Careers advice - Technology vs Big 4

One More Solo · 27 Oct 2013 at 11:41

I think ACA gives you good options after qualifying, most people I know that have left the Big 4 have ended up in decently paid positions with good hours or very well paid with longer hours. Just have to put the hours in for a few years to get the qualification and experience.

subbytna · 27 Oct 2013 at 11:46

Becoming another parasitic banker, just what the economy needs

PMKeates · 27 Oct 2013 at 12:01

I've lived with someone who worked in audit at one of the Big Four. He couldn't have hated it more, and was expected to work ridiculous hours for nothing.

I would honestly choose a technology path, just as I can't see very much to 'enjoy' in audit. I know several people who work in and around banking technology, and they all seem to like it!

[DOD]Asprilla · 27 Oct 2013 at 12:37

PMKeates said:
I've lived with someone who worked in audit at one of the Big Four. He couldn't have hated it more, and was expected to work ridiculous hours for nothing.

This. And it only gets worse as you get more senior.

Hxc · 27 Oct 2013 at 13:22

Mr^B said:
You haven't said what you actually want to do? These are (potentially) two totally different career paths.

If you're not passionate about technology, please don't go down that route. Also, you can do 9-5 (they don't physically lock and bolt the doors) but don't expect anything in terms of career progression, pay-rises and bonuses.

What do I want to do? I have absolutely not idea. I have never really cared what I've done for a job and thus have experience doing a variety of things, hence my multitude of grad scheme applications to different sectors.

I am passionate about technology, and I am aware in order to really move on, I wouldn't work 9-5. Having the option to do so, however, is very enticing, as being able to schedule dinner with friends at a decent hour at short notice would be nice, rather than being forced into the office every day. In all likelyhood I would work a lot more than 9-5 most days, purely for career advancement, and hopefully because I enjoy the job.

One More Solo said:
If you want to go from audit into banking then really you need to request to work in financial services audit, and even then it's not easy to make the jump. I'm in audit currently and if you have any questions feel free to trust message me.

I would be starting in FS Audit with one of the firms I have an offer from.

PMKeates said:
I've lived with someone who worked in audit at one of the Big Four. He couldn't have hated it more, and was expected to work ridiculous hours for nothing.

I would honestly choose a technology path, just as I can't see very much to 'enjoy' in audit. I know several people who work in and around banking technology, and they all seem to like it!

Thanks, that's the sort of thing I'm interested to hear.

Tom_ed1987 · 27 Oct 2013 at 13:46

Hxc said:
Does anyone have any insight? I am leaning towards technology purely because it's the 'easier' of the two, but I fear in 20 years or the like, I will regret not being able to move into investment banking for real and the like.
Cheers

I would be more concerned with regretting spending the best years of your life doing long hours in something you don't like very much purely in pursuit of a qualification and future earning potential.
Do what you enjoy and are interested in the most. £8k additional salary sounds a lot when written down but really won't make much difference at all.

FWIW I know a few people who work in audit, they started out bright eyed but now absolutely hate it. I'm sure IB tech could be far more interesting but don't know much about it.

PMKeates · 27 Oct 2013 at 13:49

Ultimately, if you are good and committed to your work, most paths at this level with pan out approximately the same. It's not as if you are tossing up being a care worker or a quant.

While there is a lot of social activity in the Big Four, most of it is spent socialising hatred of one's employer

Geo-Gamer · 27 Oct 2013 at 13:55

My girlfriend's cousin had worked in kmpg a few years back. He told me that he only stayed there to get his chartered statues paid for and to have that experience under his belt in such a well known firm. Long run he hated it as he would always stay until 1 am and doing long long hours. [But he always gone on about how good the money was lol

].

Now he free lances working from home doing half the hours and earning double the money.

My advice to you is aim for long term happiness rather than short term as before you know it short term will run out eventually

Good luck!

One More Solo · 27 Oct 2013 at 14:03

Hxc said:
I would be starting in FS Audit with one of the firms I have an offer from.

Cool. Audit isn't for everyone and it probably takes a certain mentality to work in. It's certainly not the most fun job ever, but it's better than some jobs I've done and my first busy season had some long hours but it wasn't as bad as some people say. There are a number of people that will complain with no real basis for it, and others that seem to revel in working harder than they have to ("You did 60 hours last week? That's nothing, I did 100 and flogged myself each night for not working harder"). Certainly in my firm they are trying to change the working culture and working more efficiently. Time will tell if this has a knock on effect as resources are undoubtedly still pressured.

What I would say is FS Audit is a hell of a lot more interesting than middle markets work. Some of the work I have been involved in has been extremely interesting and there's a bit of excitement from seeing something you're working on being widely reported in the news. This compares with some of my same year colleagues going out to count pet food and similar. I know what I'd prefer!

Hxc · 27 Oct 2013 at 14:14

PMKeates said:
Ultimately, if you are good and committed to your work, most paths at this level with pan out approximately the same. It's not as if you are tossing up being a care worker or a quant.

While there is a lot of social activity in the Big Four, most of it is spent socialising hatred of one's employer

Good to know! I have been swaying heavily towards the technology one but it was the progression that concerned me, and that doesn't seem as much of an issue as I originally thought.

Geo-Gamer said:
My girlfriend's cousin had worked in kmpg a few years back. He told me that he only stayed there to get his chartered statues paid for and to have that experience under his belt in such a well known firm. Long run he hated it as he would always stay until 1 am and doing long long hours. [But he always gone on about how good the money was lol ].

Now he free lances working from home doing half the hours and earning double the money.

My advice to you is aim for long term happiness rather than short term as before you know it short term will run out eventually

Good luck!

The money in audit is not as good as technology, £28k vs 36k starting. Both good, but 36k would give me a better chance of having my own place in london rather than a house share.

One More Solo said:
Cool. Audit isn't for everyone and it probably takes a certain mentality to work in. It's certainly not the most fun job ever, but it's better than some jobs I've done and my first busy season had some long hours but it wasn't as bad as some people say. There are a number of people that will complain with no real basis for it, and others that seem to revel in working harder than they have to ("You did 60 hours last week? That's nothing, I did 100 and flogged myself each night for not working harder"). Certainly in my firm they are trying to change the working culture and working more efficiently. Time will tell if this has a knock on effect as resources are undoubtedly still pressured.

What I would say is FS Audit is a hell of a lot more interesting than middle markets work. Some of the work I have been involved in has been extremely interesting and there's a bit of excitement from seeing something you're working on being widely reported in the news. This compares with some of my same year colleagues going out to count pet food and similar. I know what I'd prefer!

That's really interesting to know, it's always very good to get an insight into what work is really like!

PMKeates · 27 Oct 2013 at 14:19

If you were starting out on 36k in London, I'd still recommend a share of some description, to maximise disposable income and allow yourself to live in a nicer area.

Geo-Gamer · 27 Oct 2013 at 14:28

oops sorry

Forgot to mention he wasn't in audit but he was working in the big 4.

The starting salary in technology is higher but how is the salary of an auditor once you have successfully reached chartered statues?

Once again I am always looking at long term

PMKeates · 27 Oct 2013 at 14:30

The salaries in audit, qualified or otherwise, are not much different to a good technology career path. You usually end up in management if you want to earn the 'big bucks'.

rogan · 27 Oct 2013 at 14:45

Trust me when I saw that if you want to last at the IB longer than the grad scheme, 9-5 isn't going to come close.

Hxc · 27 Oct 2013 at 14:52

rogan said:
Trust me when I saw that if you want to last at the IB longer than the grad scheme, 9-5 isn't going to come close.

I am perfectly happy to work long hours. I would just rather not be absolutely forced to 100% of the time.

PMKeates · 27 Oct 2013 at 15:05

Hxc said:
I am perfectly happy to work long hours. I would just rather not be absolutely forced to 100% of the time.

You won't, even in audit. If you are keen to get on, I guess 40-50 hours a week will find you the time to do everything you need to do the majority of the team. It's busy season that's the killer - can be getting on for double that when you are working 7 days/week.

Dunks · 27 Oct 2013 at 15:20

PMKeates said:
If you were starting out on 36k in London, I'd still recommend a share of some description, to maximise disposable income and allow yourself to live in a nicer area.

This.

£36k is a little over £2000 a month after tax. With rent and bills that leaves you with around £900-1000, a lot less if you want a fairly decent one bedroom place in a nice area.

PMKeates · 27 Oct 2013 at 15:26

Dunks said:
This.

£36k is a little over £2000 a month after tax. With rent and bills that leaves you with around £900-1000, a lot less if you want a fairly decent one bedroom place in a nice area.

At best! I can easily see a reasonable one-bed in a reasonable area, after bills, council tax etc. coming to £1200-1300/month.

DanTheMan · 27 Oct 2013 at 16:09

You also have to think about the volume of turnover in staff at the big 4 and why they recruit so many grads each year. Working for the big 4 has almost become a finishing school for anyone with a financial/mathematical degree. The wage and qualifications seem to be the only redeeming features of an otherwise rather tedious process.

I personally would also keep an eye out for some of the smaller and more obscure firms offering grad schemes or take one of the technology offers.

Dunks · 27 Oct 2013 at 16:17

PMKeates said:
At best! I can easily see a reasonable one-bed in a reasonable area, after bills, council tax etc. coming to £1200-1300/month.

Yup.

£800 a week isn't a lot to make the most of living in London, especially if you live in central, you'd have to make the most of it otherwise there's no point living there.

Even people in front office investment bank roles flat share, it's a good way of doing things.