Accounting is a very promising field to pursue
with high wages, opportunities to advance, and stability. When it is
time for college students to choose which firm they want to do an
internship it can be very stressful with all the firms they can choose
from. There are many options like: public, private, or governmental
accounting; small, mid-size, or large firms; as well as what they want
to focus on like audit, tax, or consulting. Many college students do
not take the time to think about what type of company they want to
intern for because they are not knowledgeable in what each category has
to offer. Choosing an internship is very important because most likely
that internship will land you a job right out of college.
As tax season and summer are approaching,
accounting firms are in the process of reviewing and interviewing for
tax internships and summer internships. With that being said, it is
important for college students to know the advantages and disadvantages
in public and private accounting as well as deciding what size firm
would work best for them. Every college student is different and
depending on their personality, knowledge, and work ethics their
decision will be different. This article contains information that is
helpful when choosing an accounting firm that is right for you.
The first major decision is the one between public
and private accounting. Public accounting is accounting work that a
company performs for another company. Private accounting is accounting
work that is done for your own company. Public accounting is the most
popular field for many college students to enter. There are many
advantages for working for a public accounting company such as: high
salaries, great experience, and a greater chance for advancement.
According to the 2008 Salary Guide, recent college graduates can expect
to make anywhere from 41,500-51,000 dollars a year at a mid-sized
public accounting firm. The experience you receive at public accounting
firms is a great resume enhancer and highly respected by many types of
employers. With that being said, it is very common for young employees
with less experience to get a more qualified job elsewhere with
experience in a public accounting firm as opposed to a more qualified
applicant who does not have that type of experience. Working for a
public accounting firm gives employees the opportunity to advance and
grow in their department. There are many opportunities for promotions
and within six to eight years a college graduate could be a partner
within the company. Disadvantages of public accounting include long
hours, hard work, and a lot of stress (especially around tax season!).
The accounting field also offers the chance to
work for a private accounting firm. The major advantage of private
accounting is not experiencing the "public accounting burnout" and the
ability to balance your work life and home life. Private accounting
also gives many opportunities for new employees to experience different
career paths. Less travel is an advantage also considered by many
recent grads due to not having cliental from all over the work.
Disadvantages of private accounting include: less pay, less networking,
and less experience.
After college graduates have decided if they want
to work for a public or private accounting firm, they need to decide
what size company they would like to work for. Large accounting firms,
such as "The Big 4", include: PricewaterhouseCoopers, Deloitte and
Touche, KPMG, and Ernst & Young. Small accounting firms are the
mom and pop companies that are found locally. The advantages of
interning and working at a small accounting firm are: better
relationships with customers, more hands on experience, and a more
personalized setting. Having a smaller cliental base gives the
employees a chance to get to know their customers more, be more
compantionate, build a better relationship on top of just business, and
make each customer's request special. If an employee is a full time
recent graduate or part-time intern a smaller firm allows more
opportunities for hands on experience with more challenging work beyond
entry-level. This is because employers have more time to devote to
looking after employees, educating them, and correcting any mistakes.
Smaller firms also offer a more personalized experience because they
are not as many employees so employers can really take the time to get
to know everyone and build a relationship with each and every employee.
Disadvantages to working at smaller firms include: little room to grow,
less opportunities to network, and lower salaries. Large accounting
firms have many advantages including: the fame, the excellent training,
and all of the networking opportunities. Because large accounting firms
have the time and money, they can afford in-house courses for training.
Networking is another big advantage to working for a large accounting
firm because these companies have clients from around the world. One of
the last advantages of working for a large firm is the reputation and
respect that employees receive from the outside world when they say
they are working for a Big 4 company as well as the respect they will
get from other companies when they see that experience on their resume.
Disadvantages of working for alarge firm include: feeling like a small
fish in a big sea, little respect for entry-level or internship
employees, and the stressfull work envionment.
In the next couple of months, college students
will be making a decision for which accounting firm they would like to
do their internship or work for. There is a type and size of firm for
all types of personalities, knowledge, and work ethic whether it is
public or private accounting or a small or large firm. There is no
right or wrong decision when choosing a firm, it is all about
preference and what feels right to you. The most important thing about
making a decision is that you need to be happy.
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