Public accounting vs industry reddit This subreddit has turned into some sort of public accounting bashing party, especially in the past 12-18 months as pay in public accounting has skyrocketed. If I were getting out of college, I'd go industry 100%. As for getting a vibe for how their WLB is, again, I’ll just ask them how it is, and try to gauge based on the role (Fin rep vs GL), the company (public vs private), the industry (DoD Aerosoace vs Real Estate) whether or not they’re telling the truth. you could end up at a place that is pure paradise in comparison or at another place that is a hellish stress fest while you wear 8 different hats. I’m questioning how far I can advance with no public accounting experience. So I did bookkeeping and tax in public for 4 years (too long, recommend 2-3 unless you really like the place) and now I've been at Mega Corp for 7 years and it's cushy. Promotions aren’t merit-based, so being an average employee is the best possible way to navigate public. I was at big four for 2 years and just did mostly big partnerships and a few individual returns. However, I didn’t get to hangout with them enough. after u gain experience and knowledge u can decide to join industry or a big four In 13. Public firms can vary depending on how strong top line performance is. I was a intern there in spring 2023 and they offered me full It’s not pointless but def not as important in industry as it is in public. Business, Economics, and Finance. "Industry" is such a broad term. In this article we are going to briefly touch on the difference between public accounting and industry and what to think about when considering making the move. I want to stay in industry only cause of 9-5 and dont want to work more than that so would you recommend cpa to someone whos looking to only work in industry without hampering wlb. 4 years in public auditing financial institutions at a top 10, 3 years at a gasoline company that is a subsidiary of an F100 where I got the CPA, left to be an Accounting Manager at a solar farm maintenance start-up, then jumped after 8 months to be an Assistant Controller at a $500M in revenue construction company. If you do public accounting for a year, mission accomplished. So I got into public accounting in our new state. Being a revenue officer would still give me a decent amount of traveling and human interaction. For example, my experience in industry shows: -the hours sucked. Then I ended up in a position that required lots of OT and very little flexibility. My dilemma is whether I should stick it out another year in public accounting until I am manager or if I should leave now and begin working my way up in industry. No, you aren't limited to it. People who have their CPA in industry usually promote faster than those who don’t. Sure, there are exceptions, but thats it. I learned more in my first 3 months there than I had in 1 year at public. A few good companies in this space are like FloQast, BlackLine, TrinTech, High Radius, One Stream, Workiva, you can even go a bit more on the wholistic finance side In my opinion, public accounting is not less boring than industry. Through a friend’s referral, I’ve had the opportunity to interview for a position on the cash accounting team at a private company for an associate Is this kind of position typical for a public accounting alum? I left public accounting (Big 4) a little over a year ago and joined the internal audit group for a large financial services corporation. Government pays less than industry generally, but the benefits are better (especially including pensions which if you do PV calculations on them, can end up boosting your remuneration quite heavily), Public has higher upside, but in terms of hourly pay Public accounting is a good way to start a career in the accounting world as it pretty jump fast tracks you to a senior accountant role in industry where the hours are typically much less strenuous. Crypto Just finished up with 3 years in industry—my experience is that it depends on the organization. I've done both F100 and smaller public and I've swung back to smaller, it fits my personality better. In 2022, I just accepted 180k/yr job with 20% bonus and equity options. While I am a former B4 partner (and now a college prof), I can tell you that lots and lots of public accounting firms do great work and you can great experience at lots of them. An industry with a higher margin will likely pay its people a little better. but not too small too lol. industry CAN be better. I’d say public accounting was 90% working and being stressed out alone vs 10% of hanging out with my PA friends. I think it is easier to go from public to industry, but not the other way. In a tech company, for example, the engineers and developers are the kings and queens. Unless you are particularly wanting to do anything with SOX testing with big public companies, you shouldn’t have any issue getting a job even in F500 companies after your time in public accounting. e Medicare/Medicaid). I’ve been told that the earnings potential in public accounting are much greater than private accounting. It was the best decision I ever made. Currently employed in Government. Public Accounting: You work for a firm that provides services like audit, tax, and advisory to multiple clients. If you’re bored in industry, take up a new skill or hobby. Every company is different, size matters, management culture matters, public vs private matters, the actual industry they're in matters. Private Accounting: Which is the Better Career Path For You? Accounting Careers: 10 of the Best Jobs in Accounting I'm encouraged to wear plaid and denim every day. I know that there have been several posts on industry vs public accounting and Big4 vs non-Big 4, but what I don’t understand is what gives Big 4 accountants a competitive advantage a part from prestige and promotions? With regards to prestige there are also prestigious industry roles. In public accounting you are a revenue producer so they want you to be as good as you can be. I don't really have the temperament/attitude for it tbh but if I could pick my own clients I like I could make it work. Having been a manager in both public and industry, you generally feel like you can ask much more of people in public than you can in industry. Public Accounting is one of the few careers that rewards pure work ethic above anything else. The kicker for me was that in industry, accounting is looked at as a cost center that they often cut when the are looking to boost the bottom line leaving fewer people to do the work. But, id imagine the public accounting equivalent would be more like 80-85k. the accounting program at my school is very public-oriented The big 4 and other public accounting firms load these business schools up with tons of money. In contrast, industry accounting focuses on managing the financial records and operations within a specific company or organization. Tax provision time still sucks; the hours are awful for several weeks but not nearly as bad or long as B4. In accounting, there are two major career paths: public accounting and industry accounting. Point being, even a short time in public accounting can be a career boost, and if you’re on the path of two years and out, definitely take it as easy as you can. I've been meeting with a few recruiters who implied that it may be easier for me to find a position in industry tax rather than transitioning my skill set into another sector of accounting. Opens up significantly more accountant opportunities. . You don’t have to work with them everyday. Here’s my thoughts on industry vs public. Reply reply In public accounting, we have to deal with low quality controllers here and there, but they are just your clients. I’ve been very fortunate to work with mostly firm trained accountants and I will always feel like I can’t quite get up to their level. The accounting work is what generates the profits for the company Industry is pretty chill compared to public accounting. This is a good perspective on learning about things from being in public accounting but I would caution you on thinking this breadth of knowledge about things is superior to experience in industry. The office is like 10 min drive and 20 mins public transport. in a big 4 ull be put into one department and ull gain knowledge only regarding that one concept. If you like tax and not the hours, it's an option, albeit harder to find than accounting. I was assistant controller for a year and got bored and came back to public accounting. Posted by u/toucansurfer - 2 votes and 4 comments id like to argue against this. I have no idea what your day to day looks like but I hope it's more interesting than industry. It was the biggest mistake of my life, and I regret it to this day. Currently work in public accounting and have an opportunity to join a healthcare company as a financial analyst. I only left because my wife got an amazing job in a different state and we moved. Fund accounting, as I understand it, is just the specific accounting for funds like real estate and private equity. I’ve worked in biotech for example, and there’s a big difference between an accounting group that posts entries, does memos, and prepares the 10-k…vs. CS makes good because it’s difficult to master (compared to accounting), and to really make the big bucks, you need to end up in a FAANG company but it’s HIGHLY competitive. Being in PA for a few years will present to you with many great industry exits. have an offer from a publicly traded company they said the position includes SOX, operational, IT and FS audits. Nov 23, 2024 · The potential for self-employment is literally the only reason I would consider public accounting. Accountant: Answering 5 Questions For Future Accounting Professionals Top 8 Certifications for Accountants To Consider Public vs. It’s a fast-paced environment, often described as a “finishing school for Businesses make money by charging customers/clients. You've made a fine choice taking an internship there. In most companies that provide services or make things, accounting is a cost (doesn’t generate revenue). Both roles are entry level. You have learned a about providing assurance services to clients. Industry? Which one would you recommend pursuing based on your experience? How do I know which one I would be a good fit for? Sep 25, 2024 · Public accounting typically involves working for firms that provide audit, tax, consulting, and advisory services to various clients. Didn't know whether industry vs public would have more options for remote work. GameStop Moderna Pfizer Johnson & Johnson AstraZeneca Walgreens Best Buy Novavax SpaceX Tesla. In public accounting, you see way more clients and possibly results that in faster experience-gaining. I've done both public and private - and Godforbid Government - I'm currently a Director at a public company. Yes, IT audit is bad, arguably one of the worst service lines in public accounting. A manufacturing company may hire a public accounting firm to perform an audit, or to prepare taxes, or to consult. 3-5 years in public accounting and moving over to an industry role can easily put you in the low 6-figures. At the same time, I got selected from the AU03 pool I applied to 2 years ago, as an Income Tax Auditor. Happy to answer. In a former life I was a Programs Auditor in the military (Programs as in all of the "side jobs" that high-enlisted get tasked with like records management, training, safety etc. Recruiters are hitting me up for 95k industry senior positions in a mcol market. In return, they feed the kool-aid to the students and send them to the public accounting firms way Posted by u/Solid_Treacle_1449 - 1 vote and 2 comments Large firm public accounting for 2-4 years is hands down the best way to jumpstart a career in accounting for the vast majority of people. I did small public so I could have public in my resume with being able to wear multiple hats/groups since it was small. The only redeeming quality was hanging out with cool people that were similar in age to me and had amazing personalities. I'm in the process of looking for exit opportunities from public tax as a 3rd year with half as a staff and half as senior. Not necessary but it’s an accelerant and I would recommend people interested in maximizing their marketability go this route. What are the BEST and WORST things about working in Public, Industry, and Government accounting? Pro for public - you'll get visibility into a wide range of industries, companies, and accounting issues that of and when you do jump to industry, will help you decide where to focus your career and make you a more well rounded professional to your employer. 7 years of that vs 7 years of public would be drastically different. Even better, once you get the hang of things you can learn to automate the recurring parts of your job. Your ethos on the accounting subject matter + experience in public accounting may earn more “respect” from the people you’re selling to because you’ve been in their shoes. I'm having trouble deciding whether to try to find a sales tax/property tax position in public accounting vs industry and thought I would get opinions from you all. Are the hours in industry significantly less than public? Also curious if the job duties are the same since in public I work on 5+ clients each year and in industry it would just be 1. Public is nice when you're figuring out what you don't want, but don't be afraid to make the jump to industry when you're ready. It does suck, and it is brutal, but the experience you get is unmatched. r/Accounting A chip A close button. P. OP, unless you really want to be a partner, public accounting simply isn’t worth it. I’m not bad at public accounting, I just wish they were less hours. I sold myself on really wanting to become a wealth advisor some day and knowing the basics around individual and partnership tax returns. g. Just this past week, I received an opportunity to interview at a mid-size accounting firm and another at a technology company. I have no idea what you guys do @ firms. The reason that B4 is so often called out is because it is a signal that a highly respected firm (B4) once thought you were good enough to hire at some point and so That usually not true. Either for applying for other government positions, public accounting or industry. If you went private right out of college it is entirely possible you run into the issue where you're stuck in lower positions waiting for higher ones to open up and not really gaining new experience after a while. Public accounting is generally more diverse work, as it involves interacting with multiple clients, deadlines, different types of engagements and different tasks within those engagements. unlike public accounting, where there is typically a similar level of suck across all firms, industry jobs can vary wildly. If you're in Toronto for example, it'll probably take you 3 years to make it to S1 in PA, where your salary would around $65k CAD, then you could jump to a senior role in industry and make $85k CAD +. Many employers won't care about a double major in computer information systems, they know it's just to get to 150 hours. public, but I have found the work load to be a lot more manageable. Industry pros - usually fewer hours, higher pay, become a specialist in an industry/accounting role. If you look at a lot of accounting positions that are posted online, you will almost always see that public accounting experience in a big 4 or equivalent firm is sometimes Getting a couple years of public accounting experience is highly recommended if you are career focused later on. My goal is to get a more 9-5 accounting job and avoid the overtime hours of public. Every single professional in the field and my professors told me to go public. If you start in public, particularly in audit, it will be an easy transition to corporate. Made the switch and did 10 years before going back to industry in a field we audited (banking). But i mean the promotions are basically guaranteed if your basically competent with some tolerance to higher stress/workload. The Cons of starting in government: It was incredibly difficult to break into public accounting after 8 years. Would I be restarting my career? Anybody have any experience with starting in industry and moving to public or any advice? Accountants with public experience is so more analytical, detail oriented, and professional. Unless it’s a Finance Leadership Development Program (FLDP), public is always the best jump start since you learn so much in such a smaller time frame. May 3, 2022 · There comes a time in the life of most public accountants when they think about transitioning from public accounting to industry. The best performers are rewarded with more work because in PA, pretty much everyone gets promoted if they put the hours in. Mid tiers like BDO/RSM/GT are still well-regarded by recruiters. You want steady growth? Accounting is a decent path. In 2014, I was laid off from an 85k/yr job with no bonus. Private companies are far more flexible than public in many respects too. ). I think the accounting training especially for new workers is better in any accounting firm that in equivalent industry position. We specialize in government healthcare audit (i. However, within public accounting, Big Four experience doesn't stand out as much in Canada as it does in the US. I had been casually applying for jobs and ended up getting an offer as a Senior Consultant with one of the big 4. Is public accounting more interesting work. I’m worried taking a position like this may ruin or hinder future prospects if I decide to make an even deeper dive into industry. Spent time in both Industry and public practice. Has anyone experienced that or have any advice? Thanks for the read! I left public for industry for several years and it was great at first. I’ve worked for my current company for 7 years and obtained my CPA with them, but now I’m having thoughts of switching to public accounting. Bro if we were making $100k minimum out the gates, everyone would be choosing accounting over any other degree. Industry can be a good balance of chill and challenging, you'll learn a lot from a good role. Industry vs Public I'm in university and doing research about accounting job prospects. Wondering what the difference between public and industry looks like for someone working in tax. I would say that internal audit is a common exit opportunity from public accounting, at least for those of us that were in audit/assurance. If you go into industry accounting, just realize that you will still be working with folks who are B4/public alums and hold the CPA designation in a very high regard. In public accounting firms, the product is accounting services and the firms get paid for it. The accounting department is overhead and doesn't generate revenue. Been in Public accounting for 3 years in tax and definitely don’t see myself staying long term. It's almost exclusively passive since others' work is being reviewed. Get app Get the Advertise on Reddit; Shop Collectible Avatars; Get the Reddit app Scan this QR code to download the app now. Thinking about leaving to go outside of government. Are we ignoring the fact the options are internal audit or public accounting tax? If this were a financial analyst rotation program vs public tax or a higher growth industry role id say pick what feels best to OP. I graduated with a great offer from industry. I’ve worked at a medium-sized public firm for about 18 months as an intern (nine months full time) and staff accountant. Are there any suggestions when it comes to choosing between public accounting and private accounting? This is very dependent on the experience that makes up those 7 years. And if you like working there, and get a full time offer, hey, don't look that gift horse in the mouth. These are things you likely won't get exposed to in industry. But that comes with a cost of a lot of work, pay that in my opinion does not reflect your time or your value, lack of work life balance, a lot of stress, and a lot outside your control. I worked 15 years for a company that bounces around between being the largest privately held corporation in the world and the 2nd largest. However, I heard some industry positions work you just as much and I rather not. Like anyone that works on Accounting industry how is the growth and what is average pay once your grow. E. It's been good for my family. I graduated in 2018 and I only have 6 months of public accounting experience. It's exposure, having experts and having minions. if you are a super motivated person, there will be a lot of people who just mail it in for work in industry, compared to public. Industry cons - you have to actively manage your career better (no guaranteed promotions/raises), can pigeon-hole yourself, industry companies can vary more widely (some have better cultures/benefits than public, some have much worse). I have never worked with an accounting firm, I started in industry. Sometimes they lie or downplay the work load (Real Estate Fin Rep). Your public accounting experience will be valued highly. less structured progression in industry. In my opinion, if you think you ever want to be in public, start there. FLDP rotational programs in the US have more prestige than public accounting, except maybe Big Four experience. The rock stars. Thinking about switching from public to industry due to burnout. The pay is $52,500 inclusive Super for Graduate Accounting position. I would not leave for a staff role unless you plan to hop to a senior role after 2 years, don't plan on any promotions ever. Its just a different mentality altogether. Maybe I lucked out with my company but I see no benefit at all staying public. Promotions are much harder to get at every level in industry. After you get your CPA, it doesnt matter anymore and you can do public or corporate. I am having a controller that has heavy accent, been working with this 1 company since graduating from college. In accounting firms, the accountants are kings and queens. What size company would be the best to achieve this goal in industry? Or are there other factors to consider besides how large the organization is? Thanks in advance Steps up and raises occur just as frequently as PA. The accounting program here really pushes everyone to get their masters, take the CPA, and go into public accounting. In public everyone is on a similar career path and assistants understand and respect (to a certain extent) that seniors have been in their position themselves in the past, and likewise they soon will be The reason people care so much in this sub is because accounting is like the definition of a career to specifically fit your life style. in public your peers are the same age as you, so easier to make work friends. The pay usually sucks compared to public/industry for the same level of experience, but if you don’t have an expensive lifestyle and want to ignore work after your 40 hours are up, it’s great. No tax season (but we do have month end reporting). Well - as with everything - it depends. Tax return crunch time is also a pain, but again, isn't as bad or lengthy as it was in public accounting. I just hope to make around 100k and enjoy life as much as possible. Getting public experience + CPA lice Even with my less than 2 years in public accounting, I was able to land a senior accounting role at a midsize public company with great coworkers. For the on campus recruiting: public accounting firms are focused on the numbers, individual industry firms doesn't have vacancies in those huge numbers, so campus recruiting is for them not as much efficient, I suppose. My first job was in industry but after a year wished I had gone public. I didn’t study accounting in university so started later then most, and felt that I wasent competitive enough to go the PA route. id suggest u join a small public firm. I am fully industry trained and have never worked in public accounting. If I hadn't gotten my CPA, I don't think I'd be getting back into accounting either public or industry. I applied to the job, got the interview, did a 45 minute verbal case study (an acquisition scenario where I was asked questions about potential adjustments to the Quality of Earnings report and what should be done if the scenario occurred) followed by a 45 minute interview with a partner -- ended up killing the case study apparently and the interview and got the job. I noticed compared to the other sectors accounting starting pay is very low in this day and age. I have only worked on insurance clients for 3 years of public accounting but have built the relationships to get those two industry roles. I would not recommend choosing IA over client facing public assuming this individual wants to maximize earnings and title trajectory. You more or less do similar steps year over year. Private I couldn't tell you, but sizewise the answer is easy. Public vs. ) From my experience, it was. People hate/love public The initial pay is much higher ($43k vs ~$70k including bonuses) but doing more research I'm worried about growth opportunities without Big 4 on my resume. You have many clients. Pros: Potentially a high amount of experience gained with multiple different types of companies (different sizes and industries), quick promotion opportunities, name recognition if you work at one of the larger public firms (Big 4). It doesn’t mean it’s not possible to start in private, it will just take longer to get the desired positions or salaries. Working there might have flexibility and you may do accounting for several different types of companies but I expect you would get bored very quickly by how "small" the work is. An industry with razor thin margins may not, unless they have massive scale. Corporations may or may not have a CPA as your boss. Hi, I need your guys help in deciding between the two job offers I got. Not sure how quick the progression is in government Depends entirely on the company. I don't have my CPA, I don't even have an accounting degree, Finance. In Canada, however, CPA Training Offices in industry aren't as prestigious as public accounting overall. Offer 1 _Big 4: Tax Associate, salary $64k, expected working hours during half of the year is 55-70. I never worked in PA, I did an internship in Industry Tax, and went to Industry Fixed Asset Accounting after graduation. Most clients in the same industry uses the same firm work papers during the audit. Not sure what the pay would be for analyst position. -more work than people (corp accounting functions. A couple year grind in public accounting will help open you up for good paying positions that are less stressful. CPA vs. Also, would probably have to be a remote position. You work for the company as an accountant. You can make decent money working 40 hours a week or you can work long hours and move up in industry or public and make really good money. S. I have a small idea (you audit shit to make sure the financial report's numbers are legit) but that's as far as my knowledge of PA goes. You'll never know until you look. Public accounting: you work for a firm that does accounting primarily (such as Deloitte). I never worked before and I don't know what it will be like balancing school and work. Both have pros and cons people have listed. Public accounting vs industry job Hey all, I am looking to get offers from a decent sized regional firm as well as a few industry jobs in the dental and personal products industries. Its nothing personal, but in public accounting the business model is to be the best of the best at accounting, and in exchange, you bill the client ungodly sums of money by the hour. you work in Walmart's accounting department. Tax has it harder for exit opps in my opinion. use the following search parameters to narrow your results: subreddit:subreddit find submissions in "subreddit" author: Jul 10, 2018 · I guess what I am asking you guys for, is what are the Pro/Cons of Public Accounting vs. If you are ambitious, want to pass the CPA and learn, I'd say avoid the government completely. Typically, in industry, margins can vary from thin to fat. The only exciting part of public accounting is working with people around your age and similar stage in life. FP&A that has a seat at the table and helps the business make decisions. I was let go from my first public accounting job for lacking “technical knowledge” though I could argue that they didn’t train me properly and I was only just starting to grasp the job at the 6 month block when I was let go. Accounting is broad, if you have a CPA you can work most different service lines. There were no govt jobs open here and I don't have the connections to get one that isn't posted. I have seen mix views on this topic in reddit some say its absolutely necessary and some say it doesn’t really matter that much. I've worked for one large public company, and the rest is small businesses and consulting. the reason being what ull learn in that small firm u wont learn anywhere else. Broad but: Public accounting- Generally an external firm that specializes in offering accounting services to companies like audit, tax, consulting, etc. Industry is pretty broad in terms of age range. Industry tax is possible and the hours aren't as bad as public. That's because getting a bit of experience in public and getting your CPA license will make your career much more stable and lucrative, even if you get out of public pretty quickly. Honestly it's more about short term/long term trade offs. On Reddit, I hear that public accounting is very demanding/no worklife balance, whereas industry is better? I know I had communications with EY and Deloitte regarding their autism initiatives and, in both cases, I said that the strengths both firms wish to leverage could be readily usable in tax (and assurance to a lesser extent, but assurance seemed to be more social, especially at the upper echelons, so assurance may not be as good a fit to an autistic accountant as tax could). I'm planning to obtain my CPA within the next 2-3 years and reevaluate then but I'm not sure what the implications of opportunities are coming from industry vs a Public firm. Obviously experiences may vary between companies and private vs. However, I also have the opportunity to make manager at my firm in a year. Motto is kind of work to live not live to work. 5 years, I've spent zero days in public accounting. ull be exposed to all sorts of concepts. If anything, it is a detriment as industry accounting is a completely different day to day than PA so taking an industry job after many years of PA puts you behind peers in experience who lower on the totem pole Nov 23, 2024 · Public Accounting vs Industry Accounting: The Basics. What are the biggest pros and cons of leaving to industry? Trying to see if I don’t like tax or don’t love tax in public. Back when I was doing Financial Reporting, I was able to keep my hours at 40 hours a week during quarter close and pretty much 4-10 hours per week during normal times. To me, as someone who worked at a small firm for like 4 years at the start of my career and in hindsight wish I left sooner, the cons are clients with sloppy accounting records, less wiggle room on budgets, and most importantly, the experience on your resume just isn’t that impressive to larger firms/companies unfortunately. Yes, the work life balance is pretty amazing, but the drawback is being stuck and getting paid quite a bit less that public or industry. cnel xsuz qwyp aimsn qbzuqh zxwi evalh wnjakq lvjagdz pwbzqkty