General Thoughts on a Career in Public Accounting

A career in public accounting offers some of the best opportunities for those just starting out, and those who are seeking a change. The job market has been consistently strong, with demand exceeding supply. The career paths possible are endless, as future industry and job position choices have very big impacts on your day to day responsibilities. A job choice today will not restrict your future opportunities. Public accounting firms quickly increase the responsibility of each employee, it is not uncommon for accountants just two years out of college to be leading audit teams and interacting frequently with client senior management. The starting pay rates are good, and quickly increase at a rate significantly more than inflation.

While every person has a different experience, there are generally a few common themes:

• Most new hires are hired directly out of college. Experienced hires are used to plug gaps and are almost exclusively used to fill higher level positions (senior and above).
• While a wide range of people are hired, it is easy to pick out a few common characteristics that will dramatically increase the chances of a job offer.
• The level of responsibility, work load, and stress start at a moderate level. This quickly escalates and does not relent until retirement.
• Very few people stay in public accounting for their full career. Less than 1% of new hires will become a partner. Common points of departure are right after promotion to Senior and right after promotion to Manager. The distribution of personnel looks like a pyramid, with many staff and few partners.
• Staff who labor to develop good work habits early have a significantly better chance of succeeding with the firm. A reputation established early in your career will continue to help or hinder you.

Audit Newbie

The point of this blog is to give you some insights into the often opaque world of a career in public accounting. The focus is on the Big 4 (Ernst & Young. PricewaterhouseCoopers, Deloitte, and KPMG), however much of the information will also apply to the regional and smaller firms. The information contained on this blog should enable you to make a better decision on whether this is a career path to follow and how to secure a job.