Audit Busy Season Means Long Hours
For accountants at the Big 4, busy season usually runs from January through April, when public and private companies are trying to finish their year-end reporting. The data that auditors needs to complete their work is typically not available until after year-end (e.g., January and February), as a result, audit teams end up scramble to complete their audit of the company’s financial statements before the targeted completion date. During this intense period, accountants can expect to work 10-12 hours per day, 6-7 days per week.
However, not all audit engagements are equal. Depending on the complexity and sophistication level of the company being audited, the hours required to complete the audit can vary significantly from audit team to audit team. Some auditors may only work 60 hours per week during busy season while others may work 120 hours per week. Either way, work-life balance is largely non-existent during this time, with personal lives put on hold to meet client demands.
One benefit of having a busy season is that the rest of the year is typically slow. While auditors may work 120 hours during busy season, the off-season is usually very laid back, with lots of free time. However, it’s important to keep in mind that some companies report on a 7/1 – 6/30 annual year instead of a 1/1 – 12/31 annual year. This means that the occasional unlucky auditor may shift from a 12/31 year-end busy season (January – April) to a 6/30 year-end busy season (July – September), resulting in 2 busy seasons per year. To avoid this, its best to get on a big public client that requires year-round auditing.
Additionally, while the hours can be daunting during busy season, these periods offer employees a ton of experience in a short amount of time. This experience is one of the many reasons why people who work in the Big 4 are so highly sought after by outside companies. Not only do they know how to work hard and efficiently, but they gain a lot of experience at a young age.
Advisory Work Life Balance
Advisory work at the Big 4 involves various types of consulting, and work life balance can vary significantly based on the type of role within advisory. For this article, we will take the viewpoint of an M&A consultant, which is one of the most common types of advisory roles at the Big 4.
The work-life balance of an M&A consultant at the Big 4 is significantly different from an auditor. While an auditor has a predictable schedule, which involves being extremely busy for 3-4 months during busy season every January – April, an M&A consultant is extremely busy for 2-3 week stints throughout the year at unknown times. There may be weeks when a consultant does not have an active engagement and hardly works at all during the week (well below 40 hours). However, you never know when your next engagement is coming, and when it does, consultants have to immediately hit the ground running. These engagements are typically a sprint for 2-4 weeks until completion, then the work-life balance improves again. The inability to plan your life can be draining in these roles, which typically require frequent travel.
However, like audit (and even to a greater extent), the vast amount of experience gained early in one’s career often makes the time in Big 4 consulting worthwhile.
Work-Life Balance Improvement Strategies
Thankfully, there are some ways that accountants maintain work-life balance at these firms. The Big 4 firms have implemented programs and policies to help ease the pressure and retain employees.
For example, PwC offers its employees flexibility in structuring their schedules, taking time off when needed, and working reduced hours or remotely at times. The firm also focuses on initiatives around physical and mental wellbeing. KPMG targets work-life balance through wellness programs, diversity networks, and mindfulness training. EY offers Wellbeing programs that give options like working remotely, creating flexible or reduced schedules, taking sabbaticals, or even working part-time. Deloitte takes a high-tech approach by using AI to predict when people are at risk of burnout based on workload, travel, and email habits. The goal across all the firms is supporting employees’ ability to manage the demands.
While all of these firms have strategies to improve the work life-balance of their employees, ultimately the work still has to be done, so they don’t have a ton of impact. However, as noted previously, non-busy season and non-consulting engagement periods can be quite nice.
One thing that is great about these firms is their vacation, sabbatical, and maternity/paternity leave benefits. These firms typically offer above market vacation and sick days, the opportunity to take 3 to 6 month sabbaticals, and impressive maternity/paternity paid time off (up to 6 months).
Realities from Big 4 Employees
Despite these efforts, many employees still struggle to achieve true work-life balance while working at the Big 4, especially during busy seasons and periods of heightened client business needs (M&A, strategy & turnaround, financing, etc.) for consultants. As employees advance into manager and director roles, flexibility and autonomy may improve, but more responsibilities can also mean higher stress and poorer work-life balance. If you look at job review sites online, you will see countless complaints about excessive work hours and the toll both physically and mentally.
While some accept the tradeoff as an early career stepping stone an opportunity to gain significant experience earlier in their career, others warn prospective hires to carefully weigh the rewards vs. the strain on physical and mental health as well as personal relationships.
Also, taking excessive advantage of flexibility benefits (e.g., sabbaticals, vacation, maternity/paternity leave) can negatively impact performance ratings, chances for promotion, or even lead to layoffs. These firms are still quite traditional, and those who put in more face time at the office often end up having the best chance at progressing.
Key Takeaways
While attempts are being made to improve quality of life at the Big 4 firms, the client-driven workload makes true work-life balance an obstacle. The client service industry can be tough.
Below are a few key lessons:
- Expect to put personal life on hold during busy season with 10+ hour workdays and weekends.
- Consulting careers have poor work-life balance during different periods, which are often unpredictable. The sheer inability to plan your life can be draining for employees.
- Make use of work-life programs, but understand utilization can still be prioritized over balance.
- Proactively communicate with leadership about workload capacity to manage expectations.
- Weigh options like sabbaticals, internal transfers, or even going private if work-life balance remains unsatisfactory long-term.
The Big 4 continues to dominate the accounting and consulting field with the most prestigious names on resumes. However, at many firms, the heavy workload makes achieving work-life balance a significant challenge. Understanding these dynamics will help set appropriate expectations before you begin a career at Deloitte, KPMG, EY, or PwC.
