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I signed a promissory note. I paid it all back.
Rye: why doesn't EY have koozies
Seniors: a managers best punching bag.
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Grass is always greener tho.
Must not have had to do much consulting or advanced returns... Plenty of issues to solve to keep me interested for life
And if you picked audit, you would be filling out forms relating to IPE and testing controls until you die.
^ strongly disagree with that. Assurance at a minimum gives you a well rounded accounting experience so you have a ton of exit opportunities.
@EY 1-I've heard the EY retirement plan isn't so terrible...
Anything is better than assurance TBH
I don't know, I really enjoy tax. I learn something new everyday; and working on complex returns that have foreign entities, constant acquisitions and sales of subs, complex stock basis calcs - and don't even get me started on partnerships and MLP's! I don't see how one could ever get bored!
I do hate 1040's with a passion though; thankfully I don't see much of those.
Newly promoted senior here, been thinking of maybe switching to industry for financial analyst or general accountant type of deal. Feel like it would be more useful to have GAAP knowledge. Path to controller/CFO is more appealing than grinding to possibly make partner.
Make sure you ask the right questions when interviewing. Figure out what their expectations are regarding hours, attendance, work load, etc. If you want to get out of tax, it's the right time in your career to do it.
At the beginning its more fun than audit. But after that there are 0 options to change careers with. I regret not trying other things in college before I went full force into tax
"More fun than audit"? 1. you don't have audit experience so you don't know if it's more fun. 2. I'm happy for you that you've found happiness preparing tax returns; that's quite unusual from what I here.
Actually AS1 did 2 busy season internships in audit so I do know what I'm talking about
I think it's luck of the draw as it is with any industry and/or client. Some people are challenged while others are bored beyond years. To each his/her own
I've been at PwC for 2 years and I've done very little in the way of tax returns. Most of my work has been in M&A, R&D studies and ASC 740 prep and audit. There are a ton of things to do in tax, don't get pigeon holed into compliance only.
Regret? No. It's a specialized skill set that will always be in demand. I would've gone down to management consulting path if I could go back to freshman year though.
Tax is the best when it comes to having your business for sure. Be it your own practice or running pretty much any business..
It's challenging at first as you see new things but after a while it gets pretty easy too. Hardest part ends up keeping up with administrative role as you get busier. A lot of the partners aren't in a heavy review function and are focused on business development, QA, consulting or some high level technical function.
PwC nailed it on the head. I've had the same time experience. The only time compliance becomes work is if there are acquisitions involved, and that is much more exciting than pumping standard returns
Reviewing forms should not be more than 50% of what you do. Planning and consulting is the key and forms are just a compliance part of getting your strategy reported (a very important part of course)