The new 2011 edition of my eBook is now out next week and I just wanted to make a post to briefly talk about some the shifts we’ve been seeing in the recruiting practices of the Big 4 accounting firms (Deloitte, KPMG, PricewaterhouseCoopers, and Ernst & Young). In 2009, some of the firms let go of a number of employees. Others held onto their employees and stuck by their people. However, no matter which firm you look at, recruiting and job offers were down in 2009. All of this downsizing meant that the same amount of work had to be done by fewer Big 4 employees. During 2009 and the first-half of 2010, Big 4 accounting employees were overworked. They worked long hours and didn’t see much in the way of raises. Because of this, there’s been an exodus of Big 4 employees leaving the industry. As the Big 4 came to the realization that their people strategies weren’t working and that their compensation was below market (as demonstrated by the high number of employees leaving), the firms have been increasing salaries and providing spot-bonuses. Some of the firms are offering 10% raises on salaries for experienced hires coming from other Big 4 firms.

So, you’re probably wondering… “What does this mean for me?” Well, it means that 2011 is going to be one of the most intense recruiting seasons we’ve have in a few years. This isn’t the same type of intensity we had in 2009 and 2010. Over the past two years, there have been a growing number of well-qualified applicants for a shrinking number of job openings. Now the tides have shifted. This year there’s going to be an increasing number of jobs. For example, PwC managing partner Rob Gittings was quoted by the San Jose Mercury newspaper stating that the San Jose PwC office is looking to add 100 employees over the next year. That’s approximately a 30% increase over 2009 numbers.

Knowing that the Big 4 are going to be out there waiving more job offers around isn’t reason for you to get lazy. It’s as important as ever to be on top of your game. Not only will you need to be prepared academically, but you should be prepared for the interviews and meet & greets. You’ll need to nail each aspect of the recruiting process in order to get that job offer. I’m putting the finishing touches on the 2011 Big 4 Recruiting Secrets guide and I gotta say, I’m excited about this one. I’ve learned a lot over the past two years and I’m excited to share with you.

Whether you decide to buy the guide or not, I wish you the best of luck in this upcoming recruiting seasons. It’s going to be an exciting one, I can tell you that.

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Filed under: Big 4 Recruiting

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