Too early for private?

This topic contains 11 replies, has 7 voices, and was last updated by  cortes123 1 week, 2 days ago.

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  • #2627769

    Giant$
    Participant

    Curious, what is the consensus on here regarding transitioning to private. When is it too early?

    I recently received a CPA license and have 16 months of public as a Staff 1, will going to a private company now limit opportunities for advancement later?

    When I worked as a Staff 1, all we joked about is how bad we want to break into private but now that the opportunity is here , i'm second guessing making the move before at least making it to senior/supervisor/manager

    #2627988
    Painted_Jeans
    Painted_Jeans
    Participant

    TBH if you have an offer and it's a good one, what is there to think about? I've been in public accounting for almost 2 yrs, 8 months with Big4 so it'll be my second busy season with them and I'm planning to look whats out there next summer.. My teammates who left after 2-3 seasons get anywhere between 75-85 plus bonus, much better than 55-65 if you ask me. Considering the “normal” schedule and more time off or whatever, it's definitely a no-brainer, but at the same time I do like my firm and line of practice, there a lot of perks that i wont get elsewhere. For me, money is more important than perks and fancy big firm logo in the long run. If i'd be making 85-90 as a senior I'd probably stay, but I wont get paid that much soooo that's my 2 cents 😀

    AUD - 78
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    UNO MAS!!!! LET'S GO
    #2628117
    Warrior
    Warrior
    Participant

    @Painted_Jeans what line of service are you in? Tax, Advisory or Audit? I am about to start in winter 2020 and trying to figure out what to expect

    AUD - NINJA in Training
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    I believe in myself
    #2628168
    Painted_Jeans
    Painted_Jeans
    Participant

    Irene, I'm in assurance, private company services. It depend on what you like. Are you interning?

    AUD - 78
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    UNO MAS!!!! LET'S GO
    #2628225
    Warrior
    Warrior
    Participant

    Painted_Jeans, no, full time, audit, FS. It is my first public accounting experience and I am just trying to find out what to except.

    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - NINJA in Training
    I believe in myself
    #2628261

    say
    Participant

    the answer is complex. but think about the long term goals. obviously, small percentage make partner. but when you are wanting to be in positions of management and senior mgmt (controller level), it is more attractive to have longer time spent in public. of course there is the other side of the coin, work really hard within the industry company and reach mgmt level through promotions – but it is a much harder road. you have to make a few moves (like jump companies a few times to get there). most people stay in big 4 for less than 2 years bc the amount of work and treatment is pretty bad. I understand. but having 3+ years is attractive. i wouldn't make the move just yet bc less than 2 years you really are just getting started. even if the offer is attractive, once youre in that position movement goes at a snails pace. movement as in promotions, pay increases and such. take this time to strengthen yourself as an accounting professional.

    #2628285
    LIFO The Party
    LIFO The Party
    Participant

    Left the big 4 with 1 year of experience and landed an experienced internal auditor role with a large financial institution. I’m sure my prospects could have been much better had I stayed another year, but the big 4 wasn’t for me. I got a 40% raise with the new gig and I seldom work more than 40 hours a week. Life is good!!

    AUD: 78

    BEC: 84

    FAR: TBD

    REG: TBD

    #2629308
    Painted_Jeans
    Painted_Jeans
    Participant

    @warrior FS is very tough busy season. I have a good buddy in FS and I think they work significantly more during off time (summer/fall). I'm not super sure what you are planning for the future, FS is great experience to have and I'm sure you'll be snatched by one of the banks right away as soon as you decide to put your foot out of the door. Take the offer!

    AUD - 78
    BEC - 57
    FAR - 80
    REG - 76
    UNO MAS!!!! LET'S GO
    #2629329
    Painted_Jeans
    Painted_Jeans
    Participant

    @lifotheparty do you like internal audit? I was thinking to get into something like that later.. I like external to a point that i'd do it if it paid more and normal hrs year round lol
    Are u looking to get CIA or naah?

    AUD - 78
    BEC - 57
    FAR - 80
    REG - 76
    UNO MAS!!!! LET'S GO
    #2629431
    LIFO The Party
    LIFO The Party
    Participant

    @paintedjeans I like it so far. It’s not a publicly traded institution, so we don’t deal with all the SOX testing (thank goodness). It’s very operational in nature – almost zero substantive testing with a large focus on processes and controls. I do plan on sitting for the CIA once I complete the CPA. While I miss the prestige that comes with working for a big 4, I don’t miss the long hours and workplace drama. If I ever go back into public I’ll go regional or local, but never big 4

    AUD: 78

    BEC: 84

    FAR: TBD

    REG: TBD

    #2629632

    vbmer
    Participant

    The Big 4 have so many jobs (often with great exits) outside Audit, that I would personally try to transfer into Valuations or Transaction Diligence or Accounting Advisory or something like that, and if you can't find an angle to transfer in the next 6-12 months, then you should have at least the same quality exits that you have now. It will be competitive, but if you network internally, you will likely be able to find something you like.

    AUD - 79
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    FAR - 89
    REG - 80
    Manager, Big 4 Corporate Finance, CPA (WA)
    #2630451

    cortes123
    Participant

    I transferred from public early, I just couldn't stand the office politics and long hours (I am married and have two sons). I got an offer from private (small and upcoming Private Equity firm) and made the jump. They offered better pay, benefits and promised better work-life balance and so far they have delivered (PE firms are not known for work-life balance). I am not sure if this will hurt me in the long run, but I just couldn't deal with life in public anymore. Nonetheless, I don't regret it. professionally I have learned a lot especially on the Financial Modeling and Business Law side of the deals, I get to work with top people that came from investment banking, get to arrange my schedule and sometimes get to work from home (at last two times per week). To me, the work-life balance and no office politics promises were enough to make the jump.

    AUD - 94
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