Understanding the Working Hours of Chartered Accountants in Big4 and Other Industries
The working hours of chartered accountants can vary significantly based on several factors including the role they occupy, the time of year, and the firm's culture. This article provides a comprehensive overview of the working hours for chartered accountants, particularly those working in Big4 firms and other audit and corporate roles.
Big4 Firms: Deloitte, PwC, EY, KPMG
Chartered accountants in Big4 firms often face a rigorous schedule that can vary depending on the specific role and the prevailing conditions. Generally, the standard working hours are around 40-50 hours per week. However, during peak periods such as tax season or year-end audits, the hours can increase significantly to 60-80 hours per week. Despite this, many firms offer flexible working arrangements, including remote work and adjusted hours, especially following the pandemic.
Work-life balance is a significant concern for chartered accountants, especially during busy seasons. Firms often promote a healthy work-life balance, but the demands during these periods can be intense. For example, in statutory audit assignments, such as working with industry leaders like Airtel in telecom or Unilever in FMCG, the workload can be extremely tight, with a schedule of 10-14 hours per day including weekends. However, these roles often come with a break of 4-5 days once the assignment is completed.
Other Audit Firms
The working hours in other audit firms are similar to those in Big4, typically around 40-50 hours per week. During busy periods, the workload may increase, but the intensity can vary depending on the firm's client base and workload. Unlike Big4 firms, smaller audit firms may offer a more predictable work environment with less intense busy seasons. This can provide chartered accountants with a more stable and less fluctuating work schedule.
Industry Roles: Corporate Accounting
For those in corporate accounting roles, the working hours can often be more consistent, typically around 40 hours per week. This level of consistency is due to the nature of their work, which tends to be less dependent on seasonal or time-sensitive projects compared to public accounting. Many companies are adopting flexible working arrangements, particularly for roles that do not require frequent client interaction. This allows for a better work-life balance and greater job satisfaction.
Conclusion
The specific working hours for chartered accountants can vary widely based on the nature of the job and the firm's culture. While chartered accountants in public accounting, especially in Big4 firms, often face longer hours during busy seasons, those in corporate roles may enjoy more stable and predictable working hours. The key factors influencing working hours include the specific role, firm culture, and the phase of the financial year.
It is important to note that the working hours can also depend on the service line within Big4. For example, in statutory audit roles, tight schedules and long working hours are common, especially during peak seasons. However, once the assignment is over, there is typically a break. In corporate taxation and transfer pricing, the workload can be high during certain periods, particularly when there are seasonal demands like filing income tax returns or conducting TP audits.
In indirect taxation, particularly with the advent of GST (Goods and Services Tax), expect to work 11-14 hours including moderate to full work on weekends. Despite the hard work, the benefits in terms of payout and future growth are substantial.
Overall, while the working hours can be demanding, there is still room for flexibility and adjustment based on the specific circumstances and the team one is associated with. The role a chartered accountant plays and the industry they work in significantly influence their working hours and the associated challenges and rewards.