Query on Vacation Work (2 Viewers)

[§eraphim]

Do you get paid as a summer intern/vacationer at the big firms in the city, eg. banks, big4,etc? How much?

 

[Minai]

Of course

PwC = $23/hr
KPMG = $22/hr
EY = $20/hr
Deloitte = $19/hr

That's from what I can remember my friends telling me (they did internships at Big4's)

I imagine banks would pay much more though

 

[§eraphim]

Of course

PwC = $23/hr
KPMG = $22/hr
EY = $20/hr
Deloitte = $19/hr

That's from what I can remember my friends telling me (they did internships at Big4's)

I imagine banks would pay much more though

Did you get offered an internship? Because I thought it would be hard to get into Big4 without having done an intership before.

 

[Minai]

no I didn't apply
It's not hard if you're good enough I guess

 

[seremify007]

I did yr10 work exp at Deloitte... and no I didn't get paid =P I did however get a reference^^

 

[Grizzly]

no I didn't apply
It's not hard if you're good enough I guess

Neither did i.
How much of a disadvantage do you think it was when you went thro your EY Grad. recruitment process ?

 

[§eraphim]

Neither did i.
How much of a disadvantage do you think it was when you went thro your EY Grad. recruitment process ?

did u get any vacation work? i didnt bother applying for big4 since they reject non-punultimate yr students.

 

[seremify007]

Sorry for being a bit stupid but is 'penultimate' final year?

I read on the CA Achiever topic that there are a few ppl who got into Big4 who weren't in final year.

 

[jelly]

penultimate is before ultimate so yeh, its before final yr.

the figures are wrong..

for 05/06 vacationers, its:
*KPMG $24/hr (standard 8:45-5:15 day, with 1hr lunch) - 900/week
*PWC $180 a day (equiv to KPMG, cept you don't get paid more if u need to stay back)
*Deloitte $19/hr (haha pay peanuts u get monkeys... )
*don't know about EY. they've gone weird this yr (downsizing? none of my friends got EY)

Macq Bank (major investment bank) pays 1000/week, but their vacationers work crazy hours (til 8pm at night - they get cabcharge home though).

if you get vacationer, u're very, very likely to get a grad offer unless u majorly stuff up.

i have friends who got PWC tax vacationer in 3rd yr (of 5yr com/law degree) even though they weren't penultimate. the others rejected them cos they weren't penultimate though.

a friend's got CBA and he said "jack all...not more than u guys, its 35k pro rata". so banks don't pay more.

 

[§eraphim]

is it just macquarie that pays well? what about other IBs?

 

[seremify007]

Wow.. Mac Bank isn't bad- but then if you calculate it it's only 1k more than PwC/KPMG...

Btw how long does vacation work last for?

 

[Grizzly]

did u get any vacation work? i didnt bother applying for big4 since they reject non-punultimate yr students.

Nope, just an interview with Macq Bank.

Oh, i'd accept 1k less to avoid the big4

 

[michael_watson]

Why? I suppose it might be hard but I heard from mum that once you get in you never have to worry about getting a job...

 

[Grizzly]

Well its all about prefences isn't it ..

other than that, i dont think so ...with massive generalizations, job security with a top tier firm (accting, law) is not that healthy...they can afford to loose you...(relative to a mid-tier acctin firm) and you tend to get dismissed from other mid-tier opportunities after being at the top...

 

[seremify007]

I think it's all about the corporate culture. I was choosing between mid-tier and Big4, but ended up withdrawing all my mid-tier applications when I realised that I liked "my firm"; but there were a few mid-tier firms which I really felt 'connected' with, but ultimately, I picked based on which firm I felt most at home with.

EDIT- I'm referring to cadetship position; so things are a bit different from Vac work.

 

[Grizzly]

Yeh exactly seremify007 - You go for what you like prefer best.

 

[jelly]

Vaccie work is usually 8-9 weeks, with 2 week annual vacation between Christmas and NY.

I'm not sure bout other IBs..but Macq Bank is reallly hard to get into - something like 5+ rounds.

With any of the firms, job security is very good when you have a grad position with them. They'll keep you as long as you want them to. Usually people move off after a few years, but if you stay, you can go up pretty quickly - 2yrs snr consultant, 4 1/2 yrs manager....they reward loyalty with promotion very well. Pretty hard to get laid off unless u do something idiotic! Plus all the big-4 are expanding anyways, so it's silly of them to sack you on a whim.

Firm culture matters alot. Eg. Deloitte is very aussie, loud and extroverted. Most ppl consider them substandard for a top-tier firm. EY is somewhat asian and quietish. PWC is considered somewhat arrogant and outgoing. KPMG is very friendly and open. They're all different...depends who you like. And whether they like you too (and fit their corporate culture). It's your fit as well as theirs.

 

[hk31]

*don't know about EY. they've gone weird this yr (downsizing? none of my friends got EY)

EY is $24/hr ( for audit anyway), so it's the same as KPMG

 

[seremify007]

Firm culture matters alot. Eg. Deloitte is very aussie, loud and extroverted. Most ppl consider them substandard for a top-tier firm. EY is somewhat asian and quietish. PWC is considered somewhat arrogant and outgoing. KPMG is very friendly and open. They're all different...depends who you like. And whether they like you too (and fit their corporate culture). It's your fit as well as theirs.

Haha I agree with you (partly) but would swap Deloitte and KPMG- not because of the "aussie" thing since one of my Chinese friends got into KPMG, but more to do with they have a loud & sporty image. I think Deloitte people are very friendly to work with as well. Ironically you say they are considered 'substandard' but globally, they are ranked 2nd. EY is probably reserved/quiet- wouldn't say "asianish" but I do have a Chinese colleague who happily works there. Finally, as for PwC.... It's hard to say- I think they are "confident" in what they do hence the outgoing nature/personality.

But I definitely think that culture matters alot and that if you fit in with their culture, then that's great; but if you aren't, there's no point pretending to be something you're not.

 

[pigs_can_fly]

actualli deloitte have revised their pay to $23/hr. apparently when they gave out contracts for 19/hr, they were 'unsure of the going market rate'...lol. also deloitte is quite a way behind the other 3 in aust, simply in terms of size. however, they seem to be growing faster because of it, and innovating much more. also, there's less pressure to perform and work late hours etc.

IMO, the big 4 are all very competent places to work, but there are subtle differences in culture, which u will have to realli experience in order to get a feel. personally, i quite like EY (notwithstanding their new offices which include a gym ).