Pros
The best reasons to work for M&P are that they offer the compensation and opportunities of the Big 4 accounting firms -opportunities being travel, various positions within the firm, etc. with more personalized career development. For example, our firm has received national recognition for helping employees to achieve a healthy work-life balance. There are many flex schedules available to employees that include part-time work schedules, compressed work schedules (40 hours in shorter work week), and work from home opportunities. It allows employees to find a work schedule that fits their needs (families, other activities, etc). Working for a firm that targets mid-sized clients gives employees opportunities to become specialists in certain areas or work on a broad range of clients if they want to explore their options. Additionally, mid-sized clients mean working an engagement for about 1-2 weeks meaning that the work doesn't get monotonous and more responsibility is given to associates than would be the case in the Big 4 accounting firms. Audit Associates are given more opportunity to work in numerous audit areas versus one or two when working on a larger Big 4 client. This provides employees of M&P a more diversified background if they choose to leave the public accounting sector and explore other areas (e.g. corporate, industry, private accounting).
Cons
Unfortunately, there are a lot of downsides relating to M&P as well. A lot of it has to do with the public accounting sector as a whole, but I can still speak from personal experience. One thing is that for the number of hours that you work during busy season it can be draining and not seem worthwhile as there is no extra compensation for these hours. Auditors have a stigma associated with their work. Many clients are defensive and not helpful. They don't appreciate others looking for 'mistakes' in their work -it's hard for them to understand that it's part of the job. Additionally, the travel in this area makes hours unpredictable even when it's not busy season. It adds to the stress of not knowing where you're going to be on a week to week basis. Additionally, it was a hard transition into the firm. This is largely because in the beginning no one helps you in becoming familiar with the stuff that you will need to bring to engagements, what to expect from clients, where to find things in the office, and how to even do simple things like enter time into the system. It's assumed that you have some experience in the field (which I didn't). My very first day of work after orientation I was sent out into the 'field' and told to 'wrap up' an audit to which I had no experience or any idea what was going on. Another problem with M&P (although mentioned as a strength too) is that it is right below the Big 4 Accounting Firms -Many people have never heard of M&P in the mid-atlantic area and often believe that you are not as skilled as those in the larger accounting firms.