CPA and Accounting

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amish

Diamond Member
Aug 20, 2004
4,295
6
81
i'm a tax senior at a big 4 firm. previously i worked in the tax department at an airline. getting into the big 4 is definately the way to go. working there at least 2-3 years will get your foot in the door at other places if you decide to leave public accounting.

i found corporate accounting to be a little boring. it was a complete "8 'n skate" job at the lower levels. public was much better for me. it has a faster pace and more money, but it does have grueling hours.

audit vs. tax is a tough argument. it really just depends on the person. some find tax boring and some find audit terrible. there are definate pros and cons for each. with audit you can leave public and easily find a job in corporate doing almost anything. tax you are pretty limited to a gov. position or corp. tax (they never come open).

the hours with both can be long and strenuous. if something abnormal pops up during an audit you might not leave until it is tracked down, which could be a long time. in tax things stay busy through out the year. it is a constant grind sometimes. other times it can be overwhelming with how much has to be done, but it depends on the client. there have been times when i don't see the light of day.

if you go with audit a CPA is basically required. with tax you have more options. a CPA, Enrolled Agent, or Law Degree are all very useful. personally i think i will be getting an EA and then a law degree. with the law degree i can represent clients in court which can be very lucrative.
 

overclock

Senior member
Apr 28, 2001
720
0
0
Don't forget Sarbanes Oxley. I passed the Certified Internal Systems Auditor exam and now need the experience requirement before getting the official "Certified" title.

Depending on what you want to do in life the CPA can be good or a waste of time. I've never done accounting one day of my life. I graduated college and started auditing DoD contracts. The pay was good and advanced quickly. The agency (DCAA) really pushes the CPA certification but it is practically a waste of time in that particular field.

Accounting is one of the most versatile degrees. You aren't stuck in one field or area. Find what interests you and get the appropriate certification, CFE, CPA, CISA, etc.
 

Phokus

Lifer
Nov 20, 1999
22,994
779
126
If the hours are so long at the big 4 firms, how the hell do you guys study for the CPA? My girlfriend is a corporate accountant, doesn't work nearly as much, studies her ass off, and it's a struggle just to pass the test...
 

Albis

Platinum Member
May 29, 2004
2,722
0
0
study for it while in college and hope to pass the exams before you start work
 

Canun

Senior member
Apr 1, 2006
528
4
81
I support tax software for accountants, and some of those tax guys have the cushiest job ever. During tax season things are insane, but the work after April 15th slows down alot. I talked to one guy last season that was paid 15k to do one 1120 return. They gave him their Quickbooks file, he used our program, and was done in 2 days.
 

amish

Diamond Member
Aug 20, 2004
4,295
6
81
i basically didn't have any social life when i was studying. i worked from ~8 to 6:30, got home at 7, ate a quick dinner, said hello to the wife, and then locked myself in my office until about 1:00 or 2:00 every night. rinse and repeat. the burnout was/is terrible.
 

JS80

Lifer
Oct 24, 2005
26,271
7
81
Originally posted by: BCYL
I have a few close friends who are in tax/audit, and they ALL HATE their jobs... sure the pay is nice, but the work never ends and its so boring (according to them)... all of them are looking to get out and do other stuff... All of them are in the Big 4 BTW...

Auditors always claim they hate their job and say they are underpaid and overworked. Reality is that a monkey can do it and there is a lot of downtime/doing nothing/fooling around and busy season is relatively short.
 

JS80

Lifer
Oct 24, 2005
26,271
7
81
Originally posted by: Phokus
If the hours are so long at the big 4 firms, how the hell do you guys study for the CPA? My girlfriend is a corporate accountant, doesn't work nearly as much, studies her ass off, and it's a struggle just to pass the test...

probably has to do with retaining what you learned in college and it probably helps that one of the sections is called "audit" which would be what your job does.
 

LegendKiller

Lifer
Mar 5, 2001
18,256
68
86
Do yourself a favor, dump that accounting crap and get out of the wannabe finance crowd. Go take the real series of tests, the CFA exams, and then have a lot more fun and money in your life.

As far as people complaining about the CPA being difficult, how difficult could an exam be that is only one exam and allows you to retake specific failed parts over a few years as many times as you want?

Real men/women study for 6 months and take an exam that is pass/fail and then have to retake the whole thing if you failed. Rinse and repeat for a minimum of 3 years.


Sorry, just had to do it. I saw this thread a dozen times and resisted...

In all seriousness.

I have known quite a few CPAs in my career, since they usually audit my work for public statements and offerings. Most seem like they like the job quite a bit but are worked a lot. I think that after a few years they move up and then it gets a little easier. Switching to corporate accounting seems to be a pretty big thing.

Just study for that exam.
 

GuitarDaddy

Lifer
Nov 9, 2004
11,465
1
0
It's a rewarding career if you like problem solving. I've been doing it for 28yrs now and my advice would be move around periodically to stay fresh, it's easy to stagnate in this business.

I started in public, moved to private after about 4yrs and have worked in many different industries and worked as an independent consultant for 10yrs.
 

PoPPeR

Diamond Member
Oct 9, 2002
6,993
0
0
Originally posted by: LegendKiller
Do yourself a favor, dump that accounting crap and get out of the wannabe finance crowd. Go take the real series of tests, the CFA exams, and then have a lot more fun and money in your life.

As far as people complaining about the CPA being difficult, how difficult could an exam be that is only one exam and allows you to retake specific failed parts over a few years as many times as you want?

Real men/women study for 6 months and take an exam that is pass/fail and then have to retake the whole thing if you failed. Rinse and repeat for a minimum of 3 years.


Sorry, just had to do it. I saw this thread a dozen times and resisted...

In all seriousness.

I have known quite a few CPAs in my career, since they usually audit my work for public statements and offerings. Most seem like they like the job quite a bit but are worked a lot. I think that after a few years they move up and then it gets a little easier. Switching to corporate accounting seems to be a pretty big thing.

Just study for that exam.
i want absolutely nothing to do with finance, nor would I consider switching to finance.

as far as "taking the test over a few years" goes, you obviously have no idea what you're talking about. You need to pass all 4 parts within 18 months. The passing rate on first tries is something near 16%. I have no idea how hard the CFA exam is, but any exam that has a 16% passing rate seems to qualify as difficult at the very least

Finance people always seems to "wander" into accounting threads and proclaim themselves as gods.

 

Orsorum

Lifer
Dec 26, 2001
27,631
5
81
Originally posted by: Phokus
If the hours are so long at the big 4 firms, how the hell do you guys study for the CPA? My girlfriend is a corporate accountant, doesn't work nearly as much, studies her ass off, and it's a struggle just to pass the test...

I studied for the CPA exam during my last quarter of grad school and during the six weeks before I started work.
 

Triforceofcourage

Platinum Member
Feb 21, 2004
2,911
0
71
The funny thing is all of the "finance" guys I know are either unemployed or going back to school for an accounting degree.
Finance FTL!!
 

LegendKiller

Lifer
Mar 5, 2001
18,256
68
86
Originally posted by: PoPPeR
Originally posted by: LegendKiller
Do yourself a favor, dump that accounting crap and get out of the wannabe finance crowd. Go take the real series of tests, the CFA exams, and then have a lot more fun and money in your life.

As far as people complaining about the CPA being difficult, how difficult could an exam be that is only one exam and allows you to retake specific failed parts over a few years as many times as you want?

Real men/women study for 6 months and take an exam that is pass/fail and then have to retake the whole thing if you failed. Rinse and repeat for a minimum of 3 years.


Sorry, just had to do it. I saw this thread a dozen times and resisted...

In all seriousness.

I have known quite a few CPAs in my career, since they usually audit my work for public statements and offerings. Most seem like they like the job quite a bit but are worked a lot. I think that after a few years they move up and then it gets a little easier. Switching to corporate accounting seems to be a pretty big thing.

Just study for that exam.
i want absolutely nothing to do with finance, nor would I consider switching to finance.

as far as "taking the test over a few years" goes, you obviously have no idea what you're talking about. You need to pass all 4 parts within 18 months. The passing rate on first tries is something near 16%. I have no idea how hard the CFA exam is, but any exam that has a 16% passing rate seems to qualify as difficult at the very least

Finance people always seems to "wander" into accounting threads and proclaim themselves as gods.

Amazingly I posted as joke and it takes an accountant to turn it into anything but. I guess you are one of the dry ones, I will take pity on you for that since I know you cannot help yourself.
 

thegimp03

Diamond Member
Jul 5, 2004
7,420
2
81
I work at one of the Big 4 currently...it has its ups and downs. I've worked here for a year and a half and will be promoted to senior associate in July 2007. I've been lucky and have had flexibility with my clients and who've I've worked with, but experiences vary. A lot of the work given to associates is mind-numbing and stupid, and on top of it, you end up working until 10-12 every night during busy season. That's why employee turnover is so high. The best thing you can do for yourself is try for one of the top firms, work 3-5 years, get your CPA and it opens up a ton of options.

In regards to the flamefest between audit and tax, don't let anyone tell you what to do. Just do your research and pick what you think would suit you best. I picked audit because it involves more client interaction and I feel it has given me a great accounting knowledge base. However, the tax professionals at my firm, as well as some of the others I'm sure, get paid slightly more than audit. Whichever way you go, you can't go wrong.
 

PoPPeR

Diamond Member
Oct 9, 2002
6,993
0
0
Originally posted by: LegendKiller
Originally posted by: PoPPeR
Originally posted by: LegendKiller
Do yourself a favor, dump that accounting crap and get out of the wannabe finance crowd. Go take the real series of tests, the CFA exams, and then have a lot more fun and money in your life.

As far as people complaining about the CPA being difficult, how difficult could an exam be that is only one exam and allows you to retake specific failed parts over a few years as many times as you want?

Real men/women study for 6 months and take an exam that is pass/fail and then have to retake the whole thing if you failed. Rinse and repeat for a minimum of 3 years.


Sorry, just had to do it. I saw this thread a dozen times and resisted...

In all seriousness.

I have known quite a few CPAs in my career, since they usually audit my work for public statements and offerings. Most seem like they like the job quite a bit but are worked a lot. I think that after a few years they move up and then it gets a little easier. Switching to corporate accounting seems to be a pretty big thing.

Just study for that exam.
i want absolutely nothing to do with finance, nor would I consider switching to finance.

as far as "taking the test over a few years" goes, you obviously have no idea what you're talking about. You need to pass all 4 parts within 18 months. The passing rate on first tries is something near 16%. I have no idea how hard the CFA exam is, but any exam that has a 16% passing rate seems to qualify as difficult at the very least

Finance people always seems to "wander" into accounting threads and proclaim themselves as gods.

Amazingly I posted as joke and it takes an accountant to turn it into anything but. I guess you are one of the dry ones, I will take pity on you for that since I know you cannot help yourself.
post something funny and i'll laugh. post something idiotic that attacks the career choices I make? Go screw yourself

 

JS80

Lifer
Oct 24, 2005
26,271
7
81
Originally posted by: Triforceofcourage
The funny thing is all of the "finance" guys I know are either unemployed or going back to school for an accounting degree.
Finance FTL!!

weird, all the finance guys i graduated ucla with make 2-3x more than me. oh wait, NOT weird.
 

LegendKiller

Lifer
Mar 5, 2001
18,256
68
86
Originally posted by: Triforceofcourage
The funny thing is all of the "finance" guys I know are either unemployed or going back to school for an accounting degree.
Finance FTL!!

Either profession is a good one. Most people I work with are finance people, although I deal with auditors on a daily basis.

Frankly, after seeing grunts tick and tie loan pool tapes ad nausea, I'd never want that job.
 

JS80

Lifer
Oct 24, 2005
26,271
7
81
Originally posted by: LegendKiller
Originally posted by: Triforceofcourage
The funny thing is all of the "finance" guys I know are either unemployed or going back to school for an accounting degree.
Finance FTL!!

Either profession is a good one. Most people I work with are finance people, although I deal with auditors on a daily basis.

Frankly, after seeing grunts tick and tie loan pool tapes ad nausea, I'd never want that job.

finance monkies are much smarter than audit monkies (in general). it's like chimps vs gorillas. funny thing is auditors THINK they are actually smart and they are cocky as hell.
 

LegendKiller

Lifer
Mar 5, 2001
18,256
68
86
Originally posted by: JS80
Originally posted by: LegendKiller
Originally posted by: Triforceofcourage
The funny thing is all of the "finance" guys I know are either unemployed or going back to school for an accounting degree.
Finance FTL!!

Either profession is a good one. Most people I work with are finance people, although I deal with auditors on a daily basis.

Frankly, after seeing grunts tick and tie loan pool tapes ad nausea, I'd never want that job.

finance monkies are much smarter than audit monkies (in general). it's like chimps vs gorillas. funny thing is auditors THINK they are actually smart and they are cocky as hell.

I know a few, doesn't take much to tick and tie
 

JS80

Lifer
Oct 24, 2005
26,271
7
81
Originally posted by: LegendKiller
Originally posted by: JS80
Originally posted by: LegendKiller
Originally posted by: Triforceofcourage
The funny thing is all of the "finance" guys I know are either unemployed or going back to school for an accounting degree.
Finance FTL!!

Either profession is a good one. Most people I work with are finance people, although I deal with auditors on a daily basis.

Frankly, after seeing grunts tick and tie loan pool tapes ad nausea, I'd never want that job.

finance monkies are much smarter than audit monkies (in general). it's like chimps vs gorillas. funny thing is auditors THINK they are actually smart and they are cocky as hell.

I know a few, doesn't take much to tick and tie

exactly. that's why i got out of dodge after one year of the bullshvt.
 

KarmaPolice

Diamond Member
Jun 24, 2004
3,066
0
0
lol I like how i asked peoples opinions about the accounting career and if it is a good lifestyle kind of thing. And now its turned into NO ACCOUNTANTS SUCKk..NOOOOO FINANCE SUCKS... lol.


Seriously tho...I like problem solving and I think accounting makes sense to me. I DONT want to make work everything. I would like to get paid a decent amount but I dont need a lot of money at this point in my life and would rather enjoy myself atleast a little. 80 hour work weeks while i am sure I will do it if I have to, I would rather not.
 

fallenangel99

Golden Member
Aug 8, 2001
1,721
1
81
So, does it matter if i go to a big school (Rutgers) vs a smaller school (Monmouth University) for a MBA in Accounting?
 
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