If you’re working in public accounting and considering a move to corporate finance, understanding the differences between the two fields is essential. In this post, we’ll break down work-life balance, career growth, and the key skills you need to succeed in corporate finance, along with insights from professionals who’ve made the switch.
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This guide will help you determine if corporate finance aligns with your long-term career goals, lifestyle preferences, and professional ambitions.
Understanding Public Accounting vs. Corporate Finance
What is Public Accounting?
Public accounting focuses on serving external clients, including audit, tax, and consulting work. You’ll manage multiple client accounts, and the work is heavily client-facing. While this environment offers exposure to various industries and technical expertise, it often requires juggling numerous projects, which can be mentally demanding.
What is Corporate Finance?
In corporate finance, your work is internal, focusing on one company. Typical responsibilities include budgeting, forecasting, financial analysis, and supporting strategic decisions. Although these tasks aren’t strictly accounting functions, accountants often excel in these roles due to their financial expertise and CPA credentials.
As one Reddit user noted:
“The biggest advantage you have is your financial statement knowledge. If you can show in-depth knowledge of that and have your CPA, you can definitely transition to corporate finance.”
Work-Life Balance: Public Accounting vs. Corporate Finance
Public Accounting
Public accounting is notorious for long hours, particularly during busy seasons. Late nights, weekends, and managing multiple clients can lead to burnout. The workload is intense, and the stakes are high when working with different technicalities and deadlines.
Corporate Finance
Corporate finance typically offers more predictable hours. While there are crunch times—such as quarter-end or budget season—the overall schedule is generally more stable. Working for a single company rather than multiple clients adds consistency, making it a more appealing choice for many.
However, as you progress into higher-level roles like Director or CFO, responsibilities may increase, potentially leading to longer hours. That said, the busy periods in corporate finance are typically less demanding than those in public accounting.
Career Growth in Public Accounting and Corporate Finance
Career Growth in Public Accounting
Public accounting offers a clear career path: Staff → Senior → Manager → Partner. While competitive, this progression often leads to faster pay increases compared to corporate finance.
Career Growth in Corporate Finance
In corporate finance, the growth path might be slower, starting as an Analyst and moving up to Finance Manager, Director, Controller, or CFO. However, CPAs with significant public accounting experience can sometimes transition directly into higher-level roles, such as Controller or CFO.
One Reddit user highlighted this by saying:
“FP&A roles had better work-life balance and compensation than accounting. I ended up with an FP&A role and a $20k higher salary.”
Skills for Success: Public Accounting vs. Corporate Finance
Skills Gained in Public Accounting
- Technical Depth: Expertise in audit, compliance, and financial reporting.
- Time Management: Working under pressure and meeting tight deadlines.
- Transferable Knowledge: Insights into various industries and regulatory requirements.
Skills Needed for Corporate Finance
- Broad Skill Set: Financial modeling, budgeting, and forecasting.
- Technical Proficiency: Tools like SQL and Python for analyzing large datasets.
- Analytical Thinking: Building financial models and strategic analysis.
As one Reddit user pointed out:
“A lot of the skills gained in some accounting roles are not enough. You need to complement your skills with financial modeling and maybe even SQL.”
Steps to Transition from Public Accounting to Corporate Finance
- Build Financial Modeling and Forecasting Skills
These are crucial for corporate finance roles. Proficiency in Excel, SQL, and Python is a significant advantage when working with complex datasets. - Take Relevant Courses
Consider courses that teach financial modeling, budgeting, and analytics. At Wisdify, we offer CPE courses tailored for CPAs transitioning to corporate finance. Checkout the Corporate Finance FP&A) Kickstart Bundle. - Network Strategically
Attend industry events, seminars, or webinars to connect with professionals in corporate finance. Networking can provide valuable insights and even lead to job opportunities. - Leverage Your CPA
Your CPA credential is highly respected and demonstrates a solid understanding of accounting principles, which is critical in any financial role.
Is Corporate Finance Better Than Public Accounting?
The answer depends on your goals. If you’re seeking better work-life balance and stable hours, corporate finance is a strong choice. On the other hand, public accounting offers faster career progression and higher initial pay, but at the cost of more demanding work.
If you’ve made the switch from public accounting to corporate finance, share your story in the comments below!
Ready to Make the Move?
At WizDefy, we provide CPE courses to help you develop the skills you need to thrive in corporate finance, from budgeting and financial modeling to learning SQL and Python. Plus, you’ll earn NASBA CPE credits along the way!
