speedviper02

When should I take the CPA exam? I'm eligible to take the exam 2nd semester of my senior year because I'll have met the accounting and business unit requirements, as well as the 150 unit requirement because of AP test credits. Should I take the exam during this semester or should I take it in the summer or fall of that year? Is it better to have passed the CPA exam before working or is it fine if I sit for it concurrent with a new job?

Thetaxdad

You can definitely sit for the exam once you have a job, and this is the route that most people end up taking. Another thing to note is that some employers will help pay for exam prep classes or the exam itself. If this is the case, it may be worth waiting until you have a job. Otherwise, I would get going with it right away. The sooner you end up passing it, the better and more doors will open up to you.

zub88

im contemplating majoring between accounting or corporate financial management at my university.

Do u have any insights as to which will have a stronger demand withing 2-3yrs? and if the majors are some what similar or very different?

pokey07

I need some advice. I'm still currently looking for a job, but since things aren't looking great I might be going back to school for accounting next year. I was an econ major so I need to go to a MAcc program that is geared towards liberal arts majors. I am already 38k in debt, so I'm trying to figure out which route would be best for me. Shoot for more expensive programs but where the Big 4 recruits heavily, or attend a lesser known local university that would be cheaper, would still give me the credits necessary for the CPA exam but less likely to get a job at the Big 4.

Any advice is appreciated.

plscatamacchia

Pokey07,

Your goal should always be to avoid picking up debt, especially if you will be paying it alone. Try to look for programs with assistantships that will pay your tuition + a stipend. You will find in this post many, many posts explaining that AASCB accredited accounting programs are often similar across the board and living near any metropolitan area will give you a shot at Big 4, if you have nice credentials from the school.

Thetaxdad

I tend to agree with plscatamacchia, while the Big 4 certainly focuses it's recruiting on larger and more well known programs, as long as your school is accredited and you are in the process of obtaining a CPA, the field evens out. Also, check and see if there are events that you can attend where the Big 4 does recruit. I know for instance where I live there is a student auditing and accounting conference held each year that is independent of any school and draws all of the Big 4 along with numerous other firms.

creamgethamoney

^woah, did taxguy change his or her username?

zub88

Thetaxdad i have a question.

im contemplating majoring between accounting or corporate financial management at my university.

Do u have any insights as to which will have a stronger demand within 2-3yrs? and are the majors are some what similar or very different?

Thetaxdad

zub88 - I am personally biased towards accounting. I think that in today's economy it opens a lot more doors up for you. With the abundance of new financial laws, accountants are needed more than ever. Also, if you look at upper financial management for larger corporations, many of the controllers and CFOs come from an accounting background. This being said, it is certainly not the only way to go. You can always get your finance degree and go back and do the MAcc if you decide that accounting is what you enjoy. However, I would take classes in both diciplines and see if one intrigues you more than the other.

Also - no I am not taxguy on this forum.

zub88

if i get an undergrad degree in corporate financial management, then get a MAcc. Can i later on become a CPA or does the undergrad degree have to be in accounting as well?

Thetaxdad

No - your undergrad degree does not have to be in accounting. Check with your state's board of accountancy for the requirements in your state to sit for the CPA exam.

creamgethamoney

Nice, looks like we got another accounting expert on our forum! Just out of curiosity, thetaxdad, what areas of accounting have you worked in? That way, the next time I have a question about a specific industry, I can direct my question towards you?

Also, when does one typically start looking for accounting internships? For this year (my freshman summer), I just got a job at some random software company doing some random office work and revising their documents, which I know is nothing spectacular or related to accounting (aside from maybe enhancing my excel and word skills), but I figured I might as well take it just to get some corporate experience, and since something is better than nothing, but should I have already gotten an internship with an accounting firm, or can I do that later still?

plscatamacchia

Cream. I can tell you that all accounting firms I have talked to prefer junior or senior status. To be affective at a firm as an intern, you should have at least one semester of Intermediate Accounting under your belt. Which usually isn't taken until your junior year.

Thetaxdad

cream - I agree with plscatamacchia. Most firms will not even look at you unless you are a junior or senior. Also, as stated in the previous post, most firms also want you to have at least intermediate I done. I worked my first internship during the second semester of my junior year and had finacial accounting, managerial accounting, cost, intermediate I and tax done. I went to school on nights and weekends during the internship (not fun) and finished auditing, intermediate II and Business Law while working. I think second semester junior year or summer after junior year are pretty typical times to work internships. However, make sure you start looking a while before that. I know that if you want to work at any of the Big 4 they start their recruiting about 4-6 months in advance (at least where I am from).

Here are a couple of ideas that I have heard to give you a leg up on getting an internship if you are thinking public accounting:

If you think that you might want to go into public accounting, and perhaps tax, one good idea that some of my friends did before they were eligible for an internship was to work at a place like H&R block. Though it was not a glamorous job, they prepared a lot of tax returns and benefitted from taking the inexpensive H&R block tax course. You can work at a place like this part time during your sophomore year. Another thing to consider doing is taking your tax course the first semester of your junior year if possible. I did this, and felt that I had a leg up on others who had not completed this course and were looking to work a busy season with a CPA firm. I don't believe it is possible to take until your senior year, but getting your audit class done as soon as possible may be a good idea too if that is the route you want to go.

As to the first part of your question: I have worked in both public and industry. My first experience was in public accounting as an intern for a mid-sized CPA firm with around 100 employees. As stated previously, I opted to pursue a mid-sized firm instead of Big 4 for work/life balance (not that there is anything wrong with Big 4 - its great experience!). It was a long busy season as I was in school and had a brand new baby at home, but well worth the experience and I got a full time offer out of it. I have been working in industry as an internal auditor/staff accountant since then, however, I have accepted the job at the CPA firm and will start this fall. Certainly feel free to ask any questions you have, I know these forums helped me out.

wowlol123

how competitive is a 3.77 overall gpa? i've recieved a B in intermediate accounting, A in intermediate accounting 2, and A in cost accounting 1