Hello!
Currently am a senior right now in college with 1 internship on my belt. I am conflicted on which one to apply for… Ernst & Young (Big 4 accounting firm) is currently looking for people on a full time level AND an internship level. But the thing is, they will only allow you to apply to one. Obviously people cannot make my decision for me, but can you guys please explain which route youd take and the rationale behind it? I want to apply for the full-time position but I am afraid theres going to be too much competition and there could be so many people who have a lot of experience who apply for this job. However, the internship position allows me to have a chance to some day go full-time, but it is probably unlikely. Currently, 3.8 GPA because they emphasize that academic records do indeed matter.
If you start working on the internship or the full-time job after graduation then you should apply for the full-time job.
As a senior, if you are CPA-eligible, you should apply full-time. If not and doing a MAcc, then an internship.
Yeah, I am nowhere near CPA eligible sadly. What is MAcc?
Actually, I don’t think my state (MA) I am even able to be CPA eligible so soon
Big 4 firms like accounting majors to earn their CPA license within the first two years of full time employment & pay a bonus of $5,000 for those passing all CPA requirements during their first year with the firm. The CPA review course is free.
Typically the Big 4 extend full time offers to over 90% of their interns.
@johnho433 : If you really do not know that MAcc stands for Masters in Accounting, it seems unlikely that you will be selected for employment at Ernst & Young (EY).
Big 4 internships & full time positions are highly competitive, require outstanding grades & often involve 5 interviews.
P.S. In your first post you note that you are currently a senior in college–what is your major as it seems for certain that it is not accounting.
@Publisher So me not knowing an acronym means I am not applicable for a job position? Okay, thanks for your input.
@johnho433: What is your current school ? Very important to know this if you are not an accounting major. What is your major ?
I do not think that you qualify for full time employment at EY without an accounting and/or finance major ?
Is the posting for a particular division at EY such as Audit or Advisory or Tax or Consulting ?
I was trying to help you. But since you have not answered any of my simple questions, yes lack of knowledge about what MAcc stands for is a good indication that you are unfamiliar with accounting.
Among the Big 4 accounting firms, EY is the most focused on Audit & accounting.
Big 4 positions for college students are so competitive that thousands of college students with extremely high GPAs hire consultants or purchase Big 4 materials from consultants to help with the application & interview process. I was just trying to help you & save you money.
@Publisher Apologies for not mentioning my major in my post; but yes I am indeed a senior at UMASS, accounting major with a minor in economics. This position is specifically for the full-time position (Audit Staff) vs the internship position (Audit Intern). I would apply for both but it is specified that I can only apply to one. I currently have a 3.8 GPA going into my last year of undergrad. I am on planning to stay on my path toward a CPA license. In order for me to stay on track, I would need to have experience in an accounting firm for at least a year, along with getting my masters in accounting. Also, currently working part-time during school as an accounting assistant as my internship, overshadowing the staff accountant, doing invoices a/p a/r expense reports, etc
You can get a MAcc or a Masters in Taxation.
I just looked at the CPA requirements for Massachusetts, seem a bit easier than for many other states in terms of specific hours & specific courses required although almost all states now require 150 hours.
In my opinion, you would not be a strong candidate for a full time position at a Big 4 accounting firm since even after graduating you most likely will be 30 hours short of the 150 hour requirement. Apply for the internship & apply for a Masters in Accounting or a Masters in Taxation.
Audit is the lowest paying position in a Big 4 firm. Consulting is the highest.
@Publisher Yes, for sure I will be short 30, you would need a masters to get that full 150. Financially for me, I do not think it is smart to go get my masters as soon as I graduate. Auditing is definitely not my #1, I just happened to see a job listing on my schools site. EY also has a tax internship, I will most likely apply to that over the auditing position. Do you think it would be a smart choice to work for a lesser accounting firm and if I get the opportunity that they would cover my tuition to get a masters degrees in taxation/accounting? Also, I am planning to apply to 100+ positions, I just wanted to tell you guys my thought process for what I am planning for the next year moving forward
Tax often requires a law degree & a LLM in Taxation (only lawyers are eligible for this degree) or a Masters in Taxation accompanied by a CPA license.
If you can interview for a Tax internship, then that does pay significantly more than Audit. But it is hard for tax attorneys to even get an interview for these positions.
The main target schools in the US for Audit are the big time accounting schools–although close to a 4.0 GPA for accounting majors from any accredited school can result in an interview.
Texas A&M, Univ. of Illinois, Univ. of Texas-Austin, Notre Dame, USC, Indiana, Bentley, Univ. of Florida, Michigan State, & BYU.
The ten undergraduate schools are target schools for Audit/Assurance divisions within Big 4 accounting firms.
Tax usually recruits from Masters in Taxation & LLM Tax programs. But, since both degrees are one year degrees, you may be eligible for a tax internship. If offered, you would be expected to get a Masters in Taxation.
EY-Parthenon is the consulting arm of Ernst & Young. It has 14 undergraduate target schools in the US & nine MBA target schools in the US.
The undergraduate schools include: Six of the eight Ivy League schools plus Northwestern University, USC, Chicago, Duke, Stanford, Berkeley, Amherst & Williams.
The nine MBA schools are Northwestern-Kellogg, Virginia-Darden, Berkeley-Haas, Harvard, Yale, Penn-Wharton, Dartmouth-Tuck, MIT & Stanford.
So basically it is audit vs taxation. As a senior, it is still unclear what I want. Thank you so much for your advice. I will also look into consulting. Taxation is prob the smartest route to go longterm
The reason that I list the schools is so that you understand how competitive it is to get an interview with a Big 4 accounting firm & that you prepare accordingly.
One major benefit of working for a Big 4 is that you get exposure to many Fortune 500 firms–most of which will hire you away at higher pay & better hours if you have several years of big 4 experience. The beauty is that the Big 4 welcome these moves & even hold cocktail type gatherings for their alumni in order to maintain & promote good relations between the Big 4 firm & the Fortune 500 company. Plus, if one wants to return to a Big 4, the door is usually open.
Additionally, all Big 4 have offices worldwide & it is easy to switch locations. So if a spouse or significant other gets a job in a different part of the country, or if you just want a change, often the Big 4 will allow one to transfer to another office.
I think that a 3.8 GPA in accounting from a non-target school would be the bare minimum for Audit/Assurance.