[Victor]

Hi, Is there any place online where new or experienced CPAs who wants to establish his/her own practice or partnership can share their business interests and that way find the right partner?

I took my last exam last week and very optimistic about the results. I have over 11 years of accounting and 6 years of banking experience in different industries and different countries, but never worked for public company and I think, it’s too late for me to start working at public company unless they offer senior level positions, which they won’t.

So my ultimate goal is to open my own business, but like in many accounting or other businesses, experience or education is not enough to succeed, and I think, the right partner is the key in accounting businesses.

Thank you in advance for your thoughts

[aaronmo]

I think you should be more humble, work in public at a more junior level, which is what you are as an accountant in public, and learn what you're doing. What you're talking about makes me think:

You're over confident.
You're unrealistic.
You are poor at risk management.

I would want nothing to do with you as a partner or employee after reading that. Most accountants I work with in public would feel the same way. I seriously suggest re-calibrating your expectations.

Not to even mention that you likely have an experience req…and your prior 11 years may not qualify.

I get it, it sucks. I did a career change too…from where I was somewhat senior and well paid. But, this is what it is…and when you are changing careers, you have to start over. And learn. Usually you'll learn and rise faster…but you still have to put in the time. I don't think your expectations are reasonable.

[Victor]

Thank you for being honest. But i don't think every accountant should go through the same pathway

[aaronmo]

What you wrote above says you don't think you should have to follow the path at all. Good luck with that.

Think to yourself for a second…pretend you were a client…or another CPA looking for a partner…

Would you go to someone with no background in public, who thought it shouldn't apply to them…and who went right into business without having put in any time? Is that who you'd trust with your financial statements?

I'm not trying to crap on you here; I'm telling you the truth. You're asking:

Hey…anyone want to pilot a fighter jet with me? I've never flown before.

[turo9992000]

Do you have any friends that work at a firm that have experience in public? Talk to those that seem not to like the structure of the firm they are in. You should find someone that is technically capable, and you could probably be the marketing guy for now. Lean heavy on your partner in the beginning, learn and ask questions.

You might have to come in with the starting capital, and the partner comes in with their experience and book of business. You'll probably purchase a percentage of the book.

Also contact your state board of accountancy and ask about CPA study groups for sole proprietors or small firms. They could connect you with other CPAs that are not your direct competition. When you need a second opinion or run into something you haven't seen before you could call someone in your group.

Don't totally blow off working for a firm. A classmate of mine did a career change after 20 years in IT. He went from staff to manager in about 2 years, got his CPA and then left public to be a controller.

[Anonymous]

If you want to do bookkeeping for small businesses, you probably can do it. I don't think you can work in public practice without ever working in public practice. Nobody will even consider you even if you have a cpa.

[jeff]

Public, Private, and Accounting firms all have their plusses … and minuses.

I've worked in all 3.

If you want to do the small firm route – jump in RIGHT NOW … this is busy season.

Go find some mom and pop CPA firm with a handful of CPAs working there and embrace the grind.

Cancel all Saturday plans between now and mid-April.

Go now – they won't need you post-April, so make yourself so valuable that they can't imagine life without you once the fog of busy season clears.

[Victor]

Ok, i get it, you are right that partners of all CPA firms have public company experience. But I guess, my current family financial circumstances won't allow me to take that risk at this moment. thank you so much

[jeff]

^ I doubt that's true at all.

I would believe that a significant percentage of publicly-traded companies have accounting departments run by public accounting alums (Big 4, etc), but I doubt the majority of public accounting firm partners have industry experience – i.e. they jumped to a firm after working in industry.

[Victor]

I think whole idea of becoming a CPA is that public can trust you. State boards don't require public experience.
I am not sure about “fighter jet” analogy, but I could ride with anyone who has a driving license

[Reverie]

No pub. Exp and u think ppl are going to come after u for business? Unless your riding off someone else's coat tails sure. Not a bad idea actually but you'll probably be dead weight with no experience.

[Tncincy]

Mercy gang…nothing wrong with asking.

It begins with a 75
Been here too long as a cheerleader....ready to pass

[Yahmon]

@Victor I say go for it bro. You're the only one who will believe in yourself and the worse that can happen is you fail and start over. I have the same goal to start my own practice when I finish my exams. I have worked for publicly listed companies but not in public accounting.

I agree that it would be easier to work for a firm then do your own thing but sometimes you need to take the road less traveled. Believe in yourself and do it bro. Good luck!

FAR 8/20/15 - Passed 77
AUD 10/10/15 -
BEC TBD
REG TBD

[johnerickp]

I'll share my experience since my path was pretty similar to OP's question. My background: over 10+ years experience working in industry, a short stint with the big4, and a CPA. Like you, I wanted my own practice. However, my experience is mostly industry, and I knew that was not enough. I partnered with a couple people who has experienced in tax. We opened our accounting office a couple years ago. During our first year, we mostly had individual tax clients (fairly easy to learn 1040s) and was not dead weight (as someone had suggested in your situation) since I was able to handle those. Every time I have any questions or stuck on something, I would inquire with my partners and also use reference books. Now, we have increased our individual tax return clients, added a few corpartion tax returns (my partners handle), and a couple bookkeeping clients (which I handle). Partnering up is a great way for you to start your business and to also learn. Opening an office doesnt necessarily mean you will be doing audit (which will require a lot of experience), but you can start off doing just individual tax returns and bookkeping and start building from there. Since you have a lot of industry experience, bookkeeping will be a no-brainer for you. We are still in the infancy stage (3rd year), and we foresee a steady growth. Try to reach out to people you have gone to school and have great relationships with. I am rooting for you to find great partners to grow with.

[Author]

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