Friday, October 24, 2008

BDO Rescinds 11.5% of College Offers

BDO Seidman has rescinded offers to 11.5 percent of the entry-level college graduates it planned to hire.

The company blames the cuts on the Securities and Exchange Commission's decision to defer the application of Sarbanes Oxley 404 to small companies. A company spokesperson explains:

"In anticipation of client needs for small cap 404 services, BDO Seidman has increased staff and maintained it even through the deferrals by the SEC of these requirements over the last two years. However, the most recent postponement of SOX 404 for small cap companies, combined with current economic conditions, make it highly unlikely that small cap companies will be asked to meet 404 requirements in the foreseeable future. As such, we felt it necessary to adjust our hiring plans accordingly and have rescinded 11.5% of our entry-level offers to college graduates.

The spokesperson added that there are no plans to lay off any permanent staff at BDO.

While it's never easy to hear an offer has been rescinded, let Jobsinthmoney share two upbeat thoughts with those students who got the bad news.

First, if you were good enough for BDO, chances are another firm will want to hire you between now and June. Second, don't question your instincts in choosing BDO. At least you almost went with a company that rescinds offers to students. Another firm might have used you to replace the students it hired a year or two ago in lieu of giving those employees a raise.

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