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History BDO Seidman LLP is the U.S. branch of BDO International, the world's seventh-largest accounting group with 17,000 employees working in 450 offices around the world. Founded in 1910 as Seidman & Seidman, the firm was run by members of the Seidman family until the mid-1970s, when William Seidman left the firm to join the Ford Administation, and ultimately to manage the FDIC. BDO Seidman grew rapidly in the 1980s and 90s; its revenue hit $298 million in 1999. In April of that year, Richard W. Roedel succeeded Daniel L. Pavelich as chairman and CEO. BDO loves the middle market With 42 offices, 335 partners, and 2,400 employees, Chicago-based BDO Seidman hardly stacks up in size to its "Big Five" compadres (e.g. Ernst & Young has 29,000 U.S. employees). However, BDO isn't bashful about its smaller size. Au contraire, the company contends that it is quite happy in accounting's so-called "middle market," arguing that, unlike the Big Five, it can profitably provide first-class service to companies in the middle market of the Fortune 1000. Not surprising in the current Internet-crazed environment, BDO has focused its efforts on capturing more of the business from emerging Silicon Valley companies. In September 1998, BDO finalized agreements to acquire Meredith, Cardozo, Lanz & Chiu, one of Silicon Valley's largest independent accounting firms. While most venture capitalists in the Valley tend to advise their clients to choose Big Five firms, BDO executives are quick to point out that many fledgling companies find that the gigantic accounting firms simply neglect clients that don't promise to be the next Oracle or Yahoo! The BDO one-stop shop Although it tries to distinguish itself from the Big Five mega-firms, BDO has followed its big siblings in offering clients one-stop shopping for all their accounting and consulting needs. First, like the Big Fivers, the company continues to expand its information technology consulting business. In 1993, BDO employed 25 technological consultants; by September 1999, that number had reached more than 300. Second, BDO has signed a a five-year strategic alliance agreement with Lincoln Financial Advisers to make financial planning advice regarding life insurance and mutual funds, among others, available to BDO clients. BDO: Snapping up the leftovers When a major accounting firm dumps a client, most, especially those on Wall Street, run for cover. BDO, however, gains considerable business by focusing on clients caught in the service gap. For example, from 1994 to 1997, BDO was tapped by 43 companies whose previous accountant had resigned. While BDO argues that castoffs account for a miniscule percentage of its total clientele, the practice has nevertheless contributed significantly to the firm's rapid growth rates. "We pick up some; others pick up some," Chairman Danile Pavelich told The New York Times, adding: "that's just what happens." Sue me? Sue you! BDO Seidman has recently averted multi-million dollar decisions against itself in lawsuits brought by unhappy investors. The class action suits claimed that shoddy accounting procedures had led investors to buy stocks they otherwise would not have bought. When the stocks lost money, the investors sued BDO. BDO pointed out that many people invest in stocks they know nothing about other than that they are related to the Internet or high tech industries, without considering things like risk. Touché. Narrow focus, rapid growth BDO Seidman's size allows it the luxury of focusing on some less glamorous, while enormously profitable industries. One of its biggest service areas is the furniture industry. To facilitate its rapid expansion in this area, which includes the financing and auditing of B2B furniture provider armadillo.com, BDO Seidman has moved into a much larger office outside of High Point, N.C.
At www.bdo.com, job seekers may explore career opportunities at the firm, and submit resumes and cover letters online. Like its counterparts, BDO favors candidates with heavy technical and quantitative experience. Its Assurance and Strategic Financial Services practice seeks individuals with accounting, finance and law degrees. Tax Services will also consider those with JDs, along with other degrees with a tax specialty. Finally, Business and Technology Solutions seeks those with degrees or experience in management information systems, computer science, engineering, and other technical areas. This practice is the firm's fastest growing. Regarding the interview process, candidates can expect on-campus screening interviews followed by a round on-site, including interviews with partners, managers, and lunches with senior associates. "It wasn't too bad," says one contact from the firm's Westchester county offices.
Happy to dwell in the middle market BDO employees say there are lots of benefits to working for a "middle market accounting firm." "The good thing about BDO is that it is the leader of the middle market," says one, adding: "we have the size, the name and resources, but you are not treated as just another number, which many of my friends in Big [Five] firms tell me they are." Another source explains that "the upside for members of the firm is that they get a lot of exposure to a number of situations quicker than their counterparts in other firms who focus upon larger Fortune 100 companies." Work hard, play hard at BDO While one contact characterizes the firm as "pretty conservative," BDO doesn't seem to suffer from stuffiness. Says one: "For the Tax and Audit side, I can relate that individuals I have spoken with have reported that the culture seems to be one that is open, fun, hardworking and hard playing." Another agrees, adding that "the office environment is one of team spirit and camaraderie. We work hard and play hard." What exactly does "work hard" mean? "The average workweek is around 50 to 55 hours during the busy season and less during the summer," one contact tells us. Another notes that "you might get screwed now and again and have to work long hours, but personally I have nothing at all to complain about." Additionally, one contacts notes that "you must be open to travel." Tod its credit, the firm has publicly stated its commitment to becoming part of Fortune's "100 Best Companies to Work For in America" and is a finalist for next year's consideration. In 1999, in its annual "Pulse" survey distributed to employees, close to 80 percent gave the firm high marks for work/life balance. BDO ranked second in work/life balance by the Public Accounting Report's 1998 Annual Professors Survey. Large firm diversity issues Representation of traditionally disadvantaged minority groups doesn't seem to be one of BDO's strong suits. "As for the minority issue," says one, "I have not seen too many Hispanics or blacks. Accounting is definitely white-dominated." Another tells us that "the partnership is probably (although I have no hard numbers), largely white." However, our contacts stress that BDO does have an impressive international mix. "There are many international staff members throughout the firm. You are as likely to work with Russians, Chinese, Japanese and Muslims as you are to work with Anglo-Saxons." One West Coast contact says "we have a lot of different employees from all over the world here in L.A." You won't spit on your pay Entry-level salaries for professional staff accountants, in the words of a contact, "is mid-30s to 40K starting plus overtime - nothing to spit on." Insiders also report that the firm pays out a production bonus to professional staff members after they exceed their office required working hours for the week. You certainly won't spit on your clothes, either Though BDO insiders report that the firm is slowly adopting a more casual dress policy on an office-by-office basis, most indicate that dress is generally formal. "Suits are required year round, except for Fridays and during the summer. Then it's business casual. However, if you go to a client, you wear what they wear." Another agrees, noting "we have a strict dress code, but introduced two business casual months for the first time this year and I think we will continue that next year in the summer." BDO satisfies Our contacts are generally pleased with their experiences. "I really like it," offers one. Another bubbles: "I can honestly say that BDO is a great place to work!" Still another claims that "it is truly a great company to work for." One source sums it all up: "If you are personable, presentable, intelligent, willing to work hard, play hard, continue learning, and open to travel, then I believe you will find that [BDO] would be a good organization to have on your resume as a first position."
Human Resources
Assurance and Strategic Financial Services;Tax Planning and Consulting Services;Business and Technology Consulting Services
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