Summary List Placement
For some MBA candidates, the path to a big accounting firm like PwC or EY just got a little more difficult.
PWC said they’re pumping the brakes on some of its business school recruiting this fall, choosing instead to focus on job offers for summer interns while waiting to see how the coronavirus pandemic affects the economy during the next few months.
The other three parts of the professional services network widely known as the Big 4 — KPMG, Deloitte, and EY — said they would continue to recruit MBA candidates, but it is expected there will be fewer hires.
Fewer Big 4 employees are leaving firms on their own, meaning that to manage headcount, firms will either have to lay people off or hire less in the coming months, according to Jeramy Kaiman, head of western US recruiting at the Adecco Group and Accounting Principals.
“There’s a chance the Big 4 won’t need to hire as much next year due to attrition,” he said. “If students have some apprehension about finding a job they want in the coming year, it may make sense to extend their time in school to make them more marketable not just at the entry-level, but also as they ascent through their careers.”
With tuition skyrocketing at top MBA programs — annual tuition at Harvard Business School is $73,440, according to the school’s website — a job as an accountant, auditor, or consultant at one of the Big 4 firms can be key in paying off graduate school debt. Entry-level roles the firms can easily net employees more than $200,000 per year, taking into account base salary, bonuses, and relocation expenses, according to the US Office of Foreign Labor Certification’s 2019 disclosure data.
Read more: ‘Big 4’ salaries, revealed: How much Deloitte, KPMG, EY, and PwC accountants and consultants make, from entry level to executive roles
What you need to know about the job market this fall
Typically, firms seeking MBA graduates kick off the fall recruiting season first by extending full-time job offers to summer interns and then returning to campuses to find more talented students who can begin work after graduating in late spring.
This year, with most colleges either partially or entirely remote for the fall semester, recruiting to the Big 4 will look different, with business schools now coaching MBA students through virtual networking and a remote job search. Adding to the challenge is an economic recession, where fewer current Big 4 employees are leaving their roles for new opportunities, and firms are being more cautious about navigating their business in a downturn.
PwC said it’s pausing some of its fall recruiting efforts, the Wall Street Journal first reported. The firm told Business Insider that in the fall, it usually hires between 50 to 100 MBA students who didn’t intern with the firm over the summer. But this year, PwC said it had a larger number of MBA student interns than normal: about 150 students, most of whom received and …read more
Source:: Business Insider