Setting Goals as a Tax Accountant

Hi All,

I'm posting this in Business Operations and Development because it's the closest forum specific to career advice. I hope that's alright.

I'm looking to "Tax Pro Talk" as a resource to build my career and keep me on track. This site is invaluable for input from all of you because frankly online forums are the only place to converse about these subjects.

My current experience
2-year Tax Staff Accountant with CPA
capable of mid-level tax preparation
My goal
Transition to an accounting manager position for a private company (mid-size)
Here are my questions:
1. How to identify steps to obtain that position
2. What are the Goals and Skills expected from a 2-year staff accountant with CPA
3. What are the Goals and Skills expected from a 3-year staff accountant with CPA
4. What are the Goals and Skills expected from a 4-year staff accountant with CPA
5. What are the Goals and Skills expected from a 5-year staff accountant with CPA

Thank you,
TaxNewbie

I would suggest getting some audit/review experience if your goal is to work for a private company. I've done both audit and tax work and feel audit will give you a better foundation for working for a larger private company. Audit is a different animal than tax work.

I don't know what exactly "capable of mid-level tax preparation" means and how large your firm is, because that would affect the actual progression. But generally, in my mind a tax professional at the 5 year level should be capable of doing most of what the partner-level can do technically and has started the path toward being a higher level professional. That includes starting networking and bringing in new clients. That also includes developing some leadership qualities, either through mentoring new employees (if the firm is large enough), or by being able to identify and implement improvements to the firm, or through developing a specialization. The goals and skills expectations for the preceding years would just be making sure that the employee is moving toward that goal.

Tax to industry accounting manager is a tough transition, but it can be done. The bigger issue with the transition is that unless you're underpaid in public accounting, you would be taking a pay cut to transition.

Why do you want to go private? What do you like about public?

Most who transition from public to private do so after 2-3 years of public while they are staff or senior staff.

I know some individuals who went private, hated it, and came back to public. Private is much slower pace and less dynamic. Works for some but not for others.

I don't know about audit/review work. That's a pretty niche market in small biz land. Experience matters. Get to work for a firm that specializes in small biz and you'll learn everything you need to in short order: S corps, LLC's, Biz stuff in general, and how that all relates to 1040's. And our biz owners all have rentals, other investments, etc. Get a few years of that, and if you have a personality, you're ready to be in your own biz.