Am I stuck in fund accounting…???

  • Creator
    Topic
  • #1536087
    sh716
    Participant

    I’ll be graduating this May with my accounting degree, and I’ve already accepted my offer with a small-sized fund accounting firm in NJ that I’ve been interning for a little over two years already.
    I started this internship without really knowing what I was be signing myself up for, and after doing some research on my own, I’ve been finding that it’s very hard to advance/move out from a fund accounting position because it’s so specialized.

    I don’t have any experience in public accounting yet, and am afraid that the longer I stay here, the harder it’ll be for me to move out. I want to do something about it asap, so I was thinking of staying for at least another year before I start looking for relevant experience elsewhere – ideally in a mid-sized accounting/tax firm.

    I’d like to know if there’s anyone out there who can relate? And if so, how did you go about it? Again, I won’t be a full-time employee until after I graduate this May…so how long would be considered safe and reasonable before I move out?
    And how much of an impact would 3+ years of just fund accounting experience (2 as an intern and 1+ as full-time) have on my chances of landing my very first job in public accounting?

Viewing 8 replies - 1 through 8 (of 8 total)
  • Author
    Replies
  • #1538628
    PubMaster
    Participant

    Start looking for a job in public now. The longer you wait the harder it could become.

    I think you can leverage the skills you've learned from working at the same company/in the same role for 3 years. If anything, that says a ton about yourself. Being able to do that while going to school. That to me says a lot about you as a candidate.

    Like I said, start applying to positions you want now. Learn how to spin your experiences and soft skills into what people in public will want to hear. I guarantee you that you have the skills they're looking for, because they're not looking for technical skills in a first year!

    Best of luck to you!

    #1538644
    Anonymous
    Inactive

    I would also recommend applying for public accounting positions now. I think your 2 years of interning in fund accounting can help you get a job. Like PubMaster said, the longer you wait the harder it is to get into public. Plus I dont really think working that extra year in fund accounting will help as much, you already have 2 years experience.

    #1538869
    cpa1982
    Participant

    sh716,

    Fund accounting/tax is niche specialized industry. Longer you stay in that industry, harder to make a move into regular corporate accounting/tax work. Strange thing is fund tax work looks more favorable than fund accounting work. At my previous job, so many people wanted to make a move from fund accounting department to tax department. For you it's not too late, you don't have to stay an extra year in fund accounting. Start looking now and get your CPA asap.

    As far as public accounting concerns, BIG 4 and many regional firms, especially in the northeast USA, offer fund accounting/tax services. At my previous job, few senior colleagues started in private, doing fund tax work and moved into public accounting. So yes it's possible going from private to public but it's not common and easy transition.

    #1546857
    sh716
    Participant

    @PubMaster, @Annuitydue, @cpa1982, thank you all so much for your time in giving such thorough and sincere responses. I truly appreciate it. 🙂 All of your replies were extremely insightful and motivational for me…I'm so grateful to have landed on such a supportive community as this. I will most definitely heed all of your advice and act upon it asap.

    Though there's one thing that's troubling me — I've already signed my full-time contract (scheduled to start July), but given that I'll start looking for public accounting experience now, there's a tiny chance that I'll land on one before my contract even starts…
    Is it really as bad as they say, to terminate my contract? Even thinking about it is a little scary…How would be the proper way to even bring it up to my higher ups? I love the people I work with, and I'd hate to do anything to bring bad blood or inconvenience them…especially since they're already in the process of assigning tasks for me…

    #1546974
    cpa1982
    Participant

    You don't want to cancel the contract before having public accounting offer. If you don't find PA job then go ahead take fund accounting offer. It's better to have something accounting related than some random job in your resume. After graduation starts studying for CPA exam as soon as you can and attend various networking events in Tri-state area. Asset management industry is huge in Northeast. You never know, with fund accounting experience with CPA, you might end up doing financial analysis and reporting for asset management firm.

    #1678322
    fndacctnyc
    Participant

    Good luck. I started with fund accounting back in 2008. Took it as far as I could and left after 8 years and several fund administration companies. Looking back it was a good way to learn, but like other's say, it's really specialized and might hold you back unless you emphasize the transferable skills.

    #1678490

    When you say fund accounting, are you referring to non-profit/governmental accounting? Can you clarify?

    AUD - 91
    BEC - 97
    FAR - 86
    REG - 87
    p
    #1678624
    cpawannabe91
    Participant

    I’m in the same boat—I am working in utility regulation. Very specific—people tend to turn up their noses to 1) government and 2)how specialized the organization is.

    I don’t really want to go public, but I am starting over after 2.5 years in a position I hope will give me more transferable, traditional skills.

    The CPA will be a huge selling point. My advice—don’t skirt around the fact that you aren’t the typical candidate. Talk about how you were able to adapt to something that maybe wasn’t a huge focus in school (wasn’t in mind). Like others said, emphasize your transferable skills. Be confident! I’m assuming you’re eligible and preparing to take the CPA so if you’re prepared to talk about your timeline for the exam, bring it up—it shows you are staying relevant in non fund accounting GAAP, as well, which is essential to any role.

Viewing 8 replies - 1 through 8 (of 8 total)
  • You must be logged in to reply to this topic.