What's the worst industry to work in, and why?
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Healthcare is actually pretty descent WLB wise. Slower pace with kind people around you.
I would definitely say NGO compared with the other industries listed above. Low pay. No efficiency. Lack of skills. But they definitely have good hours and benefits
Eh, you're still doing an accounting gig in the end... I backfilled an NGO audit during the slow season, comp diff isn't worth it imo if you are in a big city where those competing lucrative opportunities exist. The pay difference is too stark, I remember I saw a controller at an ngo that worked far for than a senior fund accountant would, make 30 percent less than the fund accountant. Perks are def the hours if you get the right ngo gig, and probably nicer people overall. Benefits like health may be great , but tbh, the boutique funds benefits are pretty awesome usually, usually have 100% health, catered lunch dinner, taxi cabs home late nights , gym , random perks at portfolio companies etc.
Accounting. The hours. The lack of empathy when you try and take your earned PTO.
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My vote goes to manufacturing. Below market salaries, facilities are often located in small towns in the middle of nowhere, layoffs are common due to boom and bust cycles, and experience is not particularly transferable
So true PWC3. So fackin true.
Asset management
I’m in asset management tax side. Grew up in this practice. One of my partners just retired from being CFO of a public PE firm. Want to discuss where your career can go ot how transferable your skills are, let me know. Happy to speak
Irrigation — once my supervisor hit a sewage line with the backhoe and guess who got to shovel shit in the August heat 🙃
Pro
Prostitution?
Not necessarily. All depends on what you’re charging and what you can charge!
Financial services
Public accounting. Capitalist leaches and pawns.
Pro
Insurance, the accounting is very specific to the industry
Yea I’ll second insurance is a good place to be. A lot more interesting than you’d think -
1. complex accounting for things like reinsurance, that for me were very interesting to work on.
2. All insurance companies are 12/31 YEs so there is really only one busy season year round. STAT audits are after the YE one, but they are a lot lighter and just 9-6 for the most part.
3. Super specialized knowledge that is very valuable in industry
4. Complex entity structures are common with different entities holding different licenses in different states, and also captive reinsurers in Bermuda.
5. There are literally insurance products for everything - and you get so see some pretty crazy claims in your work or interesting industries in how they are insured and what not.
All in all there’s a ton to learn in the insurance industry and the WLB is decent ( I saw some good teams and some miserable teams while I was in Audit - and industry seemed to be pretty normal hours (some people would work a bit late on month and YE close but nothing crazy).
So we’ve got
1. Manufacturing
2. Retail
3. Asset management
4. Financial Services.
Lol so let’s all go the healthcare, pharmaceutical or tech route
Manufacturing isn’t bad as it gives you a solid accounting foundation that is super transferable and can be leveraged to get into a variety of other industries. You are not pigeonholed like AM/FS.
Healthcare covers a wide range of businesses - a good chunk of them can be country specific too since US has the most complex healthcare value chain. Much of healthcare accounting is understanding different players and how to account for your relationship with them, the type of players who may not exist outside US or whose business can get wiped out if a healthcare reform goes throughout. So you gotta do your homework before getting in.
Engineering or construction companies. Low margins and the engineers don’t respect the accountants.
Small to midsize startups, a mess and no one knows what they're doing
Accounting
asset management/fund accounting and real estate
Financial services pays well but sucks on WLB esp investment banking
States + asset management.. Have to stay in Big 4 forever
Are you talking about working in from the PA side or the client side?
What about real estate ?