Industry to Public

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  • #186488
    I hate FAR
    Member

    I am currently an accounting manager for a fortune 500 company. I’m trying to determine what my next career move should be and am considering a position at a Big 4. Although I’ve been moving up pretty quickly in corporate I think I’d be able to strengthen my skills more in public. There’s a good chance I’d have to take a step down and join as a senior associate though. Is this a good move or should I stay in the corporate world?

Viewing 11 replies - 1 through 11 (of 11 total)
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  • #577902
    Anonymous
    Inactive

    I say go for it…especially if it's at a big 4/ large regional firm. The training in and of itself is worth it IMO. You will have difficult hours, but it will build up your skills and your resume for the better.

    #577903
    Mayo
    Participant

    “There's a good chance I'd have to take a step down and join as a senior associate though.”

    I think the general consensus is that if you've never worked in public then any move to public would start at the bottom as an associate. Have you gotten any indication otherwise?

    If not, I'd say the move is probably not in your best interest.

    Mayo, BBA, Macc

    #577904
    mla1169
    Participant

    My .02 is not worth it. I was an accounting manager for a SMALL company and the cut in pay was significant enough that I couldn't take the hit.

    You'd almost certainly go in at sr associate and be working more hours overall for less pay. I know you work more than 40 hours as a manager, and quite possibly closer to 70 at month end but in general it is more hours in public and the windows where you can take paid time off are more limited than in industry.

    Honestly if your ultimate career goal is CFO in industry I think you're fine right where you are. Usually the big 4 experience is a boost to get to where you already are, which you've managed to achieve without public experience. That is impressive to be sure!

    FAR- 77
    AUD -49, 71, 84
    REG -56,75!
    BEC -75

    Massachusetts CPA (non reporting) since 3/12.

    #577905
    mena je twa
    Member

    I moved from private to public as a senir in audit, about 16 months ago. It was tought in the beginning, getting to learn tons of new software and audit methodology etc, still learning, but its a tough transition.

    Its not a walk in the park, you are exposed to new clients, different industries, i was assigned on some 1st year clients where you dont have last years work papers to look at, so thats when it gets challenging.

    i took a small pay cut, but i wanted to see how actual audit is, so i moved, took me 9 months to network and had to interview 3 partners and sell myself.

    Goodluck…

    Licensed CPA, Texas - 2012

    #577906
    Anonymous
    Inactive

    When I hear “accounting manager”, I hear “I make $80-120k”.

    Why do I work in public accounting? So one day, I can leave, work 40 hours a week, and make $80-120k.

    If I'm wrong, I'm wrong.

    But if I'm right, stay where your at.

    #577907
    fuzyfro89
    Participant

    Lol @ Audit This… definitely some truth to that.

    I hate FAR: Do you mind us asking what your pay range is (you can give a $10k band if you're uncomfortable giving a number), plus any significant bonus or other compensation? The reason I ask is because if you are too experienced in industry, no public firm will hire you because they have no use for you other than potentially as a staff, but it would be very difficult to find a firm willing to take a chance on someone with such a strange story.

    Another option to advance your career would be to work in Internal Audit, Finance, Operations, Treasury, FP&A, SEC/financial reporting, or you name it. There are a ton of ways to move up and broaden your experience, but starting over at the bottom in public, working for 4-6 years in public, to return to a similar job to what you have now is a risky path that doesn't compensate you well enough to take the demotion.

    I vote find another way to get some new experience rather than going back to public.

    #577908
    I hate FAR
    Member

    Really appreciate all the advice so far! Thanks everyone!

    “Usually the big 4 experience is a boost to get to where you already are, which you've managed to achieve without public experience.”

    What about becoming more than just a manager? I want to improve my skills and the training opportunities in public are much better than my current ones. I also want to get more experience in other areas, not become pigeon holed in what I currently do in terms of industry and accounting function. If I want to become a controller/CFO I need to learn how all accounting/finance functions operate and moving around without a decrease in rank is proving difficult also.

    That's not to say I wouldn't be interested in working towards partner in public. I don't have the experience yet to determine that.

    What about the advisory side? Still same opinions?

    #577909
    I hate FAR
    Member

    Fuzyfro89: Audit_This was pretty accurate in terms of salary. I have six years of experience. I think if I did want to move to public it'd have to be sooner than later as I realize the more industry experience I get the stranger it will seem.

    I have worked in internal audit for a few years. I do want to broaden my experience in other departments and have applied to roles outside of my current functions but have been told that I would not be considered for a manager role since I don't have the experience directly related to that function. Even though I know I could handle it, my resume doesn't show it. If I just came from public on the other hand, would they have taken a better look at my resume?

    #577910
    fuzyfro89
    Participant

    It would just be a very odd resume. Work for 6 years up to accounting manager, then left and worked in public? Public would be solid experience, but would be of limited use in moving into an area outside accounting/financial reporting.

    Working in public acct won't help you get into FP&A, corp finance, or other areas. That will be a challenge regardless of when you try.

    I'm guessing you are working toward your CPA right now? How are you an accounting manager without a CPA? Have you considered pursuing CFA, FRM, or other designations in finance/risk management?

    I think it would be worthwhile to consider switching companies, as few companies do a good job of developing their people through giving them a variety of experience.

    #577911
    I hate FAR
    Member

    When I mentioned getting experience outside my current function, I wasn't just referring to possibly FP&A or finance. Even in the accounting world you can become too specialized if you stick to one place for too long (fixed assets, tax, revenue, expense, financial reporting, etc.).

    I already finished the CPA. There are plenty of managers that don't have a CPA though. I'll probably go for another designation soon but it all depends on what my next move is going to be.

    Almost every job application I have viewed so far has in their requirements public experience. I feel as though this is limiting my opportunities.

    I did switch companies a few years ago for reasons similar to your comment about obtaining a variety of experience. This is where I thought public would give me that chance to accelerate my growth instead of hopping around different companies.

    #577912
    ipasscpa
    Participant

    @I hate Far: I am in the similair situation, only that my experience is lower than yours. I graduated in 2011 and this is my 3rd job in private accounting. Though, I did not apply public a lot becuse I don't have 150 yet and that is the first thing public employers want. As the time is progressing, I too feel that I am limiting my options becuse of private experience. However, if public is must for you, netwroking will be the best option. Also, there are tons of gov jobs and they will value your experince. With 4 years of expeince and B.S degree most Gov bureau hire you at GS 12. But i guess this is one fact of accouting, no matter where you work, you won't grasp all corners. Good Luck!

    CPA- VA

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