Wanting to make a leap from Public (Tax) – Advice greatly appreciated!

  • Creator
    Topic
  • #184196
    Lizzers
    Member

    I want to preface this by saying I have busy season brain- aka mush – so please stick with me while I explain this and tell me your thoughts.

    I’m having a quarter life crisis where I’ve realized that staying in public accounting in the long run is just not for me. I love the people I work with, but I hate the work I do. But here’s my dilemma. I’ve researched a ton of job descriptions out there, and have even hired a recruiter friend to help find a job that “fits” me, but I thought it would be best to get some other opinions, which is hopefully where you guys come in!

    Here’s a little bit about me:

    I:

    1. Dislike tax. I mostly dislike being in a cubicle all day as I’m a very active and dynamic people person. I was hired at this firm without doing an internship- they offered me a tax position so I said yes. I didn’t really have a choice at the time of audit/tax, so I don’t know what audit work is like.

    2. Hate standard corporate accounting work. For example, I’ve done some loan staff (tax) work at a Fortune 50 company and they do the same exact tedious thing day after day after day. Now, I don’t mind doing the same type of work, but sitting in a dead quiet cubicle every single day while I peck away at one tiny bite of a massive company is the literal definition of torture to me.

    3. Spent 3 years as an art major before I turned 180 into accounting. Creativity abounds. I will absolutely learn another language just to find the job that is perfect for me (I took two years of Japanese in college and loved it). Heck I’ll learn 18 languages and pat my head and rub my stomach at the same time.

    4. Have already made senior associate, pending my final CPA score. I’ve been with my current firm for two years. I was promoted after 1 year. It is a top 15 firm.

    5. Love to travel. Can’t get enough of it.

    6. I can pick up any software and learn it almost instantly. Technology in general is a big strength for me.

    7. I don’t mind relocating. I’d actually prefer it.

    I don’t feel like I should just “tough it out” in public for another year- if I know public isn’t for me, there’s no sense in staying. I personally believe I can currently find a job that I love that pays me well for the work I do.

    So, after I discussed my likes and dislikes with my recruiter, she suggested I give internal audit a try.

    Have any of you ever heard of someone making the leap from tax to internal audit?

    Do you have any suggestions of an accounting career path that sounds like it would fit with the limited information I’ve given above?

    Have you had a career change crisis, how did you find your current job and do you enjoy what you do?

    Life is just full of questions right now.

    Anyway, thank you for taking the time to read all of this gobbledy-gook.

    -Liz

    REG- 84 - PASS!
    BEC- 65, 72, 78! PASS!
    AUD- 80 - PASS!
    FAR- 64- What??, 82 - PASS!

    AND I'M DONE!! Just keep your eyes on the prize and remember that you can do it!

Viewing 15 replies - 1 through 15 (of 20 total)
  • Author
    Replies
  • #524990
    Study Monk
    Member

    @Liz

    I quit my job in retail to become an accountant again. I am currently considering working in tax myself. One of the things that appeals to me about public accounting is there is slow months of the year. Traveling is a passion of mine and it would be nice to have a job where I can take a two or three week vacation every year without driving my boss crazy. I am currently at the mindset that doing tax returns all day won't be much different than doing general accounting every day. If your a free spirited person could you find enjoyment in eventually opening up your own tax business? Have you ever considered a job in International taxation? If you have time can you tell us more about the misery which is taxation? I am genuinely curious as I am in the midst of possibly signing up to get my MST so I will be more desirable this upcoming recruiting season.

    I spoke to an ancient wise man who sent me on a mushroom induced journey through an ancient forest to find the key to passing the CPA exam. A talking spider monkey told me to throw the last of my drinking water in the dirt to find what I was looking for. So I followed his instructions and the following message appeared in the soil:

    "Do 5000 multiple choice questions for each section"

    #525047
    Study Monk
    Member

    @Liz

    I quit my job in retail to become an accountant again. I am currently considering working in tax myself. One of the things that appeals to me about public accounting is there is slow months of the year. Traveling is a passion of mine and it would be nice to have a job where I can take a two or three week vacation every year without driving my boss crazy. I am currently at the mindset that doing tax returns all day won't be much different than doing general accounting every day. If your a free spirited person could you find enjoyment in eventually opening up your own tax business? Have you ever considered a job in International taxation? If you have time can you tell us more about the misery which is taxation? I am genuinely curious as I am in the midst of possibly signing up to get my MST so I will be more desirable this upcoming recruiting season.

    I spoke to an ancient wise man who sent me on a mushroom induced journey through an ancient forest to find the key to passing the CPA exam. A talking spider monkey told me to throw the last of my drinking water in the dirt to find what I was looking for. So I followed his instructions and the following message appeared in the soil:

    "Do 5000 multiple choice questions for each section"

    #524992
    megasaurus
    Member

    OP- I had a similar quarter-life crisis at age 25. Mine sort of made me swing the opposite direction.

    Do I think you will find an accounting job that will embody all of the things you mentioned. No, I don't. I don't think you'd be likely to find ANY job that would provide you with those things. Not at all trying to be a downer or sound harsh so I hope that isn't how this is coming off.

    What I like about accounting (I'm also in tax) is that the demands on me ebb and flow, and the pay is good enough that is allows me to do the things in life I AM passionate about. Does that make sense? The end result of my quarter-life crisis was to realize that expecting my job to fulfill me was just going to lead to disappointment (and it did, I career shopped for a couple of years). I think this happens to most people, especially at this age.

    Also, if you hate public you should leave. I plan to leave. I, like you, know that public accounting isn't for me. So high-tale it out of there and find a better suited job. If you don't like cube-land, maybe work for a company that doesn't use cubes or is more innovative and forward thinking and does something you are passionate about, or whatever. My point is you don't have to leave accounting to find a fulfilling career, but maybe take some time to realize what it is you're really after or what you think this “dream” position would do for your life that you are missing.

    And nothing about what you described sounds like internal audit to me at all, aside from being able to travel to different offices within the company. Good luck with your decision and surviving busy season.

    @monk – I'm in corporate tax, happy to answer any questions you have about the profession. We're in the same geographic area.

    #525049
    megasaurus
    Member

    OP- I had a similar quarter-life crisis at age 25. Mine sort of made me swing the opposite direction.

    Do I think you will find an accounting job that will embody all of the things you mentioned. No, I don't. I don't think you'd be likely to find ANY job that would provide you with those things. Not at all trying to be a downer or sound harsh so I hope that isn't how this is coming off.

    What I like about accounting (I'm also in tax) is that the demands on me ebb and flow, and the pay is good enough that is allows me to do the things in life I AM passionate about. Does that make sense? The end result of my quarter-life crisis was to realize that expecting my job to fulfill me was just going to lead to disappointment (and it did, I career shopped for a couple of years). I think this happens to most people, especially at this age.

    Also, if you hate public you should leave. I plan to leave. I, like you, know that public accounting isn't for me. So high-tale it out of there and find a better suited job. If you don't like cube-land, maybe work for a company that doesn't use cubes or is more innovative and forward thinking and does something you are passionate about, or whatever. My point is you don't have to leave accounting to find a fulfilling career, but maybe take some time to realize what it is you're really after or what you think this “dream” position would do for your life that you are missing.

    And nothing about what you described sounds like internal audit to me at all, aside from being able to travel to different offices within the company. Good luck with your decision and surviving busy season.

    @monk – I'm in corporate tax, happy to answer any questions you have about the profession. We're in the same geographic area.

    #524994
    Study Monk
    Member

    @ megasaurus

    I will take you up on your offer:) I am 32 and find myself at a crossroad between choosing tax and going the corporate route. I am really trying to avoid making the wrong decision, because I don't want to end up 40 or older and have to make another career switch.

    What I have romanticized about tax is the ability to 1)take long vacations 2)potentially only work 6 months of the year(less money is fine) 3)Open up my own practice and only take on the amount of clients I want

    What scares me about tax 1)I will be working in a culture where I work 70 hours a week 2)that tax experience limits future career choices 3) That tax is so dry that making a career out of it will lead to misery

    I am at a age where I want to have a nice income, so I can do memorable things with my family and help provide a nice standard of living. The questions that are most on my mind are:

    Is tax really as boring as people say it is?

    Do you work 40 hour work weeks after tax season is over?

    Are the raises steady as you keep on putting more years in? I don't want to end up working a decade of 70 hour work weeks to end up making 60k a year.

    Are there people who actually enjoy tax work?

    Are there opportunities for tax accountants outside the public accounting(perhaps financial consulting)?

    You hinted that public accounting isn't right for you as well. I am curious what career switch you have in mind and what you didn't like about public accounting.

    I spoke to an ancient wise man who sent me on a mushroom induced journey through an ancient forest to find the key to passing the CPA exam. A talking spider monkey told me to throw the last of my drinking water in the dirt to find what I was looking for. So I followed his instructions and the following message appeared in the soil:

    "Do 5000 multiple choice questions for each section"

    #525051
    Study Monk
    Member

    @ megasaurus

    I will take you up on your offer:) I am 32 and find myself at a crossroad between choosing tax and going the corporate route. I am really trying to avoid making the wrong decision, because I don't want to end up 40 or older and have to make another career switch.

    What I have romanticized about tax is the ability to 1)take long vacations 2)potentially only work 6 months of the year(less money is fine) 3)Open up my own practice and only take on the amount of clients I want

    What scares me about tax 1)I will be working in a culture where I work 70 hours a week 2)that tax experience limits future career choices 3) That tax is so dry that making a career out of it will lead to misery

    I am at a age where I want to have a nice income, so I can do memorable things with my family and help provide a nice standard of living. The questions that are most on my mind are:

    Is tax really as boring as people say it is?

    Do you work 40 hour work weeks after tax season is over?

    Are the raises steady as you keep on putting more years in? I don't want to end up working a decade of 70 hour work weeks to end up making 60k a year.

    Are there people who actually enjoy tax work?

    Are there opportunities for tax accountants outside the public accounting(perhaps financial consulting)?

    You hinted that public accounting isn't right for you as well. I am curious what career switch you have in mind and what you didn't like about public accounting.

    I spoke to an ancient wise man who sent me on a mushroom induced journey through an ancient forest to find the key to passing the CPA exam. A talking spider monkey told me to throw the last of my drinking water in the dirt to find what I was looking for. So I followed his instructions and the following message appeared in the soil:

    "Do 5000 multiple choice questions for each section"

    #524996
    megasaurus
    Member

    Alright Monk, I'm going to give it my best shot :).

    I am also 32. I have a family and I work at a big 4 firm doing primarily corporate tax provision and compliance (filing of tax returns). I don't find tax to be boring at all. I think it is dynamic, interesting, and constantly changing. While I don't LOVE my job and am not emotionally fulfilled by it, I do enjoy the work that I do. It's challenging and I feel accomplished at the end of the day. Now, on to your questions.

    As far as your concerns, I've only truly worked about 5 – 7 70hr weeks in the almost 3 years I've been at my firm (busy season requires 55hr minimum, I'm usually right around 60). I don't personally feel like my career choices are limited, with my experience I can go to a smaller firm (with a pay pop and less hours) or to industry (bigger pay pop, even better hours) I haven't decided of those two what I would like to do. In the bay area tax jobs always seem to be in demand, I'm regularly contacted by recruiters and see jobs posted for tax professionals. Auditors are definitely more “generalists” but on average, tax professionals are compensated more for their specialization. I was worried I wouldn't like tax or that it would be dry or boring. It hasn't been for me, but obviously, everyone is different. It's like a puzzle, trying to get everything to work and fit together correctly.

    My busy seasons are Jan-Mar, a week each quarter throughout the year, and mid July-mid-Sept. I have primarily calendar year clients. Some of my coworkers have fiscal year clients, so their busy times are different than mine. In general, everyone has times of the year that are busier than others. And I usually work less than 40hrs or vacation during my less busy time.

    Raises – I've been through 2 rounds of comp increases, they were both double digit increases. I feel I'm fairly compensated for the work I do. I can tell you you won't be a CPA in the bay area making less than 60K. That's basically where you start.

    Do people like it? I do. I'd say it's about half and half at my firm at my level. Some enjoy the process and the challenge. Others do it b/c it's a job but are bored by it.

    I don't think big 4 public accounting is right for me. I don't want to be a partner in my current organization. I want more work-life balance (married, mom of 2) so I'll either go to a small firm and see if that is better and if it isn't then I'll try for an industry job. In the bay area there are plenty of corporations that have a tax department, so I would go do that for a corporation and grow my career that way. I just haven't decided. I'm not going to make a move until I'm licensed. Oh, and there isn't anything I dislike about public with regard to the work I do. It's just the rate at which I'm required to work during certain parts of the year. If I could just reduce that a little bit, I'd love my job.

    There are lots of areas of tax to consider as well. You could focus on transaction tax, transfer pricing, international, indirect, etc. There is so much out there so consulting is a big part of our practice besides just the annuity work of compliance.

    Hope that helps!

    #525053
    megasaurus
    Member

    Alright Monk, I'm going to give it my best shot :).

    I am also 32. I have a family and I work at a big 4 firm doing primarily corporate tax provision and compliance (filing of tax returns). I don't find tax to be boring at all. I think it is dynamic, interesting, and constantly changing. While I don't LOVE my job and am not emotionally fulfilled by it, I do enjoy the work that I do. It's challenging and I feel accomplished at the end of the day. Now, on to your questions.

    As far as your concerns, I've only truly worked about 5 – 7 70hr weeks in the almost 3 years I've been at my firm (busy season requires 55hr minimum, I'm usually right around 60). I don't personally feel like my career choices are limited, with my experience I can go to a smaller firm (with a pay pop and less hours) or to industry (bigger pay pop, even better hours) I haven't decided of those two what I would like to do. In the bay area tax jobs always seem to be in demand, I'm regularly contacted by recruiters and see jobs posted for tax professionals. Auditors are definitely more “generalists” but on average, tax professionals are compensated more for their specialization. I was worried I wouldn't like tax or that it would be dry or boring. It hasn't been for me, but obviously, everyone is different. It's like a puzzle, trying to get everything to work and fit together correctly.

    My busy seasons are Jan-Mar, a week each quarter throughout the year, and mid July-mid-Sept. I have primarily calendar year clients. Some of my coworkers have fiscal year clients, so their busy times are different than mine. In general, everyone has times of the year that are busier than others. And I usually work less than 40hrs or vacation during my less busy time.

    Raises – I've been through 2 rounds of comp increases, they were both double digit increases. I feel I'm fairly compensated for the work I do. I can tell you you won't be a CPA in the bay area making less than 60K. That's basically where you start.

    Do people like it? I do. I'd say it's about half and half at my firm at my level. Some enjoy the process and the challenge. Others do it b/c it's a job but are bored by it.

    I don't think big 4 public accounting is right for me. I don't want to be a partner in my current organization. I want more work-life balance (married, mom of 2) so I'll either go to a small firm and see if that is better and if it isn't then I'll try for an industry job. In the bay area there are plenty of corporations that have a tax department, so I would go do that for a corporation and grow my career that way. I just haven't decided. I'm not going to make a move until I'm licensed. Oh, and there isn't anything I dislike about public with regard to the work I do. It's just the rate at which I'm required to work during certain parts of the year. If I could just reduce that a little bit, I'd love my job.

    There are lots of areas of tax to consider as well. You could focus on transaction tax, transfer pricing, international, indirect, etc. There is so much out there so consulting is a big part of our practice besides just the annuity work of compliance.

    Hope that helps!

    #524998
    Study Monk
    Member

    @ megasaurus,

    Your thoughts have been extremely helpful. If I can squeeze one more question out of you. I should have my CPA license by this upcoming recruiting season. I was considering enrolling in a MST from Golden Gate University this upcoming May and going part-time when I get a job. My last question(s) is do you see a MST from GGU being a valuable asset for a tax accountant, or do you think a CPA license should be enough given the current demand for tax accountants.

    @Liz sorry for being a post parasite 🙂

    I spoke to an ancient wise man who sent me on a mushroom induced journey through an ancient forest to find the key to passing the CPA exam. A talking spider monkey told me to throw the last of my drinking water in the dirt to find what I was looking for. So I followed his instructions and the following message appeared in the soil:

    "Do 5000 multiple choice questions for each section"

    #525055
    Study Monk
    Member

    @ megasaurus,

    Your thoughts have been extremely helpful. If I can squeeze one more question out of you. I should have my CPA license by this upcoming recruiting season. I was considering enrolling in a MST from Golden Gate University this upcoming May and going part-time when I get a job. My last question(s) is do you see a MST from GGU being a valuable asset for a tax accountant, or do you think a CPA license should be enough given the current demand for tax accountants.

    @Liz sorry for being a post parasite 🙂

    I spoke to an ancient wise man who sent me on a mushroom induced journey through an ancient forest to find the key to passing the CPA exam. A talking spider monkey told me to throw the last of my drinking water in the dirt to find what I was looking for. So I followed his instructions and the following message appeared in the soil:

    "Do 5000 multiple choice questions for each section"

    #525000
    PurpleK
    Participant

    @Lizzers

    I recommend technology consulting for a large consulting firm like Accenture – lots of travel and a CPA license/accounting background can be an important resource to many of their teams.

    @Study Monk

    Having gone through the program myself, I would say that if you really want to do the GGU MST, you should take the night classes, which provide lots of networking opportunities with other professionals in the industry. As for the technical knowledge, they definitely do provide students with a solid tax foundation in terms of basic concepts that can be used to problem solve tax issues. Also, the research class has been very helpful in my career. As for the value of the degree, I would say that it has not had any impact on my salary whatsoever.

    When I was 24, after getting my CPA and MST, I too went through a quarter life crisis, left public accounting, and became a senior fund accountant at a hedge fund – now an assistant controller. The asset management industry is dominated by professionals with an audit background, so my tax background has allowed me to stand out and outperform many of my other colleagues.

    #525057
    PurpleK
    Participant

    @Lizzers

    I recommend technology consulting for a large consulting firm like Accenture – lots of travel and a CPA license/accounting background can be an important resource to many of their teams.

    @Study Monk

    Having gone through the program myself, I would say that if you really want to do the GGU MST, you should take the night classes, which provide lots of networking opportunities with other professionals in the industry. As for the technical knowledge, they definitely do provide students with a solid tax foundation in terms of basic concepts that can be used to problem solve tax issues. Also, the research class has been very helpful in my career. As for the value of the degree, I would say that it has not had any impact on my salary whatsoever.

    When I was 24, after getting my CPA and MST, I too went through a quarter life crisis, left public accounting, and became a senior fund accountant at a hedge fund – now an assistant controller. The asset management industry is dominated by professionals with an audit background, so my tax background has allowed me to stand out and outperform many of my other colleagues.

    #525002
    megasaurus
    Member

    @study monk – this afternoon I got an email from my firm saying we still have a need for tax interns, post your email or somehow a way for me to contact you and I'll send the information if you're interested. It would be a tax internship for the upcoming summer. You can (potentially, since I don't know your GPA or background) try tax before you buy.

    The GGU MST program is very highly regarded at my firm. We recruit heavily from that school.

    #525059
    megasaurus
    Member

    @study monk – this afternoon I got an email from my firm saying we still have a need for tax interns, post your email or somehow a way for me to contact you and I'll send the information if you're interested. It would be a tax internship for the upcoming summer. You can (potentially, since I don't know your GPA or background) try tax before you buy.

    The GGU MST program is very highly regarded at my firm. We recruit heavily from that school.

    #525004
    Study Monk
    Member

    @megasaurus

    Thanks for your time again. I would definitely apply to the internship if you send me the information. My email is studymonk1@gmail.com

    Either way your comments have been very helpful. I have been in desperate need of some guidance since I have been considering starting my MST as soon as this May.

    Thanks!

    I spoke to an ancient wise man who sent me on a mushroom induced journey through an ancient forest to find the key to passing the CPA exam. A talking spider monkey told me to throw the last of my drinking water in the dirt to find what I was looking for. So I followed his instructions and the following message appeared in the soil:

    "Do 5000 multiple choice questions for each section"

Viewing 15 replies - 1 through 15 (of 20 total)
  • You must be logged in to reply to this topic.