Hello everyone! I am Akshay Sharma from Hyderabad. I have cleared my IPCC and have been pursuing my articleship in a Big4 firm since psat 6 months. There is a confusion going in my mind for quite a while now, as I have mentioned in the subject. This is because of the following pros and cons I have been able to identify in Big4s and Industry till now.
Big4 Pros.
- Growth is faster than Industry. People get promoted to the next level in max. 3 years with average performance. At this rate you can be a partner in about 15-18 years MAX. This means before you are 40 you are a partner earning in crores.
- Once you are an associate director and above or partner, the pay is very good. Before you touch your 40 you are earning in whoping crores and still have 20 more years to retire.
- Once can make very good contacts staying in Big4s for you are always interacting with the high level management.
- Increments in salaries are better than industry. Also, bonuses paid during the year are good.
- You always get to stay in touch and revise your basics and update your knowledge with the latest trends.
Big4 Cons:
- Exposure is mostly limited to the department you are working in
- Working hours, as everyone knows are hectic. The pay doesn't match the amount of work being put in
- The job is monotonous. There is no value addition. The same procedures, same client, year on year. During articleship you know that this can end in 3 years. But once you are employed, you will never see an end to it.
- Due to such work culture, further studying becomes a challenge as you do not find time for family, studies is just so far! Also, any additional qualification like an MBA, CWA, CS etc. doesn't make any difference for ALL they need is a CA. Additional qualifications can just help you do your work better.
- If you are a ranker or not, doesn't make a difference. For getting a rank all you get is loyalty bonus if you stick with the firm for said tenure. Growth levels for rankers and non rankers depend solely on performance.
Industry Pros
- You can always keep hunting for better opportunities in other companies.
- You can pursue further studies, for you find time to do other things in life!
- Additional qualifications do make a difference in your profile.
- CA Rankers are valued at a premium and you can always bargain for better pay.
- You explore new skills and learn from a variety of people in fields other than your scope as well.
- Once you reach a level like general manager or vice president, growth take a good boost as you can grow at the same place or encash opportunities in the market
Industry Cons
- Growth and increment rates are slow compared to Big4s. You may get a 15 lakhs an annum salary in the beginning but your growth and increment rates bring a point of stagnation in a future point of time. When promotions are delayed, it feels very discouraging to continue to work!
- The amount of hard work we put in to finish CA, most of the industry profiles do not use the knowledge we gain through out the course untill you take up a specific subject like market analysis, portoflio/asset management, investment banking, taxation, etc. If you go into finance, you are either put into internal audit or accounts where your role is to be a management info. system, sign cheques/fund transfers and expense approvals, and finally break heads with auditors which would make you feel envious as to why are you answering when you could be on the questioner's seat and act like a sadist! :P
- Contacts build up is not as good as in Big4s.
- If you are not able to reach a good level which you never know how much time it will take to reach, then in that case you might end up earning less than what you could in Big4s.
- Once in industry for a long time, it is difficult to get back to big4s in aduit/taxation dept. unless you have been doing the same thing in industry.
Well, the above are the things which I have noticed till now in both the sectors. To me, the Big4 option looks more promisiong, challenging and fruitful. But at the same time, I want to study further and want time for family, friends and other things in life. Awaiting your opinions on this matter people. Thank you very much :)
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