YourNameHere27

what i dont understand is why Chartered Accountants (CAs) in Canada and abroad are presented just as high as doctors/lawyers and they make enormous bucks. Where as CPAs in the US on average don't make nearly as much as the accountants in Canada. It's crazy, up there a CA can easily pull in 200k+ after 7-10 years, whereas here I would guess most CPAs would never see this figure... Taxguy, could you please elaborate on this issue.

And apparently the CPA and CA thought about a merge, but the CA executives decided not to since they want to keep the "royal tradition" alive. lol plus they state that the CA exam is soooo much more difficult. lol seriously?

could a CPA in the US, if decided to move to Canada, just transfer his license to a CA designation because he passed a similar exam and received the 150 credits for both licenses? rumor has it, the CA exam is much tougher, "if that's even possble."

reason being, i love toronto and vancouver, and i would love to live in canada one day. however, i do not want to spend the rest of my life studying for the CA exam when i already have a cpa. therefore, transferring licenses would be awesome.

thank you!

sp1212

People overthink this stuff way too much. Do whatever you want.

taxguy

Yournamehere27, I can't speak for Canada. Maybe they regulate the CA more than the US and thus have less of them. However, I do know that if you are in accounting for 10+ years here in the US and you make partner, you will make 200K+ per year. I would bet that not every accountant makes partner in Canada,which is the same as the US.

YourNameHere27

Taxguy, first of all thank your help, and I have one more question. So say I start at a large public accounting firm, which it's very, very difficult to move up to partner. So is the normal process to downgrade to a middle or small size firm practically guaranteeing a partnership if one does well? Say if you can't move up in those firms.... Do you keep firm hopping until one reaches that certain "fit" to move up in? This is the impression I'm getting.

thanks again

taxguy

Yournamehere, I can't answer your question since I don't work for an accounting firm anymore. Generally, it isn't as impossible to make partner as you seem to think. Yes, it is difficult, and you need to have certain skills. However, it isn't impossible.
If you are very competant, you can still stay there as a "director" and make a good living at some firms. I don't know enough about this to advise you competantly. Maybe someone else on these boards can do that.

There are many big 4 former folks who go to mid size firms and work their way to partner. NO ONE will guarantee you a partership because you were with a big firm UNLESS you bring in a lot of client billings. You will otherwise have to show them what you can do in order to earn your partnership status.

taxguy

YOurnamehere, I have posted what it takes to become a partner in post 507. Here is a repeat of that post:


Let me be very clear about something. Yes, accounting is one of the better paying careers out of college. Yes, it is respected. Yes, it is one of the best careers for getting a job.

HOWEVER, you have to like it and be good at it if you want to keep that job. This means:

1. You have the ability to pay attention to detail for long periods of time
2. You have a very strong work ethic. This means that you can work 8-9 hours a day on projects, having only a few breaks.
3. You have strong analytical, problem solving ability.
4. You have common sense
5. You have a reasonable degree of people skills
6. You are a decent writer.You don't need to be Hemmingway or even have the skills of an English major, but you do need to write clear reports.
7. In college, learning disablied kids can get through with accomodations. They might get extra time for work, tutors, note takers etc. Don't expect any accounting firms to make accomodations for you in this regard. You will be expected to work hard, quickly and correctly. No excuses will be accepted.
8. Some of the smaller firms require their "would be partners" to bring in business.In fact, for one of my son's firms that he is with, there was a factor in the evalutation about new clients brought in by the employee.

Thus, at some point in your career, you may have to have strong networking skills. This isn't true for all firms,but I have seen it in the past with some firms.

Accounting does take a special kind of person to succeed. If the subject matter or work isn't for you, don't go into it!

MaverickJR

I love this thread! Very helpful

MaverickJR

I actually have a question which you may or may not have covered before, but in the big 4, are you able to have a life? or do they require you to work 10 hours days and a lot of weekends?...and also, would be an accountant for the federal gov. be a wise career move? Thanks for your help

taxguy

MaverickJr. I haven't worked for a big national accounting firm for quite a while;thus, someone else should answer your question.

As for government work, it is less hours and a LOT more stable. You will have little chance of losing your job in government unless you really screw up. National firms are reknown for laying off folks and firing those who won't or can't make partner.

BC2011_25

Hey taxguy,

I had a quick question because all my accounting / business professors have been talking about it a lot. Once we get over this economic crises (and hopefully, it will come to an end soon), how do you think the United States's commitment to switching to IFRS will affect those students receiving an accounting major within the next five years? I mean, I know that the Big 4 and other accounting firms will be reeducating their current employees about the nuances of IFRS compared to FASB regulations, but how do you think this will play out in regards to the job market for recent graduates?

Thanks

taxguy

BC2011, My crystal ball is broken. I really can't tell you how this will all play out. There will be many continuing education courses that will cover the new accounting rules that should adequately prepare professionals for the changes.

2VU0609

BC2011,
There will be ample opportunity for you to be exposed to IFRS before US companies fully transition to that regulatory model. Textbook authors are already working on integrating this material and the transition is one of the hot topics at professional meetings for accounting academics. Sir David Tweedie, the IASB chairman, is scheduled to be one of the plenary speakers at the American Accounting Association's annual meeting this year. AAA is the premier organization for accounting academics.

Taxguy is correct - what you specifically need in your future career is likely to be provided through CPE courses or in house training. My state society recently sent out a list of the five hottest topics for training from a neighboring state and IFRS was #2 on the list.

skibum200

I am seriously considering double majoring in accounting and international business. I want to work in accounting possibly in another country for an american corporation. I plan on getting my CPA and probably via a masters in accounting after my double majors. Are there any advantages to the double major. It will take about one year longer to go this route. Will the international business degree stand out to employers and help me get a better job? What do you guys think?

Dawgie

international business sounds like a joke.

skibum200

you sound like a joke, go play in traffic little dawgie.