[startupcfo]

For obvious a reasons, a lot of companies want their finance leaders (CFO, VP Finance, Controllers) to have public accounting experience, specifically as an external auditor. The advantages are clear as day.

I currently work as the finance leader at a startup and working towards a 7-digit payout. I will want to continue being a finance leader at other early stage companies. However, I want to prepare myself to be the most capable (and marketable) CFO possible.

WOULD IT MAKE SENSE TO GO INTO PUBLIC ACCOUNTING FOR A YEAR AS AN AUDITOR after this company and before my next “real job” as another leader?

EDIT: my intent was to go from a CFO, to a little auditor in public for 12 months, then back to a CFO at another tech company.

Pros:

– Hands on experience with auditing

– Makes you better at designing internal controls at the next company. This is a facet of finance/accounting where I’m weak

– Gives unique insight into different industries. I have experience with hospitality, finance, and tech. Would be a valuable experience to see the insides of a manufacturer, retailer, school, etc.

– Pads the resume if you have a national/Big 4 firm on the resume which I don’t have right now.

Cons:

– 75% pay cut. Not that I’d need the money, but I’m afraid that when I negotiate my next job, their pay expectations will be anchored to an associates salary

– Red flags, if people think it’s odd that I’m 40 years old in an associate’s position

This idea is either the smartest play ever or the dumbest play ever. Thoughts?

AUD - 93
BEC - 87
FAR - 77
REG - 77

------------
Corporate finance leader

BEC - 87 | 02/28
REG - 70 | 06/10, REMATCH | 08/30
AUD - XX | 09/10
FAR - XX | 12/10

[mselaineous]

I've never worked in public accounting and haven't had an issue getting Controller jobs in tech start-ups and emerging growth companies even when they asked for someone with a public accounting background.

What I've seen/heard is that the requirement of public accounting is often related to whether or not the candidate has the discipline of structure and process understanding around technical accounting, internal controls, etc. that often comes from working in public accounting.

It's all about how you position yourself as a candidate, where you've worked, who & how strong your references are (and their backgrounds) and how you come across in the interview process.

FAR - Passed (04/16) ROGER
AUD - Passed (05/16) ROGER & Ninja MCQs
REG - Passed (07/16) ROGER & Ninja MCQs
BEC - 08/16

[MonsoonCandy]

I agree with circadian & Ratfus.
Outside of campus recruiting, it seems so hard to get into a decent public accounting firm.

I thought having a CPA, masters, high GPA, and 2 years of experience in accounting (not public – was hoping to leverage any accounting exp into public) would help but no luck with any public firm – experienced hire postings. All the posting seem to want people with prior public accounting experience. And entry level positions seem to be reserved for mostly students still in college with prior internships, about to graduate.

Not only that, a lot of corporate job postings would prefer people who had prior public accounting experience too.

I do agree that it is not necessary to have big 4 experience to get a good industry job, but to me, it seems a lot more difficult unless you get lucky.
Having any public experience, especially in a firm that is recognized in the accounting world, will help.

But if I had a successful job already, I don't think I would take the pay cut to go to public as an entry level.

[Pete]

My issue is that I haven't managed to escape book-keeping positions in OVER 6 YEARS. I just can't break into anything above that level.

I have solid connections at multiple firms. I've even had 3 interviews at one firm, but I keep getting destroyed with people with higher GPA's. Hell, I've interviewed with 5 or 6 firms for internships, WHILE ON CAMPUS. You're basically out of luck, if you didn't realize you wanted to go into accounting, during freshman year, when you had time to network. From my school, one REGIONAL firm rejected someone with a 4.0 GPA.

Granted, I did poorly on ONE interview from RSM, but I didn't realize how that was the only firm I really had a shot with, since my GPA was bad (3.4). I mean, i was lucky enough to get a short stint at a VERY SMALL firm last year, but that ended. My friend has had the same experience, so I do not know if my area is just really bad or what, but at least I know I'm not the only one this crap has happened to, over the past few years.

Hopefully, joining all the state boards and getting involved with the fraud organization will soften things up… Already passed the CPA exam and am planning to take the CFE exam as well. Plus, I should be able to get the 150 credit (30 remaining) hours in 6 months time.

My only fear is that my entire CPA exam will expire 🙁 (due to not meeting the experience requirements). Luckily, I don't think that will happen in my state; it still makes me very nervous though. Imagine how much that would suck… passing the test, only to have it not count for anything.

B=84 This exam was such a b**** that I thought I failed-don't know how these things work
A=76 Slacker I am, I'll happily take it
R=81 I LOVE taxes
F=80 I don't wanna get banned for an expletive I'm thinking with "yea" proceeding it

[startupcfo]

it is hilarious to think that a startup would demand Big 4 experience because only 1 in 5000 or 1 in 10,000 startups will ever make it to the size that they require Big 4 work

I think a lot of these job postings are written by HR people who are forming their opinions based off google searches, not finance/accounting people who actually know what's needed

AUD - 93
BEC - 87
FAR - 77
REG - 77

------------
Corporate finance leader

BEC - 87 | 02/28
REG - 70 | 06/10, REMATCH | 08/30
AUD - XX | 09/10
FAR - XX | 12/10

[.]

It was this one:

https://www.zocdoc.com/careers/staff-accountant-122531

FAR- 88- 6/16- (Ninja Avg. 74%)
REG- 89- 7/16- (Ninja Avg. 77%)
AUD- 95- 8/16- (Ninja Avg. 81%)
BEC- 82- 9/16- (Ninja Avg. 75%)
[Wiley CPAExcel + Ninja MCQ]

Finally licensed.

FAR - June 2016 - 88
REG - July 2016 - 89
AUD - Aug 2016 - review phase currently
BEC - Sep 2016 -

Wiley CPA Excel & Ninja MCQ

[Pete]

Sadly, in this economy-someone in a BIG 4 they will find. Despite the fact that person will likely make less than they were formerly making at the BIG 4.

In one job, I applied to, the company ended up hiring someone, who had formerly worked at a BIG 4 firm. The role paid like 40-45k/year. My question is why would someone take a role that was paying 10-15k less per year? I guess that person really hated the hours.

B=84 This exam was such a b**** that I thought I failed-don't know how these things work
A=76 Slacker I am, I'll happily take it
R=81 I LOVE taxes
F=80 I don't wanna get banned for an expletive I'm thinking with "yea" proceeding it

[MonsoonCandy]

Yeah, it sucks how everything kind of revolves around Big 4/national public accounting firms.

Majority of my friends are in other fields and they can easily get good jobs at good companies as long as they can show that they can do the work.

[neaux]

Please don't do this. You are in position to do really well with your experience.You don't want to end up with an extended pay cut because I doubt things will happen the way you expect.

FAR - 81, 7/4/16
AUD - 77, 7/11/16
BEC - 83, 7/23/16
REG - 63, 8/12/16; 87 11/4/16

NINJA saved my working life!

[iputaspellonfar]

@startupcfo I am glad you are asking this question because I have thought about that before as well. I think going into big 4 accounting is a huge risk that may not have the rewards you think are there. I was wondering if you contemplated maybe picking up some consulting work for a big 4 through a temp agency. I know robert half has a division for developed professionals and at least it would get your foot in the door. Of course that would require flexibility in your current work schedule.

[Author]

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