Wednesday, October 25, 2006
@1:16 PM
Big Four crapsAppeared on the coverpage of today's Business Times. Extract for your reading.
"Audit firms cast their nets wide in hiring drive"Talent shortage is forcing Big Four firms to hire non-accountacy graduates and to look abroad for skills. The combined annual output of accounting-trained graduates from the local universities is barely enough for the Big Four firms - each of whom hires, on average, 200-300 a year. NTU produces 600-700 accountacy graduates a year, SMU adds another 200 or so, while the NUS just reopened its doors to accountacy with its first intake of 100 students in August. Mr Kon of Foo Kon Tan Grant Thornton says, "Policy makers, the authorities and institutions should recognise the need to increase the intake of accounting students in local universities to meet a very pressing market demand."I say, "Fuck you, but no thanks."
First of all, since all of us agree that auditing is an important function in the corporate world, how can they downgrade it by employing graduates with no idea what auditing or account is? It's bullshit. I can't even imagine a marketing-major student auditing a firm's book, less to say an engineering or social science graduates. This just show the kind of work that these entry accountants are doing in these Big Four.
Secondly, these 4 firms have been setting their salary at $2,000. Fucking $2,000 and they are demanding good graduates. Yeah right. And it's a fucking cartel that they are creating. Let the market plays its role. If there's a shortage, Econ101 will tell us that the salary should increase. Yet, they are claiming that the authorities are not doing enough. Yeah right.
Finally, I can assure you that although there is around 200 accounting graduates from SMU each year, there's less than 150 (maybe even lower) entering the auditing line. Why will they want to work for $2,000 in accountacy firms, when the banks can pay them $2,600 easily?
So instead of resolving the problem, they start to look elsewhere for graduates. I forward alot of China nationals in these firms soon. Good luck.
by Str|fe
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