose the one where you think you will get along with the people and bosses the most.
KPMG is the easiest of the 4 as far as the intern experience from everything Ive heard but thats not to say that any of them are particularly hard
From what I hear, these are the unofficial prestige rankings:
1a. PwC 1b. Ernst and Young 3. Deloitte 4. KPMG
From a pure prestige point of view, that's how they will come up, but honestly, the differences are so small that you should just choose the people you enjoy hanging out with the most/the culture you most enjoy. I've heard that PwC gets most of the big companies hence its slightly better rank, but they all audit big companies, so you'll be fine.
PwC used to be the prestige firm out of the major firms about 10 years ago when it was just Price Waterhouse, but that ended with the merger of Coopers & Lybrand... that firm was a shithole compared to the other firms (which included Andersen at the time). Consequentially, it slightly dilluted the reputation of the successor firm. E&Y or Deloitte are more highly regarded at this point at an enterprise level. However, PwC did keep many of thier marquee financial services clients- so it all depends on what you want to focus on and which market you want to work in. If the answer is financial service clients in metro NYC, then PwC should be your focus.
BTW, the hourly rate thing is a little odd... these are salaried positions. Similar to many folks in finance / accounting, you will work like a farm animal in any of these firms, thus your effective hourly rate as a first - third year will be lower than the ave NYC taxi driver. Not kidding...
Interns get paid at an hourly rate and get overtime, I believe.
This is correct.
Prestige and career progression is more group/office dependent than firm dependent. Also, you should avoid audit if you can.
why avoid audit? what's so bad about auditing as opposed to taxation?
Accounting straight up blows. It doesn't matter if it's audit or tax, you work, and complain about 65 hour weeks and get paid nothing with little to no sign-on bonus and end of the year bonus.
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