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Does anyone have experience interviewing with Deloitte Internal Services? I had my final interview a week and a half ago, and received positive feedback throughout. The hiring manager had positive things to say and mentioned they hoped to make a decision by the end of last week. It’s now Friday the week after. The role still shows as “Interviews in Process.” We did discuss potential start dates, but no salary. Any experience with receiving offers for an internal services role? Is this common?
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Advice needed - boyfriend has almost 3.5 years of finance experience at a bank. Interviewed for PwC valuation senior associate and now recruiter says they want to hire him at “experienced associate” because he has no valuation experience. Is this too big of a step backwards in career? Should he push back and see if it gets him anywhere? If he does accept Associate, is it reasonable to ask for written, definitive timeline (1 year?) for promo to Senior upon meeting standards? Help!
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With PE firm partners making alot of money, PA salaries (for staff and ppmds) declining, and quality of public accounting services declining.
Correct
Less pay more outsourcing push for more efficiency and a cut in benefits and perks.
I don’t think it will end well. I think it’s boomers rushing to get their payout before retiring from the profession.
This
My question is how are pe firms getting away with murder in nearly every industry? Where are the regulations?
And of course someone from a pe firm laughs at my comment. Portage point partners. Looks like a turd and a half of a business.
It will not end well for the PE firms, and they will end up selling to a management buyout. The problem for PE is if the accounting firm is doing assurance work, you can't IPO the firm to exit the investment.
No. It’s through a nominee ownership structure. CBIZ and Eisner got it cleared, as did one other firm that didn’t end up doing it.
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Don’t invest in a product that can walk out the door. I don’t see it ending well.
Look at Vialto
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I don’t see it ending well. They’ll take the already lean operation and try and make it even leaner
Enron 2.0
Add-ons will be a nightmare and lead to firms self-imploding.
Mergers until they can IPO the nonattest businesses
The industry will end up with a group of partners that have been made to be middle managers with limited to no say. These partners will not know how to run their practice because the PE will have controlled every decision. Then these partners who are getting smaller comp will eventually have to buy the firm back because the required valuation increases are just not there anymore and we all know PE isn’t in this for more than 5-7 years. So these partners who did not participate in the original sale and likely aren’t getting paid how they should be are now forced to buy back. Meanwhile staff have been pushed overseas and to AI so the companies are lean and have pipeline issues finding the next generation. Not to mention overall pay is still not keeping up with inflation.
Sounds like a nightmare.
I want to be optimistic. I believe we need to change the business model. But I’m not convinced PE is the best way.
I’m reading a book about PE in our healthcare system (“If I Betray These Words). It also shows the impact a rough regulatory environment has on a profession. This combination gives me little hope for the long term benefits of PE in accounting.
Private equity is about making profit, not about improving society or an industry. Boomers cash out, profit motivated MBAs run the firm, and the remaining employees and clients aren’t any better off.
PE firms are investing in anything and everything, and surprisingly if you look at smaller accounting firms their earnings are are above 35% and that’s makes it a good investment. They will buy and consolidate to make it more attractive to the next PE firm. I do not foresee an IPO but a midsize very lean accounting firms with higher profits after they outsource most of the jobs.
I know for a fact there are multiple very large firms exploring IPOs. It’s very attractive for the partners at firms with lots of nonaudit work because they don’t understand what being public means or what it takes to get there, and they think everybody makes a bunch of money. The only saving grace they have is that they don’t know what it takes and it will probably fail anyway.