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I left when I realized I dont want to be a partner in PA because I believe the business model is broken. The pay of partner was not worth continuing to slave away as the talent pipeline dries up. It is so much better on the other side in industry. I took a small pay cut but on an hourly basis I'm making more. I have my life and weekends back. I'm so glad I got out before it was too late and while my kids are still young.
Of course, change is scary. But what's the worst thing that can happen? You get a new job in industry and don't like it? Then you can find another job at a different company. And you can always return to PA (but trust me, you won't want to). The shrinking talent pipeline means your expertise only gets more valuable over time. The potential rewards of leaving PA far outweigh the risks for you, in my opinion. I love my current job, but if I left I know I could find another industry job. That's one big advantage of all the years of PA experience that you've accumulated.
I left after 14 years it will be a culture shock no matter what you do. Life is better on the other side
Curious what you are doing now
I just left tax at a mid-tier firm after 10.5 years about a month ago for a position in industry. During the past couple years, I spent time reflecting on my career and what I wanted personally/professionally. I realized that I had really just been drinking that “things will get better” kool aid most of the time. I didn’t desire to be a partner in the near term (hence SD title), but I enjoyed the dynamic environment and client interaction, so I thought that I could still develop some level of work-life balance… mistake. It just got to the point where I had almost no time during busy seasons to do anything outside of work. I felt like I hit a fork in the road where I had to choose between PA and my family. Hence it was time to leave.
It has been a huge culture shock, and I am still adjusting. Though, I feel fortunate to have a joined a supportive team. No matter how things turn out with this new role, I 100% do not regret it. Worst case scenario I just go back to PA…there will always be openings there.
Found an director role at a large company in the renewables industry.
The job market is a bit different now than it was around the time I had 3 YOE, so my advice won’t be too specific. It all really depends on (1) your long-term goals, and (2) your exit options. Tax is pretty niche, so you should regularly assess what types of roles and/or industries that your experience aligns with, just in case a good opportunity presents itself. For context, my background was in partnerships (non-M&A), and I found a bit more challenging to find roles (let alone the “right” role) that aligned with my experience. This last point may be a bit more relevant to those with relatively more experience, as you would have increased expectations stepping into a higher role. Note: If you are in M&A or ASC 740, then you will probably have relatively more options. At your level, you may want to consider mobility as well. At my current company, “senior analyst” is the lowest level in our department, so a lateral move could put you back at the bottom of the hierarchy. Plus, it seems that more roles get filled with outside hires than internal promotions. Depending on your goals, it could make sense to stick out to manager (or closer to manager), and try to jump into industry at the manager level.
Sorry I don’t really have direct advice; it’s more just food for thought. Ultimately, ymmv based on your specific circumstances.
TLDR Version:
1. Regularly assess/reassess your current role and goals
2. Know your options (try to avoid making moves out of desperation, if possible)
3. Do what is best for you (goals, priorities, etc.)
You just need a break or vacation :)
I wish that were the case, but I've given it a serious few years to change my mindset, and now just a hop, skip, and jump away from partner I'm 100% certain it's no longer what I want. But I've excelled here, don't know anything else, and I'm terrified.
I was a SM in audit and I had an offer from Boeing for a director of accounting research. The flexibility was something I still could not let go of so I ended up staying. Now I’m a resource manager which is still public accounting… but very different. My pay stayed the same and you bring a very unique skill set and working relationships if your team’s RM position is open. Even if it isn’t, they might be willing to open it up for you and shift things around. Always worth the question
100% a thankless job. I get told that a lot by the client service professionals. It’s kind of funny though. If it’s thankless, which you recognize, then why wouldn’t they take a few min to show their gratitude? Lol
I’d be surprised if they asked you to take a salary cut. I know several people who were SM and went into RM and kept their pay. Your experience is more valuable toward an RM role than people realize probably. Some leaders might even think you are too senior. But my leaders would disagree. I don’t know how to PM here but if you do feel free to PM me.
My story here. I liked my team and group, but wasn't sure if I wanted to be a partner. I took a lateral move to tech and have been enjoying it.
1) Look at the roles in tech for non-engineers. Product, design, program, ops, strategy... Do some research on these roles, what interests you, and what resumes look like for those roles. Sometimes it might require some additional learning or boot camps. Don't shy away from it.
2) Don't be afraid of a step back or lateral move. You're changing your career here, and have already decided that Partner/Public is not for you. So don't compare your next roles with that, because that isn't an option you wanted anyways!
What is different about this year that makes you want to pull the trigger? I am looking down the same barrel wondering the same thing (as are many others).
Wishing you the best as well!!
Hi there, left as a SM at 10 years, but not from tax. 1.5 years after leaving. No regrets. Felt terribly lost and so did my peers, so it is not uncommon. It takes about 18 months to get off the PwC cool aid and start thinking of yourself in different terms. Worth every day and minute. Just bear with yourself and try your best to make one friend at your new job. More is better but one is enough. The biggest shock for me was the low level and motivation of people in industry. Also, the money is so much better! WLB too. I still work a lot, but it's different. I am in a Director role in the industry. Learning a ton too, but different knowledge.