|
|
|
         
|
 Not Ready to Throw in the Towel? Project Accounting Offers Alternative Career Option for Accountants Nearing Retirement By David Head You’ve invested decades of time and energy in your accounting career and now you’re contemplating retirement. While hitting the links or spending more time with the family sounds great, you’re not ready to throw in the towel – at least for a few more years. This sentiment seems to be gaining momentum and was recently cited in a report published by the Brookings Institute, a Washington, D.C. think tank. The report purports that many Americans are delaying retirement longer than their parents or grandparents did. Furthermore, a recent government survey found that most U.S. workers nearing retirement age want to gradually reduce their workload rather than stop abruptly. What Should You Do? Despite the downturn in Michigan’s economy, accounting jobs remain in plentiful supply, and as an experienced practitioner, you are in the driver’s seat when it comes to ancillary career paths. Do you continue a bit longer at your current place of employment – enjoying the high salary and top-notch benefits designed to reward you and keep you there – or do you explore other accounting career options? Most would stay put, citing the benefits and all-important familiarity and comfort level. However, in today’s rapidly changing world of corporate governance, Sarbanes-Oxley and other accounting events – all of which are impacting the massive restructuring of the auto industry – baby boomer and retiring accountants are considering other avenues to enhance their bank accounts and quality of life – both professional and personal. Alternative career options include consulting engagements for large firms, developing start-up accounting or consulting practices or serving as interim financial executives. Another area catching on among a growing number of professionals is project accounting work. Project accounting offers a tremendous number of opportunities spanning a diverse array of practice areas. Accountants nearing retirement have a wealth of senior level experience and offer tangible value to clients immediately, which younger talent can rarely replicate. These accountants have anywhere from 25 to 35 years of finance and accounting experience, and there are plenty of opportunities to leverage this breadth and depth of expertise. While these accountants have held various leadership positions, some still want to advance their professional lives, with project accounting serving as a viable option. Project Accounting Work as a Viable Option The market for project accountants is growing at a steady rate. Many project firms hire senior-level accountants, as they minimize turnover and create a stronger group dynamic. Project firms actively seek out this segment of the accounting workforce because of its impressive experience, strong work ethic, willingness to dive deep into an engagement’s details and ability to add tangible client value. This accounting work style offers unique benefits not found in a corporate environment. Project assignments allow for greater range of authority and responsibility and often come with less in the way of corporate red tape and bureaucracy. Project work can also serve as a gateway to starting your own consultancy firm. The most appealing benefits of project work can be lucrative pay scales, incentives and bonuses, comprehensive and customized benefits packages, increased flexibility of work schedules and diversity and challenge of assignments and practice areas. Benefits of Project Accounting Work Lucrative pay scales Most accountants looking at project work as a possible career option discover favorable pay scales compared with corporate accounting and agency careers. Professionals can earn just as much, if not more than, senior accounting executives with six-figure incomes. Incentives and bonuses companies for meeting or beating project deadlines are also attractive aspects of project accounting. The more time sensitive the engagement, the higher the pay scales and incentives. Comprehensive and customized benefits packages The biggest hesitation regarding a project work career is a perceived lack of benefits. But times have changed, and most leading project firms offer comprehensive benefits packages. Packages typically include health coverage, life insurance, 401(k) options, paid time off and many other features. As with any career choice, one must fully investigate and compare offered benefits. Flexibility of work schedules Project accountants can often vacation several weeks or months and still earn as much as their corporate counterparts. While accountants can generally work a standard work schedule, some engagements are very deadline focused and will require long, fluctuating hours. Generally, those deadline-focused projects can yield very high financial rewards and incentives. Diversity of assignments and practice areas Corporate accounting assignments are commonly general in nature and typically do not cover a wide range of practice areas. In project work, however, accounting assignments change often. Accountants can cycle in and out of different practice areas and work with clients throughout a number of different industries. The variety of assignments also allows accountants the opportunity to learn new skills and sharpen existing accounting practices, making them more marketable for other corporate and consulting engagements. For example, a project accountant could work a six-month Sarbanes-Oxley engagement, then perform due diligence for a private equity firm or serve as a senior interim controller for another client. There are numerous practice areas available for accountants. Some of the areas commonly in demand include:
Bottom Line |
 |
  |
||||||||||||||
|
| PO Box 5068 Troy, MI 48007-5068 Phone: 248.267.3700 Fax: 248.267.3737 E-mail: macpa@michcpa.org | |
