Burnout is real. And in the wake of the pandemic, in one way or another, most of us have felt it. Even before the pandemic, I saw young accountants make a common mistake: assuming they are burned out with public accounting as a profession, when the truth is their current firm just isn’t the right fit.
Public accounting is a truly special field with so much to offer, but the culture can be very different from firm to firm. If you’re thinking of leaving public accounting for a job in the private sector, it’s important not to lump all public accounting firms together and to be realistic about the pros and cons of working in both public and private.
Lateral logic
Many accountants set a goal of landing a job at one of the Big Four accounting firms: Deloitte, PwC, KPMG or Ernst & Young. These firms carry obvious name recognition and prestige.
But the Big Four environment is not the right fit for everyone. While some thrive in this environment, others are eventually worn down by the pace and long hours. They can feel undervalued or invisible, and they get burned out.
What is important to remember is that all public accounting firms are not the same. There are many great regional and local CPA firms that can provide excellent career opportunities in an environment that is more conducive to long-term happiness and success. In many cases, a lateral move to a smaller public accounting firm (which could still be quite large) can be the answer.
Don’t assume going private is the answer
While moving to the private sector is the right decision for some accountants, it is certainly not the only option for those experiencing burnout at their current public accounting firm. In many cases, a change of scenery from one public accounting firm to another is the right answer, yet many accountants make the incorrect assumption that all public accounting firms are the same and changing CPA firms will simply delay the inevitable — burnout.Â
While you can have a successful career in the private sector, there are some downsides to the private side that may not be immediately apparent. You can easily get stuck doing the same day-to-day work, month after month, year after year. And upward mobility in the private sector can be limited, which can hinder growth and development and reduce your ability to pivot to new roles elsewhere.
Many believe the varied nature of public accounting offers more opportunities to be challenged and grow in your career. You gain exposure to different types of companies and industries. You’re also likely to work with different groups of people at different times of the year, so you end up making broader connections. And public accounting firms often have exceptional training programs that can be advantageous for accountants, especially those in the earlier stages of their careers. If you enjoy the work and opportunities public accounting has to offer, why leave that behind and move to the private sector?Â
Finding a fit
At the end of the day, the key to a long happy career in accounting (or in any occupation) is finding a firm or company whose key values and culture align with yours. That process takes time and effort. Make sure you do the research.
Understanding the type of environment you work best in is critical, especially in the post-pandemic world. For instance, are employees expected to go into the office or work from home? If you’re craving the opportunity to learn from more experienced people around you, it’s probably easier to do that in an office environment, rather than a firm that’s fully remote.
Accounting is a challenging field at any firm, but here are a few signs that perhaps moving to a different firm would lead to more satisfaction and greater opportunities:
- The long hours no longer feel worth it.
- You feel alienated in the office — your own bosses don’t recognize you and might not even know your name or how many hours you put in.
- Working with high-pressure clients — and the impossible deadlines that go along with that — starts to seem exhausting rather than exciting.
Don’t mistake these for signs that you’re simply burned out on public accounting. With the right fit, you can excel in this field with its unique advantages, and still achieve a work-life balance that’s sustainable.
