Big4 Audit to what!!????
Hello everyone,
I know this is not a forum for CPA/Accounting/Big4 specifically but since I'm trying to get out of this field, I figured I would give it a shot..
Basically here is my story. I started auditing in a Big4 firm a year ago and I find it very boring and routine-like and I would like to get out of this field (accounting) within the year . The problem is that I don't know what my options are... I looked around and most people that quit public accounting end up in an accounting role in corporate.. I'm trying to avoid this. I like anything that has to do with research, such as research analyst, or financial analyst.. basically I would like to have a position where my opinion would matter.
Could anyone help me with giving ideas to what jobs I would be able to obtain with my background.
I have a masters in accounting, I passed the CPA and I speak two languages perfectly (if this helps).
Also, as far as my career goes, which would be the best option for me? Should I quit public accounting right away or should I try to stick around for another year or two? The work itself is not hard to me, and busy season hours (even though are tough) don't bother me that much.. I don't mind sticking around for another year or two even though I would be bored out of my mind ...
Thanks for all the help, replies and advices!!!
Well, if you want to do something else then go see what's out there. You've got a good skill set from what I see.
http://news.efinancialcareers.com/149008/accountants-wanted-as-equity-r…
I read some stat on some "narrowingthegap" that the perfect time to leave would be your third year or sixth year. After your second year, you're promoted to senior associate, and that provides a whole slew of new opportunities. After another two to three years, you're promoted to manager, with a whole new slew of opportunities. From what I've read, at this point, if you don't leave, then you're sort of set on the partner-track.
@IlliniProgrammer recently had an interesting post on Big 4 Audit. Something along the lines of Big 4 Audit Manager --> MBA --> CFO route. Hopefully he can chime in.
Sounds like equity research would be a good option for you. Also there are FP&A positions that pull from big 4, although some are more accounting focused some are more analytic. If you can get into equity research, leave ASAP, if you want a solid career in a corporate role stay until manager.
Tons of older audit people in Compliance.
That's about all I know. My Dad is a tax partner at a non Big Four accounting firm. I do know that a CFO role sounds pretty natural for someone with accounting experience and I have heard anecdotal stories of people who've done it.
I defer to any people with Big Four audit experience on this.
Thank you for the great responses.. Yeah, I think I'm going to look into Equity Research even though it seems like it's hard to get such a position with my background.. I'm going to look around and see..
To answer some of you, most people in Big4 try to stay until manager and leave.. That's everyone's goal at first but as time goes by a lot of people start leaving after their second or third year..
I might leave right before that time.. I'm going to apply to Equity Research positions meanwhile, go on interviews and at the first opportunity I have to leave, I will probably do so ..
Thanks again for all the answer ;)
there are some good corp fin opportunities out there for big4 auditors you just have to be patient and not settle until you find something that you like. i was able to land a position at a F100 corp strategy group leveraging my industry knowledge to land a gig at a major competitor of my main audit client. this is a good way to approach things. if you are auditing oil and gas companies, you have a MUCH better chance of landing a good corp fin gig at an oil and gas company than say something in financial services or pharma.
the key is to just NOT SETTLE!! it is very tempting to take a fund accounting gig that pays a decent salary and pretty solid bonus with 9-5 hours but if you go that route, you will be stuck in fund accounting and find that it is difficult to get out. this will also limit your MBA chances as fund accounting isn't exactly a great feeder for top programs.
another way to approach things which has apparently worked for some ppl is to reach out to finance recruiters. you prob get spammed everyday with emails and phone calls from accounting recruiters that are trying to sell you on internal audit or financial reporting positions. most likely the finance recruiters aren't going to be reaching out to auditors as they are focusing on candidates that have more finance exp. so i would reach out to a buddy that works in a corp fin job or in TS/TAS and ask them if they have the info for a recruiter and reach out to them yourself. having the CPA is really good as is knowing a second language. you will really need to sell yourself to recruiters for them to consider you for the roles they have available.
big 4 auditor looking for a change (Originally Posted: 10/20/2015)
I've been working as an auditor at a big 4 firm for about a year and am looking for a change, ideally I would like to work in the front office at a PE fund. I've spoken about getting transferred to the TS group here but nothing can happen until this summer. I've been speaking to a head hunter and they recommended me for an operational/fund accounting role at a major PE firm. They've pushed it as hybird finance/accounting role that would expose me to the front office and network my way in, however I'm a little bit skeptical and don't want to get stuck in a fund accountant role. My question is does the position (description below) seem to be what their pitching it as or does it sound like a normal fund accountant/back office role?
Just for a bit of background on me: -MACC from top accounting program -BS in Econ from non-target school -about 1 year audit experience, main clients are PE and hedge funds -passed CPA exam and applied for license
And the description of the position:
Responsible for assisting in all aspects of the fund management of Firm Name
Strategies Fund name with additional
responsibilities across the PE group.
This position involves assisting in the broad range of responsibilities summarized below:
Detail review of fund accounting records, financial statements, partners’ capital
account statements, tax returns, K-1 forms and capital calls/distribution allocation
files and letters. Such records/data will be prepared by the TPA.
Assist with responses to investor correspondence, inquiries, and requests
Oversee management company accounting and reporting process for respective
fund(s)
Data aggregation and analysis that is needed for Firm name corporate accounting
team
Assisting Managers and coordinating with deal team, legal/tax counsel, and GMS
operations team to plan and execute deal closings. Assisting team in coordination
with legal and tax to set up deal structures.
Assisting in the quarterly valuation process
During fundraising, the individual will also help create various analysis of data
needed for the updating marketing materials, assisting with the preparation of due
diligence questionnaire responses, as well as assist with fund closing processes.
Other ad-hoc projects where needed
This position requires strong accounting and finance experience, working knowledge of the
alternative investment industry, sound organizational and analytical skills as well as ability
to build rapport with firm name investors, TPA and various constituents we interact with
throughout the firm.
Assist in review of Quarterly fund closes based on data received from the TPA, which includes
review of related support for all balance sheet and income statement accounts. On a monthly
basis purchase and sale transactions and income are reviewed as part of a soft close.
Detailed review of cash and position reconciliations from Operations team
Assist in review of accrued carry calculations from the TPA
Detailed review of capital allocations and capital statements prepared by TPA
Assist in review of financial statements
Coordinate interim and year-end audit requests and questions
Perform a detailed review capital call calculations, distribution calculations and the waterfall
analysis, management fee and other allocations or reallocations prepared by the TPA. Also
review the related letters on a detailed basis.
Coordinate with Internal Coinvestment team (internal investors) to ensure that required data is
provided and capital calls and distributions are consistent between internal and external teams
Assist with coordination and review of valuations prepared by deal team
Assist in the formation process for all fund and investment level entities, prepare documentation
needed for internal Legal Entity approval, coordinate establishment of tax documentation (W8, W9) for
all entities
Assist in review of performance metrics compiled by TPA
Assist with preparation of corporate Economic Net Income models for respective fund(s) and gather all
necessary data needed for models from deal team, TPA, etc.
Assist with preparation of various reports provided to investors periodically
Responsible for monthly management company accounting and reporting, expense and budget
analysis as it relates to respective fund
5. Tax
Annual review of tax workbooks detailing book to tax difference to tax returns, tax returns and
partner K-1s
Interact with investors on a periodic basis and produce and analyze a variety of ad hoc reports
Recruiters for the most part are rats. Stay away from roles like that one. Have you tried to jump to a TS group at another Big 4?
This sounds like a blend of fund accounting and transfer agent responsibilities. The bit about involvement in deal structures and Economic Net Income models differentiates this from your typical fund accountant role, but bear in mind that it's easier to be pigeonholed at a larger firm. Also note that some of the typical fund administration responsibilities - creating fund filings, budgeting, trade execution - are omitted.
Still sounds more interesting than B4 audit. Just make sure you network once you get in and you'll be well positioned with this role.
From what I understand, you would only want to make a move like this (master's degree, only one year out of school) if it moves you closer to your eventual goal.
Unfortunately, the job description you posted reads like a pure fund accounting role with only mere mentions of valuation (looks like you would be assisting with this). Still if you have no other options it would be good to take and try to make the move to the valuation group / MO after a year.
I'd be interested to hear other perspectives on this though. Theoretically with your stats you should be able to crush technicals and land something better.
PM me if you want. I am always happy to help because I made the switch from audit and understand your current situation.
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