Responding to Offers

TL,DR: the Do's and Don't of Offers

The hiring process in public accounting has a few nuances to accepting and rejecting offers and we want to make sure you have everything you need! Below is a summary of what is covered in this week's newsletter:

1. Avoid accepting an offer on the spot. If you still have outstanding applications or interview commitments, you need to honor those before accepting. Employers understand this is part of the process and should not place any pressure on you to immediately accept your offer. If you feel like an employer is putting undue pressure on you to accept an offer, reach out to Madelyn Parsons at pmadelyn@pdx.edu.

2. Be transparent with employers before accepting multiple internships at different firms. Firms use internships as a hiring pipeline for full-time positions and usually extend a full-time offer at the conclusion of the internship. While it may seem like a good opportunity to boost your resume and get experience, accepting multiple internship offers is generally discouraged unless you clear it with the firms you are planning to intern with.

3. Don't cancel your other interviews. The recruiting season gives you a unique opportunity to fully explore your options (plus, you don't want to hurt the employers' feelings). It may feel like you are doing the employer a favor and opening spots for other students, but they want to meet YOU, so follow through with your interview appointments unless you know that you would definitely not accept their offer if you received one.

4. Don't expect to negotiate your salary or benefits. Starting salaries and benefits are usually standard across entry-level positions at each public accounting firm and there is usually little to no room for negotiating.

5. Do celebrate the culmination of your hard work!! Receiving an offer is a huge accomplishment and something to be very proud of!
   

All About Public Accounting Internship & Full Time Offers

After completing interviews, you are likely to run into a few different scenarios:

• Phone call with a verbal employment offer, followed by an email with the formal offer. Before accepting the offer, take a look at our guide below for accepting and rejecting offers.

• Email letting you know that they have decided to go with other candidates.

• Radio silence. If it has been more than two weeks since you have interviewed and you have not heard any feedback, feel free to send a professional email to the recruiter, letting them know that you really enjoyed meeting with them and are curious when you can expect to hear a decision by.

Receiving an Offer

• Respond to the offer within 24 hours: Acknowledge the receipt of an offer within 24 hours of receiving it. After being given a verbal offer, you will receive a written offer with the terms of the offer, including the expiration date. All offers should be open for a minimum of two weeks. Offers for 2023 internships should be open until May 2nd.

• Avoid Accepting on the Spot: While employers love when candidates accept offers on the spot, you should not accept an offer on the spot unless you are 100% committed to working for that firm. If you are not ready to accept an offer at the time that it is verbally extended to you, you can respond with something along the lines of: "Thank you for extending me an offer! I am honored to be presented with the opportunity to work at your firm and appreciate your confidence in offering me the position. If it is alright with you, I am going to take some time to consider this and will get back to you as soon as possible."

• Notify Madelyn Parsons of Any Exploding Offers: Employers are strictly prohibited from extending “exploding” offers. An exploding offer requires a student to accept an offer within a very short period of time or face having the offer rescinded or the incentives diminished (i.e. tiered or expiring bonuses, reduced options for internship placement or location preference, etc.). Email Madelyn at pmadelyn@pdx.edu.

• Don't Expect Much Room for Negotiation: Within public accounting, compensation and contract terms are usually fixed by the firm. Outside of public accounting, there is usually more room for negotiations. Email Madelyn if you find yourself in this situation. However, if compensation is the sole reason that you are considering one offer over another, it may be worth having a conversation with the recruiter about it.

Receiving Multiple Offers

• Avoid immediately removing yourself from the recruiting process and remember that this is one of the few times in your life that you are able to compare multiple employment opportunities at once.

• Do your best to stay engaged in the recruiting process and attend any employer events you are invited to. These touchpoints are really necessary in order for you to make the most informed decision when accepting an offer.

Deciding Between Offers

At the end of the day, you will have to go with your gut. But before doing that, here are a few helpful steps:

• Make a list of what you are looking for. Recruiting is a lot like dating and if you don't know what YOU are looking for before going into the dating world, then you're going to have a tough time picking out the right partner. Same rules apply in recruiting- you need to take a step back and make a list of things YOU are looking for in your career, in your lifestyle, in your long term goals.

• List the pros and cons of each firm

  • How do feel around the professionals that you've met at each firm? Since you will be working with them everyday, this is important!

  • What opportunities does each firm offer that you are interested in? How do those opportunities fit into your long-term career plan?

  • How much travel will be involved? Depending on the size of the firm, for auditors, this can be the difference between flying to clients every week vs. staying within the Portland area.

  • How does the firm's policies fit with your lifestyle? (flexible work schedules, working from home vs. in the office, etc)

• Attend any additional events the firm is sponsoring. These can help you get a better sense of the firm. If they're not hosting events, you can always reach out for a coffee date. Professionals understand that this is a difficult situation to be in, and most of them are happy to help.

• Remember that this is your decision to make! It’s important to get the insight of others on big life decisions (like accepting an offer), but remember that ultimately, this is your decision to make. At the end of the day, you should accept an offer at the firm that you feel is the best fit for you, regardless of outside influences.

Asking for an Offer Deadline Extension

• Extensions should only be requested when you feel that they are really necessary. While most employers will extend deadlines, some might not be able to.

• Be courteous and professional when requesting an extension, be sure to be courteous and professional. Here’s an example: "Thank you again for extending me an offer! The original offer letter stated a deadline of [insert date]. This is an important decision and I am in a position where I will not have all of the information necessary in order to make this decision by that date. If possible, could I supply you with my decision by [insert date]? I would greatly appreciate such an extension and assure you that I will be able to make a firm decision by that date. Thank you very much for your consideration”

Accepting an Offer

• Pick up the phone: Call the person that extended the offer to you, and let them know the good news. You're welcome to email the professionals at that firm you felt were influential to your decision- they want to hear the good news as well!

• Ask if there are any important next steps you need.

• Execute the offer letter immediately after ending the call.

• Make a phone call to decline any other offer(s) you were extended within 24 hrs.

• Report your acceptance to PSU. We want to celebrate with you as well! Report your offer(s) by filling out this form.

• Do not accept an offer if there is a possibility that you may later decline.

Accepting Multiple Offers

Internships in public accounting are primarily used as part of a firm’s hiring pipeline. Upon the successful completion of an internship, it is reasonable to expect that you will receive a full-time offer to come back and work at the firm after you finish school. If you accept multiple offers, it's important that you inform both firms that you are doing another internship.

Accepting an Offer Before Completing Interviews

• It is discouraged to accept an offer before completing the recruiting process. It's like backing out of a date- you didn't even give them a shot and their feelings can't help but be hurt.

• Do your best to honor your commitments and see the interview process through to the end. This is a unique opportunity to explore different options and you never know which firm you will end up feeling truly at home with. So, unless you are absolutely certain that you'd like to accept another offer, do your best to see the interview process through.

• If you choose to ACCEPT a job offer prior to an interview at another firm, it is your responsibility to promptly (within the hour) notify the firm that you will be declining their interview. Although it is uncomfortable, call the recruiter or email them requesting a phone appointment with them. It shows the employer an additional amount of respect and consideration. If you are unable to talk over the phone, email communication is fine. An example of this communication might look something like this (DO NOT COPY AND PASTE THIS EXAMPLE, EMPLOYERS READ THIS NEWSLETTER AND THEY WILL KNOW):

Hi XX,

I hope you are doing well. I am honored to see that I was selected for an interview with your team. Unfortunately, I decided to accept an offer at another firm and will have to respectfully decline my interview invitation. Thank you for your consideration. It was wonderful getting to know you and your firm during this recruiting season.

Best,

XX

Declining an Offer

No one likes to be a heartbreaker, but it's a natural part of the process, and employers are prepared for it.

• Consider your main reason for not accepting the offer. Did you not meet very many people from that office, or just make stronger relationships with a different firm? More often than not, you will most likely feel that another firm was simply "a better fit".

• Opt for a phone call over email. A personal conversation is the best way to maintain your relationship with the firm and it is SO important not to burn bridges in this process. These calls can be awkward, but they do not last very long and the firms know that declines are inevitable.

• During the call, inform the employer that you've enjoyed getting to know them/their firm, but you've decided to accept another offer. The conversation does not need to be lengthy.

• Wish them well with the rest of the recruiting season and extend your appreciation of their consideration.

Reneging an Offer

Reneging on an offer is defined as declining an offer after originally accepting an offer, or accepting multiple offers simultaneously and choosing between them. Reneging is a serious offense that can be detrimental to your professional reputation and potentially harmful to the reputation of our program. If you find yourself in this difficult situation, please email pmadelyn@pdx.edu so that you can have assistance navigating this process.

Not Receiving Any Offers
Things do not always go as planned and that is okay! After fall recruiting, there will still be plenty of open accounting positions. If you did not receive any offers, schedule an appointment with Madelyn or Colleen to develop an application strategy.