The Big 4: Should I stay or should I go?
After spending several years with one of the Big 4 accounting firms, many professionals find themselves at a crossroads. Should they stay on the path towards a big promotion, or should they transition into an internal finance role within a different organization?
If you're contemplating a move away from audit but feel hesitant to take the plunge, here are some compelling reasons why an industry role might better align with your career aspirations:
1. Bigger impact on the business
In an internal finance role, you can have a greater impact on a company’s direction and success. While audit is valuable and client-facing, its impact can feel limited due to its process-driven nature. Transitioning to roles like financial control or analysis enables strategic contributions, allowing you to implement ideas and see their direct impact on the organization’s success, offering a sense of fulfillment that audit work may lack.
2. Broader and more stimulating work
If you're seeking variety and depth, an internal finance role might be ideal. While audit builds a solid understanding of a company’s financial performance, internal finance offers a broader perspective on operations, products, and customer interactions. You'll engage with the company’s overall strategy and contribute to meaningful projects. Your Big 4 experience will be highly valued, especially in fast-growing or innovative industries like pharmaceuticals, technology, or global manufacturing.
3. Better work-life balance
Audit professionals often face late nights, busy seasons, and changing client environments, which can impact personal life. Transitioning to an internal finance role generally offers a more balanced lifestyle with more regular hours. While overtime may still occur, you'll have more opportunities for hobbies, family, and personal well-being, contributing to a more sustainable career.
When is the right time to leave – and how?
Deciding the right time to leave depends on your personal goals and circumstances. Whether you joined a Big 4 firm to jumpstart your career or with the intention of making partner, a good rule of thumb is to consider making a move between three to six years of experience. This balance helps you gain key experiences without delaying the transition, which can become more challenging later on.
Exiting as a Senior Auditor
Leaving as a senior auditor, around the three-year mark, enhances your job market position. You'll have gained leadership experience, handled complex tasks, and developed problem-solving and communication skills. This makes you a strong candidate for internal finance roles. Employers typically understand the learning curve of transitioning from audit to industry, and exiting as a senior provides time to develop new skills.
Exiting as a Manager
If you’re a manager with around five years at Big 4, you have valuable experience, but moving to industry may require adapting to different management styles and gaining sector-specific knowledge. It's often wise to make the transition sooner to avoid being pigeonholed and to allow time to adjust and grow in your new role.
Debunking myths about leaving the big 4
Leaving a Big 4 firm comes with a set of myths that can hold professionals back. Here’s what you need to know:
- You can’t go back: Many fear that leaving a Big 4 means closing the door forever. In reality, firms often welcome back former employees, especially those who return with valuable industry experience.
- Audit experience equates to financial reporting skills: Although auditors excel at analyzing figures, preparing and forecasting requires different skills. Transitioning to industry involves a learning curve, and it’s okay to take time to adjust.
- You must reach manager level before leaving: your career won't stall if you leave before becoming a manager. In fact, leaving as a senior auditor might offer more flexibility and opportunities to grow into industry-specific roles.
- Industry jobs always pay more: While a salary increase is common when switching jobs, industry roles don’t always guarantee higher pay. Compensation varies based on factors like experience, sector, and market conditions.
Exploring career options: Financial Control vs. FP&A
If you're ready to make the move, common career paths include:
- Financial Control: Oversee financial health, ensure compliance, and provide reporting. This role is crucial for decision-making and can lead to higher positions like finance director.
- FP&A: Focus on budgeting, forecasting, and strategic insights. Work closely with senior management to guide decisions, with potential to advance to roles such as business unit controller or CFO.
Final Tips for Making the Move
- Analyze skills: Reflect on what skills you enjoy using and seek roles that align with your strengths.
- Seek guidance: Leverage your network and consult with recruitment experts to explore your options.
- Look beyond job requirements: Don’t be discouraged by long lists of qualifications. Many employers value potential and fit over perfect resumes.
- Stay open-minded: Be open to various roles and industries to find the best fit for your career goals.
Leaving a Big 4 firm can be a daunting decision, but with the right planning and mindset, it can be the stepping stone to a fulfilling and impactful career in industry.
Take a look at our latest roles today to take that next step in your career, or contact the Robert Walters Canada team to discuss your career plans with a team member today.
