Big 4 Audit=Golden Ticket to CFO/Controller Track?
For those Current or Former Auditors out there or for those that know the industry:
Is it really true that a few years(2-3) in audit is able to set the foundation towards becoming a CFO/Controller? Obviously, there are many routes to CFO/Controller(IB, Consulting, Transaction Services, etc), but why is it that audit is seen as such a valuable experience? Is it because you gain exposure to so many different accounting principles/methods that different companies in different industries use? Or is it because your able to understand how different companies operate(revenue generation, expenses, financing, etc) or both? If so, it would make sense why a few years in audit would be more valuable than going straight into corporate accounting.
Also, if the goal after leaving audit is to some day become a CFO/Controller of a Private company, would the best job to follow the audit stint be in corporate accounting to be more on the reporting side from the get-go and less on the "detective side"?
Lastly, besides Audit, what other opportunities straight out of undergrad(assuming that IB, consulting, Transaction services, corporate accounting etc are all within reach) are heavily accounting focused and are as valuable as a few years in audit or is audit really seen as the ideal experience?
You're talking about CFO and Controller roles as if they're synonymous, when in reality they are not. Controllers typically are very accounting focused, whereas a CFO role is much more varied.
Audit is seen as a good experience to have as a controller because you're expected to keep auditors and regulators off the company's back, and understanding audit is a good step to handling auditors better and prevent issues.
Controller roles will vary though... You won't exit B4 into a position like that unless you're exiting as a manager, or to a very, very tiny company.
fldps would be a good starting point of a career too. Basically anywhere you can get relevant experience with acceptable growth. This path is less common for accountants though, just cause Big 4 recruit more people.
You have to understand how many people are auditors at Big 4s and are leaving after senior and managers. It's definitely not a golden ticket, as you are competing with people with the same background. It's just good experience and another tickmark.
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