How do you make "decent" money, if you don't do a stint in public/FLDP?

Long post (TLDR at bottom). Making 100k early on in your career is absolutely possible in industry, though there are a lot of factors that come into play to get there.

Anecdotally, from my own experience and two other former college classmates', the key for us was working as interns in school in very niche roles. I interned at two different asset managers (hedge fund and private equity) in college, realized that I loved the work too much to do the "requisite" 2 years in public before coming back to it.

Was hired straight from college at one of the "Big 3" PE firms, for a position that had never been filled by a new college grad, only those with 1-2 years of public. Hit the ground running because I already knew the business. Was promoted very promptly (1.5 years in). Left for a smaller mid-tier firm, with a team all straight out of public with no PE experience before coming in. Again, I didn't really need training, and was promoted in less than a year.

I don't have my CPA. Never actually took an auditing or tax class in college. The last I heard about fixed assets, PPE, leases, inventory, cost of goods sold etc. was my sophomore year of undergrad. I'm not well rounded in my experience in terms of calling myself an accountant, but I have experience in the operations of the funds at four different prominent firms and a detailed knowledge of this one very specific industry. All I've known and all I've worked with are investment funds. That has apparently made me very valuable in comparison with those who did two public internships and two years as a staff/senior, in various and probably unrelated sectors.

I was making 100k less than two years out of college as an accountant. Now, I 100% got super lucky in many ways. Lucky that my first professional internship proved to be in something that I genuinely loved. Lucky that I also happened to be good at it. And lucky that it was in a very high paying industry.

My two other classmates have had very similar experiences (both making well over $100k within 2-4 years). One in the valuation/appraisal business, and the other into compliance consulting for energy companies. And the key for all of us was that first internship with very prestigious, very small and boutique, and very demanding (as in real work and real responsibility, not making copies, doing coffee runs, or doing data entry) internships. We all had the CFOs of those firms as references going forward and wanted to stay in the same industry.

Tldr: start early, find your niche, excel in your niche, and you'll be in high demand and well compensated for your experience in said niche.

/r/Accounting Thread