[startupcfo]

For obvious a reasons, a lot of companies want their finance leaders (CFO, VP Finance, Controllers) to have public accounting experience, specifically as an external auditor. The advantages are clear as day.

I currently work as the finance leader at a startup and working towards a 7-digit payout. I will want to continue being a finance leader at other early stage companies. However, I want to prepare myself to be the most capable (and marketable) CFO possible.

WOULD IT MAKE SENSE TO GO INTO PUBLIC ACCOUNTING FOR A YEAR AS AN AUDITOR after this company and before my next “real job” as another leader?

EDIT: my intent was to go from a CFO, to a little auditor in public for 12 months, then back to a CFO at another tech company.

Pros:

– Hands on experience with auditing

– Makes you better at designing internal controls at the next company. This is a facet of finance/accounting where I’m weak

– Gives unique insight into different industries. I have experience with hospitality, finance, and tech. Would be a valuable experience to see the insides of a manufacturer, retailer, school, etc.

– Pads the resume if you have a national/Big 4 firm on the resume which I don’t have right now.

Cons:

– 75% pay cut. Not that I’d need the money, but I’m afraid that when I negotiate my next job, their pay expectations will be anchored to an associates salary

– Red flags, if people think it’s odd that I’m 40 years old in an associate’s position

This idea is either the smartest play ever or the dumbest play ever. Thoughts?

AUD - 93
BEC - 87
FAR - 77
REG - 77

------------
Corporate finance leader

BEC - 87 | 02/28
REG - 70 | 06/10, REMATCH | 08/30
AUD - XX | 09/10
FAR - XX | 12/10

[Missy]

#1 on your list of Cons is the only thing I think matters. Its going to take too long to get back to what you're currently making if you ever do.

And I think your current experience trumps public experience for your job goals. If your goal was CFO of a F500 yeah public is a must. But very few leaders in startups even can differentiate between public experience and private experience, you're looking at being hired by some software designer, or entrepreneur who likely places less stock in audit experience than say a CEO who's worked with dozens of big 4 CPAs.

Old timer,  A71'er since 2010.

Finance manager/HR manager

 

 

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

[startupcfo]

to clarify, my intent was only to be play in the auditor sandbox for 1 year. If I stayed in public, it would take FOREVER to make that climb.

My concern was more that people would judge me quickly and be like “why is he applying for a CFO position when he's only a staff auditor right now?” and not read the whole resume.

AUD - 93
BEC - 87
FAR - 77
REG - 77

------------
Corporate finance leader

BEC - 87 | 02/28
REG - 70 | 06/10, REMATCH | 08/30
AUD - XX | 09/10
FAR - XX | 12/10

[Anonymous]

Why not just get another credential – CIA, etc. My sense is it's not a wise move and/or you may be over-emphasizing how much that work experience would mean to another start-up.

[Anonymous]

Why not just get another credential – CIA, etc. My sense is it's not a wise move and/or you may be over-emphasizing how much that work experience would mean to another start-up.

[ruggercpa2b]

Most of the people starting out in audit are trying to eventually get to where you are now. It makes zero sense to go backwards and then start all over again. What do you hope to learn in a year as an associate?

Its not a good move at all. The CIA credential is more geared towards internal audit and not so much external audit, which I believe OP wants to get into.

AUD - NINJA in Training
BEC - NINJA in Training
FAR - NINJA in Training
REG - NINJA in Training

AUD - 1/6/18
FAR - TBD
REG - TBD
BEC - TBD

AUD - 73, 72 retake 7/2/2016
BEC - 8/20/2016
REG - TBD
FAR - TBD

I am so ready for this nightmare to be over. Been at this way too long.

[Mayo]

A first year auditor doesn't learn a whole lot beyond how to do basic testing and documentation. I mean, you learn a lot in 1 year, but nothing that'd be useful to you as a CFO.

Mayo, BBA, Macc

[Nessie]

A very close friend of mine took a job in public for like $29k a year when all his friends graduating from MBA school were starting at $100k working for the banks. He ended up being a superstar in public and negotiated his own contract in an M&A deal and made his first million dollar bonus by age 30 working for one of the big 4. Since 2007, (left big 4 for one of his clients) he has made between 3-7 million/year. This is all public info because he is a CFO of a publicly traded company.

The thing is, working for the big 4 you will make connections. If you are good at what you do, you will be hired by one of your clients. Sometimes in life you have to make what seems like a step backwards, but it will pay off if you are good at what you do. BTW, his friends who started at the banks still make $100-200k a year.

AUD - 80
BEC - 84
FAR - 80
REG - 88

Using Becker Self-Study, Final Review and NINJA MCQs
Sat for BEC Dec 6th, 2016 !!!! 84!!!!!

REG Aug 20/15: 88
AUD: Feb 29/16: 80
FAR: Jun 10/16: 80
BEC?

Becker self-study, Becker Final Review & NINJA MCQS

[Mayo]

^this is a mischaracterization of the opportunities generally available to big 4 alumni. Coming from a big 4 alumni.

Never make a decision based on the exception rather than the rule.

Mayo, BBA, Macc

[MaLoTu]

I was going to mention what rugger and mayo mentioned. I would also like to add that the likeliness of getting an entry-level job is pretty low. No one wants to invest the time and resources to train you with the glaring obviousness that you are not going to stay.

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

All 4 passed - 2016

CA CPA

[mhueycpa]

With all due respect, the mere fact that your considering taking a 75% pay cut just to have a Big 4 name on your resume for a year or two, just shows how fucked up the perceptions are of Big 4 opportunities. I would do a previously suggested and look into furthering your knowledge/marketability through additional credentials. Congrats on getting to where you are now and good luck in your future endeavors.

THE 300 CLUB WILL DO JUST FINE!

[waffle_house]

Why the hell would you take a bump down to work in public LOL and you won't learn anything in a year. I'm sure there are plenty of CFO's without public experience. In my opinion not even worth the consideration.

AUD - 80
BEC - 75
FAR - 84
REG - 76

Exams started Sep 2014 -Exams done Mar 2017

Texas CPA

I put in work, it was evident

[startupcfo]

A CIA credential? I'm not interested in the piece of paper – i'm in interested in acquiring new and relevant skills

1. understanding accounting better, since my background is in FP&A and taxes. I'm weak on accounting compared to a lot of you.

2. understanding how auditors think about controls

Apparently, some of you seem to question whether being an associate teaches relevant skills, and I had posted with that being a given. Hmm, maybe I should rethink that.

@WaffleHouse – you are right that there are CFO's without public experience, but my contacts who are in public auditing tell me they freak out every time they meet a CFO without accounting experience because the books are wrong.

@Malotu – you are correct to say that most firms aren't going to hire me knowing that I'm obviously gonna leave in one year, but let me be the one to worry about that problem;) Your comment is sound, but I think I could network my way in if needed.

@Nessie – What a story! Where did he get his MBA from? I'm gonna guess a top 20 school minimum.

AUD - 93
BEC - 87
FAR - 77
REG - 77

------------
Corporate finance leader

BEC - 87 | 02/28
REG - 70 | 06/10, REMATCH | 08/30
AUD - XX | 09/10
FAR - XX | 12/10

[CM]

Not to sound rude, but I don't understand why you posted this question when it seems like you have your mind set. I have worked with many CFOs that have faced the same issues, but they don't go backwards in their careers. They study, read, analyze, ask questions to their network and colleagues, and most importantly they use the resources available to them, like their employees. CFOs need to have a broad knowledge in a lot of areas, specially in accounting and finance, but they don't (can't) know it all 100%. The best CFOs are the ones that know how to delegate and use their precious time to keep learning and optimizing ideas. I presume you are where you are because you have a good foundational base of knowledge.

AUD - 80
BEC - 73
FAR - 78
REG - NINJA in Training

"Start by doing what's necessary; then do what's possible; and suddenly you are doing the impossible." Francis of Assisi

I really cannot believe BEC is giving me such a hard time.

FAR: 78 (5x)
AUD: 80 (3x)
BEC: 9/07/2016
REG: 12/06/2016

Failure is never an option.

"Faith in your own powers and confidence in your individual methods are essential to success." Roderick Stevens

[MaLoTu]

I am starting in public accounting this September and I am 33 … I did not get any weird looks and they actually seemed to welcome my experience from other professional areas. I chose to go to a local firm that has many Big 4 partners and that also has many public clients (most of their clientele). I had the opportunity to interview with KPMG, but chickened out because I have kids and thought that it may be pushing it (I am the mom and my husband also works tons of hours). I do not feel your age will be a factor, I remember that being another concern of yours.

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

All 4 passed - 2016

CA CPA

[CPYay]

Sorry for temp thread hijack!

@MaLoTu

I'm also 33 and want to go into public (currently private). I also have kids, albeit every other week (basically 50/50 with mom).

I'm nervous about the hours because of the parenting responsibilities I have. How did you decide on the firm you're starting with? Did you mention anything about kids in the interview or did they somehow find out (googling you)? I want to be upfront and say I'm fine with OT as long as I have a flexible schedule, but I don't want that to deter them from hiring me. I might just have to bite the bullet and suck it up for a couple years. Kind of at a loss as to how to go about this. Any feedback/insight?

AUD - 92
BEC - 84
FAR - 89
REG - 84

Mailed application! Hoping to be licensed by year-end!

[Author]

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