Related Posts
Conversation Starter
Bowl Leader
Additional Posts
Pro
Anyone have any info about the SOVA Bain test?
New to Fishbowl?
Download the Fishbowl app to
unlock all discussions on Fishbowl.
unlock all discussions on Fishbowl.
{
"media_type": "text",
"post_content": "Are the non- financial industries easier to audit than financial industries? R auditors in retail or manufacturing for example less stressed than an auditor in banking or insurance industry?",
"post_id": "587c08925932770016268359",
"reply_count": 6,
"vote_count": 1,
"bowl_id": "564a5cdb94887803001dd07c",
"bowl_name": "Accounting",
"feed_type": "crowd"
}
Download Fishbowl to see what others are saying
Send download link to your phone
It's a different type of stress. You might be working one 1-2 regular companies but in Financial Services you'll be juggling anywhere from 4-12 depending on size and structure which can get complicated. It's not easier but it is better imo. There are various branches of financial industries which can get more demanding even with one client. I don't have banking experience so cannot speak for them however I pulled in more hours auditing hedge funds than any of my colleagues did in regular commercial clients in season. Let's put it this way: I rather work at a regular company and audit in the financial services industry.
FS works more since it's such a heavily regulated industry.
FS has more stress and hours than commercial teams in my experience.
Not true. It's like comparing apples to oranges. Lots of FS people I know spend multiple years on the same team of a big client in my market. So they could spend 2+ years just on a tie out team. that being said, the hours suck in FS when it's busy time because of short reporting periods, but the non-peak times are a breeze. In non-FS, you get to see a lot more a lot faster and aren't pigeon-holed into FS when you leave. The hours during peak times don't seem as bad on most teams, but non-FS tend to work more during non-peak. Ultimately, I think it smooths out to the same amount of time.
Except I'm busy year round working in FS since there's a million financial statements that need to be audited and issued besides the 10-K. And you can spend years on the same client, but there are tons of different areas of the company that need to issue audited financial statements. All goes back to the size of the company though. There's a reason why some financial institutions have $100 million in audit fees compared to none FS companies.
Yea, that's why it's apples to oranges. I mean, it's not consistent from year to year even on the same team. It depends on team structure, staffing, new guidance, client staffing, client significant transactions, new/significantly updated audit software, etc. In the end, just pick an industry that you like. That's all that matters