Since I wrote this article on how public accountants can earn 75% of their annual salary in just 3 months. I’ve received a TON of emails like this one where people want to get a part time accounting job to focus on entrepreneurship:
Hello Andrew!
I’ve been enjoying poking around your blog for the past week or so, there’s some very pertinent information on there! Also, your story is fascinating and lends weight to the argument that it’s not your GPA or the letters behind your name but your level of social and leadership skills that defines your potential.
I’m a recent graduate, will be starting at a Big Four firm next week, and am working furiously on my CPA. Assuming I pass, that means I’ll have completed everything, start to finish, in four months.
But that’s not why I’m writing.
I’m writing because you wrote about making 75% of annual income in 3 months as an independent contractor. I must know more!
- Approximately how many contractors are employed by the Big Four? Smaller firms?
- How many years and of what type of experience are needed to get into this? Jack of all trades or specialist? Senior Accountant or Manager level?
- How does this affect my career/income progression? Keep in mind that my long-term goal is not partner or public accounting, but entrepreneur.
Thanks for your time and everything you’ve poured into your blog!
Daniel
Greats questions Dan and this post will hook you up with all the answers!
1. Approximately how many contractors are employed by the Big Four? Smaller firms?
Honestly, not many.
It’s not because firms wouldn’t hire more, it’s that they don’t try.
Most contractors come up because of a one-off event.
Someone who worked at the firm had a baby and only wants to work busy season.
Or someone is starting a business and only wants to work a few months out of the year.
Most firms don’t have a formalized program for hiring contractors. That works to your advantage.
In the formalized programs, they know what they are willing to pay and have set rates. Other firms that don’t have formal programs – everything is up for negotiation.
I’d target firms that have 0 or 1 contractor at their office rather than 15+.
2.How many years and of what type of experience are needed to get into this? Jack of all trades or specialist? Senior Accountant or Manager level?
The possibility really starts to make sense at the Senior Associate & Manager level.
The more experience the better.
I think it’s better if you have worked in a variety of industries rather than just one.
And it’s good if you’ve worked on different sized clients, large and small.
The difference between the Big 4 and other top 25 firms is HUGE.
If you worked on a mega-corporation like Blackrock auditing hedge fund for 3-4 years, you will have no clue what to do on a small manufacturing client with $80M in revenues.
Variety helps a lot!
3. How does this affect my career/income progression? Keep in mind that my long-term goal is not Partner or public accounting, but entrepreneur.
I can’t answer that for certain.
It’s up to you.
How hard are you willing to work?
Will you give up in the face of adversity as an entrepreneur, and go back and find a day job?
Or will you stick it out for years and have a successful business?
Or a mega hit business and become super rich.
I don’t know. The truth is, you’ll have to find out.
P.S. – you should also try and be debt free first. See how I paid off $55,000 of student loans in 14 months.
But, if you were a senior in Big 4 and want to go back and find a job in 4-5 years after working as a contractor: you can.
Yes, you will be set-back in the corporate ladder.
That’s the risk you take.
Potentially lower income now (although that didn’t happen for me, my income went up 20-30% both years after I quit my job as a PwC Senior – read more of my story on Huffington Post) and more work for the potential to build something greater.
My advice? If you’ve got the itch for it, you owe it to yourself to make it happen!
