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I am WAY TOO nice to be in public accounting….
Good bar spots around 345 park (KPMG) lol
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I did this for for a ~45% bump and while I don’t regret it it’s not perfect. Things I would take a few moments to consider.
-It may not actually be a lateral, I believe KPMG has D or MD before partner. If your next position at the smaller firm is Partner I would think it’s really a promotion in role.
- Do you have a realistic path to partner at KPMG, If so I would also consider long term earnings. Big 4 partners generally make much more than mid tier partners if that’s your goal.
-I went to a top 10 firm and while they still have good tech it’s miles behind what I was used to. The audit software I had at PwC was like a Porsche and now I’m driving a 2005 Honda Civic
-You will have more clients and by and large they will be less sophisticated. That said some of my favorite clients I’ve ever had I have now so this isn’t necessarily a bad thing just a key difference.
- In general I actually work more, my busy season is much longer. I used to be done by 2/28 now I’m grinding til at least 4/30 and while the hours per week are less I preferred more intense hours for a shorter period.
-The comp increase has meaningfully reduced my stress regarding money, my income is such that I don’t really worry much about cash and while I will likely make less long term than if I stayed at Big 4 I’m certainly not hurting
-The biggest drawback by far is your starting your network over
TLDR - Sometimes I miss my old firm…but I would miss the extra 45% I’m making more.
Again. All other things being equal, a move to same title role between big 4 and lower firm is NOT a lateral move.
Cmon guys don’t make P1 say it again for the 1000th time.
I’d have to be really comfortable that the small firm has the infrastructure and support needed to be successful. The comp increase is obviously fantastic, but if it’s not at a sustainable position or firm then it’s moot.
I would for that kind of comp increase. But im the kind of person who doesnt give about long term. Just short term gains making as much as possible so i can hit my retirement goal sooner.
If you stay would you expect to be promoted in a few years? If so that could have significantly more upside than a one time salary bump.
If you've peaked here or are close to the end of your career and there is no real incentive to stay then I'd certainly consider it.