I’ve noticed that many people put a lot of emphasis on being hired by big 4. It almost sounds like that if you don’t get hired by big 4 then you wont make any money at all in this profession. Is there any truth to that? Do you have to go big 4 to make a lot of money in this career or can you make just as much at a small or mid tier firm? I would also like to know that if its possible to work your way up to big 4 if you start out at a small or mid tier firm.
If you’re in accounting, a lot of people go into industry and still make good money. There are also large firms that aren’t big four such as Grant Thorton, Crowe Horwath, Baker Tilly, etc.
I’m a CPA as are my H and S. H and I worked for a Big 4 (then Big 8 LOL) firm and S is currently at a Big 4 firm. Here are a few comments:
-Starting at a Big 4 firm can be a plus. IMO they all give top notch training/experience to new professionals and people who work a few years at a Big 4 firm are generally in demand if/when they want to leave and go to a private firm. Some large private companies specifically look for people who are CPAs and have Big 4 experience. People who do work at a Big 4 firm often feel that they are alumni of the firm – kind of like they are at their colleges. These jobs are competitive to land.
That said…
-One can get good experience at many different firms (smaller international, regional, private company).
–You do not need Big 4 experience to have a successful career.
–The hours at the Big 4 (and other larger firms) can be really big and are not for everyone.
—A few people do start at a smaller firm and move to a Big 4 firm.
–In most (if not all) states one can also become a CPA by working in a private firm for a CPA.
When you find the four year college you will attend I’d go to the placement office and get information about the accounting firms that recruit on campus, the cutoffs to interview at the different firms etc. so you are prepared to start the process.
I read over my last post and want to be sure you understand that while it is nice to land a Big 4 job the accounting profession is not “Big 4 or bust.” A small percentage of CPAs work for the Big 4. There are many other excellent smaller international, regional etc. firms to work for and one can have a good career in private accounting as well. My advice would be to do as well as you can academically and put yourself in the best position possible when it comes time to interview. If you decide between jobs and the answer isn’t obvious look for a job that will give you the best possible experience, training, and supervision. Hope you have a long and successful career.
Thank you for clearing this up. I’m going to try for big 4 but if I don’t make it at least I know it’s not the end of the road. I never really aimed for big four anyway because I’d really enjoy the corporate setting in an industry and it seems like big four doesn’t really have a good work/life balance. Though, It wouldn’t hurt to try.
Big 4 looks good on the resume, but you can certainly have a fine career in public accounting without it. FWIW - there’s no guarantee of better work/life balance in smaller firms or industry (per se). In the accounting business, we are dealing with workload compression which leads to long(er) hours. In tax, it’s March & April 15 and Sept & Oct 15. In industry it can be quarterly or monthly, etc.
My $.02 - it’s probably better start in public (CPA firm) then go to industry if you see fit. Good luck!
Big 4 experience would be best if you can get an offer. It is very competitive, but not the end of the world if you don’t get an offer. The main point, as someone mentioned, get your CPA license. Because of the Big 4 name (sort of like a Good House Keeping seal of approval) and its excellent training, the Big 4 on your resume is almost like getting a MBA from a school ranked from #'s 16 to 25/30. Also if you are targeting certain corporations in the future and if you have aspiration for these positions, you might check to see if high ranking people (i.e, CFO, Controller, Directors, etc.) in these companies have Big 4 backgrounds. My Company general fill these positions with CPA’s with Big 4 background or top ten MBA schools. .