When To Leave Public Accounting and What To Look For

You’ve been grinding away in public accounting for a while, honing your skills and building your reputation. But lately, you’ve felt a nagging sense that it might be time for a change. Maybe you’re craving more work-life balance, or perhaps you’re eager to tackle new challenges. But how do you know when it’s really time to leave public accounting? And what should you do next?

In this blog, we’ll explore:

6 common reasons why people leave public accounting
What to look for in an industry accounting or finance role
The importance of taking your blinders off when exploring opportunities
How to make a graceful exit without burning bridges

Let’s do it.

How Do I Know When It’s Time To Leave Public Accounting?

Loss of Passion for the Work

For most people, a lousy workday now and again is inevitable. But if you find most of your work days unenjoyable or have spent months questioning whether this is the right fit, it may be a sign to start exploring your options elsewhere.

Missed Out on a Desired Promotion

Getting passed over for a promotion can be a big disappointment. But as frustrating as it is, try to see this setback as a chance to rethink your career journey. Use it as motivation to look for new opportunities elsewhere that will value your skills and help you grow.

Just because you aren’t promoted in public accounting doesn’t mean that you can’t have that path in an industry role. Don’t let one closed door make you doubt yourself or stop your career progress. Instead, let it push you to find a place that will invest in your growth and recognize your worth.

No Interest in Becoming Partner

Pursuing the partner track at a public accounting firm is a huge commitment. According to the latest AICPA figures, only 2% of public accountants reach the partner level.

If you’re not interested in pursuing that status, the ideal window to transition out of public accounting is after 2-6 years. OR, if you plan to pursue something other than your CPA certification, leaving for an industry role closer to the 2-year mark may make more sense for your career. You’ll still gain substantive experience without overextending beyond what’s worthwhile.

Why Do People Leave Public Accounting?

Career Goals No Longer Align

After one busy season, some public accountants realize they desire broader responsibilities beyond auditing. These include hands-on accounting, reporting, and even financial forecasting.

Intense Burnout

The intense demands of busy season are an expected and unavoidable part of public accounting. But there’s a difference between being busy sometimes and being overloaded all the time. Constant burnout and an inability to maintain a personal life or outside interests are warning signs that something needs to change.

Many public accountants find that transitioning out of public accounting and into an industry role provides the same fulfillment and growth and allows them to enjoy a healthier work-life balance.

A Desire for More Consistency

Some people thrive on the variety and excitement of tackling new accounts every few months. Others find that experience jarring and prefer to stick with one company long-term.

In an industry role, accountants are more likely to experience the gratification of:

Leading major implementation projects
Optimizing and strengthening processes over time
Leaving a lasting impact on the company

What To Look For in an Industry Accounting Role

The Right Balance of Hours vs. Fulfilling Work

Public accounting is like a sprint – hustling fast nonstop. In comparison, some industry accounting jobs are like a slow walk – 40 hours/week consistently. Going from a sprint to a slow walk sounds nice when you’re burnt out, but if you don’t feel challenged, you’ll get bored and find yourself looking for a new job yet again.

This doesn’t mean you should settle for a role that leaves you overworked and stressed. Instead, focus on finding a position with periodic bursts of busyness instead of perpetual ones and opportunities to learn, grow, and challenge yourself.

Think about the hours you put into a job. Do they equate to the career growth that you want to have? As an example – let’s say a job opportunity requires 50-55 hours of work each week. But, the work you’d be doing is something you’re passionate about (like building in a new way) and is more than just auditing. You might be OK investing your time in that situation.

Smart, Growth-Minded Leaders

When interviewing for jobs, focus on getting to know the leadership team you’d be working with. The best leaders genuinely care about helping you grow and develop your career, not just achieving short-term results.

Here are a few questions to ask:

What’s your management style?
How do you support your team’s growth and development?
What kind of training or mentoring opportunities are available?
How do you provide feedback and encourage improvement?
Can you share an example of how you’ve helped an employee reach their career goals?

Look for leaders who encourage open communication and two-way feedback. These leaders will provide opportunities for you to take on new challenges and expand your skills. They will continuously push you to learn and grow in your role rather than allowing you to become stagnate. The more you can learn upfront, the better you can gauge if it’s the right fit.

Passion for the Product or Service

We spend much of our lives at work, so it’s worth finding something that inspires and motivates us beyond money and benefits!

When we are passionate about a company’s products, services, or mission, we feel a sense of purpose and want to do our best work. During interviews, pay attention to how employees and leaders talk about their jobs. Do they seem genuinely proud and enthusiastic about what they do? That authentic passion and connection to the work can make a huge difference in your overall job satisfaction and happiness in the long run.

Company Culture, Growth, Reputation

When considering a new job, look beyond the role itself and evaluate the company’s culture, growth trajectory, and industry reputation. These factors can make a big difference in how happy you are at work and how far you can go in your career. A good company can open doors to exciting opportunities, while a subpar one can hold you back.

Here are some key things to think about:

Does the company have a strong track record of investing in its people and promoting from within?
How do they prioritize work-life balance and employee well-being?
What do current and former employees say about working there?
Is the company known for being innovative and adaptable?
Do they have a good reputation in the industry and with clients/customers?

As you research potential employers, watch for red flags like high turnover, lack of diversity, or negative employee reviews. Reach out to people in your network (including your favorite recruiter!) with firsthand experience for their candid insights into the company.

How To Leave Public Accounting – Without Burning Bridges

The accounting world is smaller than you think, especially in the Twin Cities market. You never know when you might bump into a former colleague or need a reference from your prior employer! That’s why it’s always a smart move to leave on good terms.

Be Polite but Firm

Nobody likes those awkward breakup conversations, but when it’s time to move on from your public accounting job, handle your exit with professionalism and poise. Even if you’re burnt out and frustrated, resist the urge to quit on the spot or storm out.

Schedule a meeting with your manager and communicate your intentions clearly and respectfully. Give them two weeks’ notice and give yourself enough time to button up last-minute details or wrap up an audit, if possible, within a reasonable time frame.

Express Gratitude

Before you walk out the door for the last time, take a moment to reflect on all the people who’ve helped shape your career journey so far. Your managers, mentors, and peers have all played a role in your professional growth, and it’s important to let them know how much you appreciate it. Send a heartfelt email or handwritten note (bonus points for that personal touch!) expressing your gratitude for their guidance, support, and the opportunities you’ve had at the firm.

Final Thoughts

Deciding if and when to leave public accounting is never easy. What’s important, is to continuously evaluate what matters to you and your long-term career goals. Having a mentor and your favorite recruiter in your corner can help you assess when the time is right.

Remember, you are in charge of your career. Put yourself in a prime position to take advantage of the best opportunities!