Here are my answers. Please note, I have not worked in Big 4 nor IT audit–I worked for a small, regional public accounting firm as a staff and senior auditor. Most of my experience is in Corporate Accounting, as I transitioned out of public several years ago–with no desire to go back. I am currently a Financial Reporting Manager for a large company.
1. What are some of the exit opportunities for IT audit/advisory? I know a lot of my friends have gone to work for IT and Internal Audit shops at F5s but I don't want to be a life-long auditor.
This is a pretty specific focus, as such, you will probably be presented with Internal Audit opportunities for large, publicly-traded companies since smaller companies typically do not have internal audit functions. The other opportunities that you might be presented with are full-on IT roles, with no accounting. If you do not mind the shift away from accounting, IT roles may be your best option.
2. How long are the hours for advisory? I understand that hours in public are long, but how bad/many on an average inclusive of travel time?
As mypetmeatball has stated, hours in public accounting are long no matter where you are; although, audit seems to be where a crux of the long hours are concentrated. Audit has more of a climactic feel than does advisory. Audit will tend to work more hours around specific reporting deadlines, whereas advisory has more of an even spread of the hours. Again, regardless of where you work in public, the hours are long.
3. Is not having public accounting experience really that limiting?
It depends on what your future career goals are. For someone like me who likes Corporate Accounting, public accounting has been critically important for my career. I am actually looking for a new job and have been passed on because I do not specifically have Big 4 and public company clients within Big 4; I have public accounting, just not Big 4 and employers overlook me!! If getting into Corporate Accounting is not part of your future career aspirations, then I would probably say public is not all that limiting.
4. I want to maintain a healthy work-life balance, I don't mind the occasional 60-70s but what I don't want is to live to work. With that said, is the work life balance better at large regional/national mid-tier firms? Is work life balance better in advisory?
I do not have experience at large regional/nation mid-tier firms but from what I have seen, the answer to your question is “no.” Depending on the firm, work-life balance could be better in advisory because you're not necessarily trying to meet a reporting deadline; however, some audit roles have the climactic 65-75 hour work weeks right after year end/quarter end and then have normal hours outside of those time frames. On average, you might work less hours in advisory, but you might be working a constant 50 hrs/week all year long based upon the types of engagements you have.
5. How difficult of a shift is it from advisory to audit, just in case I decided this wasn't a route for me? I currently hold a corporate accounting role and I think this would be a completely different turn for me. Would I be able to do corporate accounting again if I chose to later on in life?
Typically, a shift from advisory to audit is not difficult, especially within the same firm. If you know the right people, you could make a smooth transition (probably a lateral one) and go right into Audit. If you were to make the same transition but mix in another firm, then you're probably looking at an increase in difficulty. Going from public accounting to Corporate Accounting is easy–since you have corporate accounting experience already, it's probably going to be easier for you. That said, depending on the role, you may experience some problems getting back into corporate accounting after years in public–it depends on the company and whether or not your will be specifically focused or more general, i.e., SEC reporting manager or Senior Corporate Accountant.
I hope what I have written is helpful to you.
Texas CPA - licensed in 2012!!!
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