Newsletter

Power vs. Money

We recently saw a very public and malicious battle ensue between the PGA Tour and the new LIV Golf league. The PGA Tour certainly held the power in golf for over a hundred years, housing all the best players and all the best tournaments on Earth. Enter 2021 — Saudi backed LIV Golf buys its way on to the world golf stage, subsequently causing world war golf for two years.

Then — the impossible happened. LIV Golf, the PGA Tour, and DP World Tour just agreed to a merger, and it’s safe to say the golf world is in utter shock right now. The PGA just forfeited all the power in golf for a whole lot of oil money. I guess everything has a price tag. So, in the end, does money always win? First we have to determine exactly what is money and what is power, and how the two coincide.

Money and power, two influential forces that shape the dynamics of societies and individuals alike. While money provides a means of exchange and financial security, power represents the ability to exert control and influence over others. Both concepts are intertwined, often intersecting in the pursuit of success and societal dominance. Yet, their nature and impact diverge, revealing intriguing disparities. As we delve into the comparison between money and power, we unravel the intricate relationship between wealth and authority, examining the extent to which one may supersede the other and the profound implications they hold in shaping human aspirations and the world we inhabit.

Power is a multifaceted concept that can be derived from various sources, such as political position, knowledge, charisma, or physical strength. It grants individuals the ability to make decisions, enforce rules, and shape the behavior of others. Power can be both legitimate, acquired through formal authority, or illegitimate, gained through manipulation or coercion.

Money, on the other hand, is a medium of exchange that enables individuals to acquire goods, services, and resources. It holds inherent value and acts as a measure of wealth and economic power. Money is generally obtained through work, investments, or inheritance, and it plays a crucial role in fulfilling material needs and desires.

Power and money are often interconnected, with one facilitating the other. Individuals in positions of power may accumulate significant wealth through their influence, while those possessing wealth can exert control and influence over others. For instance, wealthy individuals can fund political campaigns and gain access to influential networks, thereby increasing their power and influence.

Both power and money play significant roles in shaping society. Power dynamics influence governance structures, policies, and social systems. Those in power can dictate societal norms and determine the allocation of resources. Money, as a driving force of the economy, affects income inequality, access to education and healthcare, and overall social mobility. The concentration of power or wealth in the hands of a few can lead to social unrest and systemic injustices.

While power and money provide individuals with opportunities, they also come with inherent limitations and ethical considerations. The pursuit of power can lead to corruption, abuse of authority, and the neglect of public welfare. Similarly, the relentless pursuit of money can result in greed, exploitation, and disregard for ethical principles. Balancing power and money with responsibility and ethical values is crucial for a just and equitable society.

What are the most common questions we receive when candidates start looking at opportunities outside public accounting?

Life after public accounting — what are my options?

The beauty of public accounting is that you can take your career in so many different directions after you leave.?I have always referred to public accounting as a paid “MBA” program, it not only gives you the opportunity to learn best in class accounting practices, but also helps you discover your strengths and weaknesses.

Accounting/ Reporting- What are our numbers today?

The upside to opportunities in this category, this will set your career on the Controller path.?To become a future Controller, your goal should be to try to get exposure to each of these areas to diversify your experience.?The downside is there could be longer hours, these areas tend to be deadline driven.??The hours tend to still be better vs public accounting.?

·????????SEC Reporting/ External Reporting

·????????Consolidations/ Internal Reporting

·????????Financial Reporting

·????????Operational Accounting

·????????Technical Accounting

·????????Project Accounting/ Transformation

·????????Cost Accounting/ Inventory

Finance — What will our numbers look like tomorrow?

A lot of candidates that are looking to transition from public accounting have an interest in finance.?These roles are heavily driven by budgets, forecasting, financial models etc.?The benefits to transitioning into one of these areas is it is very different vs external audit and tends to be a bit more analytical and subjective. The challenges to get into these areas tend to be the barriers of entry, you will be competing against candidates that have strong finance backgrounds.?If you are looking to transition into finance from public, it isn’t impossible, but just be prepared to brush up on your analytical skills and make sure you are targeting the right roles!?A lot of companies offer hybrid roles (Accounting & Finance); therefore, you can have the opportunity to learn finance while leveraging your accounting background.?The hours still can be long, especially during budget season, which happens at different times of year depending on the company’s fiscal year-end.

·????????Financial Planning & Analysis

·????????Strategic Finance

·????????Commercial Finance

·????????Expense/ R&D Finance

·????????Business Unit Finance

·????????Operational Finance

Audit — What happened in the past?

A lot of candidates tend to try to avoid internal audit after leaving public accounting because they just spent years in public accounting, some audit opportunities involve travel.?The benefits of getting in audit is you will have opportunity to partner with different areas within your organizations and get a true understanding of processes.?There are 2 different paths in audit, you can be a career auditor and work your way up the ranks or leverage the experience and rotate into another area (Depending on the company’s size).

·????????Financial Audit

·????????Internal Controls/ SOX

·????????Operational Audit

·????????IT Audit

Consulting

There are a lot of consulting companies out there that offer consulting services.?The career trajectory tends to be like public accounting.?I recommend this for candidates that want to get out of public accounting, but still not sure what they want.?They will have the opportunity to go on varying assignments (Technical Accounting, FP&A, SOX, Transformation etc).?These companies tend to offer strong compensation and bonus incentives.?The downside is you never become an expert in one specific area because you move from project to project.?I.E. After spending 3 years in consulting you decide you like SEC Reporting, you will be competing against candidates where their focus is SEC Reporting.?

Government

A lot of candidates don’t realize that the FBI tends to recruit candidates from public accounting, they tend to love the CPA and analytical backgrounds.?The FBI has age limits and physical requirements, but if your dream is to catch the bad guy, this could be a great path for you!?The other option is the IRS, which is still interesting! There are a lot of benefits that come with working for the government such as pension, health benefits and early retirement! The downside, there tends to be A LOT of hours and moving throughout the United States.

·????????FBI

·????????IRS

Should I get my CPA?

Yes. The CPA will open doors in the future and will set you apart from your competition.?

From the wise words of Nike, “Just do it.”

What size company should I target? Small, medium, or larger?

There is no wrong or right answer to this question.?The smaller the company the role tends to be broader.?I.E. The at a smaller company you would be responsible for Consolidations, Technical Accounting and SEC reporting vs Fortune 50 company you would only be responsible for Technical Accounting.?

When is the best time to leave?

Again, there is not a wrong or right to answer to this question.??My recommendation is to have a conversation with a recruiter after 1 year in public accounting.?Just because you have that conversation doesn’t mean you are ready to leave today, the strategy is to plan for your future!

Based on your career goals, the recruiter can advise you on what areas to focus on and what your future opportunities will look like.?They can also keep you apprised of the market.?The more information you are armed with the better you off you will be with your career!?

Make sure to connect with a recruiter that specializes in Accounting & Finance!?They will be able to provide the best insight into what companies are looking for, what your background is missing etc.?

If you are thinking of looking, feel free to DM me or email me at [email protected]

What will my career trajectory look like in private?

While in public accounting you have a planned trajectory, every 2-3 years you will receive a promotion and don’t have to wait for someone to retire to move up the ranks.?On the private side the trajectory tends to be a little different, you might have to take a couple vertical moves and then you will receive that promotion/ next step in your career.?You can also open doors interviewing outside your organization for that next step.?Let’s face it, the days of staying at an organization for 30 years and then retiring are over.

Health & Wellness

As working professionals with families, healthy habits tend to come last on the priority list.?It probably stems from the fact we put ourselves entirely at the bottom of the list.?Prior to having kids, working out and eating healthy were part of my daily regimen.?Even without kids it was tough to get the motivation to want to work out/ eat healthy.?

I am sure any working professionals that have kids can relate on the subject as the daily schedule looks like this:??

·????????6:00AM- Wake up

·????????7AM-9AM- Showers/ breakfast/ Off to school

·????????9AM-6PM- Work

·????????6PM-7PM- Extracurricular activities w/ the kids/ Dinner

·????????7PM-8PM- Get everyone ready for bed

·????????8PM-9PM- Clean the house and prep for the next day

·????????9PM-9:30PM- Catch up on emails

·????????9:30PM-10:30PM- Downtime: watch TV series (Yellowstone, Succession)

·????????10:30AM- Bedtime

·????????6:00AM- Let’s do it all over again

I am not sure about you, but food and alcohol have become the de-stressor.???However, due to these bad habits I would become tired easier.??I recently decided it was time to make a lifestyle change.?This wasn’t going to be the next “diet,” it was more focused on making small sustainable changes for the future.????

I would always look at working out and eating healthy as this will take too much time and I am too busy vs the healthier I am today will change my entire outlook, therefore resulting in me being a better person all around! When you feel good, that energy is exuded to everyone around you!?

I started a small goal of working out on the 3x’s per week, if you use the Peloton feel free to follow @ “KMDonato.”?If I don’t have time to do the Peloton, I have been working out with my kids, they love it and find it hilarious, best of all it tires them out before bedtime!

My other goal was to make healthy eating decisions.?This involved cutting out my favorite, candy, and sugar!?Finally, cut down on the vino.

These small changes are sustainable, and I am feeling better! It makes it easier when you have people around you support these changes!??Feel free to DM if you are already on this journey or interested in starting!?

Hire Point New Updates

Hire Point is excited to announce that Camille Araneo joined us full time! Camille is a quick learner with a strong work ethic and has already made an impact at Hire Point! We are excited to see her continue to grow her career with us, we know you're going to kill it!

Ryleigh Harvey is joining Hire Point as a Summer Intern and is currently in the process of pursuing her degree in Accounting from the University Rhode Island.?

She discovered her passion for accounting while studying at the college of business at URI.?Her goal upon graduating is to obtain her CPA and hopefully start her career at a large public accounting firm.?

Ryleigh enjoys running and is currently training for a half marathon which she will be undertaking alongside her father.?

Their goal is to run the NYC marathon together one day!?

Anyone in our network currently in the Big 4, please feel free to connect with Ryleigh as she would love to hear about your experience so far!

Leadership

Managing Partner, Kate Donato — [email protected]

Managing Partner, Anthony Carrea — [email protected]