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Subject Topic: Laid off from Big 4; what can I do now? (Topic Closed Topic Closed) Post ReplyPost New Topic
  
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Calibay_CPA
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Posted: 07 Aug 2009 at 03:27 | IP Logged  

Hi everyone,

I'm new to this forum and I need some advice that I can't get from the people around me. So I was hoping that someone out there with the experience and wisdom I'm looking for could throw in some good advice.

As mentioned prior, I was laid off along with many others from one of the Big4 accounting firms in the Bay Area.  I was there for 11 months.  I want to make note however that I was jumped promoted within my class due to an uncontrolable change in the internal promotion policies to the designation of Experience Associate in six months.  Generally such a feat takes one year. Then, with the econonmy in the condition that it was at the time, from what I was told there was too much capacity within my class. As a result, I got a pink-slip with others from the same round. I took the layoff pretty hard; and, frankly I'm still a tad bitter.

Since then, I passed all the CPA exams and ethics in the time that I've had off (about seven months).  I just started to research the job market to find out what I may be able to do.  I'm pretty adamant about continuing my career in accounting. 

This job is the only relevant accounting experience that I've had. So correct my if I'm wrong, but I feel I would only be capable for another entry level position. So my questions to you all are:

1) Should I try (fingers crossed) to get a job with a regional PA firm and put in more time to at least make Senior, or;

2) Do something else accounting related. But, what else would I be capable of doing with 11 months of experience?

I'm pretty confused now and not sure where to move my career. If anyone out there has any helpful advice, it would be most appreciated.

Thanks

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keith905
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Posted: 07 Aug 2009 at 14:08 | IP Logged  

Hi Calibay,

I am in a situation similar to yours.  I was laid off from a mid-sized regional public accounting firm.  I AM a CPA.  I have 1 1/2 years of experience as an auditor.  I have had 3 interviews since May when I got laid off.  On top of that I only had two interviews for a job I want. 

Here are the positions I have been looking at:
1)  GL accounting
2)  Internal auditing
3)  smaller accounting firms
4)  staff accountant

The problem I seem to be running into is that for the traditional accounting positions that I applied for, they want someone with actual accounting experience.  While they may value the public accounting experience, they would prefer someone with GL accounting experience.

Maybe it's just the experience I am having, but I feel my public accounting experience hasn't been very useful to me.  I hope someone can change my opinion.


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nycaccounting
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Posted: 07 Aug 2009 at 15:17 | IP Logged  

I agree, for staff accounting, hands on experience is important. I feel like what we did in audit is really very different from industry, don't know why industry pay so much for someone who has never done the work to be a senior. I heard from recruiters that at least in the case of big 4, they think you are smart and therefore can learn on the job, but even then I think there is a lot of pressure to perform. I have heard of ex auditors not being able to hack it in industry. At this point I think hands on is actually more useful than public if you have a CPA. I have a feeling that CPA firm experience is going to become less and less valuable since many states have changed their rules such that you don't need CPA firm hours to be licensed. In addition, many firms including Big4s  hired a lot of people during the sox years and the market is now flooded with ex auditors. I think companies will start paying a lesser premium for CPA firm people. Anyone agree?
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keith905
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Posted: 07 Aug 2009 at 15:28 | IP Logged  

i agree ny. 

So many firms were hiring in the past several years and with the recent influx of lay-offs there is so much competition of ex-auditors. 

I still see A LOT of companies requiring BIG 4 experience.  It may be the reason you mentioned above. 


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nycaccounting
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Posted: 07 Aug 2009 at 15:37 | IP Logged  

In my opinion, those companies just want to narrow their candidate pool, otherwise, there would be way too many resumes to review. That applies especially to large companies. They are paying for the perceived intelligence and work ethic of ex big 4, not specific experience. Actually for the good jobs, you are only competing against other big4 people which can still be difficult, a good job is still hard to come by.
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