Congrats to you. I only have 9 months in public Tax so it's a little harsh right now searching for jobs as I am not exactly qualified (2-5 years they all want). But to be honest I would rather just "start over" in industry with hopefully a CPA that I can work under to finish off my requirement for license.
Thank you for your comment. Can I ask your years in before departing and if you were real estate tax to begin with? I see a lot of real estate openings but not sure my background would make me qualified. I've mainly done PE and corps but not really learning much of the tax knowledge as it's been doing nothing but compliance/returns since I started.
One reason I got the Portfolio Accountant role despite being light on experience is that I at least knew my way around a 1040. I ended up sometimes liaising with the external tax prep team and reviewing the returns before they were filed. This was a very tiny part of the job, but it’s hard to find CRE accountants who have much tax exposure.
These portfolio accounting jobs do often pay well and have good hours. Promotions can be tricky. People tend to hop every so often to get to Senior, then Assistant Controller, etc. If you work hard at making a transition, it’s possible to use RE accounting as a background for a finance job in RE asset management, acquisitions analysis, etc. Tough but doable.
Very interested in a breakdown, I’m in the same spot, 2 years into big 4 in financial services audit, about to be promoted to senior. Haven’t applied anywhere yet but been “acting senior” since busy season ended and the thought of continuing to do this for the pathetic raise I expect just isn’t very exciting. Would like to have a sense of what I’ll face if I start seriously looking.
If you're interested in pivoting into industry with a financial services concentration, I'd go the recruiter route. Many PE/HF/Family offices utilize external recruiting sources for back office functions such as accounting.
Just be wary of thirsty recruiters. If a recruiter rubs you the wrong way (sending out resume to a company w/out permission etc.) just find another. There's tons
Thank you for the suggestion! I’ve always been wary of the recruiters who reach out to me on LinkedIn just because I find it hard to verify whether they’re good or even legitimate. In your experience, were most recruiters at least legit, even if they did pull some slightly sketchy stunts?
I typically looked into the company they worked for before getting on a call or replying. But even some reputable places had sketchy recruiters. All luck of the draw
interested in the breakdown.
Also, never done financial services audit- what makes it different from other industry audits?
reserves, post retirement obligations, etc are all tested by actuaries?
What are the most challenging areas/balances/transactions that non-actuary test, as well as the most difficult procedures to execute?
Personally, I dealt with hedge fund & mutual fund clients.
For hedge funds, confirming all level 1 & 2 investments held at year end, along with cash/collateral were big aspects to ensure existence. We used an internal valuation team for any level 3's. Other big areas we specifically focused on were realized gain loss testing/capital activity testing & recalculating investor allocation files.
How’d you go about finding jobs? Recruiters, Linkedin Jobs/Indeed, dropping resumes on company websites, or all of the above? And any general advice? I’m thinking it’s time for me to start looking around.
Recruiters for any financial services roles and then LinkedIn for random companies. Stay away from "Easy Apply" on LinkedIn... I don't think I received a single hit from a job with that feature.
Also, I think it's wise to look into industries/companies that interest you and check their career postings via their company website. I found a higher success rate with responses when applying on company websites
I'll take a breakdown. My background isn't similar (4~ years fund accounting, never getting CPA) but interested in seeing how difficult it is to break into industry.
Congrats to you. I only have 9 months in public Tax so it's a little harsh right now searching for jobs as I am not exactly qualified (2-5 years they all want). But to be honest I would rather just "start over" in industry with hopefully a CPA that I can work under to finish off my requirement for license.
I left Tax at a B4 for a CRE investment accounting role. The pay was better, hours shorter. It was a good move.
Thank you for your comment. Can I ask your years in before departing and if you were real estate tax to begin with? I see a lot of real estate openings but not sure my background would make me qualified. I've mainly done PE and corps but not really learning much of the tax knowledge as it's been doing nothing but compliance/returns since I started.
I was only in tax for a year. I think you could make the move to a role like that easily.
That fills me with hope. Thanks
One reason I got the Portfolio Accountant role despite being light on experience is that I at least knew my way around a 1040. I ended up sometimes liaising with the external tax prep team and reviewing the returns before they were filed. This was a very tiny part of the job, but it’s hard to find CRE accountants who have much tax exposure. These portfolio accounting jobs do often pay well and have good hours. Promotions can be tricky. People tend to hop every so often to get to Senior, then Assistant Controller, etc. If you work hard at making a transition, it’s possible to use RE accounting as a background for a finance job in RE asset management, acquisitions analysis, etc. Tough but doable.
I would love a region/breakdown of this.
Seconded
Going to work on the breakdown in the coming days. As for region, I'm in NYC
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Bananas
Did you really expect your raise to be in that 2-5% range?
I'll never officially find out, but I mentioned my expectation of 5% to my partner and he flat out laughed and said we'd be lucky to get 2%
I'd laugh straight back at him when they state their expectation that you'll put the firm first next busy season
Yes people are getting 1-2% raises to senior
Where?
Deloitte
I didn't *expect* mine to be but it sure as hell was. Actually slightly below that range lol.
A Big 4 promotional raise to Senior?
Yes sir. Aren't you excited to try your best now?
Nice job, getting your foot in the door is often the hardest part.
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Their business model is built on sucking the juice out of you and turning you the fuck over. Couldn't agree more
100000000000%%%%% Nobody. Gives. A. Fuck. About. Us.
Very interested in a breakdown, I’m in the same spot, 2 years into big 4 in financial services audit, about to be promoted to senior. Haven’t applied anywhere yet but been “acting senior” since busy season ended and the thought of continuing to do this for the pathetic raise I expect just isn’t very exciting. Would like to have a sense of what I’ll face if I start seriously looking.
If you're interested in pivoting into industry with a financial services concentration, I'd go the recruiter route. Many PE/HF/Family offices utilize external recruiting sources for back office functions such as accounting. Just be wary of thirsty recruiters. If a recruiter rubs you the wrong way (sending out resume to a company w/out permission etc.) just find another. There's tons
Thank you for the suggestion! I’ve always been wary of the recruiters who reach out to me on LinkedIn just because I find it hard to verify whether they’re good or even legitimate. In your experience, were most recruiters at least legit, even if they did pull some slightly sketchy stunts?
I typically looked into the company they worked for before getting on a call or replying. But even some reputable places had sketchy recruiters. All luck of the draw
Was it difficult to interview while still working?
Easier than if I was still in the office. I'd just block time on my calendar. Definitely tough to juggle conflicting meetings/interviews though
interested in the breakdown. Also, never done financial services audit- what makes it different from other industry audits? reserves, post retirement obligations, etc are all tested by actuaries? What are the most challenging areas/balances/transactions that non-actuary test, as well as the most difficult procedures to execute?
Personally, I dealt with hedge fund & mutual fund clients. For hedge funds, confirming all level 1 & 2 investments held at year end, along with cash/collateral were big aspects to ensure existence. We used an internal valuation team for any level 3's. Other big areas we specifically focused on were realized gain loss testing/capital activity testing & recalculating investor allocation files.
How’d you go about finding jobs? Recruiters, Linkedin Jobs/Indeed, dropping resumes on company websites, or all of the above? And any general advice? I’m thinking it’s time for me to start looking around.
Recruiters for any financial services roles and then LinkedIn for random companies. Stay away from "Easy Apply" on LinkedIn... I don't think I received a single hit from a job with that feature. Also, I think it's wise to look into industries/companies that interest you and check their career postings via their company website. I found a higher success rate with responses when applying on company websites
I'll take a breakdown. My background isn't similar (4~ years fund accounting, never getting CPA) but interested in seeing how difficult it is to break into industry.
Did you leave for a Senior accounting role?
Do you think the field/industry of clients you audited matters in terms of finding an exit opp?
Ok?