BIG 4 Recruitment Freeze 2008

Badboy21

Big Four Recruitment Freeze 2008

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It is almost the beginning of 2009, Ireland is officially in a recession, and almost every industry in the republic of Ireland has felt the adverse effects of this economic slowdown. First it was the construction industry that took the full brunt of the slowdown, following on from this was the tourism industry. As the recession approaches maturity, there has been a rippling affect that has left no stone unturned.

Some might argue that I work in the most recession proof industry there is, i.e. an trainee accountant with one of the big four firms. Personally I feel that things have made a turn for the worse. Rumor is rife that the numbers being hired have been cut dramatically. In 2007 the graduates hired was around 250, this figure peaked in 2008 where the graduate intake was almost 275. However for the graduate intake for 2009, I feel that only about 150 will be taken on.

Taking this into account and the fact that the 6 big banks in the republic of Ireland are limiting their graduate intake. The majority of business graduates from top Irish universities will have little alternative but to apply to the big four milk round.

As mentioned in an earlier post desperate times call for desperate measures as graduates try to nullify the ‘fear factor’ of the recession by obtaining a secure job. As a result of this the competition for big four places whether in audit or tax will be intense. The Darwinian slogan 'the survival of the fittest' literally springs to mind when I think about how tough this competition will be. It will literally be the survival of the fittest with those having the best leaving cert., 1.1 from the top Irish universities and a host of extracurricular activies on their CV , being the lucky few to be selected.

Has anyone heard anything about the recruitment freeze in the Big four milk round? Has the big four rejected you personally or maybe you feel that due to the intensity of the competition that you were not given an interview? I would like to hear how you got on?

Suaimhneach

When I was job hunting in June, I was in touch with a recruitment agency - and I remember a distinct conversation where the agent herself sounded in disbelief. She said "I mean, AIB arent even running their graduate programme this year" - panic was coming through for definite.

The thing to remember is there are more opportunities than just the "Big 4", as you put it. Another thing to take into consideration is this econmic slow down is going to create more compeition and more entrepreneurship. These things can increase growth and employment, and ultimiately we'll be relying on our graduates, on innovation and on tougher competiton to take us out of this recession.

And it's not a recruitment "freeze" - they're taking in less graduates - not NONE! Though at the same time, I dont think any one or any industry is recession-proof.

Current graduates shouldnt panic, but instead should realise they're going into a tougher and more competitve economic climate and for this reason, they should be doing as you listed, and aiming for a 1.1 and doing anything extra to increase their employability. But panic solves nothing and increases the ever downward spiral of the economy.

Badboy21

Jesjes wrote: »

When I was job hunting in June, I was in touch with a recruitment agency - and I remember a distinct conversation where the agent herself sounded in disbelief. She said "I mean, AIB arent even running their graduate programme this year" - panic was coming through for definite.

Well thats not surprising given the current economic climate, the banks are on the brink of collapse, the credit crunch is in full swing and the stocks amrkets have plummeted. Im surprised more people ahve not been sacked yet.

Jesjes wrote: »

The thing to remember is there are more opportunities than just the "Big 4", as you put it. Another thing to take into consideration is this econmic slow down is going to create more compeition and more entrepreneurship. These things can increase growth and employment, and ultimiately we'll be relying on our graduates, on innovation and on tougher competiton to take us out of this recession.

The tougher economic climate will cause many of the top graduates to come throgh, the likes of people from IT's and bad leaving cert poinsts will be left with no oppurtunity but to work in MacDonalds. Enjoy your new graduate job, flipping big macs in Macdonals.










hfgh

Suaimhneach

You obviously have a great understanding of how the economy, and this recession is going to effect our graduates - however that does not mean you can attempt to insult people.

There is nothing wrong with honest decent hard work, and if you think otherwise, you may keep it to yourself.

There is always opportunity - regardless of whether you've got a bad leaving or a great leaving - some of the richest men and women in the world did not go to 3rd level, or do their leaving cert, never mind repeating it. Oppertunity is there for those who see it and dare to take it.