Busy season is rounding the corner and, if you look carefully, you might be able to see the light at the end of the tunnel. Squint. No I swear, it’s there.
My posts this week will shift from social media to the potential job market. As a public accountant, you should always be cognizant of the fact that you have the ability to continuously develop your strengths and mold your career path. Want to pursue of a career in hedge funds? Network within your firm to be staffed on the right engagements. Need to add tax experience to your resume? Seek out a rotation.
Here are three signs that you should get you thinking about exploring your options.
1. You’ve got your CPA – This might go without saying, but many people enter the public accounting industry with the “two years and done” mentality. Pass the CPA, earn some experience stripes, and get the *$@% out. There’s nothing wrong with this, but don’t expect to $100K jobs to be jumping into your lap. The average salary bump for younger staff from public to the private sector can range from 5-10%, usually topping out around 15%. If this isn’t enough of a bump to seriously consider a private job, don’t lose sight of the quality of life improvement a new job can bring. No, not the smoke and mirrors your firm is promising you. The real deal.
2. Someone you know is interviewing – Believe it or not, the job market is actually improving. The hiring freezes on many financial firms is now limited largely to supporting roles (i.e. HR folks like myself). Hedge and private equity funds are picking up their hiring as the markets begin to thaw. Recruiters are not wasting their time with interviewing individuals for the sole purpose of interviewing. So take note next time your senior staff member has three doctor appointments in a week; perhaps you should be “coming down with a nasty bug,” too.
3. Recruiters call – and you listen – Speaking about recruiters, be prepared for an onslaught of calls. Their timing is no coincidence. The private sector has been shuffling around over the last few months (remember when your client contact suddenly went MIA?), and as the cycle goes, the newly opened private jobs will inevitably be filled by auditors and tax accountants from public. Listen to the cold, scripted calls; be open to a pay increase and better work hours; reclaim your weekends. It can’t hurt to listen to the (substantiated) claims that you’re undervalued in today’s market.
Newsflash: you are grossly undervalued.
Be aware also when your co-workers come into the office in nicer than usual slacks and a plain white button down. They probably left the suit jacket and tie in the car.
That's it?? I could have written that article (in my sleep) if I ever got any. Kind of disappointed by the 5-10% bump though. I think it's bigger than that. Can anybody give some salary ranges for NYC area – probably more interested in staying in Northern NJ though.
Dont know about NYC, but that percentage is about right based on what I see in the Southeast. People with 2 years in public are a dime a dozen and dont have the experience to qualify for most supervisory or managerial roles.
Appreciate the comment, Notorius. More details to come in the future.
With regards to salary ranges, I can provide NYC/NJ information, but I'd need some specifics. i.e. – Big4 auditor, 3-5 years hedgefund experience, looking for a senior fund accountant position.
Describe a couple and I'll do my best.
Many search firms will, if necessary, allow candidates to store their suits at their respective offices. Also, gym lockers are a popular avenue.
That is soooo true… My senior on an engagement came to work a few months ago and I asked him if he'd just came from an interview and he gave me some excuse…. sufficed to say… he is no longer with the firm….
Massage your credentials constantly, and stay on top of new developments not just in accounting but in management philosophy and processes. Don't get so immersed in the grind of work that you don't recognize the signs of your profession passing you by. If you get to be 60 like me, you will be screwed if you don't have the experience and training that progressive companies are looking for. Watch an old man crash and burn, and see what nightmares await in modern recruitment at http://daysoflivingaimlessly.blogspot.com. Live Aimlessly or Die!
oh so this article was only a teaser . .. i gotcha. Anyways – four years of audit experience w/ a F100 company. Passed CPA and also a masters in accounting. Does that degree even matter? Definitely no financial exposure. Seems that Internal Audit is the most logical jump. So i guess we could start there on salary ranges. Is a jump to manager feasible or there's already a glut of B4 managers so they wouldn't look at an experienced senior? Would a jump to a financial company be possible? I'm assuming those pay more than a manufacturing or retailing internal audit position? While we're on it . . .and maybe a subject for an article – what are career paths less typically taken, but still available to somebody with the Big 4 experience?
Why should I be interested in reading about how dismal public accounting is? If I wanted to hear pessimistic opinions about our profession, I'd just ask my coworkers. I visit Going Concern to escape the harsh realities of Big 4 life, not to read about it. Articles like this contribute nothing we don't already know, and yes it may be all true, but stop shoving it down our throats – we're the one's who are living this life every day.
Newsflash: We know we're undervalued Daniel. We know we can leave if we want to. That's not new news. You may dislike the B4 life, but stop projecting your hatred. It's annoying.
I am leaving as an exp sr 14% raise and a very nice bonus. Better hours, better experience. NYC.
you have it all wrong most people that leave after 2 to 3 years get at least a 20% increase….
left 6 months ago – 19% jump and I haven't worked a single weeked or past 7 (usually 6ish). NYC and moved into consulting company.
There is something significant happening here….
1) you recognize the harsh realities of your world,
2) you know you are undervalued and exploited,
3) you know you can leave if you want to
In other words, you are there by choice.
My friend, you have the world's attention with your noble yet puzzling self-sacrifice.
Your actions are those of a martyr. And now, everyone is looking to you for your message. What is your cause? For what are you enduring this suffering and denying yourself entry into the promise land of 9-5 and salary increases?
Could it be that you are Big 4 Moses? Will you go to Pharoah and tell him to let your people go? Every last senior associate? Will you deliver them all out of the Big 4, only to remain there as a beacon of hope for all those who unwittingly enter the bondage of Big 4?
Who are you? Why have you come here? The people await your message.
Left 6 months ago also as new first year manager at Big Four – 21% bump and 15% bonus, leverageable to 30% based on company performance.
Left 6 months ago also as new first year manager at Big Four – 21% bump and 15% bonus, leverageable to 30% based on company performance.
update: got 10% raise….old co-workers still haven't rec'd a raise since I left – but hopefully they get one this summer/fall.
What do 1st, 2nd, and 3rd years make? …a first year v. senior manager?