August 13, 2019 at 8:46 am #2627769
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/managerAugust 13, 2019 at 10:44 am #2627988
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 😀August 13, 2019 at 11:15 am #2628117
@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 expectAugust 13, 2019 at 11:35 am #2628168
Irene, I'm in assurance, private company services. It depend on what you like. Are you interning?August 13, 2019 at 11:58 am #2628225
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.August 13, 2019 at 12:15 pm #2628261
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.August 13, 2019 at 12:23 pm #2628285
LIFO The PartyParticipant
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!!August 13, 2019 at 7:54 pm #2629308
@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!August 13, 2019 at 8:01 pm #2629329
@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?August 13, 2019 at 8:38 pm #2629431
LIFO The PartyParticipant
@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 4August 13, 2019 at 11:10 pm #2629632
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.August 14, 2019 at 12:38 pm #2630451
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.
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