Firm: RKE LLP
Date: April 3, 2018
Website: https://rkellp.com/
Presenters:
Matt Regan - Tax Manager
Started his CPA career when he joined RKE in 2010
Received a Bachelors degree from Loyola Marymount University
Josh Ramsey - Tax Professional
Formally worked in private accounting
Had previously been in audit and consulting before switching to tax
Received a Bachelors degree from California State University, Long Beach
About the firm:
Founded in 2006 and located in Torrance, CA
A full service CPA firm that assists clients with financial, tax, and strategic accounting needs
Nine partners with 55 total employees
24 employees are CSUF Alumni
Client Overview:
Industries:
Apparel
Manufacturing and Distribution
Food and Beverage
Service Providers
Has clients with revenues of up to $300 million
Focuses mostly on middle-market companies
Student Development:
Education:
Looking for students pursuing either a Bachelors or Masters degree
Firm pays for extended education for employees pursuing a Masters
Pursuing a CPA is also highly important
The firm will reimburse up to $2500 for CPA costs
You can't surpass senior rank without a CPA license
Experience:
Summer Leadership Programs are highly desirable and look good on a transcript
Internships show you have experience and can lead to a full time offer with firms
Volunteer work is also highly recommended to put on a resume which shows experience and special interests
Choosing the Right Firm:
"Many students typically go for big four and the mid tiers like Moss and GT. However, local firms provide just as many great opportunities. In fact, at bigger firms your forced to specialize into niche interests while local firms give you a much broader view of a company." - Matt
Discipline:
Different lines of service for CPAs:
Tax
Audit
Consulting
Experience all disciplines
Take the time and opportunity to work in tax and assurance and then choose the discipline that is the best fit for you
Choose the discipline that fits your skill set
Industry and Focus:
Exposure to various industries vs specialization
RKE gives employees exposure to multiple clients, industries, etc. while bigger firms tend to make employees specialize
Domestic and International Experience
Firm focuses on privately held, middle-market companies
Bigger firms typically focuses on publicly held companies
Clients are made of business entities and individuals
Client Involvement and Interaction:
Upfront exposure to clients
"From day one, I was sitting with a partner as we were both on a call with the client." - skinny guy
Phases of the Client Cycle:
Proposal > Planning > Engagement > Billing
Exposure to diverse and technical client matters
Work-Life Balance
Work Hours
During busy season you typically work 50-55 hours per week
10 hours per day Monday through Friday and typically 5-6 hours on Saturdays
In non-busy season its closer to 40-45 hours per week
Annual Workload:
In the tax line, the workload is very consistent and stays the same every year
Assurance is busy from the beginning of busy season to May and then its much less intense the rest of the year
Turnover Ratio:
Much lower than bigger firms because employees have better pay, more benefits, and closer relationships to their coworkers
Typical Public Accounting Timeline:
Year 1 - 3 = Staff
Year 3 - 5 = Senior
Year 5 - 10 = Manager
Year 10 - 15 = Partner
Career Growth:
Ask for guidelines for promotion
Buddy/mentorship
Employer sponsored continued education
Ask for feedback on each project
Biannual reviews
Take feedback constructively
Professional networking opportunities
Seize opportunities to find referral sources early in your career
Say yes to projects that broaden your knowledge-base
Become the go-to resource for your clients
"When you find your firm, you still need to network. Networking is key to continuing your career. When you get to the senior manager level, many at your firm will expect you to start bringing in clients. You need a network by then and need to bring new clients into the firm." - Matt