CPA,CAs

[flalji]

Any CPA, CAs here?

I'm currently starting the CPA process and am wondering if public accounting is worth it in the long run?

Can anyone share their experiences, why they left, why they stayed?

Thanks TGNs!

Edit: I realize this is probably in the wrong forum so I apologize in advance

[bobby Jones]

Re: CPA,CAs

There are a few of us on here. It's a large investment of time/$ up front but, many different career paths and options open up.

I personally think you can do much worse but, there are sacrifices and then rewards.

[Tango]

Re: CPA,CAs

I think making the decision to stay or leave public accounting is a personal choice, based on how much you want to dedicate to the industry.

Working the extra hours/effort in public accounting probably makes it easier to advance and potentially make partner, but you'll have to assess your chances (in whatever firm you work for) and judge for yourself if you will be given the opportunity to make partner.

My personal opinion is that public accounting makes it pretty easy to have a 'set' career path in that you'll generally know you'll make certain levels (senior, manager, senior manager) in x amount of time. (Noting that you'd probably receive enough feedback to know if you're on track to be promoted or if you're under-performing on the cusp of being let go)

But leaving 'generally' means you'll be able to work more comfortable hours, but the raises and promotions likely won't be coming as frequently.

[The Troll]

Re: CPA,CAs

If the clients are eventually yours then I would say yes.

If the clients aren't eventually yours then I'm not sure. My employee days were a real monotonous grind after a few years.

[ilario25]

Re: CPA,CAs

it all depends on where you want to go and what you want to do.

What I have seen in my years in public accounting is that you can move up faster in a public accounting firm that in industry. For example, leaving as a senior accountant after 4 years in public you can easily score a financial analyst/senior FA level job (and some people do find better occassionally but those are very few and far between) and you may be stuck in that role for a minimum of 4 years before being able to move up. But staying for 5-6 years and leaving as a manager it is much easier to find controller or managerial roles, or after senior manager getting a director level position.

But there are many many factors to consider here that play huge roles: age, your interests, family situation (kids?), your level of ambition, opportunities you encounter along the way, your networking skills, etc.

All in all, I have enjoyed my public accounting career - but i have not endured the "norm" that many of my colleagues, so to enjoy it I will tell you the things I have told the people i mentor in the firm:
- work and associate yourself with like-minded people and partners that will mentor you and can be a friend and boss
- push and advocate for the things that are really important to you (example, I hate mornings but will work as late as I need to, so have really enjoyed the flexibility I have been given to work the hours I want so long as I get my **** done)
- work/ask to work on clients that interest you - if you dont ask you wont get to
- if things get stale, make a change - switch focuses/industries/client bases

[ilario25]

Re: CPA,CAs

Sorry one more thing I just remembered as I just discussed this with one of my staff earlier this week after he indicated he was thinking of looking for a job closer to home.

You should always keep your options open to leaving. You do yourself no services in staying in the firm blindly without seeing what is out there. And it can be a great motivator/help set career goals. For example - if you cant find something you would be interested in leaving for without some special experience, then you can try to make it a point to get that experience in public acctg before leaving.

I re-evaluate whether i will stay or leave public acctg atleast annually. As I see it, looking at what is out there and seeing what my options gives me the knowledge I need to know whether i am making the best career choices for me.
If you look, and find nothing - hey you stay at the firm. No harm no foul.
If you dont look and miss out - it can cost you.

[flalji]

Re: CPA,CAs

Thanks for the replies! A lot more responses than expected.

- push and advocate for the things that are really important to you (example, I hate mornings but will work as late as I need to, so have really enjoyed the flexibility I have been given to work the hours I want so long as I get my **** done)
- work/ask to work on clients that interest you - if you dont ask you wont get to
- if things get stale, make a change - switch focuses/industries/client bases

I too don't mind working as late as I need to

Is there a specific reason you stayed in public accounting, or do you generally enjoy the line of work?

My reason for asking is that I've heard quite a few negative things about staying in public accounting for the long run - i.e. low salary for the hours (especially at the manager and below levels), non-engaging work, and overall not as flashy of a career path which the institute advertises.

As a junior, my experience has been good so far though!

To everyone else who has left, where are you currently? Do you have any regrets about leaving? Did you obtain any other letters to accompany the CA?

[bobby Jones]

Re: CPA,CAs

Thanks for the replies! A lot more responses than expected.



I too don't mind working as late as I need to

Is there a specific reason you stayed in public accounting, or do you generally enjoy the line of work?

My reason for asking is that I've heard quite a few negative things about staying in public accounting for the long run - i.e. low salary for the hours (especially at the manager and below levels), non-engaging work, and overall not as flashy of a career path which the institute advertises.

As a junior, my experience has been good so far though!

To everyone else who has left, where are you currently? Do you have any regrets about leaving? Did you obtain any other letters to accompany the CA?

Haven't you seen the ads on television with the CPA woman flying helicopters to oil rigs and grain fields, then giving senior advisory presentations before going home to help her daughter with homework? Do you think we simply sit at our desks and play with our abaci all day long sheesh

[Chambokl]

Re: CPA,CAs

Haven't you seen the ads on television with the CPA woman flying helicopters to oil rigs and grain fields, then giving senior advisory presentations before going home to help her daughter with homework? Do you think we simply sit at our desks and play with our abaci all day long sheesh

Saw the commercial yesterday and was thinking the same thing.

[Tango]

Re: CPA,CAs

Thanks for the replies! A lot more responses than expected.



I too don't mind working as late as I need to

Is there a specific reason you stayed in public accounting, or do you generally enjoy the line of work?

My reason for asking is that I've heard quite a few negative things about staying in public accounting for the long run - i.e. low salary for the hours (especially at the manager and below levels), non-engaging work, and overall not as flashy of a career path which the institute advertises.

As a junior, my experience has been good so far though!

To everyone else who has left, where are you currently? Do you have any regrets about leaving? Did you obtain any other letters to accompany the CA?

"I too don't mind working as late as I need to " This is what I said when I went into PA, then working a few weeks past 10pm (or midnight even) straight killed that thought. It is a good attitude to have though, just at some point enough is enough.

Anyways, pretty much the reason I left (I work at a bank now) was in hopes of finding more stable hours and not having to kill myself during the winter months. Noting that finance everywhere has its OT so not much can do about it.

Accounting, to me, is a means to an end (work enough so that I can retire and play golf everyday ), I don't think I'll ever really enjoy it but it's something I'm good at and therefore believe I can make a fair living doing.

[flalji]

Re: CPA,CAs

" Accounting, to me, is a means to an end (work enough so that I can retire and play golf everyday ), I don't think I'll ever really enjoy it but it's something I'm good at and therefore believe I can make a fair living doing.

Agreed. I find that it's not something that will excite me every time I walk into work. As well, the compensation is horrible in a smaller city - below Sr. Manager and you're hurting. Luckily I'm living at home, which can allow me to spend $$ more golf stuff!!

Sometimes I wonder if it's worth it. All the studying, long hours etc...

[ilario25]

Re: CPA,CAs

Is there a specific reason you stayed in public accounting, or do you generally enjoy the line of work?

My reason for asking is that I've heard quite a few negative things about staying in public accounting for the long run - i.e. low salary for the hours (especially at the manager and below levels), non-engaging work, and overall not as flashy of a career path which the institute advertises.

Everyone has a different expectation of the profession, some love it and some hate it (different strokes for different folks). I found my work engaging, but, as I mentioned before, I made it so by advocating to do work I wanted to do. A mentor once told me that no one will care more about my career than me, so if I wanted it to go in a certain direction I had to make it so.
It may not be as flashy as in the commercial but if you direct your career appropriately you can position yourself to do some interesting work. For example, in the large firms there are always opportunities to get involved on cross-functional opportunities like introducing advisory personnel to help a client use six sigma or set up a new ERP system etc.

As you move up the pay gets better but yes there are points where the money (per hour) gets low compared to what you could get in the market. But I have found that spending 2 years at the firm and the progression there then puts me higher than where I would have been had I left, and I can still leave for more money than that.

For me though money was and has not been the biggest factor. I have a kid and having flexibility is key - and while I work long hours (past midnight is not uncommon), once I made manager I knew that I did not need to work 8-4 or 9-5. I can stay home in the morning on some days and then get my stuff done in the afternoon and evening or I can leave at 2pm and then get back to it at 8pm.

Good luck on your path.

[Badcaddie]

Re: CPA,CAs

I left public accounting as soon as I could and headed to industry. No regrets. Some folks love serving an ever-changing client base with all the related special projects and opportunities. I didn't. I preferred stock options and autonomy. One of my early peers now heads up a national tax practice and jets to India once a month. Sky is the limit.

You'll figure it out and know pretty quickly where you are destined. Just diversify your skill set so you can do it all and you will have a fascinating and lucrative career. Most importantly hard work when you are starting out in the profession.

[flalji]

Re: CPA,CAs

Just diversify your skill set so you can do it all and you will have a fascinating and lucrative career. Most importantly hard work when you are starting out in the profession.

Thanks! I do enjoy public accounting so far, but we will see how it goes. My concern is that although I don't mind public accounting, there might be other career opportunities which I would enjoy (i.e. finance, consulting etc). However without being exposed to the reality of said jobs, I wouldn't know which fit is better for me. I guess if anything I will have to leave and take a risk that I might not like it, then potentially come back into PA if necessary .


Are there any skills you suggest learning to help with my career?

[ilario25]

Re: CPA,CAs

If you are interested in finance and consulting I would suggest learning what you can on those and see if you can get a secondment midway through your qualification to a project working on that or your finance group etc (if you are at one of the bigger firms).
Other than that the best skills i can say focus on right now is your interpersonal and relationship skills with clients, and overall business accumen. understanding how the business works is key and it will help you understand what works and why - this makes you more valuable in other clients and overall as that knowledge can be priceless. Unfortunately both take alot of time to develop well - but you can definitely start.