[Pete]

I was just wondering if public accounting firms ever give experience credit for private accounting jobs (graduated in 2010)? Last year, when I was speaking with the partner of an accounting firm, which ended up employing me for 6 months (then laying me off), I was told that the experience in public accounting jobs can’t be gained through private industry (using his words-the experience in private is “crap”). I’ve had an excruciatingly difficult time progressing in private; it almost seems like public is necessary to be successful in accounting.

Since graduating in 2010, I’ve been pigeon-holed in private because I don’t have the 150 credit hours. I made the misstate of paying off my student loans, before looking at grad school. I’m down to my final CPA exam section (BEC), but I can’t obtain the license from my current company and I don’t want restrictions on the license. In my state, you can get the license without audit experience, but in other states, this might create problems, so I would rather obtain the license from audit hours, just to have the “full” license for all states.

My question is do I have to go for “entry” level audit positions at mid-sized/large firms (not necessarily big 4-ideally not big 4 in-fact)? I’ve been networking quite a bit and have a few individuals at various accounting firms, who I’ve been in touch with, including partners. I want my private industry experience to count for something in public, but sadly, I don’t think it will? Also, if I were to do this, then go back to private would the prior experience in private, no longer be as good because i’m no longer “fresh” in private?

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

[Anonymous]

Hi Ratfus,
I have been at both mid size firm and the big4. From what I have seen and heard, they only hire candidates with relevant working experience for experience hire. If you can prove that your background benefits the firm, I am sure they would gladly take you in as an experience hire. So, it really depends on how you presents your skills.

[jm962011]

how far are you from the 150? Do you have all the necessary accounting courses and just need 15 credits in yoga? If so, take them at a community college or online.

I felt pigeon holed in private but I was doing tax so it was easier to show a link between the tax works and concepts I learned in private and that I could come in as an experienced hire (somewhere between entry level and senior) at a not-quite big 4 but not just “regional” firm.

As for the audit experience to get the “full” license and wanting your CPA from state A to be accepted at states B-Z, I wouldn't really worry about that. Honestly, if you stay in private, you're not going to need your CPA license to hold up in another state. And if you go to public and you move to a new state, the firm will want you to get the CPA license from state in which you're working, IF you want to put CPA on your email, business cards, letters to taxing authorities, tell clients you're a CPA, etc.

For example, I have an Indiana CPA license. I moved to Boston so if I want to put “CPA” on my email signature, business cards, present myself as CPA to my Boston office clients, I have to get a Massachusetts license. I'm in the process because Massachusetts doesn't just say, “oh, you have an IN CPA licensed, you're good to go” because MA does have slightly different requirements but the hard part is over (actually passing the exams).

Seriously, give second thought to the “full” license thing because even if you get the “full” license in one state, do you really see yourself working across state lines?

[Missy]

Private experience isn't crap but it doesn't qualify you to do more senior level tasks specific to audit or tax, only experience in audit or tax qualifies you to do that. I've been working in private for almost 24 years and if I went to public at this point, I'd go in as entry level myself. I am a well versed GL accountant but that doesn't qualify me to audit.

Old timer,  A71'er since 2010.

Finance manager/HR manager

 

 

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

[Pete]

Jm962011,

I actually live right up your neck of the woods in CT; think this area is just brutally competitive. I've done alot of journal entries and bank reconciliations at my prior jobs. In addition, I've been at an accounting firm, completing trial balances for 6 months last year. I'm hoping that I might be able to relate the completing trial balances and journal entries to audit work.

So far, I have 121 credit hours, which has been my bane for public accounting. I have all the accounting credits, since I can sit for the exam. In my state, you can sit for the exam if you have all accounting credits, you just can't get licensed, without 150. I did interview with 2/4 big 4 firms in 2008, while in college, but my meager 3.4 GPA couldn't get me past first round interviews. I spoke with recruiters at my school's career fair, 2 years ago, and they basically told me they won't hire, without 150 hours. Spoke to someone at a large mid-sized firm, who said the same thing recently.

My problem in private is that I just can't get job worth my degree, other than that firm for 6 months last year. I've gone on maybe 20 interviews last year alone, with 5 second round interviews. A majority of these positions, i've lost to someone in public accounting. The same thing has happened in a bunch of the prior interviews i've been on; they love to hire from public.

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

[jm962011]

I haven't found this area to be anymore competitive than the Midwest, but I have found the people to be crazier! Crazier in the fact that I don't understand why you guys deal with the traffic and high cost of living (and the wages don't make up for it!!)??! I'm already planning my move back to the Midwest in a few years, with or without my boyfriend, whom I moved out there for. (I am hoping for a snow day Monday!)

Do it for the professional and personal experiences, she said!

Rant over but yes, the 150 requirement is going to prevent you from getting your foot in the door, I believe. I hated feeling pigeon holed and felt like climbing the ladder was nearly impossible in private.

When you correlate the TB prep and journal entries to auditing, try to provide examples of when you've noticed an incorrect journal entry and what your response was to fix it, if that relates to anything auditors do. Was it a recurring item? Was it incorrect because of a system error not posting? Show them you know and understand GAAP! You can't audit GAAP if you don't understand GAAP, right? I did bank reconciliations as an intern and I was always having issues with getting it to reconcile because they never entered their cash entries in the system or didn't hit the post button. It was infuriating but is there a link between doing a reconciliation and auditing? You have to come up with examples of problems you've solved or things you've uncovered.

[Pete]

So basically, i uncovered a 10$ error, analysed something and found out it wasn't working, automated some items, etc.?

Since, they're forecasting a nor'easter Monday, I would predict we're getting rain or very little snow. Gotta predict the opposite of what the weatherman think. I might move out West with ya. Seems everyone, including companies, are running from this state to Texas by the thousands. We actually just lost GE to you guys in Mass. CT is pretty bad for jobs right now… has been bad for the last 5 years or so, hasn't really recovered since 2008.

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

[jm962011]

With the automation, what types of checks and balances did you put in place to make sure it was working properly? I think those are called controls?.. just trying to remember some of the audit buzz words 😉

[garciarb]

From my understanding, it doesn't necessarily benefit you immediately when you make the transition from private industry to public, but you may move up faster from the bottom versus someone who is just starting out of college as you have work experience and generally know how the profession works. You have a head start but you aren't going to be senior right out of the gate.

BEC - 81
AUD - 79
REG - June 2016 (Thanks Nasba!)
FAR - ugh

[Author]

Replies