Kevin Donovan '97
Staff Accountant, Ernst and Young

Please explain briefly your career path.
My career path started
when I selected a major which I thought would be helpful in the financial services industry.   I chose economics and took a myriad of business related courses. Before graduation, I received job offers in financial services, but I took a job in Hartford working for a law firm as a settlement coordinator.  Our firm did defense law for corporations and I had one corporation that was my client.  I handled all their funds for asbestos claims and settlements made across the country. It was essentially like managing funds for a company through a law firm.

I started that position about three months out of college and it was a pretty good career.  It was really intensive working with clients as far as the day to day basis and money management, budget management.  I had interviewed with Ernst and Young, my present employer, spring semester of my senior year. I had missed the original recruitment phase so that's why I took the job with the law firm.  This past the time while I waited for the recruiting season for that company and I got into a graduate program with them over at UHART.  They employed me and put me through school to get my Masters in Accounting at the same time.

How did Trinity prepare you?  Was economics as a major worthwhile?
Economics was very worthwhile, more than adequate I should say compared to my peers in my job now.  My undergraduate degree was not an accounting degree, it wasn't as focused, but my economics degree was diverse enough to understand all the factors that go into the industry.

What classes, extracurricular activities would you recommend or wished you had taken?  Should we all take accounting?
You don't even really need accounting if you major is economics. Economics is more than adequate if you want to go into financial services. If you want to go specifically into accounting,  you will need formal accounting training, because that is an industry standard like getting a law degree.  In general, you do not need accounting in consulting services or in any other financial experience or banking, economics is fine.

How did you know you wanted to get into accounting?
I didn't! My sophomore year I took an accounting class and fell asleep through everyone. I swore I would never be an accountant and when I accepted the job offer, I sat back in my chair and thought, 'I can't believe I am doing this.'  If you can see what the firm brings with its national standards, what it can do for you and how may doors it can open is enormous.  You can take and learn from it, not that I want to be an accountant for 15 years.  Eventually it will get me to things I want to do, whether it be within the firm because there's so many diverse practice groups in our area or whether I take the knowledge and go somewhere else.

What are some experiences that are most important in getting into financial service?
Any kind of internship in financial services,  investment banking, or anything at the brokerage houses downtown. I did one with American Express Financial Advisers which was 50/50, it wasn't as good as some of the other people I've talked about but either way still exposed me to certain atmosphere which was good.

Can you provide an overview of your business?
Ernst and Young is in the public accounting industry. We offer essentially
business advisory services. We offer assurance services where you go in and justify financial statements for publicly traded corporations or even non-publicly traded corporations, like hospitals that have to abide by certain state and federal regulations. We also offer consulting services as far as management consulting, computer consulting that help businesses streamline their operation and get most out of their dollar, most our of their employees and the most out of their systems. We also do tax consulting obviously accounting firms do taxes and we also do, there's a lot of other segmented industries or segments of our firms that specialize like mergers and acquisitions, due diligence that just get really highly technical so I would say auditing, insurance services, tax consulting and then another consulting including management consulting and computer consulting.

What are some of the major trends affecting your industry?

Internet commerce is a huge focus for us.  It's a hot topic in the industry, because the web has broken all state boundaries and global boundaries.   Regulation of accounting services, consulting services and advising services in between states you have to have professional license to practice and those online services that you can reach then anywhere in the country how to regulate those services and how to license as people provide those services is a huge issue.

What are the most profound traits and skills you are looking for in a new employee?
Someone who wants to work with a group, someone who likes to work as a team, someone who can deal with stress and work long hours. It sounds all bad, but it's really not. It's really beneficial as a young staffer.  You come into a big 5 firm, you're put into a position where you can move up the track if you work the parameters given to you and the skills provided in training.  If you don't work those traits well, you will obviously be asked to leave, but that is very few and far in between because they hire pretty competent people.

What kind of lifstyle can someone expect in this industry?
It's time consuming. I've been there 14 months it's definitely an hour consuming job, it's not a 9-5 job. Office hours are 8:30 -5:30, but typically during our busy season our minimum work week is 55 hours, but it fluctuates depending on the time of year.   During the summer,  you will typically have time to take time off, take a half day if you need it, but in the winter you're expected to work a standard amount of overtime which can be significant. If you're looking to have a family right away it's not conducive to that. The camaraderie between the teams that you're working in is very strong and you don't want to let someone down. If that person's going to stay and work you're not going to get up and leave. There are deadlines that have to be met and in the end it's all rewarding.  Everyday I go to work and learn something.

What opportunities are available to recent grads?
The initial opportunities for liberal arts undergraduates are slightly more limited. The program I was hired into at Ernst and Young specifically catered to liberal arts graduates.  They wanted graduates who were well rounded and had more  than just accounting skills. Trinity supplied me with an excellent education.  I would not trade my education for anything and that has definitely helped me in the program and employers seek you out for those qualities.  I have definitely managed to have my head above others.

As far as typical, they typically look for accounting majors but that can't discourage people.  With the right attitude you can get in even if you go and get your degree by yourself, get your accounting degree.  You can still get in and there's a bunch of other stuff that can be done.  Computer consulting is huge with us right now so any undergraduate with those majors are more than qualified to get into the firm.

Are there training programs available?
All positions in our firm offer training. It's a systematic training. You come in and you're trained on firm policy and as you progress you are trained annually.    that specifically gives you the tools and the skills you'll need to form your role at a given level and every time you move up another level , you're trained at that level. It's not a training program where you're going to go for 3 to 4 months and they're going to send you on your way, as you progress through the system they do send you to higher and higher training to prepare you for what you do next and your increased responsibility.

What is a typical day like for you?
There's a yearly track within Big 5 firms and you start out as a Staff I accountant.  In the first five years you do many of the audits, execute the physical test work and anything else to move up from Staff I to Staff II; you then move into a Senior 1,2,3.  Everyone is constantly being evaluated by others at different ranks and levels.  All the reviews go back down and there is a system of checks and balances. If you're new there is someone to help you.  That person has to review your work and sign off on it, but you do progress to a new level every year and with that level comes a pay increase, seniority increase and responsibility increase until you ultimately get to be a manager.  The track then starts to prolong itself.  You spend more time at manager and more time as a senior manager and if your ultimately on partner track you'll ultimately become a partner, but that's very selective.

I am Staff II so a typical day is contacting my manager or my senior.  I have a maybe a handful and a half of clients that I spend most of my time with throughout the year.  Every two weeks I'm somewhere different, but I am essentially going out there and the audit is broken down into sections.  You are not going to spend all your time with one client at one time of the year. You're going to go there three times a year to execute different parts of the audit. The year is cyclical.  You plan the audit and go out and do the audit.  You go do some planning some place else then you go back to the first client to do interim work and some audit work and then you leave again.  At the end of the year after they close all their accounting figures, books and then audit you, that's actually when you issue a final report which is called The Opinion, it's hopefully a qualified opinion.

What do you like most about your job?
As I mentioned before, even after 14 months I am still learning continuously everyday and every week I learn something new. I had a conversation with a Senior 3, who is 29 years old, today and he'll be a manager next year.  There is a trend in the industry where people leave after 3-5 years because they have enough experience to go on to other things and he says he continually leams, he still learns everyday.  He has been there for five years, so hearing that stresses that you learn, encounter new situations daily, new techniques, new auditing standards, and new business practices. The industry is very dynamic; there's government regulations and standards that come out monthly which changes programs and updates your knowledge.  Leaming is the key if you can take the long hours and deadlines and stress; you're should realize you're getting knowledge and a wealth of experience.  Thsi makes it all worth it, but I also work with a great group of people and I wouldn't trade that for anything in the world.  Our firm is fantastic about hiring people.

What do you like least about your job?
Hours wear on you there's no doubt about that the stress wears on you and I think as Staff I, Staff II early in your career path in an accounting, public accounting firm there position is somehow ambiguous and they're asked to do things on a whim so I think leaming the whole audit process seeing the whole scope of the business process is difficult at first for the first 2 years but as you progress able to see the whole big picture and it's very satisfying maybe initially frustrating but eventually it works itself out.

What resources do you recommend using for job leads?
You should definitely use the external websites. Our firm offers a host of websites; and there's tons of stuff on any Big 5 firms' websites.  They provide youw with contact and recruiting information, history and culture of the firm, what they do, etc.  This is more of a cheerleading response to the firm, but in corporate America you're gong to find that at any large corporation. These are publicly traded firms, so by researching this information you'll find out if you want to work there and eventually get your foot in the door just to interview and see the people you would eventually work with.

Did you use Trinity connections to get you where you are?
Actually the way I got in touch with the person was through a focus group.   The firm was wondering why they weren't attracting as many Trinity students as Arthur Andersen was in the Hartford area.  I was part of a panel of Trinity students that went down to the office, met people, and discussed recruiting options.  They discovered they didn't recruit enough, their face wasn't in the crowd and they were not plastered all over the place like Andersen was. Andersen is bigger than we are, which is also a drawback to being bigger.  I wanted a more personal touch from a company such as someone calling me back and being tangible and answering my questions and Ernst and Young did that.  This was all connected  through the Career Services Office.

Do you recommend any trade journals for students to review for information?
Anything on the web as far as accounting news, accounting standards, auditing standards, any of the Security and Exchange commission publications, financial accounting standard board any of their publications websites and anything that has to do with the AICPA- American Institution of Certified Public Accountant websites any kind trade journals with those headings.

Do you have any final words of advice for students?
Focus on your leaming and on what you can gain everyday by going to work. This job is by no means for everyone. I've seen numerous people come and go at my level and the turnover is rather high, therefore you have to focus on what you want and where you want to be. You should focus on what learning a tremendous amount every day is and how important it can be.  Most of my friends go to work and then come home, it's the daily commute and I don't think that's a way to live. If you can somehow take home with you something everyday whether it be something you learn, interpersonal relationship, or piece of the industry knowledge or what not you're going to learn something everyday and if you look at that and focus on that think of what that's gonna add to you, to your character and your professional package, your resume or whatnot, its gonna add a tremendous amount.