There are many differences between working for a small to medium-sized practice to having a national or regional multi-office/multinational firm such as the Big 4. Either option can shape your professional journey so it’s important to choose according to your career goals and preferences in the desired work environment.
There is no right or wrong option, however. Both come with their pros and cons and both options bring valuable knowledge, experience and a unique skill set.
Key Advantages and Considerations for both
Big 4 & Mid-Fims
Professional Development Opportunities
Big firms will have more resources so can invest more into learning and development, training and graduate schemes, upskilling and personal and professional development. This can include mentorship, continuing education and opportunities for advancement through well-defined career paths. However, you may feel like a fish in a big pond and the personalised mentorship and individual attention you receive may be limited compared to a smaller firm.
Range of specialism and clear career progression
Bigger firms tend to offer opportunities to improve or specialise, sometimes even beyond usual accounting practice into niche areas such as technology, risk management and data or business transformation. This diversity allows you to explore different areas of accounting and find your niche. Career paths are clear from associate up to executive and board level. Bigger firms do mean the competition will be more intense and employees are expected to continually progress and seek promotions.
Global Exposure and larger networks
There are vast opportunities for positions and secondments in different fields and specialisms and opportunity to work with international clients and projects. This can provide valuable global exposure and experience, enhancing your understanding of international accounting standards and practices. Due to the size of the firms there’s greater scope for building far-reaching professional networks through the thousands of professionals involved in the organisation, helping to open up career opportunities and collaborations.
Good Salaries but with long hours
It is well known that hours, especially in big firms are long and overtime is normal during the audit season. Large firms are also more demanding, often involving high-pressure environments, especially during peak season. So although the salaries are better, you may have to compromise on your personal life for a few months.
SMPs
In smaller businesses you’ll generally get client exposure from day one, which is great for developing stakeholder management, business development and retention skills. One thing to note is resources won’t be quite as good, which can impact cutting-edge tools, technology and specialised training programs offered.
Hands on learning and broad skillset
Working for a smaller team, it’s likely you’ll have more responsibility and more variety of tasks from earlier on and you’ll be able to learn how client businesses work from a closer perspective. This broader exposure can help you develop a well-rounded skill set and gain hands-on experience in multiple parts of accounting. You’ll also be part of a close-knit team/environment which will allow for more personalised mentorship and guidance from senior professionals in the business. There will be more opportunity to work directly with partners and senior managers, gaining valuable insights and experience.
Sense of ownership
The higher levels of responsibility and closer working with businesses can give you a greater sense of ownership of your work and client relationships.
Slower career advancement and fewer specialisation opportunities
Career progression in small firms can be slower due to the limited number of senior positions available. You may have to wait longer for promotions compared to the more structured advancement paths in large firms. Smaller firms may not have the same breath of services and departments as large firms, If you’re looking to specialise in a niche area, you may find fewer opportunities to do so.
Less Corporate and competitive, easier to get into
In smaller businesses, where the owners are more visible or directors more reachable, this can create a more familial culture that fosters collaboration. There are tons of small firms out there so there’s more of a chance to find employment while, for example, the big 4 are so competitive.
Shorter hours and better work-life balance
Smaller firms tend to maintain a better work life balance and often offer more flexible working hours. Although you’ll still go through busy periods like year-end where you’ll likely need to work overtime to meet deadlines, the general day-to-day is more structured, less intense and follows a more sustainable working schedule.
Chance to become a business partner and trusted adviser to clients
Smaller firms have more time and data to provide clients with added value in the form of richer financial and management information. This is due to the advances in accounting technology meaning many repetitive tasks are becoming automated. Accountants can support their clients on a more regular basis in terms of their growth and profitability.
Smaller firms also enable you to build closer relationships with clients and this direct interaction can be rewarding and provide a deeper understanding of client’s needs and how to address them effectively.
The Conclusion?
There is no right or wrong choice. It’s completely subjective and will depend on your career goals and personality.
The bottom line…
Choose a large firm if you are competitive, and value diverse opportunities, structured career development, and global exposure.This is a good fit if you thrive in high-pressure corporate environments and are looking to build a strong professional network.
Opt for a small firm if you want to have a great visible impact, gain broad hands-on experience, play a bigger role in strategic initiatives and have a better work-life balance.This setting is ideal if you enjoy close client relationships and a more flexible work environment.
Either option will give you experience in working in practice where you’ll gain a brilliant skill set that can support your career progression goals. You’ll learn how businesses work, how they can grow and how they can be profitable while gaining exposure to various industries and sectors. You’ll also be able to build long-lasting and strong connections with relevant networks.