[Meg267]

I don’t have any public accounting experience. I have 4 years of private including the medical and financial industries. I have a good job with great benefits. I work 8-5, one Saturday a year. I even got promoted a couple weeks ago. But, I’m not challenged. I don’t have much work right now, so I’m using my extra time to study. That’s been great. But I’m hopefully coming to the end of the CPA studying.

Anyway, do I need the public accounting experience? We have a current position open that’s at the same level as I am, and it’s listed as public experience preferred. I asked my supervisor about that and he said it makes more candidates well rounded, but that wouldn’t cause him not to look at candidates that don’t have that experience. I know that the folks that are coming in with public experience get paid quite a bit more than I do (even the ones who have the same amount of years of experience).

I guess what I’m getting at is, should I try and get into public for a few years just for the experience? I hate to leave a good job, but I’m not at my potential. Is not having public experience going to hold me back? I’m worried that it will. Will I have a chance to get into public given the fact that I’m almost 27 and wouldn’t be a campus hire?

Note: my state requires 1 year of either public or private to be licensed.

[Anonymous]

In terms of compensation, you can take one step back to possibly make two steps forward by doing public. What will mostly help you in terms of getting you up to market rate is getting more well rounded and getting your license.

Being well rounded doesn't necessarily mean doing public accounting. It can help. However, it mostly means not being at the same job doing the same tasks at the same rate/salary.

If you got promoted, look up your market rate/salary on your favorite website or salary guide. If you're not within a few percentage points, ask for a raise. If that's refused, I'd immediately start looking for other opportunities.

Jumping down to Staff 1 at a CPA firm may or may not be the best move for you at this point in time. Perhaps others can provide some add'l advice.

[Anonymous]

@Meg267 I was in a similar position. I was a Senior Accountant in a growing company and I had direct contact with the CEO.
Like you, I didn't feel challenged so I started to look at new jobs, however, with my experience, I felt that I would eventually end up in the same rut. There were other jobs that seemed more interesting, but they required public accounting experience.

I started to look into jobs abroad (e.g. my friend is an auditor in Cayman and she loves it and the tax-free money doesn't hurt lol) but of course, the easiest way to do that is to get a few years of auditing experience and your CPA.

Long story short, I resigned last July. I have since passed two of the CPA exams. I'm waiting for one score, and will take another in September.

More importantly, I started at a top 10 firm a few months ago and I truly have learned so much. I took a HUGE pay cut but I get why public accounting experience is so important… you're exposed to so much!

I'm 25 (almost 26). I told myself I couldn't wait any longer. You're only 26 (almost 27 lol). You have time to start over, if you choose to make that decision.

In the end, you have to look at what you want in life and your personal situation and decide if it's best for you.

Just thought I'd share my story since I was in your situation not too long ago.

[Karrie]

@Chrissy So are you glad you made the move to public then? Was it difficult to get in since you weren’t coming right out of college? Do you know yet if you’ll stay in public, or go back to private?

I work in private (oil and gas), and although I don’t feel bored like some others say they do in private accounting, I do often wonder if I will regret not having public experience. However, I’m 30 so I don’t know if I would want to (or even could) switch now! Especially the pay cut part haha.

[Anonymous]

@Karrie I am glad I made the move. It was hard. When I resigned last year I missed the hiring season so I had to wait until the current year but it was okay for me (personal things, part time job etc.)

I applied to five firms, however only one big 4 responded and one top 10. I got an interview with the top 10 firm and subsequently got a job offer and the big 4 gave me an interview date. Clearly, I wasn't going to hold out for the Big 4.

I expect to spend at least another 4.5 years in public, minimum. That's 2.5 to 3 years to become fully comfortable with the audit process and get enough experience to become a senior and do an overseas assignment. Then 1.5-2 years minimum at whichever firm I go to abroad.

I think I have to wait on busy season to see if I'll stay longer than 4.5 years, but after speaking to a lot of people and thinking about where I want to be, I just figured I wouldn't want to have an opportunity come up in the future and not be able to take it for something like this.

[HamsterEat]

@Chrissy I am so glad to see your post. I am currently in a similar situation, worked for ~4 years in private and resigned last month with last position as senior accountant. I am sitting for BEC in five days and planning to start looking for opportunities in public after taking at least two sections (taking AUD in September). I actually started looking since I resigned from my last job but haven't had any luck yet, I've only had a couple interviews with some private companies that aligned more with my background…

If you don't mind sharing, did you start applying to firms before you pass BEC and AUD? Your post is very encouraging because most people do not understand why I would want to go to public/taking a pay cut/etc…

Thanks in advance!

[Anonymous]

Not sure if this is helpful in any way, but here is a thread I created a few months ago just to start a conversation about whether it's necessary to start your career in public. There are some really good points to both sides! I don't have any public experience and don't plan on ever going that route, but this thread definitely gave me a broader perspective on some things.

https://www.another71.com/cpa-exam-forum/topic/what-makes-public-experience-so-valuable/

[Meg267]

It makes me feel a lot better knowing that I'm not the only one in this position. I really appreciate all the feedback. I submitted my application tonight for an audit associate at a firm in town. The other major firm in town isn't hiring. I'm going to see what comes of it. In the mean time, I'm going to continue to study and finish the cpa exam.

If I'm going to start over per say, I would rather do it now before I get any older.

@hamster C, what made you quit and decide to start looking for a public job instead of private?

[Meg267]

@Allie, thanks for posting the link! There are good points for both sides.

It's going to be a hard decision whether or not to leave the place I'm at now, as I've got good benefits and it's a decent job, I'm just not challenged. I've asked my boss for more a couple of times now and I haven't received anything. So, I'm just going to continue to study during work time. I'm going to keep my ear open for a public position, as I don't want not having that experience to be a factor down the road.

[Anonymous]

@Hamster C I applied when I passed AUD but only got a response when I reapplied after passing both.

[Anonymous]

@chrissy I'ld love to know more about your friend's job in the caymans!

[Anonymous]

Hi @ allegra

She transferred with a big 4 firm she was already working with, which is one of the easiest ways. They require at least 2 years of auditing experience and that the person be certified.

Big 4 and some top firms such as BDO and GT have offices there but a lot of people also apply directly to a different firm or through a recruitment company without going the transfer route. There are lots of recruitment firms such as Stepping Stones Cayman and Affinity Cayman. They are usually able to let you know what your prospects are and help you to find a job if any are available.

The audit work is mainly in the financial services because of the nature of the Cayman Islands. Busy season is from about January to July then the rest of the year is pretty regular. She loves her office. She joked once about possibly leaving but wanting to take her office with her because the people in her office are great. It does get quiet living on such a small island though but people just visit stateside or another country and get over it.

There is also a lot of community outreach and events with the firms.. Well I think this depends on the firm you're with. Also, there are a lot of outdoor activities because, of course, it's the Caribbean.

[CPYay]

I'm in a similar crossroad. I'm currently a Senior making a very good salary for a very good company. I'm learning new stuff every day and am exposed to a great deal of variety. I'm being mentored for Manager/Assistant Controller roles in the next two years through an internal promotion. I could then use that to venture to other companies.

The problem is… I don't have public experience. I talked to my Controller and he agreed it's extremely valuable to have, albeit not necessary (both he and our current Manager have extensive public experience: 6+ years each). I imagine most companies hiring Managers and Controllers expect some public experience though, so I feel I'm at a disadvantage in the market.

If I go public, I'll take a huge pay cut, which I can't afford. I have a family that depends on my wages.

With that said, does anyone have ways of learning what auditors do or picking up skills that are acquired from the public roles? I feel self-teaching is my only way to be competitive in this regard. I'm most likely going to miss out on a lot of opportunity in learning, especially from managing multiple companies from different industries. Not sure what else to do.

[Brian]

I definitely don't understand why, but it seems many current accounting positions that are at the senior level or higher require public accounting experience. I can understand the exposure to different industries and clients, but I'm not sure how this really helps or applies to private industry.

It doesn't make sense to me, but in today's world I would definitely recommend acquiring public accounting experience if you want to advance in accounting or you are a CPA. I have been a CPA for a little while now and I am finding it challenging to advance to the next level. I have over ten years of auditing and financial accounting experience, but I don't have public accounting experience on my resume. I deliberately have avoided public accounting because I didn't want that lifestyle and I have heard way too many burnout stories from other accountants (e.g. I worked there 2 to 3 years and couldn't do it anymore). It just didn't seem like a field where you can build a career and also have any kind of personal life. Everyone I have known in public accounting worked 55+ hours per week and sometimes 65-70 depending on the firm. I just don't see how you can have a family or a good personal life with that kind of work schedule.

[Tim]

I am having a difficult time as well searching for supervisory or management roles. I have 8 years in the same industry, in various roles from internal operations audit, management reporting/ financial accounting and operations accounting, working in two large corporations. I have been a lead accountant the last 2 years.

Im now seeing alot of these job postings require thorough understanding of Gaap and the ability to prepare Gaap financial statements. So perhaps a background in public provides this knowledge base?

[cpamang]

I left a laidback job in private to go into public. Some things to consider-not much translates from private to public. Unless you’re leaving a position at the controller level or above, expect to start at the bottom with a huge pay cut. As far as workload- public accounting work feels more rewarding because you can apply the work you learned in college/cpa study. The work is 10x more stressful in public. You’re constantly under the gun to meet deadlines. Your hours are tracked down to the minute. Once you finish an audit and get that sense of relief, it lasts 30 seconds before you get another massive job dumped on your desk. Just a few tings to consider.

[Author]

Replies