Graduates Prospects

crapmanjoe

Has any one heard of either of the following happening?

1. Big 4 firms withdrawing about 10-20% of offers that were made to graduates in the milk rounds?

2. Big 4 firms taking a very harsh attitude to Cap 1 results. I've heard people who failed 2 or more Cap 1 exams have not being flat out fired but have being told to find a new job (basically forcing them to quit)

Seems like the accountancy firms are starting to tighten there belts as well

Newaglish

crapmanjoe wrote: »

Has any one heard of either of the following happening?

1. Big 4 firms withdrawing about 10-20% of offers that were made to graduates in the milk rounds?

2. Big 4 firms taking a very harsh attitude to Cap 1 results. I've heard people who failed 2 or more Cap 1 exams have not being flat out fired but have being told to find a new job (basically forcing them to quit)

Seems like the accountancy firms are starting to tighten there belts as well

Haven't heard of either of these happening to be honest. A lot of people failed the CAP 1 exams this year (mostly down to the removal of the compensation rule) but I haven't heard of anyone being fired. If anything they would at least wait until the repeats!

I doubt they would (or even could) take back any job offers made to graduates either.

For the most part accountancy firms are recession-proof anyway - if your company loses ten billion Euro, you still need your accounts audited. The corporate recovery departments are also raking it in at the moment.

Where did you hear this, out of interest?

pigeonbutler

crapmanjoe wrote: »

Has any one heard of either of the following happening?

1. Big 4 firms withdrawing about 10-20% of offers that were made to graduates in the milk rounds?

2. Big 4 firms taking a very harsh attitude to Cap 1 results. I've heard people who failed 2 or more Cap 1 exams have not being flat out fired but have being told to find a new job (basically forcing them to quit)

Seems like the accountancy firms are starting to tighten there belts as well

Haven't heard that myself or from others inside the biggest 2.

chump

Have not heard either.
But, not surprised if true, particularly point 1.

Pt1: I have heard other companies, banks, that have withdrawn offers
Pt2: I have never heard of a big4 telling someone to get stuffed for failing 1 set of exams

crapmanjoe

Rumours just kinda circulating around the office, havent heard anything definite on either point mind.

Both just seem fairly beliveable (well point 1 anyway)

Was just checking had any1 else heard anything similar around there office!

professore

Newaglish wrote: »

For the most part accountancy firms are recession-proof anyway - if your company loses ten billion Euro, you still need your accounts audited. The corporate recovery departments are also raking it in at the moment.

Unless of course lots of companies hit the wall ... then there are less to audit.

shewasoctober

I haven't heard anyting about offers being withdrawn. According to the contract one signs, the only way for it to be withdrawn is if you fail to meet the degree requirements or fail to submit all supporting documents to satisfaction. Plus, I know at least 2 of the Big4 had a mini-milkround in the spring this year. That is how I got in. Granted, the second go araound is mainly to fill audit position.

Newaglish

professore wrote: »

Unless of course lots of companies hit the wall ... then there are less to audit.

Ah yes, but then Liquidations = €€€

the1andonly1

Have heard of people being told that if they dont get their CAP 1 repeats that they will be fired though. Any ideas if they can do this or not? (not looking forward to the prof 3 results!)

shewasoctober

the1andonly1 wrote: »

Have heard of people being told that if they dont get their CAP 1 repeats that they will be fired though. Any ideas if they can do this or not? (not looking forward to the prof 3 results!)

Well, I think it depends on your contract. My contract specifically states that I must pass all exams and become qualified within the time frame of my contract. I bet this is the case for many trainees in the Big 4. I don't think they could just fire you for it, but if failing would prevent you from qualifying within the time frame of your contract, I'm sure they can. If they don't, I'm sure they will make you pay for any retakes (courses and exams).

the1andonly1

shewasoctober wrote: »

Well, I think it depends on your contract. My contract specifically states that I must pass all exams and become qualified within the time frame of my contract. I bet this is the case for many trainees in the Big 4. I don't think they could just fire you for it, but if failing would prevent you from qualifying within the time frame of your contract, I'm sure they can. If they don't, I'm sure they will make you pay for any retakes (courses and exams).

Well I was exempt from cap 1 so that leaves me 3.5 years to get 2 sets of exams... should be ok. Expected to pay for the repeats though, not looking forward to it!

Dave 2008

As far as I am aware, the growth in the Big 4 has been based mostly, although not all, on the funds industry.

As we all know the big credit bubble has just burst. Now this may not mean less funds work in the immediate term, but longer term it could be curtains for this industry in Ireland (funds admin will go to India and the like).

I know that EYs growth (although lagging well behind the Big 2) was based nearly all on funds.

The old saying.....never put all your eggs into one basket springs to mind.

As for there been plenty of dough in liquidations....for the Big 4 this will not be the case. The small-medium sized practices that have a niche in this area will be the ones to benefit the most. Remember, Ireland Inc is mostly made up of small-medium sized enterprises...their liqidations will be handled by small to medium sized accounting partnerships.

On the other hand, there might be some high profile liquidations (very large building firms) in which case one of the Big 4 will step in.

Newaglish

Dave 2008 wrote: »

As for there been plenty of dough in liquidations....for the Big 4 this will not be the case. The small-medium sized practices that have a niche in this area will be the ones to benefit the most. Remember, Ireland Inc is mostly made up of small-medium sized enterprises...their liqidations will be handled by small to medium sized accounting partnerships.

On the other hand, there might be some high profile liquidations (very large building firms) in which case one of the Big 4 will step in.

Not so - a significant percentage of the liquidations handled by Big 4 CR departments would be SMEs, along with a number of small member's vol liquidations and the like.

Having said that you are right - if there were a large scale move of funds companies out of Ireland, the FS side of the Big 4 (which is significant as you said) would really fall apart.