Hey there! Sign in to join this conversationNew here? Join for free
    • Thread Starter
    Offline

    3
    ReputationRep:
    Just read this article and found it quite disturbing.

    http://www.accountancyage.com/aa/new...ions-on-the-up

    What is your take on it?

    In 2008 only 7000 odd people applied to PwC. Given the amount of places increased by 17% over the 5 years, that would mean that across all programmes, there were still 1450 places in 2008 compared to the 1700 now. But come on, the amount of applications have tripled!?

    Is this really the cause of the financial crisis though? Or is it really the sheer amount of people that caused this sudden incredible rise in the number of application? Or has accounting gotten more popular in the recent years?

    Do you think the amount of application will rise exponentially in the next 5 or so years to close to the 100K mark but spaces will only increase by 20% or so?

    I'm joining a top 10 next week and even though its not Big4 I feel really really lucky to have got in at the rate things are going and increasing pressure to do my best not to lose my job not that I intend on doing so .

    Now to look at the other side of the discussion back in 2008. They said only 7000 people applied to PwC and with around 1450 places. Am I right in saying that if you pretty much applied to all of the Big4 back then, you will more or less land a place if you were a decent candidate? This seems a bit like a rhetorical question because of course it would be easier but to what extent?
    Offline

    0
    ReputationRep:
    I think it's due to more and more people are attending universities. Also Big4s are getting better at their promotion in unis and colleges hence the surge in interest.

    Not sure about the interest in accountancy as I've always think it's a rather "uninteresting" career when compared with Consulting or Investment Banking. But it's definitely less competitive.

    Though the tripling amount of application looks worrying, the thing is we don't know how many get pass to which stage. If there are 22k people applying for Deloitte but if most get filtered at automatic processes like the e-tray then the competitiveness shouldn't change too much.

    In my view when applying for Big4s it's a matter of applying early. Of course you have to be "decent" and some service lines are more competitive than others, but as long as you pass their benchmark then you're in. First come first served. Therefore it there should not be much difference between applying now and back in 2008.

    But good job on securing a Top 10 ! Where will you be based?
    Offline

    16
    ReputationRep:
    (Original post by franklinb)
    I think it's due to more and more people are attending universities. Also Big4s are getting better at their promotion in unis and colleges hence the surge in interest.

    Not sure about the interest in accountancy as I've always think it's a rather "uninteresting" career when compared with Consulting or Investment Banking. But it's definitely less competitive.

    Though the tripling amount of application looks worrying, the thing is we don't know how many get pass to which stage. If there are 22k people applying for Deloitte but if most get filtered at automatic processes like the e-tray then the competitiveness shouldn't change too much.

    In my view when applying for Big4s it's a matter of applying early. Of course you have to be "decent" and some service lines are more competitive than others, but as long as you pass their benchmark then you're in. First come first served. Therefore it there should not be much difference between applying now and back in 2008.

    But good job on securing a Top 10 ! Where will you be based?
    Big talk from the man whose only other post is about whether or not they failed the Deloitte e-tray? Perhaps you're not "decent" enough for this "rather uninteresting career"...
    Offline

    0
    ReputationRep:
    I think it might be to do with the credit crunch. There aren't as many jobs in other industries, but there will always be the need for accountants and people have been realising this. So you've got people applying to accounting firms who perhaps would have previously applied to investment banks, insurance companies, asset managers etc., if the job market was in a better state.

    There will be other reasons as well - increasing number of applicants from overseas etc.

    And OP, if you think this news is disturbing, try being a jobless applicant!
    Offline

    8
    ReputationRep:
    (Original post by franklinb)
    I think it's due to more and more people are attending universities. Also Big4s are getting better at their promotion in unis and colleges hence the surge in interest.

    Not sure about the interest in accountancy as I've always think it's a rather "uninteresting" career when compared with Consulting or Investment Banking. But it's definitely less competitive.

    Though the tripling amount of application looks worrying, the thing is we don't know how many get pass to which stage. If there are 22k people applying for Deloitte but if most get filtered at automatic processes like the e-tray then the competitiveness shouldn't change too much.

    In my view when applying for Big4s it's a matter of applying early. Of course you have to be "decent" and some service lines are more competitive than others, but as long as you pass their benchmark then you're in. First come first served. Therefore it there should not be much difference between applying now and back in 2008.

    But good job on securing a Top 10 ! Where will you be based?
    Actually we do have a pretty good idea:

    http://www.st-andrews.ac.uk/cc/w/images/PWC.pdf

    And applying to the Big 4 isn't as easy as you seem to put it. There's a reason why there are so many stages (application, online tests, 1st interview, AC, partner interview.. for PwC. application, online tests, e-tray, face to face interview, partner interview.. for Deloitte), and many candidates fail at each stage.

    I'm not trying to scare potential applicants either, but it certainly isn't a walk in the park. Make sure you prepare a lot.
    Offline

    0
    ReputationRep:
    I think there are several factors, one of the main ones in my opinion is that the audit firms are now consistently ranked as the best places to launch a career by sites such as Business Week. So many graduates will be applying.

    With regards to competitiveness, it's all relative, however it is certainly a very competitive industry to get into and not easy by any means. I was lucky to get a place in a Big 4 firm but that was a 33% success rate, I applied to three. I don't like e-tray exercises and I must have a very bad telephone voice for interviews but oh well. :P

    And with regards to how interesting audit is, it's all about motivation. If it's just money that motivates you, chances are you'll move on after qualifying as an accountant. If it's a better work/life balance, perhaps consultancy may fit you better. I don't find it uninteresting at all personally, you can meet so many different people from all sorts of backgrounds pretty much on a daily basis.

    I don't think applications will rise exponentially but I do think more will be made. There will be more jobs going too, the forecast for the industry is that it's going to grow a fair bit in the near future.

    In terms of slight good fortune getting an offer, I think that's the case for nearly any job. At the end of the day, it's not like any old person can get into the job, you will go through a pretty refined selection process and show enough skills to make your employer think you are of value to the company. Congratulations on the job offer.
 
 
 
  • See more of what you like on The Student Room

    You can personalise what you see on TSR. Tell us a little about yourself to get started.

  • Poll
    Will you be richer or poorer than your parents?
    Useful resources

    Articles:

    Guide to finance and bankingGuide to accountancy

    Featured recruiter profiles:

    Deutsche Bank logo

    Deutsche Bank is recruiting

    "Thrive in an international banking environment"

    ICAEW logo

    ICAEW

    "Choose a career journey with limitless possibilities."

    Quick link:

    Unanswered finance and accountancy threads

    Groups associated with this forum:

    View associated groups
  • See more of what you like on The Student Room

    You can personalise what you see on TSR. Tell us a little about yourself to get started.

  • The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.

    Register Number: 04666380 (England and Wales), VAT No. 806 8067 22 Registered Office: International House, Queens Road, Brighton, BN1 3XE

    Quick reply
    Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.