I was lucky when I entered the profession, it was the last year whereas a 4-year accounting degree meant that you could sit for the CPA exam. The supply for accountants was drastically decreasing and within a few years of me graduating in 1999, Sarbanes-Oxley was beginning to increase the compliance procedures.
I was in public accounting for 6-years, likely about 6 months too long. I was very lucky in that I had a mentor that had a large vested interest in making me successful from the vantage point, he needed me to do the work and at the time not many people understood construction accounting at the Firm. It worked fine and we both benefited.
Public accounting rewards hard work and my work effort is great. The problem with working hard in this environment means that you get more complex engagements and more challenges. Again, great for learning and my mentor had a vested interest in my learning.
The piece that I struggled with the most and ultimately was the reason that I left was two-fold. I never thought of myself as an accountant or able to relate to other accountants and I didn’t think the customer was getting the value they were paying for.
I primarily worked on private middle market companies, when Sarbanes-Oxley was materializing the effort of an audit increased dramatically along with the fees charged to the clients. In some cases, we were charging 1.5-1.75 times the original fees pre-legislation with little or no value passed onto the clients. Ultimately, I was not interested and quit my public accounting career without a job.
Side note, I gave the firm a 30-day notice and they did not want me to leave. In response, the Firm offered me an increased salary and bonus equal to 25% of my salary if I worked 5 more months. Also received a career coach. It made sense to me and the money was too good to pass up giving me an opportunity for future successes.