Why Public Accounting IS NOT or IS For You | External Audit Exit Opportunities
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- Опубликовано: 18 апр 2019
- Open for all the info!! 🖤
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Hi y'all! I'm sharing five reasons why external audit in public accounting isn't for you and five reasons why it IS for you. I hope this was helpful!
Please let me know what other topics you want me to chat with y'all about in future FSA videos!! And remember to Enjoy Your Journey y'all!
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♡DISCLAIMER♡
All opinions are my own and are from my personal experiences/ observations. They are not on behalf of any company. I'm just sharing to provide a different perspective. Base your opinions on what is true for yourself.
#FriendlySisterlyAdvice #PublicAccounting #ExternalAudit 
Хобби
You won't make nearly enough money to justify the atrocious work to life balance.
Isn't that nearly every job though?
This! Public accounting firms preys on newly graduates naivety, and work them ridiculously. You spend 4 months in hell, just to extend to relax a couple months. Then you’re back working overtime again in the fall.
More and more firms are getting better at work life balance but 4 months of busy time 10 years. That’s 40 months or 3.3 years of your life spent in busy season. NO!!!!
Thank you for joining my Ted talk.
I did an internship for public and it was miserable. Literally used me to do print papers, send emails, faxes, and mundane tasks. Empty promises of learning technical skills, so now i am trying to teach myself
Oh you will… eventually
Public accounting is not for you if you want to give 80 hours of your life to your job. I'm very happy I didn't give my life to that!
doing it because I have to. I'm not getting in debt for nothing
I loved this video. I wrote an email seeking career advice because I don't fell like I have anyone to turn to. Thanks for all the content you post!!
I really like the part where you shared about the external audit exit opportunities. It is really helpful for me! Thank you so much!!!
After looking up the salary, if working 60+ hrs at 50k is like $17/ hr
Thanks for this Stephie I am currently in public accounting though in a very small firm but what your saying is very true especially the feeling of importance part you could be a trainee putting a finance manager to task but I also enjoy the diversity of dealing with many clients rather than doing the same thing over and over again.
Thank you for another helpful video. I wasnt sure about what path i should lean towards, but now im solid that the difficult path will reap better rewards for my family.
I have my own accounting office and I’ve been practicing private practice for years, I make a good living at working my own hours and days, no co workers to compete with, no boss to boss me around, not having lots of clients but enough to keep my life stable, it’s an amazing field but you do need a good amount of experience before opening up your own office. I would recommend having your own office if your not much a people person. And you might want to hire a Office Administrator/Secretary if you need help with extensive workloads and paperwork.
But other then that work is great, some days there won’t be any work and some days the work is exhausting, but the money is worth it, I would target businesses or organizations first before working with individual clients.
How many years did you have to work in public accounting before you left to open your own business?
@Zaro _ my first years I'd say I made between 60 to 90k and now it's just a little over 110k. If I was working endlessly everyday I'd be making a fortune. I don't feel rich with my salary I pay either because I do have lots of expenses and bills I pay but it's enough to keep me stable.
@@yukid1790 just 3 years but I reccomend 5 for most people I was just lucky.
@@user-cz9rq3xf5y Thanks for the response! Were you in tax?
@@yukid1790 after graduating I worked with Grant Thornton, accounting firm, I worked with first nation communities with managing their expenses, recording, annual audits, and other services. But I did work in tax for a bit to but I changed back to the department I was in quickly because tax wasn't just my mojo.
You convinced me that the sacrifice at an accounting firm will sooo be worth it. I'm super nervous but I've found a friendly firm that has lower work hours because that's my biggest dread...it's the reason I stepped out of working in hospitality..it was the long hours, nights and weekends..I have al little one I need to be home for ....so although I love the industry a firm is disheartening in that way but the big salary future pay off will sooo be worth it.......also have been contemplating to pursue my CPA...I think I'm going to start the industry without it and kinda maneuver my way around to see how I feel...that's the one thing I love about accounting is that it's so broad there's many areas to go into...thanks for your advice!
LOVED THIS! Especially the last 5 minutes!
Excellent video! Well said! No BS & right to the point!
Happy Easter!!!!
Yassssss please do a video doing more hot Linked in DMs! It’s pretty motivating hahaha!
Very helpful! I love this kind of video!
Great advice... Thank you for Sharing!!!
Please share it!!! It is so motivating 👍
Hey Stephanie, love you video so much, super helpful. In the next video, can you share more in detailed about the challenge/ difficulty you encountered or any happy moments you had when you were in public accounting? Thank you so much.
Thank you so much! Yes great idea, I can definitely do a video on it 💗
Definitely helpful!!
Keep them coming 🙂
Very helpful advice! Love your videos
Like your videos!!! Very informative and honest insights.
Thank you!
Can you do a video on how you balance different priorities? Particularly with different bosses and clients.
I need this advice! I'm moving up to senior now and finding it hard to balance all the client priorities :/
Thank you for this video!
Number 3 is why I enjoy audit still after 4 years and 3 months. In NZ big 4 and mid tier are on par in terms of working hours, I came from a mid tier firm and now at big 4, trust me when I say both are the same in terms of working hours. Please can you make a video on internal audit as I am interested in doing after external audit
Love this video. I’m currently a junior in school. And finished my internship with admin at a PA firm. Admin side was insane 😅. But I do still want to be a tax intern next year and also learn audit. The accountants at the firm I worked at there minimum was 55 hours.
I love your videos! ❤️
Thank you!
Thanks so much for the video! I'm getting super excited to start my internship at the Big 4 this summer!! I think I'm going in with pretty realistic expectations since I've watched all your videos, I'm mostly just excited to start my career haha :)
What year are you in college? I’m finishing my sophomore year right now and I don’t really know when I should start applying?
@@schuylerwynn8329 Here most of the Big 4 do recruiting almost a year before hiring interns/full-time staff. Usually people intern in their last summer before graduating, so you would think about applying in your junior year for the following summer! Good luck!!!
vikatus wow thanks for the quick response, and ya I’m going to be looking into applying for internships my junior year, I’m just nervous because I don’t have many extracurricular for my resume besides my retail side job, also my grades are pretty bad (2.9) so I’m just really nervous about applying for internships
@@schuylerwynn8329 Haha no problem! I found that certain Big 4 companies really cared about grades, but others were a bit more lenient. I would suggest applying to PwC, they don't look as close at your GPA, but they do require assessment tests as part of the recruiting process. Its stressful, but a good way if you're grades aren't the best! Also, I found networking to be really important! Most companies are looking to see if you can handle a lot (since busy season is really tough), so want to know if you can work/do well in school/do extracurriculars. Even if you don't do much volunteering etc., talk more about the other things that you are doing in your life! Especially if you work part time while in school. Finally, they really focus on teamwork and social skills (especially going into audit) I found most recruiters were really interested in my customer service background (worked in a bar throughout my degree!). Sorry about the long reply haha, I just know how lost I was when I started applying, so feel free to ask me any other questions too!
vikatus No worries about the long reply Thanks for the advice, I’m going to work really hard to beef up my extracurriculars next semester, (I’ve been at 2 different community colleges the past two years) so it was hard to get into business organizations at the schools
yayy you're back! very helpful video, thank you steph. i finally start in public accounting in 2 months 🙈🙃
Ahhh congrats!! So exciting. I've been in 2 years and absolutely love my job. It's definitely long hours, so keep your head up during those busy times. You've got this!!
Thank you love!! So excited for you, almost time 😁
Awwe thank you so much guys 😭
Done a busy season yet? How'd it go?
20:45 very much so thanks
I'm looking to transition from external audit to industry- either Financial Accountant role or in Internal Audit. Can you make a video on how to transition from external audit to internal audit and do you especially need to study something beforehand?
Yes I definitely can! Your bachelors degree in accounting will be sufficient. However if you can take an internal audit/ controls class - that would be helpful but controls testing in external audit will give you on the job experience to help transition.
Love this video.
Bigg sissstaa advice:)
@stephie Mills Hey STephie, is a CPA prep course (Becker or Roger) enough? For a person who has been out of school for 5 years and forget basic debits and credits? Or should I go to a community college and re-take F. Acc, M. Acc., Intermediate 1 & 2, AND THEN take a CPA prep course?
please do make a video of tasks details of both Assurance and Consulting
Thanks, Stephie. Laws are changing regarding employers taking advantage of employees by paying them a set salary and working them 80 hours. Have you heard of any of that in the accounting field? There would have to be a massive tradeoff with more than ample time off during "slow times."
Thank you.
I didn’t know you were from the DFW area, nice.
I have a job offer for public and I think I might be getting an offer for internal audit and I just can’t decide what is going to be right for me. I do want the public experience but it’s entry level and the pay is considerably less.
Public accounting has many options. In audit, for example, you’ll (usually) find yourself in a windowless and dusty conference room sitting around in the most non ergonomic option...a business conference room table for ten hours daily (usually the auditors end up in one of the most undesirable rooms at the client’s corporate facility in my experience ) with 5 to 6 coworkers some of whom can get a little nosy (in addition to immaturity and getting a little gossipy you can expect someone of recent college undergrad age, they may easily notice if you are away in the bathroom a little too long and/or having a rough day). If you’re a social butterfly that’s usually OK. But for some it’s a bit much.
In tax, you (usually) get your own cubicle at the cpa firm HQ and don’t travel to client location much (usually). you have that predictable commute to work which is nice when you’re already putting in some solid hours in the busy seasons.
Even though it can be rough at times it’s great experience not just for resume but for learning what you do and don’t want to do in life
Awesome, I will graduate on December and I would love to get an internship in public accounting great video
I been a staff 5 yes -!!! Still and I been told I need a CPA. But boss hired 4 seniors non CPA I AM PISSST AND LOW MOREL DONT CARE :(
What are your thoughts on taking an accounting degree as a stepping stone into careers in the finance sectors? Such as IBs, private equities and buy side funds.
If you want to get into finance big 4 audit/TAS will be your best bet for getting your foot in the door
I agree with zyzz doggie!
I love you channel, and I love your videos. I’m junior in my accounting program (bachelors) and I’m in the midst of busy season. I’m thankful I have a mentor helping me navigate through everything, but if possible I’d love to get your email so I can ask your questions!
i got accepted in my business program but i'm thinking of doing engineering. i would have to kill a year to get accepted into engineering 1st year. any opinions?
Steph do you have any advice for not falling into gossip at work? A lot of my department is very gossipy and I feel like I have fallen down that hole. I have said things I regret. I was never this person before. How can I snap myself out of it?
Hi love! So sorry for the late response. It can be very easy to fall into it, especially with a toxic environment but I think it's great that you've had the self-awareness to recognize it. I did this video a couple years ago and hope it's helpful. If you wanna chat more about it, shoot me an IG message. I'm here for you! ruclips.net/video/Gw-zv91XrAk/видео.html
Stephie Mills Thank you!
Not only did I love the video BUT the bloopers...OMG, was funny and it made me feel like you are a real person; A friend who was just telling me about accounting. Do more of these plz.
Thank you so much 💗
thank you for the info.
jelly of your hair
Are all the firms located in larger cities ?
Would 28 be too old to pursue a cpa career given that I don’t have an accounting background
Yeah but I need moneyz
The promotions are quicker if you exit at manager to private accounting.
Definitely agree!
Your lifespan becomes shorter too.
Are you getting compensated for working all those hours?
Are exit opportunities similar between a small firm (10-20 people) vs national/big4?
Andrew Le public from what I’ve been told, public companies want big 4. If you’re at a small firm, look at private companies
what about tax? How does learning about various businesses in tax compare to in external audit?
tax is a different animal. Depending on the industry (client type) you are working on you will see various types of return from 1120 (corporate) to 1065 (partnerships) or Not for profits (990s). The benefit about knowing taxes is that it is relatable especially if you work on 1040's. Sometimes people think tax people dont deal with Financial statements as much as auditors but in reality we actually see the financial statements quite often. When we prepare tax returns we often look at Trial balance and Tax Trial balance. To answer your question I guess being a tax accountant we still deal with some of the areas that auditors deal with- adjusting entries etc but its very limited. We have M1 entries (Federal Adjusting entries what we call it) are more common in tax. I believe being an auditor there are more exit opportunities than a tax person. Hope this helps.
what about tax?exit opportunities
I am about to be a freshman in college :))) and I'm starting off at a community college and then transfer and pursue accounting as my major! but anywayyys, who exactly are the "clients" though? Like other businesses or people?? I'm just wondering :)
In a nut shell - if you are an auditor, your clients are the companies that you audit!
I love being an accountant. I’m not a CPA but I am heavily contemplating the CMA. Do you have any experience working with a CMA?
CMA are highly valued in the manufacturing industry, specifically cost accounting
zyzz doggie cool, I am currently in a job in the maritime industry with a heavy focus on job costing
Candice O I would definitely recommend going for the CMA then, it would definitely help your skills and credentials!
I haven't worked with any CMAs but zyzz doggie's feedback I agree with! Glad you're loving accounting 💗
These are your own personal experiences. I work at a Public Accounting firm and I my experience is much different than clearly what you experienced. I have a lot more free range for who or what I want to work on that day, of course given I’m hitting certain deadlines, but I definitely don’t work on one client for 3 months at a time. I would go crazy if I did that! I can bounce between projects and not to mention it sounds as though you strictly come from an audit background. I would suggest to anyone considering a career in accounting to learn all of it, I do everything in our office from tax, audit, financial statement prep, literally everything we offer I get my hands into. My coworkers who have stuck to just audit are the most miserable people in our firm.
Also, not every firm offers just salary to full time accountants, I am paid hourly and I get my overtime. Plus healthcare, 401k, etc. we even have an Uber account for employees to use if they’ve had a bit too much to drink. Boss wants to make sure we will be there every morning lol! So, a lot of the experience definitely depends on who you’re working for.
You're right, this is my personal experience from my time in public accounting. I normally say a disclaimer in the video, in addition to the one written in the description, but forgot to do so in this one.
I'm so glad to hear your experience and your firm sounds awesome! Would you mind sharing what kind of firm, Big 4, mid-tier, regional or local? Your feedback was very helpful for the college students watching to gain more insight into the profession!
Can you go into public accounting after a few years of experience in industry?
Yes, hopefully not after too many years in industry or else you might be taking a pay cut. Also your bosses in public will be much younger than you
Can you please do a video about the different roads to take to become an accountant (eg, bachelor's degree or CPA, etc.) And if someone can be an accountant without doing CPA exam.( In other words, can I work in accounting and be called an accountant without being CPA) thankyou ☺
Yes you can be an accountant without a CPA
Simple Creations yeah you can be an accountant without a cpa lol don’t even need a bachelors
Yes - you can definitely be an accountant without being a CPA, but the career opportunities would be very different. The CPA opens up a new world of opportunities for many people. If you want to work in public accounting (tax/audit/advisory) you will likely need to be a CPA/on the CPA track (at least for the national/Big 4 firms)
Thank you all for answering my questions. I have an associate degree in accounting, so if I wanted to get a job in accounting and do a bachelor's degree part time do you guys think I would be able to get a job on accounting? Like would there be a lot of opportunities to get a job before I do the bachelor's?
Thanks again ☺
@@simplecreations5261 Of course! There are jobs for accountants in industry (ie: working for a company in their accounting department) that could be readily available with an associates degree! Accounts frequently work in accounts payable/receivable departments internally at companies! You definitely DO NOT have to wait to work in accounting until after you have your bachelors, you just probably would need to focus your job search in areas separate from public accounting. Most public accounting firms would require a bachelors degree to start, but there are so many other roles that need to be filled within companies!
I hated having multiple bosses bc they didn't know what I was doing for the other managers, so they would all ask me for stuff at once and of course they all wanted their project done 1st.
UGH that was the WORST
If y'all continue to work in Public accounting the Industry will NEVER improve in terms of long working hours and low pay. Where you work matters.
You’re beautiful
👍🏽👍🏽👍🏽
Public accounting has QuickBooks yes or no
I'm thinking of going into private accountant
Only if the auditor or tax accountant needs to access a clients information through quick books (provided by the client)
Too many hours for the pay, no longer interested lol.
Its salary not hourly . Thats mostly in other jobs at the end of the day accounting degree is worth it
@@julissarodriguez2092 but the hours worked for the amount you're paid is too high. Making more as a truck driver with less hours.
So public accounting is for me then.. thanks for FYI.
According to presidential candidate andrew yang, the accounting jobs will go automated away. AI will take over in less than 5 years.
automate bookkeeping maybe, but higher accounting needs human judgment
What judgement is in accounting? There’s literally no creativity in it at all.
Economics and Sociology incorrect
I been a staff 5 yes -!!! Still and I been told I need a CPA. But boss hired 4 seniors non CPA I AM PISSST AND LOW MOREL DONT CARE :(
I been a staff 5 yes -!!! Still and I been told I need a CPA. But boss hired 4 seniors non CPA I AM PISSST AND LOW MOREL DONT CARE :(
I been a staff 5 yes -!!! Still and I been told I need a CPA. But boss hired 4 seniors non CPA I AM PISSST AND LOW MOREL DONT CARE :(