Is now a bad time to move to another firm? I would like to go from Top-10 to Big 4. But all the layoffs are concerning

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I had an interview at EY recently and that was one of the things I asked the Partner about. They said that because of EY split, they’ll have to hire even more people. Take that with a grain of salt, but the consensus is that Big 4 won’t be affected.

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Good info

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Never a mistake to jump from mid tier to big leagues. You will learn so much more. Just make sure you get the right comp package for your level ✌🏼

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What about the opposite? Currently I’m at a big4 and debating a move to a smaller firm. Sick of some the cutthroat “colleagues” I have to deal with.

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There haven't been layoffs at big 4 firms

likesmart

If you know we're about to be in a recession you should just make money shorting stocks

I might be out of the loop. But I haven't heard of layoffs at big4.

What kind of experience do you have?

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Unemployment rate is still very low

All of the Big 4 are understaffed. Other than performance issues, you're not going to see layoffs any time soon.

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I'm an advisory partner, so yes.

You’re chilling, public accounting needs too many bodies for layoffs currently

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What layoffs?

likesmart

Tech is bloated. Too many underperforming people, decreasing margins

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If your audit or tax you will be fine. Advisory you may want to worry a little depending on your service line. At the end of the day every public company needs an annual audit and every company still has to file taxes regardless of the state of the economy.

likehelpful

True. I’m in fed tax.

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Sometimes I wonder if this is a narrative to curb the Great Recession

likesmart

Most of us arent fooled lmao there’s still a historical number of openings and recruiters wont leave us alone

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There are no layoffs. You people who are too young to remember 2008 really need to get a grip if this is what you think represents a bad economy.

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Yes, or the dot com - 9/11 bust or the early 90s recession after the invasion of Kuwait, where unemployment was almost 8%. This is nothing, yet.

I haven’t really seen any layoffs in tax, especially federal tax. Then again, we are so short staffed that people are working insane hours. I thought WLB was bad pre-pandemic. It’s on another level now lol

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In August, I got Covid and then I told the team in the meeting on Monday that I am getting covid. She assigned me the task in that call and said that hopefully you can get it to me by Friday given you need some time to rest LMAO

I wouldn’t be concerned, based on how short staffed we are. Even if you are laid off, other firms will hire you.

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True good point

IRS is hiring :)

likefunny

So that you can have an actual life outside of work.

I wish I’d gone into government early in my career. Now the pay drop would be too much of an issue. But if I could start over I’d go straight out of college to the IRS or to some government accounting role.

Baker Tilly has no lay offs, continued need for staff, seniors, and managers. Lots of hiring

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Baker tilly aint a big 4 🙅🏻🙅🏻‍♀️😂

likesmartfunny

Now is a good time to make the jump, we’re hiring

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No worries in PA tax. You’re good.

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Leave. U can always go back

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I was concerned about the same thing but with how short staffed PA is, my guess is if they had to let anyone go it wouldn’t be recent hires but the poor performance employees

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Why would a firm layoff a new hire? Wouldn’t they be hiring you to fill a specific need?

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They actually follow FIFO. The older staff more experienced staff are too costly. We don’t actually care about doing the job well. Just well enough. As long as there’s younger cheaper staff that can replace you, then those too high on the pay band are out if progression isn’t viable. At the staff and senior level though we are so understaffed it’s not a concern.

Big 4 are still focused on experienced hires. One of them drew a second year staff from a regional firm where I worked who thought private audits were too demanding. No public experience at all. They would spend about a half day on control testing and walkthroughs—all of them. Now making more than I was paid as a manager (with 5 years of Big 4 experience). Not going to say it’s not possible, but given all their investing to try and fix short-sighted decisions they made in 2020, I’d say it’s unlikely. I made the move to consulting this year and now I’m sweating it a little bit. I keep hearing utilization is soft right now, especially with IPO activity pretty much falling off a cliff this year.

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