(Relatable?) Question

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    Topic
  • #2683179
    Giant$
    Participant

    I’m hoping this question can assist others in similar positions.

    Received an offer from a top 20ish firm which i’m very happy about and accepted, although there are some drawbacks. It involves a lot of commuting in and out of the city, it’s not exactly my desired client field and I have limited knowledge of where the clients will be located. (1.5 hour commute to office, if any clients are further north it will only add to the commute). All in all I had some reservations but it was the only offer I had at the time and accepted it.

    Two weeks later I received an offer from a local mid size firm in the tax department. (much better commute and tbh I feel tax experience is much more beneficial than audit experience)

    My question is, what are the do’s and dont’s of turning down offers after already accepting and leveraging offers between different employers? I feel tax exp is more beneficial than audit exp career wise if you want to be a CFO or controller and the compensation for each offer is basically the same so it comes down to, do i accept the local offer after already accepting the large firm offer? Do I use it as leverage and ask for more from the large firm? Or is it a bad look to turn down the offer after already accepting?

    I only want to do whats best for my family but at the same time don’t want to burn any bridges.

Viewing 15 replies - 1 through 15 (of 15 total)
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  • #2683335
    Cobalt60
    Participant

    You will definitely burn a bridge if you decline an offer that you have already accepted.

    I don't see any leverage with the original large employer. I expect they would mark you as unreliable and write you off.

    You could negotiate with the smaller firm.

    Do what you feel you will be happiest looking back on in several years.

    AUD - 91
    BEC - 90
    FAR - 84
    REG - 89
    -
    #2683416
    Giant$
    Participant

    Sound advice.

    Everything in my gut is telling me to go local and get the tax experience but part of me second guesses throwing away an opportunity at a top 20 (does it even matter after big 4) firm which would be the most impressive experience on my resume.

    I think this is somewhat common in the accounting field. Make big sacrifices to get “top firm” experience or prioritize work/life balance and settling in a smaller pond.

    #2683419
    Recked
    Participant

    Tricky situation here. I would usually advise someone to stick by their word and honor their agreement.
    It would definitely burn a bridge.
    My gut feeling is to do it for a year or 2 and learn as much as you can, then think about making a switch to a smaller firm.
    With the way tax law, and technology is changing, it can't hurt to have some non-tax experience just in case things become even more automated in the future.

    Memento Mori - Kingston NY CPA & EA (SUNY Albany 2002)

    FAR-93 11/9/17 (10wks, 250 hrs, Roger 1800+ MCQs, Gleim TB 600+MCQs, SIMs)
    AUD-88 12/7/17 (3 wks, 85 hrs, Roger 1000 MCQs no SIMs hail mary)
    REG-96 1/18/18 (6 wks, 110 hrs, 1400 MCQs, no SIMs)
    BEC-91 2/16/18 (4wks, 90 hrs, 1240 MCQs)

    #2683605
    Giant$
    Participant

    Thanks for the input Recked.

    Would you make that same recommendation knowing I already have 1.5 years audit experience? I was under the impression tax experience opens up more job opportunities in the future but after doing some research it feels like that is actually audit…..from what i'm reading it seems once your involved in tax, it's tax for life.

    Ultimately I should be happy to have two offers but it feels like this is a career defining moment for me so I've managed to make it a stressful experience.

    #2683650
    Recked
    Participant

    I think most CFO positions and industry positions are really looking for people with public audit experience, not so much tax experience.
    Tax for life sounds pretty accurate. I could not imagine trying to switch over to audit at this point.
    I'd go for the audit position while you are young to get more experience. Better to be able to work long hours and travel as necessary while you are young.
    I think that position has the potential to offer you more opportunities in the future. Don't rush to respond, take a few days to think it all over.

    Memento Mori - Kingston NY CPA & EA (SUNY Albany 2002)

    FAR-93 11/9/17 (10wks, 250 hrs, Roger 1800+ MCQs, Gleim TB 600+MCQs, SIMs)
    AUD-88 12/7/17 (3 wks, 85 hrs, Roger 1000 MCQs no SIMs hail mary)
    REG-96 1/18/18 (6 wks, 110 hrs, 1400 MCQs, no SIMs)
    BEC-91 2/16/18 (4wks, 90 hrs, 1240 MCQs)

    #2683746
    I can and I will
    Participant

    Former auditor here-

    Not sure why you think tax provides more valuable experience for a CFO or controller. As an auditor you can see an entire business and its processes versus tax which is one small part (specific part) of the business. If you're looking to end up in some sort of big wig role down the line- I'd stick the audit route. But that commute sounds rough. My audit years were lots of commutes, hotel points, and different clients. But I learned SO much. Also- tax is so boring
    😛
    lol

    I can and I will- Don't give up!

     

    AUD- 64,72,82

    BEC-79

    FAR-67,65,74,78

    REG-66, 77 - I AM DONE!

    #2683803
    Lindsey_p87
    Participant

    I have limited public experience so take my opinion with a grain of salt. Having been in industry for a few years, I have to agree with others that Audit experience is much more valuable if your goal is to become CFO or other exec-level positions. Most CFO's that I have worked for were auditors in their past lives. It also just makes sense in thinking about what auditors do (analyzing the financial statements, etc.) However, the real question is – which area do you actually enjoy more? If you enjoy auditing, it will definitely be worth it to stick to that field. If you are looking to get out of it and put a high value on a short commute (can't blame you there), then make the switch. Yes, you will burn the bridge, but if you're not interested in the position/firm, you have to do what's best for you ultimately.

    AUD - 79
    BEC - 82
    FAR - 79
    REG - 86
    DONE

    FAR - PASSED 11/14
    AUD - TBD
    BEC - TBD
    REG - First take 2/16

    #2683872
    Giant$
    Participant

    I Can And I Will – Idk why I assumed that but after doing research today it seems I was mistaken, audit experience appears to translate better to Controller/CFO opportunities

    Lindsey – Well said. Guess we cant have cake and a thin a waist.

    I enjoy auditing and its career path but i'm afraid the commute will drain me(and my car) and affect my performance. If the auditing offer was local I would of accepted it in a heartbeat.

    #2684109
    Recked
    Participant

    I personally would not do a 1.5 hour commute. You don't indicate if this is one way or round trip so I'll assume one way.
    I currently do about 30 minutes each way and wish it was shorter, especially during busy season.
    I'm about 2 hours north of NYC and no way would I want to pull that commute everyday, but lots of people do it.
    I would seriously consider renting a place closer if that's the only thing making you hesitant to take the job.

    You could potentially mention to the employer that you were looking at housing options to reduce your commute and it was going to be higher than you realized and see if they could offer better comp to help offset the cost. If they say no, then at least you MIGHT have a somewhat reasonable excuse to decline the offer that you previous accepted. Just never expect to get a job there in the future.

    Memento Mori - Kingston NY CPA & EA (SUNY Albany 2002)

    FAR-93 11/9/17 (10wks, 250 hrs, Roger 1800+ MCQs, Gleim TB 600+MCQs, SIMs)
    AUD-88 12/7/17 (3 wks, 85 hrs, Roger 1000 MCQs no SIMs hail mary)
    REG-96 1/18/18 (6 wks, 110 hrs, 1400 MCQs, no SIMs)
    BEC-91 2/16/18 (4wks, 90 hrs, 1240 MCQs)

    #2684163
    TommyL
    Participant

    Agreeing with Recked here. Unless you are willing to re-locate, spending 3 hours a day commuting to work and back is too much, even if the pay is decent.

    AUD - 81
    BEC - 84
    FAR - 78
    REG - 86
    Goals
    #2687787
    Mike J
    Participant

    Somewhat unrelated to the point of the original post, I'm not sure why audit gives you more insight to a company than tax.

    As an external auditor you basically just find tick and tag. In tax you go through a client's check register, expenses, compile their books (often fix a lot of errors) which are needed before you do the entity return.

    Anything you find in a walkthrough, clients often view as unnecessary. The work often made me feel like a rubber-stamp. Whereas in tax, there was more urgency from the client for fear of IRS audit

    Again, I may be off base here. But I don't quite see the preference of audit to tax in the context used by others here.

    AUD - 90
    BEC - 79
    FAR - 77
    REG - 77
    They don't trust JUST ANYBODY to count beans
    #2688309
    Recked
    Participant

    As a lower level audit associate you are tasked with tick and tag, etc.
    But when you get into upper audit, you oversee the people that do the menial tasks, and your job is to analyze the financials from above, while overseeing the audit.
    I get what you're saying about tax work, I myself do tax work. I can manage a tax department, but as far as a CFO position. I would have some learning to do to get up to speed.

    Memento Mori - Kingston NY CPA & EA (SUNY Albany 2002)

    FAR-93 11/9/17 (10wks, 250 hrs, Roger 1800+ MCQs, Gleim TB 600+MCQs, SIMs)
    AUD-88 12/7/17 (3 wks, 85 hrs, Roger 1000 MCQs no SIMs hail mary)
    REG-96 1/18/18 (6 wks, 110 hrs, 1400 MCQs, no SIMs)
    BEC-91 2/16/18 (4wks, 90 hrs, 1240 MCQs)

    #2688609
    say
    Participant

    If CFO is the end game. Audit is more valuable than tax. Tax is important but audit gives you the birds eye view of the whole accounting function. But a CFO is more than just an accountant, that position is someone that directs the finances of the company. Usually, CFOs have MBAs. Some start as CPAs but the real value of the CFO is in corporate finance and deal structure strategies. If you want to be a CFO, stick with audit, and consider maybe getting an MBA.

    #2689356
    Cobalt60
    Participant

    I think it's worthwhile to mention one other item.

    Any time I've ever gone to a conference I've run into someone I know. Professional communities are sometimes much smaller than you might otherwise think.

    Point is, declining an offer after accepting it may affect your reputation. Eventually you may run into someone at the first company again. Maybe at a professional engagement, maybe at a job interview.

    Just something else to consider.

    AUD - 91
    BEC - 90
    FAR - 84
    REG - 89
    -
    #2690541
    Mike J
    Participant

    That's fair re audit versus tax for a CFO track. I suppose that I must admit I don't put a lot of stock (small pun) in the value of ratio analyses. It is A tool and necessary per regulations for audits. But I think that it's often been given more weight than warranted. I favor a tax background because it gives you the experience to put into qualitative terms something that is quantitative in nature for client laypersons. Isn't that what we have to do in workpapers, memos and reports anyway? Regardless of how I feel that is what employers seem to want. But maybe that's why I'm poor haha.

    AUD - 90
    BEC - 79
    FAR - 77
    REG - 77
    They don't trust JUST ANYBODY to count beans
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