One of the most common questions our team hears is: “When is the right time to move from public accounting to industry?” This question comes up frequently for professionals navigating their careers in accounting.
Before diving into this topic, it’s important to clarify what you mean by “the right time.” Are you asking about the best time of year to leave public accounting, or are you more concerned with when it’s right in your career? Let’s explore both angles.
When is the Right Time of Year to Leave Public Accounting?
Simply put, there’s no perfect time of year to make the transition. “As discussed in an article by Becker, the transition from public accounting to industry can depend on individual goals and the specific timing in one’s career” (Becker, 2023). While some might argue that it’s better to leave either before or after the busy season, the reality is that the line between busy and non-busy seasons is blurring in public accounting. Accountants often feel like they’re in a perpetual state of busyness, making it hard to pinpoint an ideal departure window.
You might worry about the optics of leaving in the middle of a busy season. However, the truth is that the business will move on without you, not because you aren’t valuable, but because the firm must continue to function. This is why prioritizing yourself is crucial. Your career, health, family, and mental well-being come first. Don’t pass up a great opportunity out of guilt for leaving during a hectic period. If you can avoid leaving mid-busy season, that’s ideal, but sometimes, timing doesn’t work out that way.
When is the Right Time in Your Career to Leave Public Accounting?
This question is more complex, and the answer depends on your individual goals and circumstances.
Start by asking yourself a vital question: Do you see yourself becoming a partner at your firm? More importantly, do you want to? If you’re considering the path to partnership, here are some questions to ponder:
- What does the path to partnership look like at your firm?
- What are your long-term career goals?
- What are your long-term personal or life goals?
- Is work-life balance important to you?
- If yes, what will work-life balance look like if you become a partner?
The partner track varies by firm but is often associated with long hours, weekend work, frequent travel, and a high level of stress. At the same time, becoming a partner can be a rewarding career accomplishment and may come with a lucrative compensation package and greater influence within the firm.
The key is determining whether the responsibilities and rewards of partnership align with what you want from your career and personal life. There is no right or wrong answer. The partner track simply isn’t the right fit for everyone.
If the partner path is not for you, here are some additional timing considerations:
- Unhappiness: If you’re burnt out, overworked, or simply unhappy, it’s time to start job searching. It doesn’t matter how long you’ve been with the firm. Life is too short to stay in a job you dislike.
- Timing Your Exit as a Senior or Manager: If you’re relatively content but know that becoming a partner isn’t your end goal, consider leaving when you reach the senior or manager level. Having at least one busy season under your belt as a senior provides valuable experience that’s highly regarded by industry leaders. You’ll have gained key skills such as time management, leadership, and project management, which are great resume boosters for future industry roles.
There’s also strategic value in leaving as a senior or manager when considering your long-term career. Many leadership roles within industry accounting look for candidates with a blend of public and industry experience. By leaving public accounting at this stage, you’ll give yourself time to gain industry experience, making you a strong candidate for future managerial positions. - Staying Too Long Can Limit Opportunities: If you remain in public accounting beyond the senior or manager level, it may become more challenging to find a role that fits your needs. First, you might struggle to find an industry job that matches or exceeds your current public accounting salary. Understanding how public accounting compensation compares to the industry market is crucial.
Additionally, the longer you stay, the more you may fall behind in developing industry-specific skills compared to peers who left earlier. You could find yourself losing out to candidates with industry experience in interviews. Lastly, as you climb the ladder, the number of available positions shrinks. Think of the job market as a pyramid. There are many entry-level positions but far fewer managerial and executive roles.
Don’t Wait for a Promotion to Start Looking
A common sentiment among candidates is, “I want to make it to Senior (or Manager) before I start my job search.” If this sounds like you, take a moment to reflect on why this is your goal. If achieving this title is something you’re passionate about and is important for you on a resume, then it might be worth staying until you reach that milestone. However, if it’s more about the merit increase or feeling that the title will make you more marketable, I encourage you to start your job search earlier.
Remember, the job hunt can take time, sometimes weeks, other times several months. It’s best to start looking sooner rather than later, especially if you’re just a few months away from a promotion. Future hiring managers won’t care if you’re officially a manager or three months away from the title; they’ll be more interested in the skills and experience you bring to the table.
Know What You Want from Your Next Role
Moving from public accounting to industry isn’t simply about leaving one job for another. It’s an opportunity to think intentionally about what you want from the next stage of your career.
Before beginning your search, consider what matters most to you. This could include:
- Work-life balance and reduced hours
- Mentorship and leadership
- Company size
- Industry
- Company culture
- Work arrangement and flexibility
- Commute or location
- Compensation
Your priorities may look different from someone else’s, and that’s okay. The important thing is to identify what matters most to you and evaluate each opportunity against those priorities.
Explore Different Types of Roles
If you’re unsure what you want to do after public accounting, don’t be afraid to explore different opportunities. Depending on your background, you may be qualified for roles in accounting, FP&A, technical accounting, and more. Interviewing for different types of roles can help you understand what’s available and discover what you do and don’t enjoy.
It’s Okay to Accept the First Job Offer
Finally, when you decide to leave, don’t feel like you need to interview at multiple places or collect several offers before making a decision. It’s natural to feel nervous about such a big change, and you’ll want to ensure it’s the right step. While it may take several interviews to find the right fit, be open to the possibility that the first offer might also be the perfect one.
Create a list of priorities for your new role and evaluate each job opportunity against that list. This approach will help you determine if the position is a good fit. Whether it’s your first interview or your fifth.
Final Thoughts
There isn’t a one-size-fits-all answer to when you should leave public accounting. It’s a highly personal decision that depends on your goals, circumstances, and readiness for change. Hopefully, these tips help you navigate the decision-making process. And remember, you don’t have to do it alone! As recruiters in the accounting space we’re here to offer guidance and mentorship on your career path. If you need support, feel free to reach out!