I think at this trying times, if you get accepted into any of the Big4 (or Big5.. if you include BDO), you should take it. Recruitment is slowing down a bit, so HR can afford to be more picky on their candidates..

Wow. Haven't been here in awhile
Yup, that's correct. The economic crisis is only going to get worst.
Even the Big4 isn't spared. So it will not be a surprised if you see less ppl getting hired.
The Big4's in other countries have started to go on 4-day working weeks and retrenchment.. let alone getting hired.

My 2c. Current economic situation whereby jobs are getting harder to come by, if you're been offered a position in any of the Big4..it's good to take it. Though do note that bonuses and increments plus other fringe benefits are taking a hit at the moment. If you're whining over it, just be happy that they're even offering you a job and not resorting to a pay cut..like other countries.

It's a fallacy that you have to work till 10pm to 12am (or even later) everyday...
Yes, you work at those ungodly hours alot.. but that's during the peak periods.. usually Dec or June year-end PLC or SEC clients,
As with everything.. there are peak and troughs.. at good times, you can go back at 6pm or so.

True, some people have more free time than others.. but as previously mentioned, there are peaks and troughs.
But during this time, it's gonna be more peak than troughs since companies are scaling back on recruitment and expecting more from existing staffs.

Less often.
But at the end of day, it's based on the deadlines or deliverables of the project.
Unreasonable deadlines = long working hours

I think you meant BIAS
Unfortunately we live in an unfair world. Of course these "kids" might bring additional income to the Firm in the future through their rich and famous parents. What to do? For the VT market, the supply clearly surpasses the demand.. so they can pick and choose.

I'm not sure what the VT (or better known as Interns) interview process is (last time, it's just looking at results).. but sometimes it's not all about the results. PR skills are important too..

When was that?
Since September 2008, there has been alot of change to the recruitment process due to the economic situation