CHOOSE YOUR NEXT ACCOUNTING JOB - MYCPE ONE VS THE BIG 4
Are you an accounting professional looking to establish your career? Maybe you’re a CPA, CA, Inter CA or other accounting professional wanting to make the most of your next job opportunity.
Well, if you’re an accounting professional in India, then you’ve probably asked the question,
‘Should I work at one of the Big 4 firms or try out a small to medium sized accounting offshoring/outsourcing firm?’
Now, I totally get the desire to experience the glamor and intrigue of working at a Big 4 accounting firm. We all know how great it looks to have a Big 4 mentioned on your CV and of course, let's not forget the fat paycheck that comes with it!
But is it really all it’s made out to be? And just because we don’t glamourize working at an accounting outsourcing company the way we do a Big 4, does that make it less rewarding?
MYCPE ONE Pvt Ltd., is one such mid-sized firm that has gone on to become one of the fastest growing offshore service providers in India. Today, MYCPE ONE caters to more than 600 premium accounting firms all across the United States, Canada and the UK.
In addition to providing the traditional forms of accounting offshoring services, it has also become an industry leader in helping firms of all sizes build their offshore teams specializing in advanced services such as; specialized tax planning, business valuation, SOC, auditing and reporting, 401K auditing and much more.
What to know about working in a Big 4 vs working at an offshore accounting provider like MYCPE ONE.
The following is a guide to some essential qualities and considerations for working in both mid-sized offshoring firms and large accounting firms. Additionally, keep in mind that no matter which path you choose, there is a lot to learn, as well as highly valuable and transferable skills and experiences to gain.
1. Scope of learning
Large firms have hundreds of departments and sub-departments. An employee at the Big 4 will be expected to abide by the process of whichever department they are working under. Say you were hired as a taxation professional and assigned to be in the department that handles the optimization of taxation structures. It is quite likely that you will have to work in the same department for years to come with limited options to branch out and learn new skills. Thereby, your career, drive and ambition has a high chance of stagnating and ultimately becoming complacent due to the lack of opportunities to grow and upskill.
Dhruv Mehta a Manager in the Tax and Audit team at MYCPE ONE agrees as well. Dhruv in an Inter CA who was able to really grow his career with Entigrtiy. He now looks after multiple high level clients and projects and is adamant that had it not been for working at MYCPE ONE he would not have gotten the exposure and experience which he has today. He states,
“For me the growth opportunity is phenomenal in a mid-sized offshoring company like MYCPE ONE and quite honestly, underrated. Here I have the freedom to grow and enhance my accounting knowledge. Many of my schoolmates have chosen to work at a Big 4 firm because of the name and fame instead of realizing their full potential at a small to medium sized company. That’s fine for them but I want to be the best accountant, and by having more exposure I know I’ll keep learning and flourishing. If you are at the start of your accounting career, I would definitely recommend a company like MYCPE ONE where you have diversity in learning and greater professional growth opportunities then compared to a Big 4 firm.”
Firms like MYCPE ONE will provide you an opportunity to work on a wide variety of accounting work. The mid-sized firms' departments allow its staff to learn different skills. Though you will be handling the work of accounting firms in general, those firms' clients will spread across industries, giving you the chance to increase your proficiency in multiple arenas.
2. Diversity in learning
The Big 4, you’ll find, caters to a wide variety of industries. Some of the world's biggest businesses are audit and advisory clients of the large firms. So, this is the path to take if you want to work on FTSE 100 accounts. However, keep in mind that larger clients do not necessarily mean more or higher quality business exposure.
In contrast to Big 4 firms, mid-sized accounting offshoring firms offer a more diverse learning experience. Due to the specialized departments in a Big 4 firm, the scope of diversification is limited. In a Big 4 firm, you will be restricted to a specific business unit and specialize within those limits.
On the other hand, mid-sized firms offer a wider range of work opportunities, from simple tasks such as bookkeeping to complex audits. This diversity in work and the significant amount of field work provide valuable practical experience for those looking to advance their accounting career.
When you work with smaller firms, you will get large scale exposure from day one. For instance, if you are a part of the audit team at MYCPE ONE, you will be taking care of multiple aspects pertaining to the client rather than just a single process. The team member gets to hone valuable skills such as understanding the market, preparing audit plans, evaluating operational procedures, risk management and much more. The effect of such an experience will build your capabilities and confidence as you move ahead in your professional career.
3. Client Rotation
Top firms usually allot a single or group of individuals to not more than one client. You are liable to work for the said client until the firm sees fit. With MYCPE ONE, you will have the opportunity to change the client you work with every two years. This will help you have a diversified portfolio of firms and industries you will have worked with. Moreover, this will enable you to be in a constant cycle of learning and growth that is bound to be of great benefit in the long run.
4. Company growth
MYCPE ONE in the past five years has clocked in at an average growth rate of 93%. This is despite the major upheaval caused by the Covid 19 pandemic on the global economic landscape. The company has stood strong and come out on the other side more successful than ever. The Big 4 on the other hand had carried out massive layoffs in 2020 and have on average seen an organic growth rate of just 6% in the last five years.
5. Employee salaries
A charm of a Big 4 firm is the remuneration they offer their staff. It has been quite well established over the years that joining a large firm will help one gain a massive boost in financial earnings. The Big 4 salary growth for the past five years has been on a steady average of 18%.
Employees of MYCPE ONE though are given a much more sustainable form of financial and professional growth. When observed over a period of five years, its staff reported a compounded growth rate of 32%. New recruits at the Big4 are generally offered an impressive salary hike after the first year, but they tend to experience a plateau in their earnings, unlike their counterparts at mid-sized firms.
6. Professional growth
The average timeline for junior level employees at a Big 4 to rise to a managerial level is 6 to 8 years. On the other hand, firms like MYCPE ONE offer numerous opportunities to constantly improve and specialize, often beyond the traditional scope of an accounting practice into more niche areas. From associate to team lead and management, career paths are clearly visible and are attainable in mere 3 to 4 years.
7. Remote work opportunities
In a change prompted by the pandemic, more and more large firms are offering permanent work from home options to their employees. Mid sized firms have also started offering the same. At MYCPE ONE, you have the option of picking a remote option once you complete a year of in-office work. This will enable you to develop a level of comfort and understanding regarding your responsibilities and company work culture before shifting to working from home. Additionally, it also helps you inculcate a sense of belonging and trust within your team or department.
8. Number of offices and larger network
Big 4 firms are obviously far ahead of their industry counterparts in this aspect. Many people are drawn to the opportunities for international postings and work placements in various fields and specialties. However, in countries like India, large firms often restrict themselves to hiring from and working out of tier-1 cities. Here, you’ll find firms like MYCPE ONE building a tremendous presence and impact in tier-2 and 3 cities of the country.
A major chunk of our talented youth belong to these cities and with offices in more than 25 cities, MYCPE ONE is on its path to develop as a business organization along with contributing towards the growth of the country as a whole. With a mission to solidify its presence in up to 50 cities by 2025, MYCPE ONE is committed towards building a network of talented accounting professionals that are working towards the growth in the ecosystem in India.
9. Direct interaction with clients
With thousands of employees, it’s difficult for an employee to always get the opportunity to work directly with their clients. 90% of the staff at a Big4, don’t get the opportunity to interact with clients directly. Often, you’ll be working for a higher up who will be dealing with the client themselves or working for a team where the team lead handles all core communications.
At mid-sized firms, you will have the chance to personally interact with clients from day one. You can understand them, their work and develop skills pertaining to their requirements anytime you want. As a result, you will also get the opportunity to develop professional relationships and widen your network.
10. CPA & EA Scholarships
As stated beforehand, MYCPE ONE has set up systematic processes to ensure that there is a dynamic culture of learning and development amongst its employees. It provides all its staff the chance to obtain their CPA or EA qualifications and equips them with the knowledge and financial resources to make this task as easy as possible. The larger firms in the industry do not provide it as of yet.
In the end, the perfect choice is entirely subjective and is determined by your personality and career objectives. Whichever path you take, working in practice allows you to learn about how businesses operate, how they can grow and be profitable. You can gain experience in a variety of sectors and industries. You can build strong, long-lasting networks. Ultimately, it is an excellent foundation for a long, varied, and successful career.
If you or someone you know is an accounting professional looking to establish your career with a growing organization then MYCPE ONE could be just the place for you. To see our full list of vacancies checkout our careers page.
Shawn Parikh is the CEO and Co-Founder of MYCPE ONE. A Chartered Accountant by qualification, he has over 15 years of experience of being a problem solver for small to mid-size firms and over time he has given consultation to thousands of CPAs, accountants and tax pros. Shawn has always been a big believer and advocate of social enterprises and small accounting firms & businesses. He consults and speaks on several topics ranging from Building Remote Team - Remote Working, Offshore Staffing, strategic planning, Scalability of Accounting Practice, cloud accounting, practice management, LinkedIn marketing, etc.
Christopher Rivera
Shawn Parikh
