Thread: What Is Life Like For People Who Don't Get Into The Big 4?

Hi,

I was wondering how successful people end up being if they do not make it to a Big 4 company. I haven't been doing as well in school as I hoped (I'm going to end up with a 3.0 for my first year), and I doubt I'll be able to get a job at the Big 4 because of my GPA. I know that eventually, I would want to go private, and then try to become a financial controller, or generally move into upper level management functions (ultimately, I'd want to be a CFO, but that's obviously a pipedream at this point). The thing is, people say you have to start as a public accountant (aka at the Big 4), and then hope you get headhunted for the big positions, which usually only happens to people who worked at the Big 4.

So, can anyone tell me how good of a career one can hope for if one doesn't work at the Big 4? I'm not looking to be overly ambitious like most i-banking wannabes, but I am ambitious enough to want to earn a really good salary (IMO, 150-200k is perfect), so is this even possible unless you work at the Big 4?

A Big 4 background is not requirement for a good salary. Good salaries are obtained from a base of obtaining knowledge and applying it. By application I mean reaching decision making responsibility and managing others. Every function has an effect on profitability and must be carried out with the goal of making the company more efficient and profitable. Throw this together with a large and profitable company in a high cost city and you have significant earnings. The type of industry also has an effect. High profit industries pay more than others. Another consideration is the hours, i.e. the straight out of school non MBA iinvestment banker in NY earns around 120K+ (about $30 per hour). Some CPA firms are more notorious than others for being slave masters and poor compensation policies.

Good salaries can be had from many small companies as well but they need to be consistently profitable and with an owner who is willing to recognize your contribution and share the profits.

Hope this helps some as your question is quite complex and has a multitude of different answers. Back to the Big 4, yes it can help you get there but is not an absolute requirement.

It usually takes a lot of years experience before you start making big money like you are wanting. Take your time, learn the material, start off at a career and do your best, keep moving forward, get your CPA exams out of the way, and you may eventually make it there. No one is a CFO overnight, many times unless headhunted for the position have been at that company for 20+ years and know it inside and out.

I agree. Big 4 experience is probably only about 10-20% of your career makeup. If you don't have the grades to get into a Big 4 firm, just accentuate other areas of your experience. There are other ways to the top...just ask the Bill Gates of the world.

Daryl James
LW Consulting