[AJE]

I have always thought I’d eventually move out of public to private.

I am turning in an app for a company that is quite small but is looking for someone to grow and pretty much do everything (accounting, business, forecasting, etc). I know I would immensely love it but am super nervous/terrified about what my job opportunities would be if it fizzles out (4 year old company, sole proprietor, growing a lot now) I think I’d be screwed somewhat. I’d never be able to go back to public (too old/wouldn’t want to, 30 years old now).

Right now, my career path in public is pretty excellent (I’ll be a senior In under 1.5 years based on evals + what people have told me, 6 months in now). If I left public as a senior, in this market, I could go from 65k in public to around 80k+ quite easily. And from there, with 2 years in private I could get a cushy job as a Accounting Manager in the low 100’s at a lot of places (good network of friends out here in many different types of companies).

Mainly, I am scared that I am losing out on the learning opportunity of a lifetime to chase a somewhat silly pipe dream. I know I haven’t even talked to the company yet, but does anyone think (if I got an offer) that it would be a huge mistake to take it (also the pay would be way lower to start based on their job advert)?

FAR 91 - 04/16
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REG 77 - 07/27
AUD 92 - 08/31

[Anonymous]

Two thoughts:

1. Money isn't worth everything. If this is a dream job, and your only concern is that you think you could make more money going a different route (but be less happy in that alternate route), then go for the dream. Happiness is worth a lot more than a fat bankroll is.

2. If you're only interested in this job because of what you think it will become, then don't take it. Wait till it becomes what you want. Employers love to promise the moon in some mythical future reality, and really just give you a pile of **** to deal with. If the job as it is today is something that you don't really want, don't take it because of what they say it might be in 3-5 years, cause that mythical future may just be their way of trying to get someone to put up with **** work for **** pay and not complain. I've seen situations where this mythical future is always 2-5 years away, and 20 years later it's still 2-5 years away, so while I'm happy to anticipate the prospect of it being an option, I would never take a job based on the prospect, unless it was in writing as a guarantee. (Like on the pay side: let's say it starts out at $50k and you really think you should be making $60k, but he says it will be at $80k within 2 years. I'd only take the $50k if the $80k within 2 years was in writing, otherwise next year he'll say things just didn't go as well as planned, so all he can give you is $51k…and the year after…etc….till before you know it, you're making less inflation-adjusted than the day you joined, when you'd anticipated a 37% raise within 2 years. However, back to #1, if the work makes you happy, maybe $50k is agreeable to you for the happiness it brings. If so, still hope for the $80k, and hey, if he'll put it in writing, awesome! But know going into it that you were happy to take $50k because the whole package – happiness + pay – was worth it to you.)

I know you'll have to meet with them before you know if my #2 is a concern or not, but I wanted to throw it out there anyway. Also, one misstep early on doesn't equate to complete career suicide. You'll be in a spot if you take this job to see how the company is doing and take an exit opportunity if needed before the company completely nose-dives. 6 months in public is a short time, but it's not something that can't be recovered from.

[Missy]

I wouldn't put any energy into the what if's until I talked to the potential employer. This question is exceptionally premature because once you talk to this employer (if you do) the benefits or drawbacks of making a move would become more apparent.

Old timer,  A71'er since 2010.

Finance manager/HR manager

 

 

Licensed Massachusetts Non Reporting CPA since 2012
Finance/Admin/HR Manager

[acamp]

I would be skeptical of any company that will potentially hire someone with 6mo experience to pretty much do everything.

Self proclaimed: Highest ratio of Replies to Others v. Posts Created on A71

California CPA - Big4 Aud Manager Alum - Private Accounting at Startups

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[Jive36]

Its not career suicide. I was in a similar position and left public. Little did I know that the company I left for was growing but was highly leveraged and cash desperate. After 24 months with the company the growth had stopped and we struggled to maintain the market share we had. It was a high stress position that provided much different experience than I would have gotten staying in public. I was able to parlay the experience I gained in that position into a fairly cushy Controller position making roughly the same as my friends that stayed in public the extra two years.

So I guess what I'm saying is there are different kinds of experience and sometimes the road less traveled can provide better experience that helps you down the road in your career.

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Go Bonas!

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[Anonymous]

If your network is as good as you say it is, then the only way you will tank your career is if you do something where they lose your trust. Something unethical. This is just chasing an opportunity. Make those risky moves now while you're young. It is easier to fail a few times while you are young. Go for it !

[the LAST Coffee]

Bit biased because I'm pro-public but you wanted thoughts/opinions so here's mine;

Depends if you're in regional/Big 4 firm or a reputable city firm. If so, you factor your age and the need to get out because public accounting is tough on the hours/traveling. Safe bet is to stick it out, gain the experience, look good on the resume, and restart the job search next year or two.

I'm 24 so I'm a bit young with the flexibility of working very hard at a public firm for awhile, hence the bias.

FAR 84 (AUG '15)
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[Mayo]

“I would be skeptical of any company that will potentially hire someone with 6mo experience to pretty much do everything.”

+100

Mayo, BBA, Macc

[Mehow]

I think it would be a huge mistake. People know that public accounting takes a lot out of you and requires a ton of hours. Future employers might think you couldn't handle the stress or workload and may not see you the best way from seeing your short time in public on your resume. My buddy just turned down an 88k offer in forensic for a Big Four offer of 57k. He asks me everyday if it was a mistake and I say no because public can expose you to different areas, what if he ended up not liking forensics? Eventually he can go back into if he wants. I'm only 23 so my advice doesn't carry so much weight, but thats my input.

FAR = 86 4/22/16
BEC = 80 6/01/16
REG = 07/26/16
AUD = ?

[Anonymous]

It just depends on your professional goals!

I was 35 when I graduated, and I went to industry not 4 months after started in public accounting. I had every intention of staying in public for 2 years, to the point that I thought I would be worthless and not respected if I left for industry. It's two years later, and I've had two major promotions and I'm now the accounting manager and head of the accounting and finance department.

If you can get an accounting degree, pass the CPA exam, and land a job in public, there's no reason you can't be fully capable of leading a business. Besides, industry jobs are about fully understanding the business you're in. Dive in there and learn about the competition, market, operations, things that hold back the company, opportunities, etc. While it's important that I follow accounting rules and ethics, it's so much more important to support and drive decision making. I'm confident there's nothing in public that would've given me some major learning epiphany that I'm not capable of figuring out.

Full disclosure – I knew it was a solid company without cash flow or going concern worries before I accepted the offer (they were a payroll client of the public firm I worked for). Also, I'm a parent and I highly value a “normal” work week. I wouldnt've jumped for just any company. Additionally, I have no desire to work for a publicly traded, ginormous corporation where public experience would have benefited me more.

[MaLoTu]

I agree with mla. If you don't have an offer on the table then it is not worth worrying too much. However, I think that if you stick it out in public accounting you will have much more opportunity, in the long run … including taking a survival job in public if the private markets slows. You have a much better chance (right now almost a for sure thing) of finding a job as a senior than as entry-level (which you will be).

Almost always from my phone... please excuse my typos!

All 4 passed - 2016

CA CPA

[Anonymous]

I would be very wary of startups in general, having personally witnessed one with $10 million sales go out of business due to mismanagement and inexperience. But I agree this is a non-issue until they've actually offered you the job.

[FIFOisbetterthanLIFO]

I worked for a startup that went from 20 million in revenue to 100 million revenue in three years. Awesome experience. Definitely some bumps along the way but talk about learning to acquire financing under stress, manage cash-flow, and prepare for some fierce audits (meaning huge scrutiny when you are a young company that is growing fast and not always positive cash-flow). Learned stuff that just isn't teachable unless you experience it first-hand in a high growth environment. Has served me well.

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[Mayo]

Start ups are fine if:

1.) You know what you're getting into, the expectations, the limitations, and the risks

2.) You have a good bedrock base of knowledge to draw from. You don't need to know everything but a few years of experience will help you get through uncertain issues that may crop up.

Sorry, but with only 6 months experience you truly need someone experienced to help you along the way. Signing up as an accounting manager? No friggin way. Just no way. At best they ignore your application, at worse they are so desperate they hire you and you drown due to a complete lack of experience.

Mayo, BBA, Macc

[fsugirl2005]

@ OP

If this is a small but growing company, it sounds like you are going to be the entire accounting and finance department. That means, you're going to be the bookkeeper, accounting manager, controller, financial analyst, etc. Are you prepared for that level of responsibility? Are you even familiar with bookkeeping? If there is no one in the company who is skilled at bookkeeping or you're not, do not take the job. I am in the process of taking the CPA exam but I have spent the last 15 years of my life doing full charge bookkeeping along with higher level accounting. I have my own accounting practice(not a CPA firm yet) so I know what running an accounting department from the ground up entails. People think it's easy but it requires a lot of attention to details that an auditor or a person who hasn't had to do bookkeeping may not have. And, if you're going to supervise a small accounting staff, you definitely better not take that job if you don't know how to do bookkeeping. You are going to be the one to blame if they come back with a crappy audit opinion or they start bleeding cash.

All that said, if you do have a heavy bookkeeping(full charge in particular) experience, then you're well on your way to taking that company to the next level. But like others have said, listen to what the company has to say before you quit public accounting.

REG - 78
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AUD - 76
BEC - 75

I have been on this journey off and on for over 10 years. I think it's about time that I wrap this up.

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[fuzyfro89]

Agree generally with many of the previous comments.

“2. If you're only interested in this job because of what you think it will become, then don't take it. Wait till it becomes what you want.”

If your network is as good as you say it is, then no, it's not a huge risk to your career. Set goals. For example, “I'll try this out for 12 months and re-evaluate. If I am happy, feel the trajectory is solid for my overall career, and am satisfied holistically with my current and future salary potential, then I'll stay. If not all or a balanced mix of those factors, I'll look elsewhere.”
….. With that said, you don't have an offer on the table, or even an informal “we are very interested in you” from this other company.

The only other thing I might add is that if this startup really does take off (as in grows from a “small business” into a company that needs a seriously skilled controller/CFO), then you may be out of a job. This happens to fast growth companies all the time, and even mid-market public companies (~$1B market cap) all the time. Their internal people simply don't have the skills required to take on the CFO role depending on what the company may be in the future. If they need to seek M&A deals, complex cross border transactions, or begin accessing the capital markets in more complex areas, then a smaller company finance executive may not have that background.

I don't know if the company you're looking at is a “huge small business” as in maybe it will grow to 10, 20 or $30 million in revenue some day… or will land at $100m+ and begin requiring people with different backgrounds to take it to the next level.

Some things to consider. Good luck… if you decide to pursue if for nothing else than just to network and learn more about what you may want now or in the future.

[Author]

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