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A year and a half into audit at PwC, ask me anything watch

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    (Original post by neal95)
    you renting in london if so where abouts and do you plan to get a mortgage soon to avoid renting?
    Big4career answered this well. Personally, I'm not in a hurry with the current house prices.

    My own answers in bold below:
    (Original post by TaintedLight)
    Wow you did modelling! That's amazing and lucky. Did you straight up ask for something like this or you had it coming your way?
    I ended up on that particular project by accident, but it's always worth asking around if you want to get involved in something particular.

    And what aspect of financial modelling did you completely do on your own? Like did you work on the model from the ground up?
    The most common type of modelling you would come across in audit is a simple Discounted Cash Flow model to support the valuation of intangible assets. For this one, you would normally ask the client to provide a model and then proceed to test the underlying data and assumptions. Audit is not very heavy on modelling and you'd be lucky to come across these opportunities, but there are some fairly serious modelling teams in other departments.

    What are you doing today?
    Distressed situations
    (Original post by LukeIsIt)
    Would either of you mind disclosing what the salary increase was like year-to-year during your training contract?

    As a rough percentage?

    Do the benefits increase proportionally?

    Did anyone receive bonuses?
    I have given an indication above. It's a decent salary for most grads, especially considering that you're getting paid to study and do a lot of training in your first few years, and there's a big jump when you qualify. I wouldn't get too hung up on salaries though - there are far more important factors to consider this early in the career.
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    (Original post by Phusion)
    Big4career answered this well. Personally, I'm not in a hurry with the current house prices.

    My own answers in bold below:



    I have given an indication above. It's a decent salary for most grads, especially considering that you're getting paid to study and do a lot of training in your first few years, and there's a big jump when you qualify. I wouldn't get too hung up on salaries though - there are far more important factors to consider this early in the career.
    What would you say was your favourite aspect of the job during your first year?
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    (Original post by Big4Career1)
    you renting in london if so where abouts and do you plan to get a mortgage soon to avoid renting?
    Yes I'm renting in London in Clapham. There is a pretty good graduate community here and rent is okay. Still don't get much for your money. I'd love to get a mortgage soon but I'm not earning enough to save anything meaningful at the moment. With rent, living expenses, paying off student loan, saving for a holiday or two each year and going out for dinners or nights out a couple times a month, I'm pretty much down to £zero at the end of each month. I think it'll take 2 or 3 pays rises before I start saving a decent amount.

    If climbing up the financial division of a blue chip was the long term goal do you think it would be most advantageous to join their grad scheme or big 4 then jump across at a later date? Also, do regional vs London auditors so a big difference in exit opps ?
    I don't have any experience or knowledge from the blue chip grad scheme point of view but I can say that a big 4 grad scheme will give you a really good foundation and the opportunity to learn about a number of businesses rather than immediately focussing on one through their grad scheme. The big 4 name on your CV is very good for jumping after you qualify and I know that it's frequent for big 4 staff to go and work at blue chip companies they have audited or provided client work for because they already have a relationship with the finance staff in these companies and a better understanding of how the company runs.
    There isn't a massive difference between regional and London auditors because you get the big 4 name on the CV either way and it is regarded as highly no matter if your London or not. The only difference would be, as mentioned above, you might get more of a chance to actually work with some of these blue chip firms if your based in London rather than the Southampton office for example. That being said, big firms such as Sky, have head offices outside of London to save on rent, so working in a regional office like Uxbridge or Gatwick will still give you the opportunity to work with them.
    You'd be surprised at the size and prominence of some of our clients in the Southampton office!


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    (Original post by LukeIsIt)
    What would you say was your favourite aspect of the job during your first year?
    Variety in work, client exposure, social aspect of being part of a large grad intake.
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    (Original post by Phusion)
    Variety in work, client exposure, social aspect of being part of a large grad intake.
    Do PwC organise a fair amount of socials for each intake or do you mainly plan things amongst yourselves?
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    (Original post by Phusion)
    Variety in work, client exposure, social aspect of being part of a large grad intake.
    By 'distressed stiuations' do you mean distressed debt investing? If so, how did you make the transition from audit to that?

    Would you say that Audit --> CorpFin --> MM PE is a good route? Or would that be unreasonable?

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    (Original post by LukeIsIt)
    Would either of you mind disclosing what the salary increase was like year-to-year during your training contract?

    As a rough percentage?

    Do the benefits increase proportionally?

    Did anyone receive bonuses?
    Salary increases are small during the training contract. 5-10% roughly. They increase a lot more after qualification.

    As far as I know, the benefits also increase at a similar rate to salary.

    Bonuses are low generally but higher for the best performing people.
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    (Original post by Big4Career1)
    Salary increases are small during the training contract. 5-10% roughly. They increase a lot more after qualification.

    Hi

    As far as I know, the benefits also increase at a similar rate to salary.

    Bonuses are low generally but higher for the best performing people.
    Hi

    Are the salaries standard for all grads on the scheme or do they change depending on stream e.g. MC and Audit earning higher than Technology Consultants.

    How is the commute in the mornings? What time do you get up to reach the office on time? Also, which exact London office are you based i.e. More, Embankment or Uxbridge?
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    (Original post by Big4Career1)
    Bonuses are low generally but higher for the best performing people.
    What is performance based on? Your manager's review?
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    (Original post by LukeIsIt)
    Do PwC organise a fair amount of socials for each intake or do you mainly plan things amongst yourselves?
    The firm organises regular socials (they have been very good at this during my time) but we also go out as an intake or as a team. There are plenty of colleagues that I also see as good friends and we typically arrange stuff outside work.

    (Original post by Princepieman)
    By 'distressed stiuations' do you mean distressed debt investing? If so, how did you make the transition from audit to that?

    Would you say that Audit --> CorpFin --> MM PE is a good route? Or would that be unreasonable?

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    More towards restructuring/insolvency. I made the move mainly through networking, a very strong interest and a decent internal cv. I really appreciate the skills and network I built in audit, but it was never part of the career plan after qualifying.

    It is a perfectly sensible route and I have seen it in real life. It might take a bit longer than expected though, and CF can be hard to break into initially (potentially easier if you build experience in another deals department first). My advice would be to network as much as possible and build a good reputation/relationship with the right people.
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    Hi

    A few questions...

    What is the time commitment in terms of self study? Is it all evening, every evening + weekends, or just some evenings? (I have a young family and would like to be able to see them over the next 3 years!)

    What is the rough starting salary? (Again, not that salary is important but I need to work out if I'll have money left over after childcare costs etc)

    How/why did you decide to apply to audit as oppose to any other option? I'm struggling to choose between a audit and tax as both appeal but I don't have experience in either.. Ideally, I think (at this point) I'd like to specialise in forensic accounting but as that's not an option in the offices nearest me, I thinking about applying for audit and doing my CA then specialising/moving later on.

    Other than the core ICAS/ACA etc qualifications, is there the opportunity to do other training courses related to your job? I'm thinking more general things such as interviewing skills, customer relations, first aid etc. Are these type of things mandatory or optional?

    How does the study timetable work at PwC/audit? Is it block release, day release etc How soon after starting do you do the exams? How many exams do you do in one go etc

    Sorry for all the questions!! Thanks
 
 
 
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