Being a Manager in Public Accounting (External Audit)
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- Опубліковано 25 лип 2020
- Open for all the info!! 🖤
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Hi y'all! Today I'm sharing more details about what it was like being a manager in public accounting. I'm talking specifically about the external audit (or assurance) side of accounting firms since that was my background.
Jump around:
01:39 My career background
02:43 How to become a manager in external audit
04:03 Salary, bonus, PTO and other perks of being a manager
07:19 Duties of a manager in public accounting
20:00 Challenges and tips from when I was a manager in public accounting
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Are you tired of public accounting and ready to look for a new job? Yes? Check out these videos :)
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All opinions are my own and are from my personal experiences/ observations. Base your opinions on what is true for yourself.
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Disclaimer regarding my wage gap comment:
I'm not saying at every company or every firm or every woman / BIPOC has this happen to them. But it most certainly does exist. I was personally happy with my compensation which is why I can't give specifics to my situation. I am only speaking about the leadership in previous groups I've worked in, that is not to say the firm condoned it or that public accounting in general does. In public accounting in particular, we all start at the same salary but % raises and bonuses will create a gap between people at the same level especially as you move up the ladder. Also I am not saying it happens to every single person or that a white male or female hasn't faced this issue either.
I made a general statement to acknowledge that it does exist within the wrong culture.
Stephie Mills yeah I was going to say I was unsure if wage gap affected the PA industry.
I binged on your videos on my 10 hour road trip and it really helped there is no one else on UA-cam who provides this much insight on accounting really appreciate that
I'm so glad I could help provide some entertainment 😁 and thank you so much for your kind words, means a lot 💗
I want all the horror stories! Thanks in advance.
🤣🤣🤣🍵🍵🍵🍵 well hopefully sharing my "failures" will help y'all avoid it lol
Stephie Mills I like to think of it as learning from your amazing experience 👩💻
Yes please
@@WithStephie yesssss please do. I'll be starting in public accounting this Fall
Me too!
Going to start my career in public accounting this fall. I have been following your channel since undergrad, they helped a lot. Thank you!
That’s exciting! Good luck! 😉
Thank you so much for sharing this story! This is definitely good insight for people who want to know more about public accounting!!
Wow, thank you for being so honest. Really appreciated it. I love that you are so specific too.
Wow so much good advice that we can apply at any job not just accounting! There really isn’t anyone else like you online!
Thank you so much 💗
This is so helpful, Stephie. Appreciate it!
Great info. Thanks for this!
This is my favorite accountant channel! I been watching you for years and now I’m in college studying accounting! Thanks and up ❤️ 👍🏾
You are so sweet, thank you 💗
Thank you for sharing your experience!
I appreciate the transparency, Stephie! Your honest insight is always so refreshing. In your current role in internal audit, what does timekeeping look like now? Do you still keep track of hours and create audit budgets despite not charging any actual clients? Also, I love your willingness to share and shed light on topics that are typically frowned upon in the industry such as salary and office politics. We're in different times and the transparency is what will pivot us toward change. Thank you for engaging in the though conversations! P.S. - horror stories help people in so many ways in learning how to navigate their own work troubles; I encourage you to share when you're comfortable.
Thank you so much love! How are you? I always appreciate your very thoughtful comments and questions 💗
Luckily no - I don't track my time anumore in the detailed way like hour by hour. However we do track how long protects take. We typically set a deadline and perform our tasks to meet it. If we need more time, we may extend it but if it's some with another department that can't budge, we work however many hours we need to get it done.
And I'll be sure to share some fun stories soon 😁 have a great week!
I just want to be honest if it wasn’t for your in depth knowledge and honesty I wouldn’t have chosen the accounting route. I want to thank you for all your videos your honesty in everything about account and explaining the different parts of accounting such as public accounting, internal audit, external audit. This has open my eye to all the possible opportunities in the accounting field. I thank you from the bottom of my heart.
Thank you so much for your kind words. I am so glad to be able to provide even a little insight, wishing you all the best on your career journey. Please keep me updated 💗
I think everyone has different stories coming from Public Accounting. I personally quit after my first year in public accounting. I think I had around a 5 month busy season, with little to no weekends off. No one recognized my hard work and only pointed out flaws in my reviews (given, people throw you under the bus and leave you with work with little to no instructions.) They always had a huge expectation over your head but will also put you in a understaffed team. YUP some manager nitpicked the heck out of how you were charging hours, one of my manager counted my bathroom breaks... lunch breaks... so I don't overcharge.. Given I put in only 10 hours when I arrive at the office at 9am and leave at 11:50 at night.. Left the Big 4 and found a 9-5 with better pay and better work culture. :) My experience does not apply to every firm/location though, I interned at a city with way better work culture but unfortunately worked full time at a more brutal city. Also be an advocate for yourself, if you want to charge or speak to HR... I definitely wasn't someone sitting back and letting people step over you. You charging less time in managers favor only hurts your portfolio!
Thank you for sharing your experience! Glad to hear you found a route that makes you happy now 😁
Giirrlll, we need the horror stories, haha. I am very curious about what you've experienced. Also, I've definitely been embarrassed by performance reviews and it is *not* fun. 🥺 Transparency is definitely needed. Thanks for this video! 💕
Girrrrrrlllllll I'm so sorry to hear you've experienced that.... that is the culture I hope changes with new peeps with a good decent mindset 💗 I'll share some soon enough.... 🍵
Stephie Mills yayy, can't wait to watch!
Thanks for this really informative look into manager. I recently got passed on manager since I came to the firm from industry and worked at a different firm before that. I was pretty discouraging because I felt like I did work really hard and have lots of the skills needed. They just felt like I needed more time at my
new firm and could get promoted soon. I just have to keep my head up and keeping aiming for the goal.
I understand the frustration! Hopefully it really is just a bit more time and you'll be promoted soon! 💗
Thank you for sharing!
Hi Stephie! Thank you for all the great info. I have been watching you since high school when I decided I wanted to go into accounting and just recently graduated with my Bachelor’s in Accounting. I’m from Dallas as well and am having a little trouble deciding where to start career wise. I have been a team lead at a corporate call center for three years now which is unrelated, but has allowed me flexibility with my studies. I do plan on continuing to graduate school, but am at a pause until I am able to find a permanent position or come to a decision if staying at my current job would be the best option. Any advice is appreciated 🙂
I don't know if I'll ever want to be manager in public. Thanks for the video.
I’m a tax associate but your videos can relate to my side of accounting.
I spoke to many managers that leave public firms to become partners in other firms and it certainly is 🍵🍵🍵. It’s honestly sad that us staff lose the best managers. 😑
My current salary is $58K with two weeks PTO given. Overtime accrued to PTO that can be paid out. Small bonuses at end of season... I think as an associate I got $500 for working 700hrs billable for Jan-April 15.
Thank you for sharing love! Appreciate the transparency, as I'm sure the rest of the fam does as well 💗
Also a tax associate definitely feel your pain sis. This season was murder.
Seancarter003 the season was a long one lol.
@@JazzymineA long isn't even the word I thought I was gonna lose my vision. Death to 1165 forms lol
great video!!! I started my career in Internal Audit and I loved it. However, I do want to try public accounting. Please more horror stories !!!
Thanks love! Why not give it a try 😁 rooting for you!
Stephie Mills I heard a lot of stories about working at public accounting, some of the bad stories really scare me of giving it a try🙈
Hey my name is Brandon and I love your accounting videos. I just had a question about why you decided to get your MBA instead of your master's in accountancy. Currently, I'm going to be a sophomore in college and I definitely wanna do something business-related and I'm thinking about duel-majoring in Business Analytics and accounting as well as maybe looking into a graduate degree that would then lead to my CPA. Also, do you think Business analytics and accounting work well together? I heard accounting has to do with trends and stuff like business analytics so.
Bammm done supporting..
Hi Stephie i am preparing for the CPA exam would you tell me the reference book for advanced accounting course...
Thank you
Thank you Stephie for your videos, I really like them! I almost finished my CPA exam and I want to work for BIG 4 as an audit associate, but my English is really bad. Do you have any source of information on how should the auditors communicate with their clients or any advice where I can find this kind of information? Business emails, audit reports, phone calls (how to request information from a client).
Thank you Andre! Typically (non-pandemic times), a lot of interaction is face to face with client and via email. Nowadays, the external auditors interact with me via calls (often) and emails.
yes would like to hear more!!!! of your horror stories
I want to hear the tea!
Hey there! So I am in the process of getting my associates degree for accounting. I have one more class and I’ll be done. My question for you is: will jobs train you in what to do in the accounting field or do they already expect you to know everything? Ever since I started going to college for the degree, I’ve worked at a job that literally used nothing of what I learned in school so now I’m forgetting everything. Should I do my own studying on my own time or just risk it and try to get an actual accounting job? Thanks!
They'll train you on the mechanics of the job, like how to enter things into the specific accounting software, the layout of the various schedules you'll be preparing, etc. But you should have a basic understanding of accounting concepts like debits vs credits, types of accounts, financial statements, how certain business transactions should be properly accounted for, etc. While they will likely help you with more complex topics, the expectation will likely be that you can apply what you learn in college in theory to the company's transactions. Where I see people stumble is not thinking critically if a transaction is really being treated correctly or not. Or not questioning something because "that's how it's always been". Hope that provides some insight.
If you want a staff accountant position and upwards, I'd recommend pursuing your degree. If you want something more data entry like accounts payable (what a company owes to a vendor) or accounts receivable (what a customer owes the company) - I think you could get a job without a degree. Wishing you all the best.
Stephie Mills I see. Thank you!!
Is an external audit the same as a statutory audit?
Do the managers usually view a staff or senior in a negative light if they go over the budget to get work done or do they usually just understand and brush it off? And did you ever just work and not record your time because you were afraid it would reflect negatively on you if you had to spend longer on a task?
I’m not a manager but as a staff I think it’s very important for us to keep track of our time. In end it’s a business. If we go over budget this may cause to come at a loss at billing. Also if you’re a senior staff that went over budget on a project a first year staff can do that can be very concerning.
Personally I never eat time. I always own up to when I go over budget especially if the project is over my experience. It’s best to keep constant communication with Managers if you’re going over budget and need more time and to express the reasons as to why (complicated situation compared to prior year, in experience, etc).
I definitely agree with her approach! It will really depend on the manager but I personally am understanding when my team keeps me informed before we go over. If it is looking like it'll take more time than budgeted, if you can reach out to them, maybe they can help you go through what's outstanding, help with a more efficient approach or maybe it really is taking longer for whatever reason. Better to know in advance than get behind and be blindsided.
Also never eat hours. I know it can be stressful thinking it looks bad but again, maybe the person in prior years had more experience, was recurring, etc. And sometimes it just takes 1 person longer than another. At the end of the audit, they more want the audit to get done well and on time vs keeping under budget. Hope that helps!
Stephie Mills this is great advice ! I’m a new staff auditor(1.5 weeks in, no prior audit experience) and I am already getting assignments. I was a bit hesitant about recording how long it’s taking me to complete the assignments. I know I’m working are a slower pace and I spend time reviewing my work.
As a Manager in Public Accounting, IMO, the answer to your question depends. If you are a new staff, so 1.5 years or less, I expect you to make mistakes, learn, and with that there is overages. I budget and plan for that. If you were a Senior 1 or an In-Charge, I would expect overages to be minimized to issues with deliverables, additional work that can be captured in billable time sheets and quantified to the client, etc.
Now, I have a very different approach to managing than others. I see too many young professionals afraid to make errors. Making errors, means you are executing the mission, and going slightly beyond comfort level. That's OK. I need you to learn and grow, and experience situations that will prep3you to be a Senior while still a staff, or a Manager while you are a Senior. I am an 'in the fight' Manager, so if we need to do substantive testing, or pull populations and sample select, I'll always be there to guide, mentor, and if needed, I'll do the work and show my team how it needs to happen. Again, I have a different mindset than most Managers, but I try to be the Manager I never had.
Did you join internal audit at a past client of the public firm? Is this private company related to niches (if any) you picked up during your audit engagements in public?
No this was not a previous client. There is a cooling off period if you were to want to go to a prior client. As I was leaving, my client offered to have me work with them instead 😁 so it happens often!
And no funny enough the niche I'm in I did not have previous experience. It's not too bad of a transition especially in internal audit because control testing is pretty much the same in theory. There are some technical areas I have to brush up on here and there. It may be a harder transition if I had gone into financial reporting or technical accounting but I've had many colleagues do that and be successful.
What did you minor in for accounting?
Do you think it’s possible to move from internal control to internal audit? Thanks Stephie!
Yes I do! You'll apply similar testing principles in internal audit, just with an additional focus on operational. Understanding the eventual effects on the financials is helpful too so I think it's a good move!
Hi Stephanie, how has the pandemic affected the accounting industry in Texas? Does your firm still hire in these times?
I don't work in public accounting anymore but I did hear that my old firm had layoffs and salary reductions to weather out the pandemic.
There are accounting jobs still being recruited for in the DFW area. I still get emails from recruiters frequently looking for accounting professionals from staff accountants, tax accountants and up. It's not as saturated as before but the fact there are still recruiters looking for professionals makes me feel hopeful 🙌
Id also like to hear the horror stories in public accounting. thank you
For someone who is working in private accounting now and wants to go into corporate finance (FP&A, budgeting, forecasting), do you think public accounting experience and or a CPA would be valuable?
My opinion is for external audit, no - you wouldn't get too much exposure into those topics other than the one off section or control. If you did go the public accounting route, I'd suggest consulting in the M&A sector where you'd likely do forecasting and valuation. Many of my FP&A colleagues don't have a CPA, they are more finance degrees, masters and finance related licenses.
Stephie Mills Thanks for the insight!
I’m a tax supervisor which is what my firm gives to pre-manager level. Tax certainly has more juggling clients which adds to the complexity.
Thank you for sharing.
Oh yeah, budget time topic is not a fun topic. We need to stay in budget but still need to get the job done. If you are new, you should take your time as much as you need to understand the tasks. You just need to communicate with the in-charge person that you need more time to work on it. It’s very important to take time to understand the tasks at the beginning. Later, you are able to get the tasks done more effective and efficient to meet the budget time.
Absolutely - very well said, thank you 💗
Hi Stephie, I am absolutely obsessed with your channel! You're like my UA-cam mentor! So thank you for all the great content. I'm currently a stay-at-home mom, but I obtained my bachelors in accounting 4 years ago before giving birth to my first child. Your content is exactly what I needed to find the inspiration to seek a career in accounting. During my time at home, I have been assisting my husband, who's a contractor, by providing all services of an Administrative Assistant. I have a daily schedule and full work load. Is this something I can include in my resume? If so, do you think this will benefit me in anyway now that I am currently seeking employment in a public accounting firm? Sorry for the long question. Thank you so much!
I like how you are still determined to be an accountant even after 4 years of not doing it
Yes. I’ve went into public accounting with administrative assistance experience.
I’ve met coworkers that changed careers at 40yrs old coming from a scientific research background.
Add it on! Also network now.
Thank you so much for your kind words and I would definitely add that onto your resume. It will speak to your ability to multitask. Wishing you all the best in getting back to your accounting journey 💗
Jazzymine thank you for your feedback!
Hi, Stephie! I am from the Philippines. Here, there is a great disparity in salaries between public accounting and industry. Does that exist in US too?
Kumusta!! I have seen that salaries start higher in industry vs public accounting in the US too. One downside though is public accounting normally gets a raise yearly, even a small raise is nice for inflation. In industry, yearly raises aren't guaranteed, at least in the US.
Yay! I feel great, thanks. Hope you too are okay.
Any chance you can make videos on how to perform well at the firm- whether at the associate, supervisory or managerial level? What are the tools that we need to master, the attitude or behavior towards work and clients and etc. Here, the CPA license is a pre-requisite to public practice. Our CPA exam was cancelled, so I thought it would be better to improve my skillset before I jumpstart my career in public accounting.
First comment I think I deserve a like btw I like your videos they are so useful.
On a side note if I study accounting in the UK can I be an accountant in America
They have different accounting frameworks.
Does that mean I cant get a job in a America or do I have to go college again
Thank you for tuning in so quickly 😁 it will really depend on the company you go to work for in the US. You may need to take additional classes to be more GAAP focused vs IFRS. However you may find a job with a US based company that utilizes IFRS.
Also depending on the certification you get, if you are a CA, you unfortunately have to take an equivalency exam if you wanted to be a CPA. If you were to work for a public accounting firm and wanted to move up to manager, you'd have to get your CPA. I know of many instances where a professional licensed elsewhere like the Philippines or South Africa who had to pass the equivalency for CPA to get promoted from senior to manager. Just food for thought and best of luck to you.
@@WithStephie Thank you
hey stephie hope you guys are safe...... Do we have any relaxation in CPA for an Indian CA.
Thank you, I hope the same with you! Last I checked , unfortunately I do not believe the US and India have a reciprocity agreement, meaning only an equivalency exam would be required to get the CPA after being a CA. In this case, I do believe you'd still have to take the CPA exam in the state you pick.
However this is based on my research and I haven't actually known someone closely who has been through the process from CA to CPA. Maybe it's easier than this.
Rest of subbie fam, please feel free to weigh in!
I have transitioned from being an Indian CA to CPA in the USA. I did my credit evaluation from Texas state. TSBPA has evaluated that my 150 credit hrs are short by 9 credit hrs. So I just took 3 subjects each 3 credit hrs in Austin Community College and after that I got eligibility to sit for the exam. I cleared all 4 exams within few months and moved to California. I am now California CPA license holder and working in a local CPA firm as a Tax senior. Love the work as a tax senior so far!
Your videos are really helpful. Thanks for that.
How hard is it to transfer from mid tier to big 4?
It’s easier to just stay in a mid tier if you are already there. If you really want big 4 get it straight away or show some progression ina mid tier first...
I've worked with several colleagues who moved from mid-tier to Big 4, they were all at the staff to senior level. It will likely be harder as you move up to manager and above, since most of the demand for resources are where there's more turnover (usually seniors). But it's not impossible 😉
Just a friendly sisterly warning, there can be an elitist mindset at the Big4 (not the majority) when someone comes from a mid-tier firm in terms of skillset and knowledge. But I'm sure you'll blow them away, just don't let it get to you if you do experience it.
$80K is low for a manager but I’m in South Florida so that might be why I think that haha
I'm in Atlanta and was shocked. Made that as an S2. I think people start in their M1 year around 100k.
Rebecca Taylor S2 is probably similar to my level since my firm has something in between senior associate and manager. We manage accounts mostly and deal with Billings/collections and client relations.
Atlanta is also a HCOL compared to Texas I would think lol.
Not disclosing my pay here obviously.
Mark Cohen Idk where she is in Texas, but it’s probably only a 10% difference in COL. might be that she was in audit and this was several years ago, those could definitely account for the differences.
I'm in the Dallas Fort Worth area 😁
If y'all wouldn't mind sharing what service line and type of firm (Big 4, mid-tier), for others to see comparisons. I think this thread would help give people an idea on salary ranges. Thank y'all in advance if you do want to share 💗
Stephie Mills well I’m a 5/6 year at a regional firm as a tax supervisor. We have 3 offices. Not comfortable sharing salary but I started at $53K and upon promotion got jumps in $10K. South Florida
Love your videos- I have been following for a while now. I have specific career questions and was wondering if it will be ok to send you an email?