[Anonymous]

The scenario is this:

I work for a mid-size accounting firm in south texas. I really like working here. My co-workers are smart and fun to work with. My manager is great and is always willing to teach. My boss is very reasonable and cares for his workers. I have 8+ years of experience in auditing and that’s pretty much all I have done since I graduated from college.

An insurance company recently contacted me through linkedin. After e-mailing back and for with the CFO, I got an offer to be the controller and the salary is about 65% higher than my current salary. With this offer, I will be in the six figures category. For obvious reasons, I am very intrigued by the offer and I am considering taking it. I do not know much about the insurance industry but I don’t think it can be harder than the audits I am used to in-charged.

The question is: Should I stay at my current job where I feel very comfortable and I feel familiar in the industry or should I challenge myself and test this new opportunity?

Have some of you dealt with this kind of scenarios? I would like to know what decision you made and if you feel you made the right decision. I appreciate the time for reading my post. Have a nice day.

[Anonymous]

65% pay increase. Controller. … Why are you asking this again?

But seriously, have you done audits for insurance companies? If you've never done them, that might be something to worry about. (But I'd still strongly consider it). If you have, I'd take the job…

[Anonymous]

@ama – first, congrats!
I actually work in insurance currently.. and I will say that I absolutely love my job.. however, it is much harder and more in depth than any other industry I've worked in. The first 8 months I went home crying practically every night.

Did they tell you what exactly your job description would be in? Controller could cover so many different things.
Depending on the type of company (P&C vs. Life) will have a profound effect on that.
Is it a stock company? A mutual company? Does it write in multiple states or only a few?
You have to understand STAT accounting as opposed to GAAP.. the concepts of the combined ratios and how they're broken out. Insurance has a huge investment portfolios, so knowing what you can and can't invest in is extremely important.
Also and most importantly compliance. I spend a lot of my time complying. Every state has different requirements so you need to be pretty decent at reading regulatory law, unless of course they have a compliance officer.
Insurance is hard… but it's a blast.

That being said, I'd get a general pulse of the type of people that work there.. giving up a good place to work in the name of money can have it's drawbacks too.

[Jay]

I can only assume that as a controller you would get a bonus as well. With regard to your concerns about a lack of experience in that industry, I would say that if the CFO knows you never worked in that field then he believes you will be able to learn it quickly in that position. Like anything else, you pick it up through work experience.

It really sounds to me like you have a choice of keeping the comfort that you have in your life now with the hard-ache of taking a demanding job that will require a lot of work and hours and stress to justify the pay. I would strongly consider it because you are better off financially and you'll have something to show on your resume if you ever decide to move on.

REG 82 (08/08/15)

[Missy]

It sounds great, but you did go in, meet the people that you'll be working with, etc. correct? Your first post almost makes it sound like your offer was entirely based off linkedin and email communication without a series of face to face interviews. Want to make sure I just misread what you wrote.

Otherwise it sounds like this type of offer is exactly why a person gets into and stays in audit for 8 years like you did. You paid your dues to be able to move on to this.

Licensed Massachusetts Non Reporting CPA since 2012
Finance/Admin/HR Manager

[Anonymous]

I did go and interviewed with the CFO face to face. The company is very serious with a lot of potential. The CFO seems like a great guy. Overall, I think it is a huge opportunity. I just wanted to get some feedback from people outside my public accounting circle, since I assume they would be bias.

[Anonymous]

@determined0625. Thanks for the advice. I am going to start reading and familiarizing myself with stat accounting since I have never dealt with it. If you have time to expand, can you show me what are some of the main differences between stat and gaap? Thank you

[marqzho]

I read the post back and forth and I can't see a single question there.

“Go for it ! ” if that is what you want to hear 🙂

REG 90
FAR 95
AUD 98
BEC 84

[mhueycpa]

Worst choice you can make regarding any relationship is staying because your “comfortable”. Good luck!

THE 300 CLUB WILL DO JUST FINE!

[the LAST Coffee]

As controller, you'll never see a day of relief. Just piles of paper everywhere. Speaking from experience with two controllers I worked for at two different companies.

FAR 84 (AUG '15)
BEC 83 (AUG '15)
AUD 79 (OCT '15)
REG 71, 78! (NOV '15, FEB '16)

[Martin]

amadocarlos10, At the end of the day, it is all about the benjamins and how you can invest your extra income to make more money. Life is too short, so the faster you climb up the ladder, the better it will be for you.

I speak around 4 languages, so I notice things most people with only one language can not. Carlos es el nombre de un ex amor o tu apellido?

Through God all things can happen!

“You never fail until you stop trying.”
― Albert Einstein
When I was young, I used to admire intelligent people;as I grow older, I admire kind people.
“Just keep swimming, just keep swimming.”

FAR= 72-84
Audit= 73-82
BEC= 74-75
Reg=77

[Anonymous]

@Martin. Amado es mi primer nombre y Carlos es mi segundo nombre. Yo entiendo que Amado no es comun!

[Anonymous]

@mhueycpa- Thanks. That's what I think as well.

[Myredstapler]

Take the chance on the new job. You can ALWAYS go back to public accounting if things dont work out.

[monikernc]

have you done the due diligence on the company and feel good about its stability? i assume you have worked where you are for 8 years? if your boss is a mentor once you have broached the topic i bet he/she will give you a read on your potential. most people take baby steps to land in a spot like this. the question is not if you know STAT accounting but if you are ready to take it on. the money does have to be earned. you can always hire Determined.. as a senior 🙂

FAR 7/25/15 76!
AUD 10/30/15 93
BEC 2/27/16 82
REG 5/23/16 88!
Ninja Book and MCQ and the forum - all the way!!!
and a little thing i like to call, time and effort!
if you want things to change, you have to do something different

[Anonymous]

Stat accounting is more conservative. The insurance department always looks at companies in a liquid context. You expense more things that you would capitalize under gaap. You have non admitted assets for a lot of assets. Presentation for unrealized gains is different. Look up the aicpcu website. It contains all the designations available for insurance professionals. The AIAF is s good basis. If you ever have questions please don't hesitate if you take it! Never hurts to have a new connection.

[Author]

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