I'm an accounting student. I'm looking at different types of careers. Is pursuing a career with government worthwhile? The benefits are nice and the work seems interesting. Is a gov job worthwhile or a waste of time?
| +186 | Ideal College/Recruiting Timeline | 38 | 2d | |
| +134 | Military Officer vs. IB analyst | 47 | 7h | |
| +75 | Lied on CV? | 60 | 7h | |
| +28 | Is there a point to networking if you have (nepo)? | 8 | 6h | |
| Got fired after 1.5 years as an Analyst, want to stay in Banking but I am confused | 10 | 2d | ||
| +24 | Recruiting is messed up and I'm not doing this.... | 19 | 5h | |
| +23 | Are Single Managers Just Not Hiring? | 10 | 5d | |
| +23 | How do I go about explaining huge gaps in a CV for Spring & Summers? | 11 | 2d | |
| +21 | IB > PE, except burned out. What now? | 8 | 18h | |
| +18 | Laid off, what next? | 8 | 5d |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
Depends on your personal goals.
If you're in the U.S., whether local, state, or Federal level, the work will not be interesting or fast paced. Your career advancement will be slow. Your salary will cap out less than or around $150k after a decade or two. And, depending on which public employee defined benefit retirement system you vest in (google "unfunded pension liabilities by state"), your pension $ may implode before you can ever collect anything. For example, the future post-employment benefit obligations for the Illinois and Connecticut plans are currently about 50% funded, and dozens of other states are in the 50% - 70% range.
That being said, in all likelihood you will have plenty of time to pursue other interests and/or side businesses if you choose, and assuming your pension plan is well managed and doesn't implode, you will coast on the gravy train after age 60 or 65.
If you're in India, I can't help you there but probably beats commuting on the roof of a train to a call center in Bangalore for the rest of your life.
I am in America. I'd like to have my own tax business on the side. I just fear that I'll waste my life away being a Big 4 zombie. I'd be satisfied making 80k+ by the time I'm 30. 150k dosen't sound bad at all, do most accountants even break 100k?
Funny you mention that -- I actually know a guy who works in accounting for a local government agency (four ten-hour days per week, off every Friday) who has built a small but impressive book of tax prep & bookkeeping business. Salary from his job is less than $100k, but then clears another $100k per year with his side hustle.
Most "accountants" probably never break $100k. That's if you're content preparing journal entries and reconciliations for the rest of your career.
Most former Big 4 "zombies" do break $100k easily. Varies by region but after 5 years, as a new manager you should be making right around $100k give or take a few thousand. From there, jump to private industry, and if you're intelligent, motivated, and likeable you should make director within 3 to 4 years and VP in another 5 or so years. Personal situations vary of course, but it is perfectly normal to be making $200k twelve to fifteen years into the accounting career.
I could go on, but first. couple of questions for you - 1) Do you think you have what it takes to build your own successful tax business? What I mean by that is: Do you have an extensive network to draw on?; Or failing that, are you prepared to spend $$$ marketing?; Do you have the experience necessary to stand behind your work, not just in terms of gaining clients' confidence, but also in the event of an IRS audit? 2) Is your aversion to Big 4 truly because you're afraid of "wasting your life away", or is it something else? Such as, you don't have 3.5 GPA or higher, don't think you'll interview well, etc.?
I do have a 3.5>goa but i'm only a sophomore. I can get it up. I just don't know if the Big 4 is what I want in life. I'd just like to have other options. I do have some worries such as low gpa, cpa exam, being able to make it in big 4.
Your risk aversion bordering on neurosis tells me you're going to make a damn fine accountant.
In all seriousness, I know I'm just a random person on the internet, but here's my take. The average tenure at a Big 4 firm is somewhere in the three to six year range. A few wash out sooner, a few stick around to partner, but most make the jump either soon after promotion to senior (two or three years depending on firm) or soon after manager (five years). CPA is only a requirement for promotion to manager.
Exceptions to the following two statements exist, but by and large: 1) Getting a government job is not easy without connections and experience. In fact, getting a job with one of the Big 4 is almost certainly going to be easier than getting a job with a governmental agency. Plus, if you end up hating life because government is boring and pays shit, it's not exactly a resume builder and it will be harder to sell to prospective non-governmental employers. 2) Having a few years of Big 4 experience on your resume will afford greater opportunities in the accounting field than anything else. You can go from Big 4 audit to corporate accounting, internal audit, certain areas of finance, etc. You will be exposed to different industries, different clients, and have a broader view of their business and operations than almost any other potential path that involves an accounting degree. A few years of Big 4 on the resume is worth an extra point or two out of ten on your resume, in the eyes of a potential employer.
My recommended play: 1) Keep your GPA up, especially in accounting courses. 2) Begin learning more about and meeting potential employers -- aka recruiting. Go to meet-the-firm night, join Beta Alpha Psi, network, etc. 3) If after learning more, spending a few years in Big 4 for the purpose of greater opportunities and more money down the road does not sound like something you would hate, apply and interview. 4) Spend a couple of years working at the Big 4 firm of your choosing. By this point you will have a better idea of what you want to do with your life. 5) ??? 6) Profit!
Edit: Source - 5 to 7 years Big 4; a short stint with local gvt.; followed by a few years in accounting/finance in industry.
That was a great reaponse. What is your opinion on big 4 tax? I hate traveling and I hear that big 4 auditors travel A LOT! 1. Opinion on tax? 2. Opinion on mid size firms like Grant thorton or BDO? 3. Opinion on starting my own firm after a few years at big 4/midsize firm with experience and connections? 4. Possibility of going into IB, HF management, treasurer job? All responses are welcome.
Tax is good if you know you love and are good at tax. It offers limited post-Big 4 opportunities, as it's a highly specialized area (harder to sell yourself into a role that requires broad understanding of GAAP, reporting, internal controls, budgeting/forecasting, valuations, etc.). Audit entails more travel than tax, but does position you far better to branch out into other areas later on. On the other hand, smart tax people are scarce and highly valued in the corporate world. A lot of people know GAAP/internal controls/etc., but very few people know how to, say, structure M&A involving a tangled web of foreign subsidiaries in a manner that can save a company millions in avoided taxable gains. My personal experience on the corporate side of things is that the tax people I work with are on average 10 IQ points smarter than corporate accounting people. On the other other hand, if you stay in the corporate world, you'll likely cap out at VP of Tax (all-in comp ~ $200k, give or take).
Mid tier international firms are OK too. They don't carry the same "prestige" (if you can call it that) as Big 4, but your experience will likely be the same. From my point of view as a hiring manager in the corporate world, I only deduct half a point out of ten from a mid-tier candidate versus a Big 4 candidate (which I bump up to a full point deduction if they demonstrate any sort of inferiority complex about not making the Big 4 cut). Do take it with a grain of salt if anyone tells you there's a better work/life balance at mid-tier -- it's not true, at least from what I've heard.
Knowledge base is not 100% applicable to starting your own firm, only because the types of issues you'll encounter in corporate taxation are different than what an individual might encounter.
I know maybe 3 or 4 people that I've worked with in the past who went from Big 4 audit (no one from tax) to analyst/associate roles at smaller or boutique shops. At least one ended up washing out and works in internal audit now; one is a VP at Duff & Phelps. No personal experience as this path never interested me, but I'd characterize it as a long shot.
Qui non illo consequatur aut eligendi voluptas accusamus. Nobis sed et reiciendis nam corrupti consequatur. Consectetur voluptates blanditiis officia quia. Architecto sint eligendi enim qui est. Culpa nemo voluptatem voluptatem quisquam aliquam.
Voluptas architecto rerum cupiditate esse dolor soluta. Fugiat voluptas voluptas consequuntur. Deserunt quia eius fugit reiciendis quis.
Ut beatae sit quas. Consequatur dolorum minus nam vel consequatur omnis. Asperiores molestiae officiis est earum. Quam vitae sed porro aperiam dolor est cum. Sequi et modi quia porro. Est et et enim at eligendi rerum consequuntur commodi.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...