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Accountants
Posted on 1/19/11 at 2:51 pm
Posted on 1/19/11 at 2:51 pm
What are some pluses of public accounting vs private? I'm currently in private accounting and have been thinking about trying public accounting. I really don't mind the work I'm doing now but I'm looking for a little change. Thanks for any advice.
6
Posted on 1/19/11 at 3:05 pm to tigers444
nm
This post was edited on 1/19/11 at 3:05 pm
Posted on 1/19/11 at 3:49 pm to tigers444
First and foremost is the variety of issues you will experience. You will get exposure to more accounting and/or tax issues than any single company, or even industry, encounters. So you will gain valuable experience.
Second, exposure to a your clients will give you a network of valuable contacts. If you decide to leave public accounting they will likely have career opportunities that your experience with their issues and procedures will make you a natural candidate to fill.
Second, exposure to a your clients will give you a network of valuable contacts. If you decide to leave public accounting they will likely have career opportunities that your experience with their issues and procedures will make you a natural candidate to fill.
Posted on 1/19/11 at 3:55 pm to tigers444
I can definitively tell you that I have been exposed to a number of different industries in my small time in PA thus far. My only precaution would be that most people go the opposite route, PA to private, and not the other way around (because no one likes busy season/slaving at the B4).
Posted on 1/19/11 at 4:04 pm to Poodlebrain
Yeah that's the thing my friend was telling me. The exposure would be good for me...not just with taxes but with other industries. I plan on sitting for the CPA in the near future so I figure that changing to public would benefit me. Thanks. 
Posted on 1/19/11 at 4:10 pm to kfizzle85
quote:
My only precaution would be that most people go the opposite route, PA to private, and not the other way around (because no one likes busy season/slaving at the B4).
I'm doing it opposite because I was a little stubborn after I graduated but I've only been out of school for a few years so making the switch wouldn't be too bad...at least I don't think. I figure since I have only been working a little over 2 years that learning/experiencing something new wouldn't hurt me.
You work for a B4 right? Thought I read that somewhere. I don't think I'd jump into that but more along the lines of a local CPA firm just to get my feet wet. This guy I met works for Deloitte...he told me not to go into it.
He also told me to find an industry I like and stick with it because in the long run you can do really well. I'm still young so still deciding what I really like to do. Thanks for the input. Posted on 1/19/11 at 4:15 pm to tigers444
No I work for a local firm, and I am very glad I chose this path. Every single person I know who works/has worked for a B4 (even in the relatively small southeastern La market) is/was absolutely miserable. I feel like a get a much wider industry exposure here, and that is my primary career goal while I am doing public accounting. We hired a guy that came from private and had not worked in public, and he didn't make it more than like 8 months, but he was way older (late 30s/early 40s). If you're relatively young and not too tied down, its probably not a big deal, as long as you know what you're getting into.
Posted on 1/20/11 at 8:38 am to kfizzle85
Wow, I know plenty of people, myself included, who enjoyed working for the Big 8 (back in my day) firms. The work environment can be stressful, but with decent time management skills it's not overwhelming.
Posted on 1/20/11 at 8:44 am to tigers444
I hate public accounting but I don't think I'd like private any better, looking for a career change.
Posted on 1/20/11 at 9:15 am to Poodlebrain
From the people I know that started working there post-undergrad, the environment in 2007 (when they started) was not the environment that it is currently today. You can take that for what its worth, the people I know that work in the nola offices have been working 55 hr weeks year round.
Posted on 1/20/11 at 9:29 am to kfizzle85
quote:
You can take that for what its worth, the people I know that work in the nola offices have been working 55 hr weeks year round.
That's bad. But it's not really terrible for someone just starting out. Compare that to any entry-level sell-side finance position and I think 55 looks pretty attractive if you're one who doesn't want to live at the office. You would know better than me.
This post was edited on 1/20/11 at 9:30 am
Posted on 1/20/11 at 9:36 am to kfizzle85
quote:
From the people I know that started working there post-undergrad, the environment in 2007 (when they started) was not the environment that it is currently today. You can take that for what its worth, the people I know that work in the nola offices have been working 55 hr weeks year round.
I worked public accounting when I graduated in 2006 and the environment has definitely changed. It may have been me getting more experience and having more responsibilities but I started around 40-45 hr weeks and then by the time I left it was around 55-60 during non-busy season (Jan - April).
Posted on 1/20/11 at 9:36 am to RedStickBR
Sell side finance isn't making 50k a year pre-tax.
Posted on 1/20/11 at 9:41 am to kfizzle85
quote:
From the people I know that started working there post-undergrad, the environment in 2007 (when they started) was not the environment that it is currently today. You can take that for what its worth, the people I know that work in the nola offices have been working 55 hr weeks year round.
The environment in 1997 was not the same as 2001 which is not the same as 2005 which is not the same.... the industry is somewhat cyclical (or pendulum swinging). For most of the 2000's, the Big 6,5,4 children were a little spoiled relative to the 90's in the slackness of time. The pendulum is now swinging back. The hours I am seeing now are more reminiscient of the mid to late 90's (at which point I was told we were slackers by the early 90's vintage)
Posted on 1/20/11 at 9:41 am to kfizzle85
quote:
Sell side finance isn't making 50k a year pre-tax.
I wouldn't have guessed it was that low at a Big 4 firm. Certainly helps put the 55 hr. weeks into perspective.
Posted on 1/20/11 at 9:48 am to igoringa
quote:
igoringa
Reminds me of my fraternity and people always talking about how easy you have it compared to previous classes.
quote:
RedStickBR
They don't pay you high salaries because they recognize that you don't have any idea what you are doing (eta and because the b4 alone is almost 800k jobs worldwide). Law firms seem to recognize this, but don't have the option of paying you jack shite, because most of you guys have a bunch of debt.
This post was edited on 1/20/11 at 9:50 am
Posted on 1/20/11 at 9:55 am to kfizzle85
quote:
Reminds me of my fraternity and people always talking about how easy you have it compared to previous classes.
Haha, that sounds about right.
quote:
They don't pay you high salaries because they recognize that you don't have any idea what you are doing (eta and because the b4 alone is almost 800k jobs worldwide). Law firms seem to recognize this, but don't have the option of paying you jack shite, because most of you guys have a bunch of debt.
You'd be surprised at the law salaries these days.
Posted on 1/20/11 at 9:56 am to tigers444
I have spent time in both public and industry, and industry wins in straight sets.
Having said that, I would not be where I am today without the time I spent in public.
Having said that, I would not be where I am today without the time I spent in public.
Posted on 1/20/11 at 10:00 am to RedStickBR
I'm comparing the top to the top here. I know, by far, more lawyers than any other profession, and most of them just graduated, so I've got a decent handle on their salaries.
Posted on 1/20/11 at 10:15 am to tigers444
quote:
What are some pluses of public accounting vs private?
Literally, the only plusses I can think of - and they are important ones - are:
1) Great on the job experience and exposure to a variety of industries and clients
2) Resume' building
3) Networking / contacts (i.e., possible job offers)
Once you put your 2 years in, there is really no reason to stay any longer. Sure, partners make a ton of money. But if you are partner material, you can make just as much, and often more, in industry...and without losing the years public takes off your life.
Finally, and most importantly for you, the transition from industry to public will be a difficult one. Some can handle it, but most cannot. The additional hours is just one aspect. You also have to be accountable for every minute of your day and maintain billable hours and ratios. You will no longer "own" your work - instead, you will be critiquing others'. Your benefits package will likely pale in comparison to what you have now. But! You are gaining valuable experience that could springboard you to something bigger/better.
I don't envy you, having been there myself several years ago. Best of luck in your decision.
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