What I Wish I Had Known About Public Accounting
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- เผยแพร่เมื่อ 3 ส.ค. 2020
- Here is what I wish I had known about public accounting in 1984. That was the year I graduated from the University of Georgia, ready to conquer the world. What I did not realize--at the time--was accounting knowledge, by itself, will not make you successful. You need wisdom. And how do you obtain wisdom? Making mistakes. Or listening to someone that has already been there. Here is my story, complete with the mistakes I've made, so you won't do the same.
#CPAHallTalk
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Thank you @CPA HALL TALK
Hope you are doing well, Bibi.
Put playback speed at 1.75 while listening to this fine gentlemen. Great video, very informative.
Ha! Yes, I talk slow. Always have, always will. :)
Man I love your videos. First thing you are a southerner which, being one, it just makes me feel connected. I realize that is ridiculous but it is true. Second you give so much intimate knowledge. Farhat is great for basics, and CPA (as are you) but the insight into information most people won't tell you can always be found in these talks. Honestly I wish there was more.
Thanks man. Joining Big 4 in a few months and pretty freaking nervous.
Thanks. I hope your new job goes well.
excellent video, thank you for sharing your experience and advice!
Glad you enjoyed it!
Thanks for that, Charles. I’m about your age. There’s a lot of wisdom in what you are sharing here.
Thanks, Tim. What’s the old saying? Wisdom comes from mistakes. I’ve made my share!
You seem like a pure hearted man, I appreciate your insight and will have Your wisdom in my heart and mind.
Thank you for sharing your wisdom and experience in this video. I always thought that other people can make it to partner much easier than me and that can be depressing some times. Knowing that a great talent like you had to go through the hardship to get to where you are now gives me the hope that I am getting close to where I want to be and it is matter of time as long as I stick to my passion and don't give up. I love public accounting and enjoy the learning and feeling great when we finish the engagements and make happy clients. I enjoy watching your videos and reading your posts and even purchased the books you wrote. The way you explain accounting and auditing makes much more sense to me. Looking forward to more of your postings. God bless!
Glad to do so, Jackie. Thanks.
First year staff accountant here. Thanks so much for this video. Very insightful.
Glad it was helpful!
My mother became a CPA around 1990. She did it in California after getting her bachelors degree in accounting from California State Northridge. I hear not it takes 150 semester hours to apply to become a CPA which means you basically need a masters degree. These regulations are ridiculous. These days it takes 6-7 years to get a masters degree for your average person. Why would anyone spend $150,000 for a masters degree in accounting and become a CPA so they can work 60 hours a week? That's why people aren't becoming accountants anymore.
Also, she started her own business and got sued by a business partner.
Accounting just isn't worth it anymore. I'm a truck driver and I make 85k. Some make 100k. First and second-year accountants make less than this. Plus they have to invest time and money into studying and passing the cpa exam. then during tax season they work saturdays for at least a month. It's really not a better lifestyle for most of them.
Thank you! Very informative
You're welcome!
Thanks for sharing! :)
Thanks for sharing your great experience, I really appreciated and it was literally motivated me!!
I went from a small firm. I LOVED it. But I was recruited by a big 4. So far I have not regretted my decision. I am learning so much.
Glad to hear it’s worked for you!
Thanks for sharing your insights
Glad you liked it, Grant.
This was a great video. Love the wisdom. Was wondering how you produced so many helpful blogs and videos and then I heard in this video why your so passionate about helping others. #Providential
Thanks, Tim.
Great account of your career. Over the years, us job-hoppers develop a unique path that is truly our own and learn lessons that folks who've only ever worked at one firm or company miss out on. After 3.5 years in public accounting as an auditor, I pivoted to private industry, and I've frankly regretted it ever since. I may not have busy season, but I still work long hours, and the work is much more boring and repetitive, and the things I have to learn are much more specialized and don't provide for as valuable exit opportunities. Also, the rate of upward mobility is much slower than public accounting-I left public accounting as a senior with one year of in-charging under my belt, and 4.5 years later (so 8 years into my career), I'm still only a senior, despite my public accounting starting class already being managers by now. I now have an opportunity to dip my toes back into audit for a part-time audit engagement, and while this is the first video of yours I've watched, I look forward to leveraging your 'Audit Risk Assessment Made Easy' course to refresh my memory and successfully in-charge my first audit in years.
I’ve seen people move from public to private and back to public. Whether you are industry or public, it’s challenging. I remained in public because of the variability of work and experiences. Interestingly, this is the very thing I’ve hated at times. But I have to say public accounting has been a wonderful place for me.
Great advice
Brilliant advice thank you for sharing.
Thanks, Julius.
God bless you sir, amazing advice
Glad it was helpful!
Some may find Charle's presentation style very slow. I encourage anyone who stumbles on this video like I did though to watch to the end. Incredibly valuable advice and insights! I wish I had seen something like this years ago. Thanks a lot!
Thank you. And yes, I talk slow, a true Southerner!
Thank you, so insightful
Glad it was helpful!
Nothings changed in public from when you first started. Still got the same issues with staff doing “busy work” and managers from different clients requesting your time when you’re not staffed for them and already have a full time job. you’re just expected to work extra hours in order to satisfy everyone. horrible horrible environment
It can certainly be challenging. I’ve enjoyed it overall, but there are days when it’s overwhelming.
This information is priceless, thank you! Would you recommend changing firms every couple of years to increase your salary? I’ve this is a good tactic. Is it worth it if you like your firm?
I would change firms only if I don’t see a good future or if I’m not enjoying the culture. I generally would not change just to make more money. Making more money and not being happy is a bad combination.
I am a Chartered Accountant with ACCA and i also hold a MSc in Accountancy with Merit from University of London. I am looking for entry level jobs in Accounting in the UK, USA and CANADA. Currently, i am based in Malawi, Africa
Very informative. I had one question regarding your experience at the Big 8. Do you think that because you had the BIg 8 name on your resume, you were hired by the second firm? I know a lot of people saying how important it is to just have the name of one of the Big 4 and people will be quick to judge you. Did you see anyone around you who achieved their goals without even once working at the Big 8?
I’m not sure the second firm knew I had worked for a Big 8. And I don’t think having Big 4 (or Big 8) experience means what it once did. In other words, I don’t think it’s necessary for work for one of those prior to moving to a smaller firm. Again, I would look for a good regional (or even small firm) that you want to stay with long term.
Did you start in audit or tax?
I did both early on, but mainly in audit which eventually became my primary focus.