Public Accounting to Private Industry

Making the jump from public accounting into the private sector will build out your resume and makes you more marketable. If your long-term goal is to land a senior-level finance or accounting position, having a background in both public accounting and private industry can be a huge difference.

We continually hear our clients requesting candidates having had a background in both public accounting and private industry. Especially for roles such as VP/Controller and above in large public firms. If you have only public or private experience we can still find you great position, but the combination of both makes you a very hot prospect indeed.  Some of the reasons why having both public accounting and private industry are as follows -

Systems Skills: If you work for a Big 4 organization no doubt you’ve only skimmed the surface of client IT systems. Individuals with private company experience tend to have a much deeper working knowledge of ERP systems and Excel. As a private accounting manager, you might need to get hands-on at the operational level developing a pivot table or reviewing a complicated MRP run from an ERP system. Scenarios you don't often find in Public accounting.

Broader Industry Knowledge: Public accountants are typically exposed to a variety of industries as they handle a portfolio of clients. Because of the nature of their interactions, they only get to a certain level of exposure to the business. If you have experience as a Finance Controller in a private Marketing and Advertising company, for example, you’ll likely have a deep knowledge of the issues surrounding this specific industry.

Deeper Operational Experience: In public accounting, you focus on auditing and reviewing past results – analyzing accounting systems and testing to ensure they are effective and compliant. Accounting professionals in private industry, on the other hand, focus on financial strategies that support the business. Budgeting, tax planning, forecasting and benefits management are all key functions for private sector professionals. Public accountants are often not involved in these operational details which are crucial tasks in private industry.

Time the transition: We recommend moving into private industry with three to six years of public accounting experience. The private industry is a very different animal and requires a different approach and working behaviors. It's important you are able to acclimate to your new surroundings quickly. When a company brings on a new senior level finance/accountant professional they want an individual that has already made the transition. The perfect time being between three and six years, moving into a role such as internal audit, financial reporting (SEC), finance analyst, finance manager or controller/VP 

Public accounting is an excellent training ground. Individuals who started careers in public accounting now hold many of the top jobs in the private industry. Just don't leave it too late. Leaving it later than six years means you'll be competing with people who have already got years of experience and know-how of operating in the private industry world. It's a very competitive marketplace that continues to offer the best people with a broad and relevant background the job first.

Author: Ben Westwood | Contact: Linked In