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A mistake for MBAs looking for M&A or Strategy projects

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Culture & Values
  • Career Opportunities
Former Employee - Advisory Senior Associate  in  Chicago, IL (US)
Former Employee - Advisory Senior Associate in Chicago, IL (US)

I worked at PwC full-time for more than a year

Pros

Good brand name - I got calls from recruiters within a week of joining the firm
Numerous offices
Ability to see strategy projects carried through to implementation
Decent health plan

Cons

Lack of support for MBA new hires and Experienced Hires. PwC offers minimal training once you're more than a year past college. New Managers hired from industry aren't trained to manage clients, projects, staff, in the context of Management Consulting.

Low compensation compared to other Consulting jobs. PwC lags the market on salary. Performance bonuses for each performance rating are about half what you might expect from a Consulting firm. Retirement plan is minimal and has a 5 year vesting schedule, so the vast majority of staff can expect to never collect on the employer contributions. The health plan is decent but the employee contribution is pretty high for a professional services firm.

PwC's client relationships aren't as strong as they should be, so strategy projects are often sold on price, rather than value. Strategy projects are routinely underpriced, cutting rates and staff hours allocated without reducing the scope of work promised to the client. For staff, that means that you're working double hours and not getting rewarded for it.

Expectations around utilization and how many hours you can bill per day don't account for the substantial differences between M&A type projects (very long hours, high pressure, short duration, unpredictable nature of when these projects come up), Strategy projects (long hours, 2-3 months duration, somewhat unpredictable demand), and long-term implementation type projects (more reasonable hours, duration of 12+ months, highly predictable demand). Overall, the expectations set for staff are based on the long-term implementation projects, so you'll have to make a tough choice between doing strategic projects that offer growth and learning opportunities, and staff-augmentation projects that hit your utilization numbers to keep you employed.

PwC has some interesting projects, but you'll sacrifice your utilization metrics, because the strategic projects aren't as well defined. Directors won't communicate a clear end date for your current project, making it difficult to get seamless staffing onto the next project if you're not 100% sure when you'll come available. Some Partners will try to hold on to a particular staff member even when start dates are delayed due to client reasons -- but staff is accountable for utilization and during those days or weeks on hold, your utilization will drop off rapidly. Because despite PwC's focus on ethical practices, more often than not you will be pressured to under-report your hours by as much as 50%. If you don't comply, you'll be penalized in your reviews, and if you do comply, you'll still be penalized because your performance (billable hours) is less than that of your peers.

Your mileage may vary -- the organizational culture within Advisory is highly inconsistent. I've worked for some excellent Partners and Directors who really support their people, and I've also worked for some Directors who lack the ability to communicate effectively and treat staff as disposable commodities. If you can find a great Partner or Director to work with, stick with that person as long as possible.

Advice to ManagementAdvice

If you expect to recruit and retain top talent, make upward feedback a larger component of the annual performance review process for Partners and Directors. These folks have wildly inconsistent expectations of staff at any given level. The good ones realize they can't push staff to the point of exhaustion and burnout, but quite a few haven't made this connection yet.

Doesn't Recommend
Negative Outlook
No opinion of CEO

Other Reviews for PwC

  1.  

    Great Experience But Lost on the People Agenda

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Manager - Corporate Finance
    Current Employee - Manager - Corporate Finance

    I have been working at PwC full-time

    Pros

    Strong brand, great learning experience, the very best of blue chip clients, opportunities to travel and secondments through global mobility program

    Cons

    Tendency for inadequate compensation, particularly compared with investment banks, reliance on brand may lead to complacency, lack of balance sheet makes it hard to compete in M&A market

    Advice to ManagementAdvice

    PwC can quickly begin to feel like a school run by a headmaster, with too many administrative tasks to complete alongside business development and delivery, with fear of punishment if tasks are not accomplished. This needs to stop to allow employees to concentrate on core business and as a result deliver those ambitious growth targest

    Recommends
    Neutral Outlook
  2.  

    Not terrible and not the best

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee  in  Houston, TX (US)
    Current Employee - Anonymous Employee in Houston, TX (US)

    I have been working at PwC full-time for more than 3 years

    Pros

    In certain roles within the company, you are able to have lots of flexibility in your schedule. Benefits are good as well. You have 3-4 weeks of vacation time which is generous compared to many companies. As the policy is not abused and used properly, unlimited sick days take the worry away about having to use vacation days. The firm typically shuts down between Christmas and New Years which is great time off. If you are in the external client service tax or assurance side of the business there is a steady progression and opportunity to advance. If you are a mom, there are lots of roles that allow you to work on a flexible work arrangement schedule at a reduced workload (ie. 75%).

    Cons

    If you are in an internal role, the compensation in not competitive and opportunity for raises and bonus are not there. The company overall seems to be "reactive" more than "proactive" when looking at issues. The 401k matching is not very competitive either.

    Neutral Outlook
    No opinion of CEO
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