2009 Best Places to Launch A Career

3. PricewaterhouseCoopers

Accounting


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Managing Your Career

PricewaterhouseCoopers

PwC bests Big Four rivals on long-term retention: 41% of PwC partners have been with the firm for 20 years or more.

Getting Started

Applicants & New Hires

Recruited on 200 undergrad campuses in 2008-09.
Made job offers on 200 undergrad campuses.

Applicants for entry-level jobs

    2009: 19,572 (to date)

    2008: 31,296

    2007: 27,890

Entry-level hiring

Is your entry-level hiring complete for 2009? Yes

New hires in:

2009: 2,706 (to date)

2008: 2,872

2007: 3,602

Entry-level hires who were undergrad interns

2009: 69% (to date)

2008: 67%

2007: 47%

Most important characteristics for new hires:

1 College Major

2 College GPA/Academic Achievement

3 Cultural Fit

The 2009 figure refers to applicants screened through 5.11.09 for positions that start in calendar year 2009.

2008 entry-level hires came from the following majors:

94% Business and Economics

1% Computer Science

1% Engineering

1% Liberal Arts

1% Math

0% Science

2% Pre-Law/Criminal Justice

0% Hospitality/Hotel & Restaurant Management

0% Design

0% Undeclared

0% Other

...and are:

52% Female

33% Minorities

6% African American

7% Hispanic American

17% Asian American

3% Other

Salary & Benefits

Salary & Benefits

Entry-level hires since Jan. 1, 2009 (to date)

Average base salary:
$50,000 to $54,999

Average base salary includes some non entry-level employees? No

Base Salary Detail:

0% earn less than $35,000

0% earn $35,000 to $39,999

5% earn $40,000 to $44,999

13% earn $45,000 to $49,999

52% earn $50,000 to $54,999

21% earn $55,000 to $59,999

6% earn $60,000 to $64,999

1% earn $65,000 to $69,999

0% earn $70,000 to $74,999

2% earn $75,000 and above

Bonuses, Overtime & Perks

91% received signing bonuses

Average signing bonus: $3,867

27% received performance bonuses in their first year

Average performance bonus, 2008: $4,900

Overtime Eligibility:

0% of 2008 entry-level hires eligible for overtime

100% of 2008 entry-level hires not eligible for overtime

Educational Benefits:

Reimburse employees for education expenses? Yes

Do employees become eligible immediately? Yes

Maximum annual education reimbursement: $15,000

Full grad school sponsorship for jr. level employees? Yes

Partial grad school sponsorship for jr. level employees? Yes

Time Off

The organization has a Paid Time Off (PTO) Bank: No

Maximum PTO days after one year:

Maximum PTO days after five years:

Maximum PTO days after 10 years:

Maximum annual vacation days after one year: 15

Maximum annual vacation days after five years: 22

Maximum annual vacation days after 10 years: 22

Annual paid holidays: 12

Annual paid floating holidays/religious observances: 2

Annual paid sick/personal days: Unlimited

Health Benefits

Do entry-level hires have access to health plan? Yes

Employees pay part of the cost? Yes

Does health plan provide dental coverage? Yes

Extra charge for dental coverage? Yes

Does health plan provide vision coverage? Yes

Extra charge for vision coverage? No

Are same sex partners permitted as dependents? Yes

Pension and Profit-sharing

Do entry-level hires have access to 401(k)? Yes

Max. employer match as a percentage of salary: 1.5%

Min. percentage of salary employee must set aside to receive max. employer match: 6.0%

Are entry-level hires eligible for employer-funded pension? Yes

Are entry-level hires eligible for profit-sharing program? No

Other Benefits

Is flex time an option for entry-level hires? Yes

Does company match employee charitable gifts? Yes

Does company pay relocation expenses? Yes

Relocation expense limits? Varies by office location

Other benefits include:

Employee Discounts

Transportation Benefits

Financial Planning/Tax Prep

Low-Cost Mortgages

Other

PwC offers extra days off around the holidays and flexible Fridays. Entry-level hires can participate in Flexible Fridays program which is available between Memorial Day and Labor day. Other benefits include Well Being Rewards program, LifeWorks counseling, Group Legal Plan, and reimbursement of costs related to credentialing.

Moving On Up

Work Environment

Average entry-level work week: 45 hours

Does average vary by business unit, department? No

100% work in open work stations

0% work in cubicles

0% work in shared offices

0% work in private offices

0% have no employer-supplied work space

Dress code includes:

Business Casual

Casual Fridays

Formal/Business

Does the organization sponsor employee volunteer opportunities? Yes

Does organization have fitness facilities on site? Some locations

Though the typical office attire is business casual, occasionally it is necessary to dress in formal business attire for client meetings or presentations. Additionally, some offices observe a casual Friday dress code. In addition to firm-sponsored volunteer opportunities, each employee gets 10 hours of paid time off annually to volunteer for a charitable cause that he/she supports.

Training Programs

Formal orientation program: Yes

Program length: 7 days

Orientation includes the following:

Computer Training

Guest Speakers

Diversity Exercises

Team Building Activities

Tour of Facilities

Benefits Overview

Company Overview

Ethics, mission, culture, and values

Job-Specific Training

Policies And Procedures

Other

Average spent on training, per new hire, in 2008: $6,000

Formal management development program for entry-level employees that is rotational and at least one year in length:
Yes - National Tax Services Program

Average length of this program: 104 weeks

Typical raise after completion: NA

Formal management development program for entry-level employees that is rotational and less than one year in length:
No -

Average length of this program: NA weeks

Typical raise after completion:

Formal mentorship programs for entry-level hires? Yes

Mentorship participation rate is 100%

Required training days (excl. formal leadership programs): 12

Orientation also includes PwC Inside, a portal for new hires. Each new hire is also assigned a peer host, who will guide them through their first few months. New hires are also assigned a coach who will offer ongoing career advice and assist with the new hire's development. Raises vary based on length of time in the program, performance, and market data.

Getting Ahead

Three-year retention rate: 54%

Five-year retention rate: 35%

How are raises determined?

Individual Performance

Company Performance

Allocation Pool

Other

Are most entry-level hires eligible for their first raise in less than a year? Yes

How are promotions determined?

Individual Performance

Availability Of Openings

Business Needs

Other

Are most entry-level hires eligible for their first promotion in less than a year? No

Evaluations

Is the frequency of evaluations more than once per year? Yes

Most important performance measures for entry-level hires:

1 Learning Ability

2 Technical Ability

3 Quality

Min. tenure required for job change/transfer: 6 months

Long-Term Prospects

Does position of vice president exist at this organization? No

If not, is there a comparable title? Partner

Employees who hold VP or similar title: 2,236

Employees with VP or similar title who have 20+ years seniority: 918

Age of youngest employee with VP or similar title: 30

Seniority of youngest employee with VP or similar title: 8 years

Raises are also determined by credentials earned (e.g. CPA exam). In some lines of service, the passing of the CPA exam is a requirement for promotion. Staff are evaluated at the end of each engagement. At a minimum, new hires receive four Periodic Feedback Forms per year, with at least two at mid-year.

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