[PasstheCPA7]

Hello everyone, I am starting public accounting in January as an auditor and I had a question regarding choosing industries to work in. Has anyone ever worked in Private Client Services (PCS) versus another industry like Retail and Consumer Products as an auditor? I was most interested in those industries versus something like financial services, which doesn’t interest me at all. But, if I were to choose Private Client Services as my primary choice, how is that different than the Retail and Consumer Products industry? Can someone explain what types of clients Private Client Services has? How has your experience been with PCS? Would you rather do that or another industry? I have no idea what PCS consists of, so, just trying to get some idea on what to choose. Any tips or advice would definitely be helpful!

Thanks!

[ruggercpa2b]

Have they asked you to pick an industry you have interest in?

I know at Big 4 when you are starting out you usually do not get to pick and choose what you want to work on. They assign you to different industries based on need and then as you become more tenured you get to pick which clients you want to be assigned.

To be honest since you have no experience at all in those industries I would be open to learn and be exposed to all industries possible and then once you have had experience pick which you like. Once you start deciding what you like or don't like prior to even starting you start limiting yourself. Now, had your worked in those industries in the past and you just didn't care for it then that would be understandable.

Be open and be willing to learn! I have done manufacturing, healthcare, professional services and now getting into IT. I am always willing to learn. I do like manufacturing but I do not let that get in the way of learning opportunities.

AUD - 73, 72 retake 7/2/2016
BEC - 8/20/2016
REG - TBD
FAR - TBD

I am so ready for this nightmare to be over. Been at this way too long.

[PasstheCPA7]

@ Rugger: Yeah I am willing to learn. I just do not know what Private Client Services is about. Have you ever worked in PCS before? I'm just not sure what types of clients Private Client Services is made up of or how that is different than other industries?

[ruggercpa2b]

Below is what I found on the PWC website. I have yet to do the PCS, at least that I know of. It sounds like audit work but just for private companies, which might be a plus if some of those clients go public and you get exposed to that type of work.

Located in all major US markets, PwC’s Private Company Services (PCS) is a national practice comprised of more than 170 partners who provide customized tax, audit and advisory services to private companies, their owners and high net worth individuals. The majority of America’s largest private companies are PCS clients.* They span a broad scope of sectors and industries ranging from manufacturing to retail to industrial to professional services.

A hallmark of PCS is a robust thought leadership program that provides clients with timely, thought-provoking information to help manage and grow their businesses and wealth.

AUD - 73, 72 retake 7/2/2016
BEC - 8/20/2016
REG - TBD
FAR - TBD

I am so ready for this nightmare to be over. Been at this way too long.

[PasstheCPA7]

Anyone else have any other thoughts about Private Client Services (PCS)? I would really appreciate it if someone has any tips or advice.

[PasstheCPA7]

@ Rugger: I didn't know Private Client Services can also have clients with inventory? I thought PCS was just clients who provide services. Interesting. Has anyone else worked in this type of industry before or have any advice for someone who is starting out in Private Client Services?

[PasstheCPA7]

Anyone else have their advice or tips?

[Anonymous]

I currently work in PCS tax at a Big4… most of our clients are small to mid-size private companies. We do work for pretty much all entities (C corp, S corp, partnership, & individual) at least on the tax side…

I'm currently working on an inbound client from the Netherlands that is in manufacturing and spent my last busy season on the personal financial services (PFS) side with mainly trust/individual work.

Also, we are about to head into provision season, which is where we assist the PCS auditors in auditing the ‘provision for income taxes' (calc'ing DTAs/DTLs) item on the financials

[PasstheCPA7]

@ ATL: Thanks!

[Author]

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