Finished 3 year ACA with PwC Audit Dept - ask me anything

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yoyo462001
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#81
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#81
(Original post by Bfly)
That's good to hear. What if you don't put in as many hours as they want you to like working 9-6/6.30 and not much more on a regualar basis or whenever you can...in audit. Is it giving a bad impression even if I become good at what I do?
I don't understand what you mean. If you have work to do by a deadline you do it, whether it takes you 9-5 or 9-11. If you don't hand work in on deadlines and this continues then obviously you'll be fired eventually. And it's not particularly easy to be 'good' at audit anyways.
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Bfly
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#82
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#82
(Original post by yoyo462001)
I don't understand what you mean. If you have work to do by a deadline you do it, whether it takes you 9-5 or 9-11. If you don't hand work in on deadlines and this continues then obviously you'll be fired eventually. And it's not particularly easy to be 'good' at audit anyways.
I completely understand this and also know it's very much like this during the busy season but I was asking in general - outside the busy season. Thank you for your help anyway.
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simstar
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#83
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(Original post by yoyo462001)
The Big 4 will keep you on. You'd have to be seriously awful at your job for them to let you go and even then if you've lasted 3 years you're probably not that bad. Bear in mind I'm not talking about Advisory or consultancy, where you could possibly be let go if the market isn't great, these are the two service lines with less job security.
They have greater security than audit in the training contract phase though? get below 45% in one exam and you're out...for audit
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yoyo462001
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#84
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(Original post by simstar)
They have greater security than audit in the training contract phase though? get below 45% in one exam and you're out...for audit
It does depend what firm and what service line. Some will still do ACA but others might do CIMA or nothing at all. If you have no exams then your job is more secure.
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S
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#85
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(Original post by Bfly)
I completely understand this and also know it's very much like this during the busy season but I was asking in general - outside the busy season. Thank you for your help anyway.

Only difference between busy season and "quiet season" is there's obviously a greater number of audits being performed, the work is exactly the same. The audits outside busy season aren't any less important. They willl still have tight deadlines and unrealistic budgets.

For example, the first audit I ever had the pleasure of working on took place in September 2010, and I was working on accounts for the year-ended 31 September 2009!! On-site work started nearly a year later! The client was super unorganised and they missed their Companies House deadline.

Back to the question in hand, how long you work for just depends on the luck of the draw. If you're assigned to a good job - ie. organised, and helpful client then you'll probably be working decent hours.
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Bfly
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#86
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(Original post by S)
Only difference between busy season and "quiet season" is there's obviously a greater number of audits being performed, the work is exactly the same. The audits outside busy season aren't any less important. They willl still have tight deadlines and unrealistic budgets.

For example, the first audit I ever had the pleasure of working on took place in September 2010, and I was working on accounts for the year-ended 31 September 2009!! On-site work started nearly a year later! The client was super unorganised and they missed their Companies House deadline.

Back to the question in hand, how long you work for just depends on the luck of the draw. If you're assigned to a good job - ie. organised, and helpful client then you'll probably be working decent hours.
This makes sense! Thank you for yur insight. I hope I get good clients although I'll be in financial sevices audit so I doubt it!
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S
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#87
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#87
(Original post by Bfly)
This makes sense! Thank you for yur insight. I hope I get good clients although I'll be in financial sevices audit so I doubt it!

Actually, you're in luck. If you're going to be working solely on financial services, then there's a good chance those clients will have there own internal auditing departments, which makes retrieving audit evidence a little easier. I mainly deal with owner-managed clients, who can get quite cagey when I ask for something as routine as payroll.
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Bfly
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#88
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(Original post by S)
Actually, you're in luck. If you're going to be working solely on financial services, then there's a good chance those clients will have there own internal auditing departments, which makes retrieving audit evidence a little easier. I mainly deal with owner-managed clients, who can get quite cagey when I ask for something as routine as payroll.
Cool! I hope so. Which company do you work for, if you don't mind me asking? Thanks
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Samtheman1
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#89
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Nah - if you are good at what you do, you wont be sacked for sticking to your contracted hours.

But you wont be highly rated, which means you probs wont get a bonus.
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whodunnit
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#90
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I am time qualified at PwC after starting in April 2008, I am sitting case study (my final ACA exam, following the results I will be fully ACA qualified) in a month and get my results on September 8th.

I intend to leave immediately (I am assuming I will pass - it is not a overly hard exam unlike ALL of the 8 written ones before it - especially the previous 2 - the TIs, the hardest you will do in accountancy EVER)

I have started talking to recruiters and am lining up jobs in either product control or internal audit.

Internal audit appeals as it is relatively simple and project based, so not monotonous. Also it involves a LOT of travel, if you so desire (obviously depending on the Company - but in a lot of cases) and this appeals to me.
PwC banking audit has not offered me great travel other than to Liverpool Street to Bank to Canary Wharf etc.

The pay after you qualify at PwC is indeed low 40s, as a banking experienced ACA I can expect 50k plus in industry, more in Product Control I hear.
But I am not sure of the strengths and weaknesses of PC so does anybody know much about it?

I hear it is very very dull but very very well paid but essentially a desk job sat at the same place doing hte same routine every week or so based on the saem changing PnLs etc.

I for one will not be staying at PwC as the pay is lower than out in the market and the hours in my department are quite horrendous for poor reward in the medium term.
Some people love it, but they are very few and far between, turnover is great. Just that your CV looks so good after 3 years stuck at the place so leaving is so easy and appealing as industry will really "look after" you
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simstar
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#91
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#91
(Original post by yoyo462001)
It does depend what firm and what service line. Some will still do ACA but others might do CIMA or nothing at all. If you have no exams then your job is more secure.
Some still do ACA???? what, they all do the ACA.

CIMA, do you know what that is? its management accounting lol hardly anyone if anyone at the big four does CIMA.

how about you find out the info before giving false advice to others.
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yoyo462001
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#92
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(Original post by simstar)
Some still do ACA???? what, they all do the ACA.

CIMA, do you know what that is? its management accounting lol hardly anyone if anyone at the big four does CIMA.

how about you find out the info before giving false advice to others.
KPMG give you the chance to do ACCA instead of ACA, Deloitte consultants do CIMA. Sit down.
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Bfly
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#93
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(Original post by whodunnit)
I am time qualified at PwC after starting in April 2008, I am sitting case study (my final ACA exam, following the results I will be fully ACA qualified) in a month and get my results on September 8th.

I intend to leave immediately (I am assuming I will pass - it is not a overly hard exam unlike ALL of the 8 written ones before it - especially the previous 2 - the TIs, the hardest you will do in accountancy EVER)

I have started talking to recruiters and am lining up jobs in either product control or internal audit.

Internal audit appeals as it is relatively simple and project based, so not monotonous. Also it involves a LOT of travel, if you so desire (obviously depending on the Company - but in a lot of cases) and this appeals to me.
PwC banking audit has not offered me great travel other than to Liverpool Street to Bank to Canary Wharf etc.

The pay after you qualify at PwC is indeed low 40s, as a banking experienced ACA I can expect 50k plus in industry, more in Product Control I hear.
But I am not sure of the strengths and weaknesses of PC so does anybody know much about it?

I hear it is very very dull but very very well paid but essentially a desk job sat at the same place doing hte same routine every week or so based on the saem changing PnLs etc.

I for one will not be staying at PwC as the pay is lower than out in the market and the hours in my department are quite horrendous for poor reward in the medium term.
Some people love it, but they are very few and far between, turnover is great. Just that your CV looks so good after 3 years stuck at the place so leaving is so easy and appealing as industry will really "look after" you
How many hours were you working on average in banking audit ?

I don't really have any useful advice to give to you but I've heard that a lot of people (big 4 newly qualified) are being offered these product control jobs but it's really a bit of a scam.

I wouldn't be lured in by the money - do something you will enjoy and already know a bit about like your other option internal audit which sounds good.

Also, 40k is rather good but I suppose you hate the job at PwC...

Doesn't it make you think - why are you getting so much money for the PC job?
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simstar
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#94
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(Original post by yoyo462001)
KPMG give you the chance to do ACCA instead of ACA, Deloitte consultants do CIMA. Sit down.
Really had to dig deep there didn't you for the very few who do, and one of the companies you mentioned I work for, it is a minority. Now you sit down and shut up.

consultants don't do audits btw.
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accountant89
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#95
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...
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yoyo462001
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#96
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(Original post by simstar)
Really had to dig deep there didn't you for the very few who do, and one of the companies you mentioned I work for, it is a minority. Now you sit down and shut up.

consultants don't do audits btw.
I didn't dig deep I just know this information from looking at their service lines, it took under a minute to verify what I knew, and unlike you I don't spew out information that is wrong. Even worse is that you work for one of the companies which makes you a disgrace to be frank. It's also clear you don't read well since the discussion referred to other business lines.

You were wrong.
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whodunnit
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#97
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(Original post by Bfly)
How many hours were you working on average in banking audit ?

I don't really have any useful advice to give to you but I've heard that a lot of people (big 4 newly qualified) are being offered these product control jobs but it's really a bit of a scam.

I wouldn't be lured in by the money - do something you will enjoy and already know a bit about like your other option internal audit which sounds good.

Also, 40k is rather good but I suppose you hate the job at PwC...

Doesn't it make you think - why are you getting so much money for the PC job?
On average in B&CM I get in at 8.30 and leave at 7. So not outrageous but not great. That is a typical day, it can be worse. I peronally think an average day is too much here so hence my motication to leave.

YEah mate my motivation and thinking behing internal audit is more about what I would enjoy. The pay is less than product control but the lifestyle and work life balance as well as travelling opportunities is top drawer.

£40k+ I agree is good at PwC but it is very standard across the board. Most firms would offer this for an ACA qualified individual.

In terms of PC offering more money, the job is a lot more niche, I think ideally banking experienced is preferred and the role is rather technical so would demand greater pay.

If you were to look at the charge out rates, recovery rates and investment into persoanl development (such as the pricey ACA training) PwC give their staff the pay of £30k+ is about right, but following qualication I do no tbelieve £40k+ is a fia rreflection of an individual's worth to the firm. And this is why banks can and will offer quite a bit more.

So it comes down to respect in a way, I do not feel the big firms fully respect the hard work and effort their staff put in as their rewards are considerably lower than they should be. But it is double edged. The staff (including me) should perhaps appreciate the development opportunies big firms offer as a bolt on to a normal "job". Swings and roundabouts really.
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whodunnit
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#98
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(Original post by accountant89)
This is a great thread, very insightful.

I am starting in assurance with pwc in a regional office and although I appreciate it will be very hard to answer this question without specifics I was wondering; in terms of travel will I be expected to meet up with the team at the clients site or is meeting at the office and then travelling to the site the norm? I.e carpooling

I only ask as transport may be an issue for me. Thanks in advance for any response.
Travellling is very very key in regional offices at PwC, I have done some work with some regional teams and they say travelling is a regular occurance. I would expect you to be traveling to clients a lot.
To be honest PwC should have made this clear to you when they accepted you at a regional office, I would have thought the partner interview or at least the 2nd interview this would have been mentioned heavily.

I hope you can drive mate!

The M4 corridor may well be your friend/hell for 3 years!
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M_E_X
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#99
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I've got a summer internship with EY this summer in tax, any advice for me from anyone who has done the internship before, or just in general? Thanks guys!

ps I'm currently at St Andrews too, hi op!
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simstar
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#100
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(Original post by yoyo462001)
I didn't dig deep I just know this information from looking at their service lines, it took under a minute to verify what I knew, and unlike you I don't spew out information that is wrong. Even worse is that you work for one of the companies which makes you a disgrace to be frank. It's also clear you don't read well since the discussion referred to other business lines.

You were wrong.
I was not wrong although lets agree to disagree, I don't have time for this.
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