Professional Opportunities
Orientation Program
Indiana University
Careers in Public Accounting
• Firm choice
• Career path
• Changing environment
Firm choice
• Big "4" Firms (KPMG, PWC, E&Y, D&T)
• Middle tier firms (GT, BDO, Crowe, McGladrey,
American Express)
• Local accounting firms
Big "4" Firms
•Large, national and multi-national firms
•Primary focus is full service to the Fortune 1000, but
will also have a "middle market" or entrepreneurial
division
•Several opportunities for career paths outside the
general audit and tax path
•Tax is divided between compliance and consulting
•Opportunity to work overseas
Middle tier firms
• Vary in size
• Some are national and multi-national, some are
regional in nature
• Primary focus is full-service to middle market
companies both public and private
• Tax professionals will do both compliance and
consulting
• Opportunities exist to work outside the typical audit
and tax areas, but not to the extent as at the Big 4
• Opportunity to work overseas in some cases
Local accounting firms
• Small one/two office firms
• Primary focus is serving the accounting and tax
needs of the local small business
• Careers in the smaller firms will entail working in
both tax and audit/financial accounting
The Career Path in Public Accounting
Assurance and Tax Professionals
• Associate
• Senior Associate
• Manager
• Senior Manager
• Partner
Associate
• One to two years.
• Responsible for tax return preparation and/or low
risk areas of the audit assignment.
• Assignments can include anything, including
making copies
• In the second year, responsibilities will increase
and in some cases will be responsible for an
engagment
Senior Associate
• After two years
• Senior Associate, Senior, In-charge
• Responsible for planning, executing and wrapping
up engagements
• Main client contact and the driver of the audit/tax
return process
• Completion of job including financial statements
• Supervise, train, and review the work of associates
Senior Associate (continued)
• Research and summarize technically complex
issues
• Assist manager with day to day client relations
• Knows the most about the job/project
Manager
• Usually after 5 years
• Three basic roles:
– Core Business Role
• Manage multiple engagements
• Detail review of work papers
• Day to day client relations
• Train and supervise senior and staff
• Research and conclude on technical issues
and questions from clients
Manager (continued)
– Human Resources Role
• Recruiting
• Advise, Mentor, Coach staff
• Teach staff through continuing professional
education classes
Manager (continued)
– Sales and Marketing Role
• Network with referral sources: attorney’s,
bankers
• Participate in proposal writing and presenting
• Generate leads for new business
• Belong to professional organizations: AICPA,
State Society’s
Senior Manager
• 8 to 10 years
• Same responsibilities as manager except time split
is different
• More time is spent in Sales and Marketing role
than any other
• Senior Managers may have more administrative
duties associated with how the department works
as a team
Partner
•
•
•
•
12 to 15 years
Final review of audit or tax return
Sign-off of audit report or tax return
Maintain high-level of client relations: attend Board
Meetings, Audit Committee meetings
• Help client with highly complex issues: strategic
planning, mergers, acquisitions
Partner (continued)
•
•
•
•
Generate client leads
Prepare proposals and lead proposal meetings
Speak at professional organizational meetings
Teach continuing professional education seminars
Changing environment
• Public perception
• Sarbanes-Oxley Act
– what services can a public accounting firm
perform
– how are public accounting firms going to be
regulated
– internal control focus
• Changes at the SEC, NYSE and other exchanges