Feeling torn about whether to leave my position in Risk Consulting at EY – I’ve received an offer for a SOX role in a global MNC’s GCC here in India. I’m seeking advice from those who have transitioned from Risk to industry roles.
Currently, I’m a Senior Consultant in the Risk Consulting department at EY in India, and the offer I received for the SOX team is intriguing because of the significant salary increase—over 50%. The role would involve testing controls and performing responsibilities typical for a Senior in such a prominent company.
Initially, I applied on a whim, but the compensation is hard to overlook. EY won’t be able to match this offer without promoting me to a different band, which isn’t realistic. While salary is my primary motivation at the moment, I do have concerns regarding my long-term career trajectory. I fear my options may be limited to other GCCs or shared service centers in India. The partners at EY I collaborate with have been encouraging me to stay, arguing that I have the potential to become a partner in the future. However, I’m not convinced I have the skill set for that path, and I worry that I might be passing up future opportunities for a short-term gain. They have proposed a salary increase to retain me, but it’s only a 20% boost, which doesn’t seem compelling enough. There’s also a retention bonus on the table, but it comes with conditions that I find unappealing.
I’m experiencing a lot of uncertainty about my career direction. While I have solid expertise in SOX from a previous three-year stint in statutory Audit at another Big Four firm, I’m unclear about where I want to focus my career. After three years at EY, I don’t believe I have the sales acumen that a partner role requires, yet the partners insist that I underestimate my own potential.
Moreover, I doubt I’ll receive an offer as strong as this one if I decide to move on in a few years, say at a Manager level. In fact, this offer closely aligns with what I could potentially earn in three years if I stayed at EY.
Concerns about getting stuck in a monotonous role focused solely on testing SOX controls and continuously moving between GCCs or backend offices is complicating my decision-making. Despite the allure of the outstanding compensation, I feel uncertain about making this choice. I would greatly appreciate insights or advice, particularly from those who have successfully transitioned from the Risk space to SOX roles in industry.
For additional context, during my time in Risk Consulting, I’ve been involved in various projects, including process transformations, IFC, SOX design and testing, and even participated in an ERP implementation project in a functional capacity. However, I still haven’t pinpointed my true area of interest, which makes it challenging to decide my next move. Any insights would be immensely helpful!
One response
It sounds like you’re at a significant crossroads in your career, and it’s understandable to feel confused given the various factors at play. Here are some considerations that might help you clarify your decision:
Compensation and Financial Goals: The 50% hike is substantial, and if financial stability and growth are among your top priorities, this is a compelling reason to consider the move. Job satisfaction is important, but compensation can significantly affect your quality of life.
Career Growth and Skills Development: While the SOX role may seem limiting, evaluate the skills and experience you’ll gain. Consider whether the SOX team at the MNC offers opportunities for broader responsibilities or exposure to different facets of finance and compliance down the line. If they have a good track record of promoting from within or providing career paths in different directions, that could mitigate some of your concerns about being ‘stuck.’
Long-Term Career Aspirations: Reflect on where you want to be in 5-10 years. If your ideal path involves varied experiences and leadership roles, think about which option aligns more closely with that. While it’s difficult to predict the future, consider where each path might take you.
Impact of EY Experience: Your time at EY, especially in a consulting role, has likely equipped you with valuable skills, a strong network, and a prestigious brand on your resume. Weighing these factors against the potential long-term advantages of the MNC experience is key.
Feedback from Senior Colleagues: Take into account the perspectives of the partners at EY. If they see potential in you for leadership roles, it might be worth exploring what that could look like in terms of mentorship or additional responsibilities before you make the jump.
Personal Satisfaction and Work Culture: Consider what type of work environment you thrive in. Risk consulting often provides a dynamic and varied work landscape, while roles in SOX may be more structured. Ask yourself what type of environment you enjoy and want to work in long-term.
Networking and Informational Interviews: Speak with current or former SOX professionals to get a better understanding of their experiences. This could provide insight into what’s realistic in terms of growth within that field and whether it’s really a “dead-end” job.
Balance and Mental Well-Being: If the stress of this decision is affecting your well-being, give yourself space to process. Making a decision out of fear may have lasting effects, so try to approach this from a place of clarity and balance.
Ultimately, it’s a personal decision that hinges on your priorities, values, and career aspirations. If you feel strongly about your potential in the SOX role and recognize that financial incentives are important for your current situation, it might be worth making that move. Conversely, if you sense that you could thrive at EY with the right development and opportunities, you might choose to stay. Trust your instincts, and remember that no choice is irreversible—there will always be opportunities for pivots in your career path down the road.