<p>So basically, I have a friend and he said that you shouldn't become an accountant unless you get into the Big 4. He said a few of his friends work at smaller firms but haven't been able to make 6 figures or advance in their firm and hate their lives. The thing is, I know him and his friends aren't that motivated (a variable which would affect salary), and most of the partners, even at smaller firms, seem to have decent lives (monetarily), so I'm wondering how much truth there is to what my friend is telling me. What do you guys think? If I enjoy public accounting, is it still worth pursuing or will I never be able to break 6 figures/have a decent life if I go smaller instead of the Big 4?</p>
<p>Btw, by small, I mean big in their region/city and >100 people but not 20 CPAs max small.</p>
<p>You won’t break 6 figures either way. You start at $14 an hour after taxes at the big 4 and the odds of you moving up in any size firm are slim. Firms big and small will throw your resume in the trash most of the time. The odds will always be against you having a decent life no matter what you’re doing. But you are an individual, not a statistic.</p>
<p>I would say that it all depends on your level of education. If you have only a bachelors/associates degree, then yes, it is going to be hard for you to earn more than 100k, or even impossible. Still, you can get there, but it will take you more than 5-10 years, whther it is a big 4 or any other company. On the other hand, if you, at least, become a CPA, it will increase your salary by 16-20 thousands, and increase your chances to
get to 100k, faster. However, there is no way an accountant can earn 100k right out of college. Remember, the time you spend on education influances your salary. That’s why doctors, who spend 10 years studying, earn more than 100k. It can be possible in accounting too–only if you spend the same amount of time by studying, and obtaining the working experience. </p>
<p>I agree that the majority of people do not like to work at the big 4, and that’s why we see that their stuff changes anually; for, as I think, not because they lay people off,
but people “lay them off” themselves :). I do not want to work for them in the future–I just need their name on my resume.</p>
<p>My experience is quite different from some of the posts on here. I would recommend the Big 4 as they are the top firms and have the so called best and the brightest. The small firm route although admirable just does not afford the opportunities that the major firms afford. One key element is that you are part of the “boys” club and that gets you exposure and acceptance in the subsequent interviewing process should you leave the firm. </p>
<p>Personally, I have had tremendous opportunities and the SEC reporting experience in public was excellent and has been a key element contributing to my successful tenure as a public company CFO. This is no different that being at a top law firm. There is training and culture that are strong elements of your professional development. The environment is one where you are surrounded with smart and aggressive folks given that it is an up or out environment. You will be challenged and if you can cut it then you are rewarded quite fairly. </p>
<p>Further, being with the top firms in professional services affords much more opportunities IMHO. The $100k salary level is not hard to make in my opinion provided that you make the right moves. Those that talk negatively about the Big 4 either were not alums or they were unsuccessful in their tenure. The positives far outweigh the negative.</p>
<p>You can make a good salary at a small firm, whether some of the people on this forum will aknowledge it or not. One of the nice things about working at a smaller firm is the opportunities that arise due to your position. For instance, there are multiple real estate deals that several of the partners at my firm are involved in. If you do go to work at a smaller firm, be aware of the bigger picture and how you might benefit from client relationships. I can tell you honestly that three out of the eleven partners at my firm pull in over 1M each year. The average draw from the firm for our partners is 200,000 - 700,000. We have 70 full timers and are on our way to becoming a 25-30M dollar firm, which will put us up there in the top 100 or 150 firms for revenue, but still quite small when compared to the largest firms.</p>