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Rising Star
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I have considered leaving and spoken with a partner about this. I’m a senior. The partner specifically mentioned that our raise by % increases are greater than industry raises by % increase. On the flip side, I see industry as having considerably larger annual bonuses. Flexibility in public accounting is far better than what I see in industry. Flip side, I feel like industry has less flexibility because they don’t work such long hours. PA has great time off policies. Industry has better health insurance options sometimes and better 401(k) matches.
It is often a good idea to leave. Totally depends on your goals, circumstances, and upward potential within the firm.
I left and came back for the following reasons:
- Better flexibility
- Better pay
- Being treated as a revenue center instead of a cost center
- Defined progression
- Being able to work with (generally) smarter people
- Increased learning
- Avoiding repetitive work
Good summary
Stockholm syndrome
🤣
Because the grass is not greener on the other side. The myths about industry are never given with their accompanying trade-offs. You may work less hours (generally not true), but the pay is stagnant and the people are less driven. PA tends to have a rough culture, but you'll better for it if you can survive.
What if I told you that hundreds of PA employees are under the influence of a dark lord of the sith?
I have a follow up question - why do people deliberately come back to PA knowing what it’s really like?
Because it depends on what your goal is. After Big4 my friends left and some really enjoy working 7.5-8 hrs a day with set hours and like many said no work after hours etc. I on the other hand can’t stand going to the same place everyday and having to deal with the same people. My peers that left the Big4 did have better opportunities than me since they were on the national clients but I stuck it out and yes moved to GT but now I have 3x what they make in industry. I’m not bragging I have a diff life and worked more hours to get there and have a very diff schedule. But that works for me. My friends get paid well and enjoy the set hours and schedule. We are all happy just have diff goals. I feel for me it’s more flexible as I can run off to do an errand pick up kids or take a 1/2 day off anytime as long as i get my work done. Oh and I did go private once with excellent 100% paid healthcare benefits, stock options and fairly decent pay and only worked 6-8 hrs a day. The company was great to work for but it wasn’t for me. If I stayed through today i would be paid about 1/2 what I make in salary including options but yes I would be working less and yes still with very good pay. But it totally depends on what you’re looking for.
Flexibility is #1 for me. Plus diversity of opportunities and I’ve been stuck with some horrendous bosses in industry that makes me hesitant to ever try it again.
I should also add that I found my hours in industry we’re not less and I was considered a cost center instead of revenue generator which meant I got nickel and dimed on everything. Additionally both companies ended up getting restructured and I was going to lose my job both times if I hadn’t seen the writing on the wall and left.
Diversity of problems, culture of people, being a leader at something is pretty cool and the financial peace of mind you can obtain.
Why? I like dealing with a wide scope of business issues with our clients. Helps avoid mundane repetition.
Better opportunities come as you stay.
I'm priced out of the market, and in an awkward stage where I have too much experience to be a senior accountant in industry, but just a bit short for a manager.
I'm waiting for a right opportunity at right time.
Year and a half.
I have 5+ years of industry experience
Hi I am someone who recently transitioned out of (audit) public accounting into private industry. I received a 5% raise as a second year manager. During transition, my comp increased 25% that’s almost 3-4 years of increase had I stayed (including raise and promotion)
Initially I was only staying til Manager, but figure I might as well stay til Director now bc there will be more exit opps.
Haven't gotten any "good" opportunities. Just different ones. When a "good" one comes along, I'll bite.
I am 100% here for the flexibility.
I worked in industry as a tax analyst at a public company with $8B in rev for a year during my grad year before starting at ey after grad school and it was a nice comfortable boring work week. I would look at the time every 10 minutes, go to the bathroom 10 times a day to kill time. Pay raise was only 3.2%. Everyone would get there at like 845 and I would only come in at exactly 9-9:05 and it would be awkward bc it was a smaller office. Def would not go back to industry unless I was a VP of tax or a controller. Also interned at a huge public company’s tax department in nyc that you would expect a job there would be amazing bc of the name of the company but it was still some back office job similar to the one I just described except a tiny bit more flexibility.
But I also did only work 9-5 and was encouraged to take an hour lunch break from my manager so I actually ended up only working 35 hours a week and the latest I was there was a single time till 7:30pm, 401k and health insurance were better, only getting paid like 2k more as a staff 1 now but it still sucked imo
Huge flexibility as opposed to corporate
I hear you get a bottle of pappy if you stay long enough.
L
I get to work with big name clients.
The flexibility. I am a caregiver for a parent so having an employer that respects that is really important to me
I'm a senior 2. I been asking myself the same thing for the past 2 years. Yes, the flexibility is nice(outside of busy season), you are constantly learning/training ahead of industry, and interacting with high level personnel in industry. IBut, what stops me from leaving are thoughts such as expectation. Maybe people will expect more since I have B4 experience. Or not knowing how to apply concepts, etc. I've spoken with colleagues and ex auditors that have switched into internal roles such as Hr and all have said they are happier and does not regret not returning to audit. I'm still trying to figure it out.