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The reductions in IT Risk were lower than internal audit and lower than assurance within our firm (Big 4). They were much better than internal audit at my clients as well. We are 15 years later and STILL don't have enough IT Auditors. If you're semi-competent, you have nothing to worry about.
Pro1 - if you have a solid book of business, you're fine. We mostly hunkered down and did IT Audit work during the recession. My friends at other firms, including Pro, doubled down on their Sox compliance (it was still new in 2007 - 2008) and supporting client initiatives. Remember that system implementations and controls reliance work don't stop in a short recession. If it is really long, you might see a delay in the next phase of work, but if the new implementation is going to save money, the chances of companies stopping it are slim.
Following. Looking for a switch but scared to make moves
Great question!
F
Bump
If you can sell, you’ll be ok. Look to what happened in Covid layoffs, they used it as a chance to “trim the fat” and get rid of heavy salaries that had low utilization, low sales credit, etc. the Covid layoffs opened up a lot of room at the partner level with the early retirement packages that were given, so I’d expect a large partner class the next few years as we catch up, freeing up room for MD/D promotions