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re: LSUCIA program questions
Posted on 2/5/12 at 11:27 am to reb13
Posted on 2/5/12 at 11:27 am to reb13
quote:
Audit and tax are the bed rock but advisory is where they make all of the money.
While it may be true that individual projects in advisory make more than individual projects in audit and tax; I'm pretty sure Audit and Tax still generates the most revenue. I could be wrong. I don't pay too much attention to how much money as a whole my company is making and how it is generated between each group.
2
Posted on 2/5/12 at 11:33 am to MStant1
Thats what I meant, their main business (highest revenue) is tax and audit but advisory has much higher margins.
Posted on 2/5/12 at 12:05 pm to MStant1
One was in NYC, but I would have had to take a pay cut and it's not necessarily getting me any closer to my end game so I didn't pursue it.
Posted on 2/5/12 at 12:17 pm to kfizzle85
quote:
One was in NYC, but I would have had to take a pay cut and it's not necessarily getting me any closer to my end game so I didn't pursue it.
Yeah a pay cut when moving from Houston to NYC would be terrible. The hours suck in the structured finance group too. I think most stick it out in the structured finance group as a stepping stone due the exposure it creates.
Posted on 2/5/12 at 12:55 pm to MStant1
On a dollar basis it wasn't a paycut, it was doing a cost of living factor and expected bonus. There's other considerations factored in as well, but it would have been basically a lateral move for me (aside from getting to live in nyc). I don't particularly want to go into a B4 at this point, but I'd jump if the right opportunity came along.
Nonetheless I will quit de-railing the thread. The CIA is a good program and I didn't mean to imply otherwise; the internship is great to put on a resume. Just from my experience firms have changed to where people value it for IA jobs, but switching (like you did for instance) to other business lines is much more difficult thing to do. Several of the people that I graduated with went to PwC (specifically in NC) b/c of CIA and to do CIA, so that frames my mindset. The other people I know that went through it and stayed in accounting ended up in traditional lines with a few exceptions.
Nonetheless I will quit de-railing the thread. The CIA is a good program and I didn't mean to imply otherwise; the internship is great to put on a resume. Just from my experience firms have changed to where people value it for IA jobs, but switching (like you did for instance) to other business lines is much more difficult thing to do. Several of the people that I graduated with went to PwC (specifically in NC) b/c of CIA and to do CIA, so that frames my mindset. The other people I know that went through it and stayed in accounting ended up in traditional lines with a few exceptions.
Posted on 2/5/12 at 1:37 pm to kfizzle85
Yeah, EY's BAP program is unique amongst the big 4. All I had to do was leverage the LSUCIA program in order to get in. If someone was wanting to use the LSUCIA program in order to get into the Big 4's broader advisory services beyond IA, then EY is probably their best bet.
Like I described earlier the BAP is a staffing pool model that allows those hired into it to move around to various service lines within advisory during the 3 year program. IA is one of those service lines.
Like I described earlier the BAP is a staffing pool model that allows those hired into it to move around to various service lines within advisory during the 3 year program. IA is one of those service lines.
Posted on 2/5/12 at 2:38 pm to MStant1
quote:
Agreed. I know plenty of people who wouldn't like true advisory work as it would be too unstructured for them. A lot of advisory projects have highly moving targets/goals that might frustrate a typical/stereotypical accounting person who enjoys structure and pre-defined rules.
The thing with audit/IA/Tax is you typically know what you are going to do from day to day and what you'll be doing 2 months from now. In advisory (unless it's more of of loan staff project) half the time I'm not 100% sure what the task will be from day to day because you are basically baby sitting the client's whims. In advisory you know what the end goal is supposed to be, but how you get there can be a maze at times. You have to be willing to be flexible with frequent change.
This is not to say that all accountants will hate advisory or consulting work. I work with PLENTY of CPAs. It varies greatly by person on whether you would like audit/IA/tax or broad advisory.
Yep, exactly. Hit the nail on the head.
Posted on 2/5/12 at 3:22 pm to MStant1
Okay cool. I guess you are leaning on staying on the partner track. What's the workload like for you as a senior in that particular area?
Posted on 2/5/12 at 4:18 pm to acgeaux129
quote:
Okay cool. I guess you are leaning on staying on the partner track. What's the workload like for you as a senior in that particular area?
I wouldn't necessarily say I am on the partner track. That is still probably at minimum 10 years before I can even start thinking about that. Right now I am just concerned with making manager.
The workload isn't too bad. In advisory I wouldn't say life is as misreable for seniors as they are for seniors in audit or IA. From what I've seen, in advisory, managers are the ones who have the hardest go of it.
Hours also vary by project to project. I've been on some projects where we worked at max 45 hours a week. I've also been on others where we were working until after midnight several times a week. I would say on average I work about 50 hours a week and very rarely over 60 (though not to say it is uncommon).
Posted on 2/5/12 at 4:38 pm to ladytiger118
I hope I wasn't sending out the wrong message...and I do realize that the actually ACCT profession is different from what they teach in class. It's still my priority to get my CPA and CIA, even if I don't do IA work in the long run.
And I forgot which poster mentioned this, but I'm currently in a Finance class and coming from an Acct background, it doesn't seem bad at all.
And I forgot which poster mentioned this, but I'm currently in a Finance class and coming from an Acct background, it doesn't seem bad at all.
Posted on 2/5/12 at 4:44 pm to MStant1
quote:
I wouldn't necessarily say I am on the partner track. That is still probably at minimum 10 years before I can even start thinking about that. Right now I am just concerned with making manager.
10 years seems high...I would think you are 5 years or so from determining whether partner is something you are interested in attaining.
quote:
The workload isn't too bad. In advisory I wouldn't say life is as misreable for seniors as they are for seniors in audit or IA. From what I've seen, in advisory, managers are the ones who have the hardest go of it.
Hours also vary by project to project. I've been on some projects where we worked at max 45 hours a week. I've also been on others where we were working until after midnight several times a week. I would say on average I work about 50 hours a week and very rarely over 60 (though not to say it is uncommon).
I think senior managers have it harder than managers for my practice. They are expected to sell yet still work heavy hours managing engagements. Basically get pulled in two completely different directions. Managers have similar requirements but don't have to sell as much.
I don't even see much of a difference between strong SAs and strong associates. At the end of the day, they are the ones doing the heavy lifting and turning the vision into reality. I see practically no hierarchy or job role differentiation between SA and A in my experience.
Posted on 2/5/12 at 5:03 pm to lynxcat
quote:
10 years seems high...I would think you are 5 years or so from determining whether partner is something you are interested in attaining.
I would agree I'll probably be able to determine if I am partner track or not in 5 years, but realistically I see it being another 8-10 years from now before I would actually attain it. Just from what I've seen in my practice that's what seems to be the case.
quote:
I think senior managers have it harder than managers for my practice. They are expected to sell yet still work heavy hours managing engagements. Basically get pulled in two completely different directions. Managers have similar requirements but don't have to sell as much.
I agree with all of this actually now that you pointed it out. Managers still have a sucky go of it though.
quote:
I don't even see much of a difference between strong SAs and strong associates. At the end of the day, they are the ones doing the heavy lifting and turning the vision into reality. I see practically no hierarchy or job role differentiation between SA and A in my experience.
Agree with all of this too. I was going to mention this, but didn't know how to word it.
I think the main diference is merely what is expected of seniors vs what is expected of staff/associates. The other difference I've noticed is that seniors typically are trusted more and therefore get more opportunities to "shine". But yes you are right the hierarchy is minimal and nowhere near like it is in audit/IA.
Posted on 2/5/12 at 5:12 pm to MStant1
quote:
I would agree I'll probably be able to determine if I am partner track or not in 5 years, but realistically I see it being another 8-10 years from now before I would actually attain it. Just from what I've seen in my practice that's what seems to be the case.
Yup that sounds right. 12-15 years to make partner...10-12 if you are a freakin' rockstar and sell $$$$$$$$$$ or start a brand new practice area for the firm and still sell $$$$$$.
quote:
I think the main diference is merely what is expected of seniors vs what is expected of staff/associates. The other difference I've noticed is that seniors typically are trusted more and therefore get more opportunities to "shine". But yes you are right the hierarchy is minimal and nowhere near like it is in audit/IA.
Definitely an expectation that SAs can 'hit the ground running' faster than associates/staff. For associates that can debunk this expectation, the opportunities are even greater to shine.
Posted on 2/5/12 at 7:13 pm to lynxcat
Obviously being in a pure advisory/ib we don't have the layers of management you guys have, but agree with the general tone here, which is probably why we work so closely with so many B4 advisory offices. BTW this superbowl half time is fricking lame.
Posted on 2/5/12 at 9:44 pm to lynxcat
quote:
lynxcat
What's the specific name for the type of advisory work you are in, again?
quote:
rockstar
Only a month or so into the program, this buzzword from practitioners is starting to get ridiculous.
This post was edited on 2/5/12 at 9:45 pm
Posted on 2/5/12 at 9:46 pm to acgeaux129
Shoot me a message.
Studying for AUD right now...this information is terrible to go through.
Studying for AUD right now...this information is terrible to go through.
This post was edited on 2/5/12 at 9:47 pm
Posted on 2/5/12 at 10:00 pm to lynxcat
YGM
Posted on 2/5/12 at 10:32 pm to lynxcat
Bless your heart, registered for L2 [again] last week.
Posted on 2/5/12 at 11:31 pm to kfizzle85
Can't wait to have this done.
Posted on 2/6/12 at 1:27 am to ladytiger118
I know I am late on this, but the program definitely helps start your career. Even if you have no interest in accounting (which I did not) it helps to get your foot in the door. It also isn't near as difficult or time consuming after the first few weeks as he makes it out to be.
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