I currently work at a tiny CPA firm. By tiny, I mean I work with a CPA and help him with Bookkeeping and will be helping him with taxes this upcoming tax season. I recently had an interview with a non profit and will be having the second interview fairly soon. I am wondering which would provide better exit opportunities. The non profit has already let me know the benefits they provide and they are better in comparison.
Posted Jan 21, 2021, 2:17 AM UTC
Really just depends on your goals.
If you’d like to return in public accounting with lofty goals of being a principal, stakeholder, or partner, then I would go for the non profit role. Combining your tax experience with the non profit experience would get into the doors of many small to medium sized firms. It would be easier to move up as you specialize in non profits. Particularly 990’s and income tax based audits.
The newest partner at my firm basically did this ^
If you’d like to stay in a similar role you have or work as a bookkeeper/controller/CFO at a private company, then your current position would be better suited for that.
I just started this position a few months ago, so this would be my first tax season. I worked for a year in industry for a solar company. The only reason I'm thinking of leaving is due to the better pay and benefits the non profit would bring me. Do you think the exit opportunities would be the same?
The exit opportunities long term won’t be the exact same but the compensation should be comparable if you position yourself right.
I made it this far, so I should be able to do that. Thanks for the advice, wish me luck lol. Mind if I ask how you got into audit?
Honestly, I needed a job badly and came across a growing firm that needed competent people just as much.
Work at a public accounting firm will provide better opportunities. Much easier to switch from public to industry (which represents everything besides public accounting) than the other way around.
Chances are once you leave public accounting its very rare people go back because they enjoy the work life balance better in industry.
Not sure what you'd do at the non-profit but I am sure you'd get a much better rounded experience in all aspects of accounting and tax staying in public accounting.
Besides, non-profit accounting is completely different from regular accounting - I would only do this if you know for sure non-profits/govt accounting is what you want to specialize in which is pretty niche.
Thanks for the reply! Even though it's just the CPA and me, you would still consider it PA? I've actually worked in industry for a year and jumped on this opportunity.
As long as you are working on different types of tax/accounting for a variety of different industries, yes I would still consider it public accounting.
In terms of if you should jump the boat, I would say use your best judgement - if you are learning something new every day, feel free to keep at it. If you feel like you can "in-charge" everything, you should probably start to look at working at a larger CPA firm for bigger clients/complex work.
The way I see it is that anything outside of public accounting pays high but climbs slow. Public accounting pays low and climbs fast. Overall they both land in the same spot unless you become a partner at public accounting so do what you think will work well with your goals and lifestyle.
Audit hands down has best opportunities to exit into corporate jobs but to me, I find the work so mind numbingly boring. You do you man!