{ "media_type": "text", "post_content": "Gonna join PwC M&A tax. What would be the market like if there’s another financial crisis (hopefully not). Are we the people who will be laid off first? Or we will be pulled to do tax compliance? Thanks.", "post_id": "614e8430bdfcd900218c5a5b", "reply_count": 6, "vote_count": 1, "bowl_id": "5bc69fa51498b20012903b07", "bowl_name": "Transaction Services, M&A, Deal Advisory" }

Gonna join PwC M&A tax. What would be the market like if there’s another financial crisis (hopefully not). Are we the people who will be laid off first? Or we will be pulled to do tax compliance? Thanks.

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I was in international tax at the beginning of covid and everyone was working on a TON on planning and restructuring projects. Think I ended the year 125% utilized. Anyways despite how much we were working, there were still layoffs and we had abysmal raises with no bonuses. Our strategy practice had historically low revenue and deal flow but EY still paid them well and paid out their bonuses. Point is, job security is a sham, no one cares about accountants, just go where the money is

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Deal work slows down in a recession but bankruptcy work and other restructuring services pick up. During COVID, getting work wasn't the main issue, it was getting clients to pay.

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I think tax consulting aka credits incentives is a good place for downturns

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I cannot answer your question specifically. But, I can tell you that I’ve made career decisions based on likelihood of layoff etc. I’ve learned that it’s all a crapshoot. And, your best offense is a good defense. Meaning, make sure you do great where you are and be flexible if you’re dealing with an unexpected circumstance. Build a skill set and relationships that will help you survive the marketplace.

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I billed like 8 hours a week during the beginning of the pandemic. Kept my job. That was kinda cool.

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I billed this week lol

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