[Anonymous]

I graduated in 2000 and have worked at the same firm (a hedge fund in NYC) for almost 15 years, where I’m the controller for the funds (not the management co.) and have a staff of five. I’ve been the controller for five years and don’t have any public experience whatsoever. I have my MBA (not top 50) and am halfway done with my CPA (REG and BEC left). I have a 2 year-old and working on the next one. I don’t see much of a future in my firm because of some things I don’t want to go into right now.

In order to progress my career (in any industry) and eventually make it to the C-Suite, I believe the only way is to get some experience with a Big 4 firm. I understand that my path is a little bit strange, but I was wondering what to expect. Would I go in as a Senior? Is the work/life balance as horrific as I imagine? I’m used to 10-11 hour days year round, but only work a handful of weekend days a year. Any input is greatly appreciated.

[ijustwant76]

Wow, giving up quality time with a young one for lower pay? I totally understand the desire to get public accounting into your work experience. The thing is – most people work in public to get to where you currently are.

You're already a controller. It's easier to bridge over somewhere else and lateral. Parallel duties and responsibilities. SOMEONE out there will see it this way…..just have to be patient.

I'm in a similar boat and have thought through the same process. I just cant imagine being able to get into public at a medium level. I'm pretty sure you'll have to start at the bottom, or close to it.

[thechapman]

10-11 hours a day year round? This shouldn't be very hard for you then.

Passed - 2014

[PurpleK]

I also am the controller at a hedge fund, but initially took the Big 4 route then transitioned over.

At my current hedge fund, the CFO started his career in prime brokerage and never got his CPA, the COO started in fund accounting at an administrator and never got his CPA, and the CCO started his career in big law. None of them ever did public accounting.

I know you mentioned you would consider any industry, but I am sure that just like in the hedge fund industry, it is all about who you know and amount of experience. All of the C-level officers have some sort of previous connection or great referral from a close peer that got them their jobs and have been in the industry for 10+ years.

Although Big 4 experience and the CPA would help, you would be backtracking 5-10 years of your life if you are considering an industry switch. If you are considering staying in the industry, I would say network and be patient.

[fuzyfro89]

Opportunities surely vary depending on the fund strategy(ies), AUM, number of investors, etc.

I don't imagine a situation where going back to work as a staff/senior for a few years and returning to the same position?

Unless you are absolutely sick of the financial industry and want to go elsewhere, I think it makes sense to work on some continuing education, CPA, other trainings, and try and move up within the industry or into an adjacent industry within the investment accounting/reporting area.

I don't know your current situation in terms of skills, competencies, compensation, etc. Have you run into issues when trying to move up within the industry?

[Anonymous]

Thanks for the input guys. I do want to spend time with the family and have a better quality of life. My wife is actually vehemently against me going to the Big 4, but I was concerned that the world views a CPA with no Big 4 experience to be a severe minus. You all just solidified it for me. My thanks for that.

Ijustwant – Thanks for pointing out the paradigm. In the end, my idea just doesn't make that much sense. Maybe its best to look within the industry instead of out.

PurpleK – you're right about networking…I should work on expanding it and hit my current network as well. I would rather stay in the industry as it plays to my strengths and would be an easier transition overall. Also, the pay should stay high, which is definitely a good thing. Also, as a new person at a firm, I'm hoping the hours won't be so bad initially since I'm going to be the new guy for a change (since I'm usually the one holding someone's hand and then doing some of my actual work when they go home).

FuzyFro – I haven't even looked into going elsewhere in years. I'm about finished with my resume, so I'll need someone in industry (or headhunter) to take a look at it before I start sending it out. I've been gathering info on the best hedge funds for the last few years now, so they'll be where I hit first.

Again, thanks guys.

[NebCPA]

I don’t think the switch would be all that bad for you. If you’re thinking of going into the Big 4 with your background, I would assume you would want to go advisory versus tax or audit. Depending on your prior/current knowledge/experience, it wouldn't be the worse idea to get into a Financial Risk Management (FRM) specialty and lean more towards a CFA than a CPA, though both have very similar curriculum, so both would feed off each other. Moving into advisory for a couple of years would give you the opportunity to work with multiple companies and expand your network, so after getting your job experience (2ish years), you could move back into industry. Given 15 years of experience, I wouldn't take anything under a manager role, but your title will depend heavily on what specific job you get at the Big 4, ie, if you go audit, I would agree you’d start at a much lower position since you have no audit background.

The advisory route would give you more flexibility, and you wouldn't, necessarily, be tied to the typical audit/tax busy season. Though certain projects could cause to you have a heavier work schedule during off season, and if you’re working in an FRM role doing any type of valuation, then you would need to get year-end values out for audits, so would be beholden to the beginning of the year grind. Best of luck.

[Anonymous]

@NebCPA – thanks for the recommendation. I haven't looked into advisory at all. It looks pretty interesting.

[Anonymous]

whats the salary like in hedge fund accounting? my understanding is they bring a pretty coin in

[Author]

Replies