Going straight to private accounting?

ugen64
Thu, 19 Dec 2013 23:08:10 +0000

It depends on the state. In Virginia:

“Prior to applying for a license, an individual must have been employed in academia, a firm, government, or industry in any capacity involving the substantial use of accounting, financial, tax, or other skills that are relevant, as determined by the VBOA, to providing services to the public using the CPA title or to an employer using the CPA title for a period that is the full-time equivalent of one year.”

Clearly government and academia are distinct from public, and I have a feeling they specifically distinguish “firm” and “industry” to highlight that you can get the CPA in private as well.

The prevailing notion is that if you start in private and work for 5 years (for example), vs. starting in public, working for 5 years, and moving to private, you will be better off in 5 years if you take the latter path. The rule of thumb is that if you transfer as a manager (generally 5 years) from a national public accounting firm (with the obvious caveat that you still have to put the effort in networking-wise, interview decently well, etc.), trying to be an Assistant Controller at a mid-sized firm, or on the Controller track at a large firm, is reasonable.

I think after 5 years only in private you wouldn’t be at that level (especially because in private, you are relying on your superiors to leave to get a position like that, whereas public accounting has so much turnover and such a set promotion schedule that you are basically guaranteed that Manager title after 5 years if you are a good worker).