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Message
Looking for career advice re: public accounting
Posted on 7/31/21 at 10:43 am
Posted on 7/31/21 at 10:43 am
Not sure if this is the right place, but figured I’d ask here instead of the OT. Incoming wall of text:
Currently I’m a senior accountant for a 4 year old digital marketing firm. By senior, I mean the guy doing all the accounting, both higher level and transactional. I’ve been asking for help since November from our CEO. As we are a “culture first” company, he has denied nearly every application for additional accountants because “they are all boring.”
He found a CFO that he keeps super busy with contract negotiations and other higher level things the CEO doesn’t want to do. CFO is extremely supportive of me and has been pushing for a new hire as well but all new hiring was paused a few weeks ago.
Just a note: the CEO thinks Adam Neumann of WeWork was amazing and tries to run the company like Adam would. And the employees for the most part are afraid of him. High levels of anxiety, low morale is pretty rampant.
Allegedly, there is and ESOP in place, but I have not been given any paperwork. I believe the company will be bought out in the next 5-10 years.
As the work continues to pile on and my requests for help are either falling on deaf ears or I get yelled at for asking about the status, I decided to look for another job and see what was out there.
Yesterday, I interviewed with a non big 4 but probably top 30 CPA firm to be apart of their audit team. I’ll be able to sit for the CPA in three weeks but I’ve got zero audit or PA accounting experience. It’s mostly industry accounting and at one point I ran my own businesses that didn’t work out. The firm verbally approved a 10% raise from what I’m making now. I received an offer letter 2 hours later confirming it all. Full benefits, less hours even in busy season, and they’ll cover half the study materials for the CPA exam.
Thanks in advance for your thoughts.
ETA: Im leaning towards the new job, but I want to know if I’ll just be trading one hell for another.
Currently I’m a senior accountant for a 4 year old digital marketing firm. By senior, I mean the guy doing all the accounting, both higher level and transactional. I’ve been asking for help since November from our CEO. As we are a “culture first” company, he has denied nearly every application for additional accountants because “they are all boring.”
He found a CFO that he keeps super busy with contract negotiations and other higher level things the CEO doesn’t want to do. CFO is extremely supportive of me and has been pushing for a new hire as well but all new hiring was paused a few weeks ago.
Just a note: the CEO thinks Adam Neumann of WeWork was amazing and tries to run the company like Adam would. And the employees for the most part are afraid of him. High levels of anxiety, low morale is pretty rampant.
Allegedly, there is and ESOP in place, but I have not been given any paperwork. I believe the company will be bought out in the next 5-10 years.
As the work continues to pile on and my requests for help are either falling on deaf ears or I get yelled at for asking about the status, I decided to look for another job and see what was out there.
Yesterday, I interviewed with a non big 4 but probably top 30 CPA firm to be apart of their audit team. I’ll be able to sit for the CPA in three weeks but I’ve got zero audit or PA accounting experience. It’s mostly industry accounting and at one point I ran my own businesses that didn’t work out. The firm verbally approved a 10% raise from what I’m making now. I received an offer letter 2 hours later confirming it all. Full benefits, less hours even in busy season, and they’ll cover half the study materials for the CPA exam.
Thanks in advance for your thoughts.
ETA: Im leaning towards the new job, but I want to know if I’ll just be trading one hell for another.
This post was edited on 7/31/21 at 10:45 am
8
Posted on 7/31/21 at 10:47 am to horsesandbulls
quote:
Just a note: the CEO thinks Adam Neumann of WeWork was amazing and tries to run the company like Adam would.
What a weird statement
Posted on 7/31/21 at 10:53 am to diat150
Trying to give a sense of his personality without taking a paragraph or two.
But yeah, it’s bizarre for sure.
But yeah, it’s bizarre for sure.
Posted on 7/31/21 at 11:22 am to horsesandbulls
This is a tough one. I know you don't want to mention the Firm name, which I get, but all top 30 firms are not the same in terms of reputation and marketability.
You will want to assess whether the Firm has a positive regional reputation (assuming it is a region you want to stay in).
My gut reaction is to take the opportunity of the Firm. Now I am bias... I went the auditor route and have been involved in various forms with the profession for 20 plus years now. But it can open up a lot of opportunities.
The Firm just needs to be reputable so you are expanding your net (I assuming your dream is not a life long audit partner).
Don't worry about lack of audit experience. It is not splitting the atom of anything. If you are relatively bright you can pick it up quite quickly.
You will want to assess whether the Firm has a positive regional reputation (assuming it is a region you want to stay in).
My gut reaction is to take the opportunity of the Firm. Now I am bias... I went the auditor route and have been involved in various forms with the profession for 20 plus years now. But it can open up a lot of opportunities.
The Firm just needs to be reputable so you are expanding your net (I assuming your dream is not a life long audit partner).
Don't worry about lack of audit experience. It is not splitting the atom of anything. If you are relatively bright you can pick it up quite quickly.
Posted on 7/31/21 at 11:52 am to igoringa
I think they are based out of Birmingham if that helps.
This post was edited on 7/31/21 at 1:05 pm
Posted on 7/31/21 at 11:59 am to horsesandbulls
PA is fantastic experience that can open many doors. That said, the work-life balance in PA isn't known for being very good. Of course, at a smaller firm WLB could be better.
Have you thought about jumping to another industry role? You may be able to make manager somewhere else; you would make more money and wouldn't have to take a title demotion. Just a thought.
Keep in mind Accounting is pure overhead so most places try to run their departments as lean as possible. A good WLB can be hard to find in this industry.
Have you thought about jumping to another industry role? You may be able to make manager somewhere else; you would make more money and wouldn't have to take a title demotion. Just a thought.
Keep in mind Accounting is pure overhead so most places try to run their departments as lean as possible. A good WLB can be hard to find in this industry.
Posted on 7/31/21 at 1:04 pm to FinleyStreet
The job before this was similar role at a restaurant franchise group. Been in industry for about 5-6 years now.
I’m gonna take the job. Worst case scenario, I get the experience and then head back to industry.
I’m gonna take the job. Worst case scenario, I get the experience and then head back to industry.
Posted on 7/31/21 at 1:18 pm to horsesandbulls
quote:
less hours even in busy season,
Lol good luck with that
Posted on 7/31/21 at 2:23 pm to horsesandbulls
I saw you said Birmingham, but not sure if that is where you are located or willing to relocate.
I am biased here, but I would consider applying to a Big 4 firm. It doesn’t seem like you have a goal of making partner so I would think about your exit opportunities after.
Deloitte, EY, KPMG, and PWC look a lot different on a resume than Grant Thornton, BDO, or some of the small accounting firms.
Either way, just advise that you think about what’s next given that it seems like it likely a stepping stone type of job.
I am biased here, but I would consider applying to a Big 4 firm. It doesn’t seem like you have a goal of making partner so I would think about your exit opportunities after.
Deloitte, EY, KPMG, and PWC look a lot different on a resume than Grant Thornton, BDO, or some of the small accounting firms.
Either way, just advise that you think about what’s next given that it seems like it likely a stepping stone type of job.
Posted on 7/31/21 at 2:45 pm to POCKET
Enterprise, AL is the HQ of the firm. I thought it was Birmingham. I’ll be at one of the offshoots in the panhandle of Florida.
This post was edited on 7/31/21 at 2:48 pm
Posted on 7/31/21 at 3:17 pm to horsesandbulls
Ok, well they are a solid firm from what I understand. I havent interacted with them in about a decade though. They are fairly well known in the Southeast regiion but not out of it (if that matters to you).
Sounds like it would give you opportunity.
If the panhandle is something you are interested in, they are as big as that gets so that is a good fit.
Sounds like it would give you opportunity.
If the panhandle is something you are interested in, they are as big as that gets so that is a good fit.
Posted on 7/31/21 at 4:41 pm to horsesandbulls
quote:
they’ll cover half the study materials for the CPA exam.
That shite is expensive. If you really think the hours will be the same it's worth it for this reason only.
Posted on 7/31/21 at 7:17 pm to igoringa
Public accounting is for psychopaths...you need to find a controller or CFO position with a small or medium sized company where you are the only one who actually knows accounting.
Posted on 7/31/21 at 7:40 pm to horsesandbulls
quote:
The firm verbally approved a 10% raise from what I’m making now. I received an offer letter 2 hours later confirming it all.
If you can spell the word accounting you can get more than that. ALL professional services firms big and small are struggling to find people.
Posted on 7/31/21 at 8:01 pm to horsesandbulls
quote:
Enterprise, AL is the HQ of the firm.
I mean you basically just said the name of the firm but I won’t say it since you don’t seem to want to.
Big 4 is better if you want to exit to a big corporate job but otherwise you working at this firm will be just as good.
I would just say you’re going to work more hours than the goal they’re giving you if you have an ounce of ambition. Pay is nice. I work for a similar firm to the one you’re talking about. It’s stressful but I like it. Just depends on what you’re looking for.
You’re going to have to pass that CPA for it to be worth it though.
Also your experience is going to vary by office. I don’t know how big their office is down there. Just something to consider
This post was edited on 7/31/21 at 8:04 pm
Posted on 7/31/21 at 11:12 pm to Weagle25
I posted it then edited it to give the hq. I don’t think it’s a big deal but I’d rather err on the side of caution.
Posted on 8/2/21 at 11:32 am to horsesandbulls
The first thing I will say is that the attitude of your CEO is 100 percent why I have never, and likely will never, work in industry. Public accounting has drawbacks, to be sure, but the CPA is the profit center, and the service provider. Many non-accounting firm companies view accounting department as an expense that is to be minimized.
It is obvious which firm you are considering =) I will say this about that firm - they have had insane growth over last 10-15 years... with the vast majority of that growth being via acquisition/merger. I know a number of people who work for that firm / have worked for that firm. Some of them have had an amazing experience. Others, not so much. Whenever you have that much growth via merger, it's hard to have a consistent culture. The top management certainly pushes one... and it's a good one... but the individual partners sometimes buy on, and sometimes do not. That has led to a lot of turnover in certain offices.
I don't know anything about their Florida offices, but my advice for you would be to ask how long they have been part of this firm, and really try to gauge from talking to some current employees, how that office, and really, how that audit department, is really run.
With no audit experience you are going to be starting somewhat on the bottom, it will be a great learning experience for you... but the hours and some of the work is absolutely gonna suck. So you may be in the short term trading one hell for another, but in the longer term... you should be in a better place.
It is obvious which firm you are considering =) I will say this about that firm - they have had insane growth over last 10-15 years... with the vast majority of that growth being via acquisition/merger. I know a number of people who work for that firm / have worked for that firm. Some of them have had an amazing experience. Others, not so much. Whenever you have that much growth via merger, it's hard to have a consistent culture. The top management certainly pushes one... and it's a good one... but the individual partners sometimes buy on, and sometimes do not. That has led to a lot of turnover in certain offices.
I don't know anything about their Florida offices, but my advice for you would be to ask how long they have been part of this firm, and really try to gauge from talking to some current employees, how that office, and really, how that audit department, is really run.
With no audit experience you are going to be starting somewhat on the bottom, it will be a great learning experience for you... but the hours and some of the work is absolutely gonna suck. So you may be in the short term trading one hell for another, but in the longer term... you should be in a better place.
Posted on 8/2/21 at 5:17 pm to horsesandbulls
quote:
Enterprise, AL is the HQ of the firm. I thought it was Birmingham. I’ll be at one of the offshoots in the panhandle of Florida.
That narrows it down.
Their model is unique in that it is more of a franchise setup than a regional CPA firm. You pay them a % off the top and they handle most of the administrative tasks. When you need someone from another office, you pay that office for their time. At least that is how it was when they approached us a number of years back. With that said, they are a good, respected firm.
As to your original question, we have had some issues hiring individuals from industry. It can be difficult for them to bounce back and forth between clients. They are also used to chasing every penny instead of what is material. These can both be mitigated somewhat being in audit and we've also had success stories but we always think twice before hiring someone from industry.
Not sure which panhandle office you are looking at but if you are close to Pensacola let me know. We are hiring.
Posted on 8/2/21 at 7:50 pm to BamaAlum02
Thanks everyone!
I’m down in destin, so pensacola is a little far for a daily commute.
Everyone I spoke with seems really happy to work on the audit team. I think I’ve made the right decision.
I’m down in destin, so pensacola is a little far for a daily commute.
Everyone I spoke with seems really happy to work on the audit team. I think I’ve made the right decision.
Posted on 8/3/21 at 2:15 pm to horsesandbulls
From folks I know who have gone industry to public, it’s a shock to their system as public accounting can be nonstop, especially auditing because for most group, every season is busy season. Since I’ve gone from public to industry, my work life balance is a million times better. If I were you, I’d probably try to find another industry job. However, if you really want to do public, you better make sure you pass the CPA exam or the experience won’t mean anything. The CPA designation will open the doors to being a controller or higher in every industry.
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