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[By: Stephanie Ng]
What do you do when the Big 4 doesn’t work out? You were aiming for a career with one of the Big 4 accounting firms. After all, they are the top choice for recent accounting graduates. You planned your career, you studied for your exams, and you put your best foot forward in your application, but you were still denied that position you really wanted. So what do you do next?
If the Big 4 accounting firms turn you down, don’t worry—you still have a great career in front of you! You just need a plan, and this article will help you do just that.
And, if you’re committed to working in the Big 4 no matter what, I have some tips that can help you too!
Some accountants have a very specific career goal: work for one of the Big 4 accounting firms. If you’re still in the planning phase of your career and aren’t familiar with these firms, let’s quickly review them.
In the accounting field, the “Big 4” refers to the four top-earning global accounting firms: Deloitte Touche Tohmatsu, Limited (or Deloitte for short); KPMG (Klynveld Peat Marwick Goerdeler); Ernst and Young (E&Y); and Pricewaterhouse Coopers (PwC). Although each firm is a little different, they generally deal with audits, assurance, consulting, financial advisory, risk advisory, and tax services.
Many entry-level candidates pursue careers with the Big 4 because they offer many personal and professional benefits and excellent working environments. Plus, even the newest employees have the chance to work on significant projects.
The Big 4 have aggressive recruiting and hiring processes that seek out the best accounting grads. They target graduates and soon-to-be graduates with high GPAs from the top business and accounting programs.
The Big 4 firms do a lot of on-campus recruiting at colleges and universities across the United States. On-campus recruiting is especially aggressive at the Top 10 business schools. The Big 4 actively seek out new grads who have shown great potential with high GPAs, other scholastic achievements, and demonstrated leadership abilities.
Take Deloitte as an example. If you’re about to graduate from college, Deloitte requires students to apply through their campus career center. The initial round of interviews is also held on campus. PwC also recruits at dozens, and sometimes hundreds, of schools each year. They rely on professors to help them identify the strongest students.
If you had your heart set on a Big 4 position but it didn’t work out, here’s some advice to consider while you’re planning your next steps.
In addition to the Big 4, seek out opportunities in other public or private/industry accounting firms. There are many great, smaller firms out there—you just have to cast a wider net when looking for openings. Some accountants find smaller firms to fit their lifestyle much better. Or, take a look at other global firms that aren’t quite big enough to make the Big 4 list but are still well-respected in the field.
For example, places like Grant Thornton, BDO, and Crowe Global offer many of the benefits of the Big 4, like competitive salaries, flexible work options, and in-house training and development programs. BDO has even been named one of the 100 best companies for working moms and working dads, according to Working Mother magazine. So even though they aren’t quite as exclusive as the Big 4, they can still be a great place to build your career.
Did you know that the AICPA offers a career planning guide? It helps you figure out if you would be a better fit for large firms vs. small ones or public vs. private accounting. You can access the tools on the AICPA website. This assessment could help you seek out additional opportunities that complement your working style.
Have you ever considered joining a local accounting club? If that question makes you think of a bunch of people sitting in a room talking endlessly about numbers, you’re all wrong! Accounting clubs bring accountants and other business professionals to network and learn. I’ve belonged to several accounting clubs throughout my career, and I think they are an underutilized resource.
If you’re still in college, your school might have an accounting club to join. Or, seek out your local Beta Alpha Psi, or BAP for short. BAP is an international honor organization for financial information for students and professionals. There is an annual fee to join, but you get a lot of benefits in exchange. BAP has networking events, a mentorship program, and an extensive web of alumni who can help you identify employment opportunities.
With the help of a local accounting club, you might be able to do some networking and land a position fast.
If you’re in college, I strongly suggest attending your campus career fairs. Often, the Big 4 firms send representatives to career fairs so they can be a good place to make some contacts. Colleges and accounting clubs also frequently hold networking events to mingle and meet contacts.
But before you go, do a little pre-prep work. Remember, there is a chance that you might meet your future co-workers at networking events. So, plan accordingly. Bring your business cards and copies of your resumé. (Or, if you’ve opted for an online resumé or portfolio, make sure the link is printed on your business cards.) Show up looking like an accountant in professional, well-fitting attire—this little trick helps potential employers envision you working in their firms.
If you feel awkward networking, your college or local business associations might have networking training. These practice sessions give you tips to feel more comfortable introducing yourself to new contacts.
If a Big 4 firm turns you down, that doesn’t necessarily mean that you’re not cut out for the Big 4. It just means that you may not be ready for them quite yet. If you work at a smaller firm for a year or two, you’ll have a better chance at the Big 4 when you re-apply. At local and regional firms, you’re likely to gain hands-on experience and leadership opportunities that will look great on your resumé.
Local and regional firms are hungry for energetic and enthusiastic interns and entry-level employees. If you need to sharpen some of your skills and gain more leadership experience before joining the Big 4, these settings could be right for you.
Make sure you prepare for these opportunities just as you would a position at the Big 4. Take every opportunity you can to improve and it will show when you try again!
At the Big 4 firms, you will be placed in an “accounting box” for advisory, assurance, consultancy services, risk assurance, or tax services. For example, PwC puts new employees on career tracks that follow these boxes. However, you could consider breaking out of the box and pursue a career in finance. In fact, that’s what I did, and it was a great decision for me.
I’ll share a little of my background. I passed the CPA Exam on my first try with respectable scores. If you coupled my skills and previous work experience, I probably could have found a position with one of the Big 4 firms right after getting my CPA license. However, I’ve always been interested in finance, so I chose that route instead. Going the finance route has opened doors in my career that might not have been available to me if I solely concentrated on accounting. As a result, I’m now the CFO for an international charity, New Sight Eye Care.
If you don’t already have your CPA license, and you’ve been turned down by the Big 4, begin the process to become a CPA by taking the CPA Exam. The Big 4 and other accounting firms are more likely to hire candidates who already have their CPA license or are at least in the process of passing the CPA Exam. So, be sure to list your CPA status on your resumé.
If you’re still in college, I strongly suggest that you sit for the CPA Exam before you graduate. (However, in some states, you can’t take the CPA Exam until you have earned 150 credit hours.) More information about each jurisdiction’s requirements is available in the article, CPA Requirements by State: Complete Guide to the CPA Exam.
Overall, passing the CPA Exam will help propel your career, bring better chances for employment with top firms, and ultimately, increase your salary over the lifetime of your career.
If you’re determined to get hired by a Big 4 accounting firm, and you’re also in the planning stages of your career, consider utilizing these tips.
If you’re already thinking, “wait…she already mentioned these steps above,” you’re right. In fact, these steps are so important that I suggest you do them BEFORE you pursue a Big 4 career.
By joining your collegiate or local professional accounting club, you’ll have access to networking events and alumni who will be valuable resources for your career. And always attend career fairs—they are the easiest way to directly interact with the people you want to work for before you land an interview.
Several of the Big 4 firms have student competitions that test accounting knowledge and your potential as a professional. By participating, you’ll build your proficiencies while networking and developing teamwork skills. Plus, placing in a Big 4 competition is a noteworthy addition to your resumé that will definitely help get you noticed.
If you think you might want to work at a Big 4 firm, the only way to make sure that you’re going to be a good fit is to…well…work at a Big 4 firm! So if you’re still in school, pursue an internship program. The Big 4 firms offer some amazing internship experiences for college students.
For example, E&Y’s Global Student Experience brings together future accountants from all over the globe to explore career options, participate in learning activities, and network with E&Y employees.
Additionally, Big 4 firms offer full-time positions to their interns at the end of the internship. So, if you do well, you’ll have a much higher chance of working for that firm than another applicant who hasn’t been given the opportunity to demonstrate their skills as you have.
If you’re still looking at undergraduate and graduate programs, go to the very best school you can. If you have the grades for it, aim for one of the Top 10 business or accounting programs. And once you’re accepted, study hard and get the highest GPA that you can. Since the Big 4 directly recruits from the top schools, this can be a good way to get recognized for your hard work.
You need a strong resumé to stand out in the crowd. Did you know that most recruiters only spend 6-10 seconds looking at each resumé? So, after all of your college and work experiences, your future career comes down to just 6-10 seconds. For that reason, your resumé needs to be short and concise yet should still reflect your best qualifications. Basically, with just 6 seconds of reading, your resumé should scream, “This is why I’m awesome, and you should hire me!” If you don’t get that vibe from your resumé, consider revising it. There are even professional resumé editors who can help.
An important point to note: Ensure that your credentials—like your CPA license—are clearly listed on your resumé. After all, if you don’t flaunt your knowledge, no one will know you have it.
If you haven’t yet passed the CPA Exam, here are some tips for writing your resumé while you’re still studying!
Accounting firms are looking for employees who have more than just skills with numbers. They are looking for people who have strong communication skills, driven work ethics, flexibility, an ability and willingness to improve and learn, the ability to work with teams, and leadership skills. For example, even if you got stellar grades in college and have a CPA license with high exam scores, you might be passed up for jobs if you struggle to effectively communicate your thoughts in a Big 4 interview. It’s important to work on these “soft” skills too if you want a top position at a Big 4 firm.
Did you know that some accounting firms, even E&Y, occasionally need contract workers to work on special projects or fill in when workflows are heavy? These contract gigs can be a good way to get your foot in the door. Learn more about E&Y’s contract gigs on E&Y’s website.
Career paths never progress along a straight line as we plan. If the Big 4 didn’t work out for you this time, I hope this article gives you some ideas for your next steps. If you keep sharpening your skill set and broadening your experiences, you never know what amazing professional opportunities are just around the corner.
About Stephanie:
Stephanie Ng is the Executive Committee member responsible for finance at New Sight Eye Care, a charity registered in the United Kingdom and Hong Kong. She oversees the financial aspect of New Sight in Hong Kong, including accounting, taxation, financial management, and compliance.
She began her career as an investment banker at Lehman Brothers in New York and Morgan Stanley in Hong Kong before joining her client to work in the Group Finance Department, where she spent five years specializing in corporate finance, mergers and acquisitions, and debt refinancing. She also extended her role to management accounting and financial accounting and obtained her US CPA qualification.
Stephanie also is a published author of the book How to Pass the CPA Exam. Additionally, she created I Pass the CPA Exam, the first CPA help site, in 2010. Her guidance and mentorship have helped hundreds of thousands of candidates pass their exams.
