The globalization of the world economy has leveled the playing field and made some large firms (and some smaller ones) more competitive with the Big 4. For example, statistics for the third quarter of 2014 show that KPMG led the pack among large firms in terms of new Securities and Exchange Commission audit clients (six), but KLJ & Associates, a Midwestern firm, had the most new engagements (37) (Accounting Today, October 17, 2014).
That is an impressive statistic, and one to keep in mind as you consider where you want to begin your career. There is a caveat, though: if you are someone who is likely to regret not at least trying to land a position at a Big 4 firm, you probably should explore the Big 4 first. You have the good fortune to have a degree in a profession for which there is great demand and many diverse ways you can utilize your education.
What They Do
Working at a regional or large local firm is an option worth exploring. Careers at these firms can be rewarding, and the opportunities and experience available to new accountants can be similar to what is available at a Big 4 firm. Many of them are part of a CPA firm association or network, giving them exposure and access to firms of similar size across the nation as well as internationally.
Large accounting firms generally have clients across many industries for whom they perform a full array of tax, accounting, audit and business consulting services. Some of them have divisions devoted to IT and outsourced CFO and wealth management services, among other things. We suggest you research some firms you might be interested in working at. You may be surprised at what you discover.
Working There
Better work/life balance. One of the complaints often heard about Big 4 firms centers on the number of hours professionals, especially junior staff, are expected to work each week. As a general rule, regional and large local firms only expect overtime around tax and audit deadlines. Other than that, the workweek is fairly consistently 40-45 hours, which allows a better work/life balance for staff.
Peer network. At Big 4 firms, the people you work with—both in-house and at clients— are the only ones you get to know. At regional and large local firms, it is likely you will have at least a nodding acquaintance with everyone at the office, including all of the partners and directors. (If the firm has multiple offices, though, you may only get to know those at your home office.) For many, this provides an important sense of community and familiarity.
Also, it is likely that others will be starting at the firm at the same time you are. You will have much in common with the other members of your incoming class. Knowing that others are having similar experiences to yours can be comforting and provide for a friendlier atmosphere. It also allows you to begin forming a network of your own: people you can relate to and ask for a “sanity check” as you navigate your way through learning technical aspects of the job as well as the firm’s culture and politics. The friendships you form here are likely to remain throughout your career, even if people leave the firm for other opportunities.
Across the board experience. Simply because of staffing needs you will do more varied work. During your first few years at the firm, it is likely that you will be exposed to all types of work—tax, audit and possibly even some consulting—so you will get a good feel for which services and industries you prefer. The scope of services and industries probably will not be as extensive as at a Big 4 firm, however.
At well-managed firms of all sizes, work processes and procedures are standardized. This makes knowing what is expected of you for each assignment fairly obvious.
There are positive benefits to these types of expectations. The chance to recognize the things you excel at and the ones you do not like to do is a great advantage as you progress in your career. So is the opportunity to take the initiative in proposing changes that help streamline the process. (A number of firms provide Lean Six Sigma training, which will be valuable to you in your future whatever you do.)
Culture. Firm culture gets a high level of attention at regional and large local CPA firms. Quality of life issues such as the option to telecommute, at least sometimes, adjust your working hours (say from 9-6 to 8-5) and leaving early or coming in late to attend to a personal or family obligation are common.
It is likely that everyone, even auditors, have an assigned workspace. So, if you are someone who likes to have a defined workspace you personalize, you can do that.
CPA Exam and other training. Regional and large local accounting firms help their professionals pass the CPA exam. This assistance can include a range of options including time off for studying.
Training to help professionals meet their CPE requirements is also available. Many offer this training through organizations like the AICPA and state societies. Others offer courses given by partners and/or marketing, business development and human resources professionals. Some have their own “universities” which offer a full array of courses. The training provided by firms at this level rivals that of the Big 4.
Career path opportunities. Accounting firm of all sizes are facing business challenges, and they value people who can help them resolve these issues. One of the most pressing issues all businesses are dealing with concerns business succession: who will the run the business after the current managing partner/CEO retires? The Big 4 and many top companies have plans in place so they are not concerned with near-term transition. Other firms and companies are not as prepared, which is why we are seeing such a high number of mergers and acquisitions.
This has an impact on you as you think about your career in public accounting. While all firms recognize the contributions made by technical experts—after all, technical knowledge and expertise is what their clients engage them for—they also realize the importance of people who have leadership traits. These professionals may be tapped for special training on areas outside of traditional accounting, such as marketing, business development and leadership.
To be recognized, you have to do great work, show you are willing and eager to learn and not sit around during down time. As you show your willingness and ability to learn, you will assume responsibility for more of your work. The pace is much quicker than it would be at a Big 4. You might even begin your own book of business within your first few years at the firm.
Alternatively, promotions are not automatic. You may sit at a particular level far longer than you wish or think you need to. However, you will not be let go after a certain amount of time simply because you are not promoted.
Whatever your career choice, the most important thing you can do is know yourself: what you like to do, whether you are an extrovert or an introvert, etc. You have a long career ahead of you, and it all matters when it comes to your “happiness quotient.”
In summary…
5 Great Reasons to Work at a Regional or Large Local Firm
Smaller work environment
Chance to develop personal relationship with partners and directors
Opportunity to do more involved work more quickly
Better work/life balance
Professional networking with peers
5 Reasons You Might Not Want to Work at a Regional or Large Local Firm
Less opportunity to work with Fortune 500 companies
Lower salary, at least initially
Less prestige on resume
Better opportunity to specialize at Big 4 firm
Better training at Big 4 firm
Your Personal Barometer
Was this material helpful in your decision-making process?
Is a career at a regional or large local firm in alliance with the answers you gave in our career survey?
Is this a career option you think would make you happy?