Beyond Busy Season: 3 Key Factors to Consider When Making a Move Out of Public
Public Accountants: Is the stress of busy season leading you to think about leaving for a corporate role? Here are 3 key factors to consider as you open yourself up to a search for a new position.
1) Career Path: The #1 thing I discuss with all my candidates is whether the next step will open more doors than it will close.
I often compare this to a road system. Leaving college and going into public accounting, especially the Big 4 or another large national firm, is like being on a superhighway; think Interstate 95. If you have good clients, like large private or publicly traded companies, or are working on behalf of a stable or growing industry like real estate, government contracting, software/tech/AI, you will have many options for off-ramps!
Be careful not to exit that superhighway onto a two-lane rural road where you will find fewer avenues for growth and promotion and fewer companies interested in your experience the next time you are looking for a change.
2) Trade-Offs: This leads directly into the discussion of trade-offs.
I equate public accounting to a doctor doing his residency, with the Big 4 being in the emergency department of a hospital serving a large metropolitan area: fast paced, with high stress and long hours. The first thing we hear from new candidates looking to leave is that they want better work-life balance. Do not be blinded by this; 99% of corporate roles have considerable better work-life balance than public accounting.
The first role outside of public accounting will most likely not be your last, so really be honest with yourself about where you are looking to go long term and what are the factors of a position that will help you get there.
Is it industry? Whether the company is public or private, pre-IPO or PE backed? Is it type of position? Is it a clear path for internal promotion? Then factor in things like location, in-office requirements, hours, etc.
Trade off the factors less likely to positively affect your long-term potential for those that do. A role that is 40 hours a week and fully remote is less likely to offer the learning opportunities (and therefore increases in compensation and promotion opportunities) that others do.
3) Search Planning & Execution: Like anything in life, you will be most successful with a plan!
First concern yourself with the type of role you want to perform (corporate accounting, financial reporting, internal audit, revenue, etc.) and then with the industry you are targeting. Take the time to do your research into who are the top players in your industry and set alerts for the types of roles you want to know about. Do not indiscriminately apply to the wrong role at the right company (that’s a topic for another blog post entirely!).
This is where an experienced recruiter, specialized in working with accounting and finance professionals in your area, can really be a differentiating factor in not only your search but your long-term career growth.
Years ago, I spoke with a Big 4 Senior Auditor. I was marketing my services as a guide to help him find the right first role out of public accounting. He gave me a few specific parameters: He wanted to do financial reporting for a public company in an industry with which he had audit experience and within a specific location around the DC area. Armed with that info, I proactively reached out to the Controllers and CFOs of companies that met those criteria. We found him a role as a Senior Financial Reporting Accountant and today, he is the CFO of that company!
The right first step sets the path for the rest of the steps that follow.
1) Career Path: The #1 thing I discuss with all my candidates is whether the next step will open more doors than it will close.
I often compare this to a road system. Leaving college and going into public accounting, especially the Big 4 or another large national firm, is like being on a superhighway; think Interstate 95. If you have good clients, like large private or publicly traded companies, or are working on behalf of a stable or growing industry like real estate, government contracting, software/tech/AI, you will have many options for off-ramps!
Be careful not to exit that superhighway onto a two-lane rural road where you will find fewer avenues for growth and promotion and fewer companies interested in your experience the next time you are looking for a change.
2) Trade-Offs: This leads directly into the discussion of trade-offs.
I equate public accounting to a doctor doing his residency, with the Big 4 being in the emergency department of a hospital serving a large metropolitan area: fast paced, with high stress and long hours. The first thing we hear from new candidates looking to leave is that they want better work-life balance. Do not be blinded by this; 99% of corporate roles have considerable better work-life balance than public accounting.
The first role outside of public accounting will most likely not be your last, so really be honest with yourself about where you are looking to go long term and what are the factors of a position that will help you get there.
Is it industry? Whether the company is public or private, pre-IPO or PE backed? Is it type of position? Is it a clear path for internal promotion? Then factor in things like location, in-office requirements, hours, etc.
Trade off the factors less likely to positively affect your long-term potential for those that do. A role that is 40 hours a week and fully remote is less likely to offer the learning opportunities (and therefore increases in compensation and promotion opportunities) that others do.
3) Search Planning & Execution: Like anything in life, you will be most successful with a plan!
First concern yourself with the type of role you want to perform (corporate accounting, financial reporting, internal audit, revenue, etc.) and then with the industry you are targeting. Take the time to do your research into who are the top players in your industry and set alerts for the types of roles you want to know about. Do not indiscriminately apply to the wrong role at the right company (that’s a topic for another blog post entirely!).
This is where an experienced recruiter, specialized in working with accounting and finance professionals in your area, can really be a differentiating factor in not only your search but your long-term career growth.
Years ago, I spoke with a Big 4 Senior Auditor. I was marketing my services as a guide to help him find the right first role out of public accounting. He gave me a few specific parameters: He wanted to do financial reporting for a public company in an industry with which he had audit experience and within a specific location around the DC area. Armed with that info, I proactively reached out to the Controllers and CFOs of companies that met those criteria. We found him a role as a Senior Financial Reporting Accountant and today, he is the CFO of that company!
The right first step sets the path for the rest of the steps that follow.
Brooke Fisher brings more than 20 years of financial recruiting expertise to your search. She has worked with both candidates who have just a few years' experience and Chief Financial Officers to match the best candidates to the perfect companies. Brooke's expertise is in mid to large-sized companies in the telecommunications, manufacturing, financial services, and real estate industries. Email her at [email protected]
Andrews & Cole is a certified woman-owned boutique executive search and consulting firm with a focus on accounting and finance professionals. Clients range from start ups to Fortune 100 in nearly every industry.
Andrews & Cole is a certified woman-owned boutique executive search and consulting firm with a focus on accounting and finance professionals. Clients range from start ups to Fortune 100 in nearly every industry.
