After the tough exam comes the career!

"There is no such thing as a typical working week. Today I'm at the client's in Frankfurt, tomorrow at the office in Munich. The activities are also constantly changing. It's pretty exciting and the daily grind is a foreign word." Bernd Schlapka raves about his job.

The 28-year-old works as a manager in the Audit – Middle Market department at Deloitte in Munich. He has achieved what many a business student or graduate dreams of: Bernd Schlapka is a chartered accountant.

The main job of an auditor is – as the name suggests – to conduct business audits of companies. It is necessary because many companies, for example public companies, are obliged to do so and have not only economic but also social responsibility towards their stakeholders. "The range of activities of auditors is very broad," explains Erik Barndt, tax consultant and auditor at the consulting firmAxis.

"The focus is not only on financial statement audits, but also on audit engagements, profitability and creditworthiness audits, business valuations, and advice on all tax and business issues."

In plain language: auditors are not only certified public accountants, but may also act as tax consultants. This means that they have the right to represent their clients before the tax authorities and courts. Accountants also provide business advice to companies, for example, by assisting with corporate transactions that require the financial condition of the merger or acquisition candidate to be explored in advance. More than almost any other professional group, auditors get a deep look inside a company and are in close contact with employees, department heads, board members or supervisory board members alike. Depending on the size of the company, the main activities are distributed differently, as Manfred Hamannt, executive board member of the Institute of Public Auditors in Germany (IDW), adds:

"At the so-called 'Big Four firms', i.e. Deloitte, PwC, KPMG and Ernst & Young, auditing, consulting and tax are organized separately. The clients are often large international companies. The activity at a smaller company, on the other hand, is more generalized and national in scope. Their clients – more likely to be medium-sized companies – expect personal advice in a variety of areas."

Career path as a certified public accountant – long and rocky!

Auditors. The road there is – let's just say it like it is – long and rocky. To reach the goal safely, there are several possibilities. One leads over a completed study. The field of study does not matter at first, but many companies still prefer business administration graduates.

"We are mainly looking for graduates in economics," confirms Gerd Eggemann, auditor and Assurance Business Partner for Human Capital at the consulting firm PwC, "but lateral entrants also have good opportunities in the consulting sector. Newbies get the best insights by first completing an internship and then jumping right in."

But it takes time to pass the exam as a certified public accountant: Bachelors must work as an audit assistant for at least four years before they are allowed to sit for the auditing exam. But there is another way: "Do the master's degree and only then enter professional life," advises Eckhard Johanning, Head of Human Resources at the auditing company Curacon. If you enter an accounting firm with a master's degree, you only have to wait three years before you can sit for the long-awaited exam. Decisive plus point: By choosing certain master's degree courses, which are named in §8a of the auditing regulations, three of the total of seven examinations required for the title of auditor are already written during the course of study. But no matter what degree is on the certificate – for prospective auditors fresh out of university, starting as an audit assistant is always "a jump in at the deep end," as Bernd Schlapka confirms. The on-the-job work is urgently needed after all the gray unit theory, after all, practical experience is an absolute must for aspiring auditors. Professional training offered by the company supplements the practical knowledge and gives freshers confidence, also with regard to the exam.

Challenging exam to become a certified public accountant:

With all the practical experience – preparation for the exam to become a certified public accountant can not simply take place on the side. Erik Barndt, who is not only an auditor at Axis but has also passed the exam to become a tax consultant, knows this from his own experience.

"Due to the diversity of the examination areas, the wealth of knowledge required and the complexity of the topics, enormous self-discipline is required in order to pass the examinations."

To increase your chances of success in the exam, it is therefore advisable to attend special courses that teach and repeat the extensive and complex material. Such seminars are offered throughout Germany and usually take place in blocks or at weekends.

"Those who prefer to acquire the necessary knowledge through self-study can also have textbooks sent to them," adds Barndt. "The ultimate goal in preparation is to be as prepared as possible in both technical depth and breadth of subject matter. The variety and details of the exam topics require a preparation time of up to two years."

Gerd Eggemann from PwC has another tip: "In addition, it is helpful to work on as many mock exams as possible and to prepare for the exam in study groups or revision courses."Courses or self-study – the exact preparation for the exam to become a certified public accountant is individual, but one thing is indispensable for Eckhard Johanning from Curacon: "In any case, sufficient preparation time must be guaranteed in the form of a release phase."

Then, after all the hard and long preparation, the time has come to take one of the most difficult exams in our education system. The seven individual examinations from the subjects examination system, BWL/VWL, taxes and commercial law last in each case between four and six hours, an oral part comes still in addition. For many a seemingly well-prepared examinee, the exam is an almost insurmountable hurdle. For years, the failure rates have been around 50 percent. Why this is so? This is where opinions differ. "Having failed even very good people in the exam, it represents an absolute black box. In practice," says Bernd Schlapka of Deloitte, "the saying holds true that you need one-third skill, one-third nerve and one-third luck to pass the exam. That's why you have to work hard on at least the first two components."

Audit assistants and their numerous responsibilities:

Those who are among the lucky 50 percent who have made it after the exam can now adorn themselves with the title of auditor. Previously only in the role of audit assistant, newly qualified auditors are given a whole mountain of responsibility – including the chance to climb a steep career ladder all the way to partner in the audit firm. Even new auditors are allowed to lead audit teams, deal with complex issues and be responsible for the audit result. This is usually not done from the consulting firm's desk, but happens directly at the client's site. "During the audit week, our auditors spend three to four days with their team directly at the client's premises and one to two days in the office at one of our branches," describes Gerd Eggemann. On site, the main thing is to check the information in the client's figures."

"This always means drawing a target/actual comparison. In order to find out the actual situation, discussions are held with the responsible employees of the client, and calculations and other documents are obtained. Depending on the client, this step in the process – obtaining information – is sometimes quite laborious," says Manfred Hamannt of the IDW.

All results must subsequently be documented comprehensibly and meticulously in the audit report and working papers. Friday in the home office is usually used for this. "And so," says Hamannt, "the week goes by with client meetings, factual assessments, documentation and coordination processes." It is therefore never boring as an auditor.

This is even more true for the so-called 'busy season'. This begins in late autumn and lasts until about April. The annual audits fall into these months. It can be late in the evening. But Gerd Eggemann from PwC doesn't think that's a bad thing: "In the quiet summer months, there's more time for vacation and to work off overtime."Nevertheless, it is important for auditors, as it is for management consultants, not to completely disregard the work-life balance. Here every tester has his very own tips and tricks. In general, explains Manfred Hamannt, "auditing firms often work with individual part-time models, annual working time accounts or flexible time-off options that guarantee appropriate time off". "For the auditors at Curacon," continues Eckhard Johannig, "there are regular team days where the optimization of internal processes and the possibilities for reducing unnecessary burdens in everyday work are discussed. We also offer a range of seminars that address relevant topics such as stress management or back training." Laptops and smartphones help Gerd Eggemann to reconcile work and private life, "so every employee is fully operational regardless of their work location, for example, even sometimes from home". Bernd Schlapka recommends sports to get away from annual financial statements and the like. to switch off after work: "When I'm in the office in Munich, I go to Deloitte indoor soccer, and when I travel, I always pack my running shoes. This brings the necessary balance."