Even Savvy Big 4 Professionals Get Freaked Out About All This Retirement Planning Stuff

Posted on by Caleb Newquist

For many capital market servants, the idea of retirement is a dream. No more spreadsheets, no more commuting, no more awful happy hours where people discuss obscure accounting/tax/advisory projects that makes you put the finger-gun in your mouth and make sound effects. Nothing but beaches, international travel and living off of room service. RIGHT? Well, maybe not so much.  CNBC did a little number on 20-somethings that are freaking the fuck out about retirement because – HOLY JUMPING JEHOSHAPHATS – retirement is just around the corner in about 40 years and if you aren't all over this shit you're going to work until the day you die and that…that, my friends means you are a FAILURE. Since time is of the essence, let's find out exactly what spry 20-something professionals are so worried about RIGHT NOW.

Elena Nikolova, a 23-year-old associate for an energy consultancy in Washington, D.C., has a 401(k) plan through her employer, but has not made a contribution yet. “It’s intimidating. First of all, I don’t know what to invest in, and I’m not even sure this money is going to grow. I feel like I need to hire somebody to do it for me, which defeats the whole purpose,” she added. 
You're doomed, Elena. Just doomed. Maybe you should consult with a professional that handles these sorts of things. Like a savvy numbers type with a respected professional services firm.
Jenny Stein, a 27-year-old senior tax accountant for Ernst & Young, shares similar concerns. “I have a 401(k) with Fidelity through work, but it’s confusing. People say you need to be aggressive with your asset classes when you’re young. I don’t know what that means,” she said.
CRAP! So much for that idea. The good news for Jenny (take notes, Elena) is that many of you are probably aware of this idea of being "aggressive with your asset classes" and would be happy to elaborate further. You might even be so kind as to give that kind of advice for free Secondly, Jenny is 27. Maybe some of you feel like you've been "doing this shit" for too long but rest assured – when you're still in your twenties, there's a LONG WAY TO GO. Plenty of time to get aggressive. 
 

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Will a Floundering GPA Doom a Recruit’s Big 4 Hopes?

Ed. note: Have a question for the career advice brain trust? Email us at advice@goingconcern.com.

Hi GC,

I am interviewing with multiple big four firms but I am a little worried that if I receive an offer it may be revoked later on. I graduate in December with my masters and due to recruiting season and studying for the CPA exam I have not focused much on school. My current GPA is 3.5 and I feel that after this semester it will be in the 3.3-3.4 range. Have you ever heard of a CPA firm revoking a new graduate offer due to their grades slipping? I am getting a little worried. Thanks.

Sincerely,
Scared

Scared,
Welcome to the trials and tribulations of recruiting season. Unfounded rumors. Random interview selection. Lost sleep over imploding GPAs. Epic amounts of money wasted on free schwag*.

Rest assured, the drop in your GPA should not affect your eligibility. Consider this: your candidacy for a spot at a Big 4 firm consists A) your undergraduate GPA/degree B) any relative internships you’ve landed C) your first semester of grad work (the 3.5 GPA) and D) your CPA eligibility. I say “should not” without making a promise because the world could end tomorrow (Greece! UBS! HPV shots!) and recruiting could dry up but it’s not likely. Okay, UBS could be toast…

I’m not suggesting that you let things slide, either; you will need to provide a final transcript upon graduation. Assuming you took an equal amount of credits across two semesters for your Masters program, your first semester of a 3.5 GPA will be match up with a second semester of 3.2/3.3. Not the end of the world.

Keep interviewing, keep studying, and keep us informed of how things play out. Good luck on campus this fall.

*GC contributors will gladly accept schwag.

Accountingfly Featured Job of the Week: Audit Senior Accountant with Hannis T. Bourgeois

Accountingfly's featured job this week is an Audit Senior Accountant with Hannis T. Bourgeois in […]

Job of the Day: It’s Time to Get Serious

Thumbnail image for Thumbnail image for hire me2.jpgRather than get too cute with you on our job of the day, we’ll just level with you. If you need a job, what the hell are you doing? You’re missing out on all the fun. Move on this.

Check out the details for a Senior Product Controller position at RBC Capital Markets, after the jump.


Company: RBC Capital Markets

Title: Senior Product Controller

Location: New York

Minimum experience: 4 years

Description: The Senior Product Controller will maintain the accounting and finance module of the main NY GAT Fixed Income and Equity subledger system. The position requires a professional able to work closely with various traders, IT professionals, operations, and business analyts to manage the integrity of the local sub-ledger and its feed to the general ledger. The individual must possess an excellent understanding of Accounting basics, P/L production, product knowledge, P/L Decomp, and IT savy. This is a highly visible role due the nature of the position.
Responsibilities: Manage, assemble, organize and produce the Sophis accounting rules necessary for daily functions across all groups such as product Control, Operations, Front Office and Risk. This will include being the lead Finance and Accounting represtantative on all new business rollouts and current business conversions

Requirements: Bachelor Degree, or equivilant, in Accounting/Finance. – Minimum 4 years relevant industry experience. Preferred: – MBA Finance – CPA.

See the entire description over at the GC Career Center and visit the main page for all your job search needs.