10 Reasons to Consider a Change From Public to Private Accounting

10 Reasons to Consider a Change from Public to Private Accounting

Jane Durant Partner, Accounting & Finance

Take the time after busy season to consider other opportunities. 01 While it may seem that there is never a good time to leave public accounting, once busy season ends, take the time to do research, start networking and go on interviews.

There are opportunities for every level. 02 Private companies are hungry to hire public accounting professionals, with experience ranging from two to ten years. Coming out of a Big Four (or Regional or even smaller) accounting firm, chances are there are multiple positions for you to consider. 

There are a wide range of industry opportunities.03 Cutting edge bio/pharma companies, explosive growth technology companies, worldwide medical device manufacturers, top retailers – all of these industries are targeting professionals from Big Four firms.

You are in high demand.04 Public accounting is a fantastic training ground, and because of that, you are highly sought after. You can grasp the technical issues, you have solid presentation skills, you can think on your feet and you have a stellar work ethic.

Your quality of life will improve.05 You can have more of your life back. While you may still be managing month-end, quarter-end and year-end work, the hours are nothing like what you’ve experienced in public accounting.

You don't want to stay too long.06 Compared to private industry accounting, if you stay in public accounting for more than eight years, it becomes more and more difficult to leave. In someways, a straight public background can become a disadvantage.

The transition will be smooth.Some people think there is a big transition moving from public accounting to private industry. Yes, it is different.  In most cases, you are doing the work versus reviewing it. Your valuable skills and experience will enable you to learn quickly.07

You will only have one "client."Many people coming out of public accounting firms say they are tired of having so many clients with the expectation of being technical experts in a variety of industries. By making the move to private industry, you will be responsible for one company in one industry.

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The compensation may be better than you think. Between generous salaries, stock options/RSUs, strong bonus programs and highly coveted benefits packages, going private can be good for you and your family. 09

It never hurts to look.By investigating opportunities in private industry, you’ll educate yourself as to the types of positions available. Perhaps you’re thinking of an accounting management role, a financial reporting position, or even a position in internal audit or Analytics. With a public accounting foundation, you'll have many options.

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