Everything you wanted to know or should know about accounting

College Majors Business Majors
2501

<p>I know Salt Lake City is an emerging city in terms of the financial services industry, but I don’t know if the Big 4 specifically have Financial Services teams in the SLC offices yet. </p>

<p>I personally don’t think its a huge difference being in a bigger city vs a smaller city. Different industries and client base for sure, but I’d agree with what you said about how accounting is accounting wherever you go. There might be a difference in the level of complexities within different projects, but complexity isn’t necessarily related to what city you’re located in.</p>

2502

<p>Been reading this thread for the past few days… Wanted to get some opinions on my current situation.</p>

<p>I am 27 years old. I quit going to school about 6 years ago and started working full time in a family business. My job has been in sales at a stainless steel distribution company, i have been working full time since I started here, I deal with customers on a daily basis and have very good people skills, I manage all of my customers particular inventories, i negotiate prices with my customers and with my vendors. It’s very solid sales job and i have learned a lot. I have grown my account base each year and last year had a little over 2.6 million in sales. I enjoy the job, i like the industry, but i hate where i live. So i decided to go back to school to make myself more marketable so that i could move and not have to take a huge pay cut. If i move i wont be working for the family business anymore, and if i didn’t have a college degree i really am limited to sales based jobs. Unless i get lucky and find some job that is great, but i’d rather not put all my eggs in that basket.</p>

<p>Which brings me to where i am now. I decided to major in accounting because i wanted to know more about the accounting side of business. I already have a degree in sales as far as i am concerned and i thought adding an accounting degree and becoming a CPA would actually be a very nice (somewhat rare, i think?) compliment to my sales experience and would make me an attractive candidate to many different types of companies. Ideally i’d like to finish my undergrad ( I will be done in 2 years ), and then was thinking i would get my MBA. Then go to work for an accounting firm until i get my CPA certification. By the time it is all said and done, i will be 29 when i finish undergrad. 30 or 31 when i complete MBA, and 32 or 33 when I become a CPA.</p>

<p>Last semester was my first semester back in school, i got a 4.0, the classes came easy to me because i am much more mature than i was 6 years ago. I go to work (working 25-32 hours per week depending on school schedule), i go to class, i do my homework, that’s all it takes. I know my classes last semester were easy, but i anticipate continuing to do well because i want to do well and because i am very disciplined this time around. </p>

<p>I am somewhat worried about my age, but i figure i can be 32 years old, with a CPA, MBA, and 8 years of sales experience, that’s not a bad place to be in. I could then continue working for an Accounting firm, i could maybe get a good job with a company in the steel industry since I have experience, or i could just sell myself to another company and working in whatever capacity they saw fit, whether it be sales, or accounting. I am also somewhat interested in baking and finance, and could see myself working in those industries as well. I am not one of those people with a end career in mind, i just want to get a good job that pays well, provides the opportunity to advance upward in pay and responsibility (if my work warrants it), and provides me with job security. </p>

<p>I do know that i really enjoy accounting in that it is the language of business and can tell you pretty much whatever you need to know about a company. So i know i chose the right major for my interests. </p>

<p>What do you all think about my plan? Should i be worried about being 29 when finishing undergrad, 30 or 31 when finishing grad school? Should i consider masters of accounting instead of MBA? I am thinking MBA because i would love to get to a point where i can work in upper management for whatever company i end up with. I thought Sales experience + CPA + MBA would give me a “birds eye view”, if you will, of the different aspects of a company and would allow me to be an attractive manager/executive that could look at many different angles. </p>

<p>I look forward to hearing your responses especially taxguy, as i have enjoyed his posts.</p>

2503

<p>One last thing, i will be doing an internship with an accounting firm in town that handles the accounting services for the company i currently work at. Additionally they have offices in other parts of the state i live, in some areas where i potentially would want to live (Charleston, Myrtle Beach, Greenville). My dad and uncle know the owner very well so I am somewhat connected in that regard. I don’t know him personally but i will meet him soon enough when i start my internship (next semester).</p>

2504

<p>I am PA residence but college is in NJ.
and I prefer work at NY but I do not mind work
in NJ PA too if job is good.
Should I take NY state CPA exam now?
Can I transfer NY CPA exam to NJ PA
later if I found better job not in NY?
Any advice how to transfer CPA exam score
A state to B state?</p>

2505

<p>

</p>

<p>Greetings taxguy, </p>

<p>What a perfect name for such an amazingly detailed and informative/helpful post! I thank you so much for writing this and for your other posts. </p>

<p>I haven’t read through the 100+ pages here yet, but have just started working my way through this thread as a new member and it’s been quite helpful. </p>

<p>I, myself, am just beginning my research process for whether or not to attend school for a second degree in accounting and thought I’d ask you (or anyone else here with insights into this) whether your view on school selection above would apply to even extreme cases (at the lower end). In other words, if I were to attend a school locally in my area that is not even at the level of a traditional big state U type of institution (e.g. Florida State, Ohio State, Univ. of Tex, etc.), but more towards the very bottom of the rankings of schools or unranked altogether (something along the lines of an Asbury College, Norfolk State University, or Univ. of South Alabama), would such a school degree hinder my job prospects upon graduation? </p>

<p>Although I probably have the credentials to get into higher ranked schools, my thought was that saving money by attending a local institution would most likely be the best bet for me as an older returning student with a home already in my area.</p>

<p>But, I would certainly be much less inclined to make even a small investment (in time and money) to pick-up a second degree in accounting if it meant that I would struggle to find employment coming out of an unknown and lower ranked type of school. And so that’s why I had hoped to find out more on this.</p>

2506

<p>Nerter just get very good grades in school , and I would bet you will find an accounting job in public accounting. However, you would be better off attending a school in the state and locale that you want to work in. This way, the school will meet the requirements for the CPA in that jurisdiction. Moreover, as noted in my original post, firms in that area tend to hire from schools in the state that they are located in. Partners tend to hire and interview in states that they work in as well. However, if you have a very strong GPA and strong GPA in accounting courses, you should be able to interview anyway. Just be sure that you have the background to qualify to take the CPA in the State that you want to work in. States have slightly different requirements to sit for the CPA. Florida, in particular, has some bizarre requirements such as requiring more accounting credits that that of most other states.</p>

2507

<p>What’s up everyone. Super quickie question for a newbie here! </p>

<p>Does an Accounting undergrad degree enable work right out of college? Or do you have to get a CPA credential/license thingy?</p>

<p>I’m a rising junior, btw (with a double-major of philosphy and economics right now). </p>

<p>Thanks for the clarification!</p>

2508

<p>Oh, one final follow-up question to the one above:</p>

<p>Can accounting grads simply open up their own shop after graduation? It seems most of the people’s questions here are in regards to getting hired by someone else. But what about being your own accountant/owner? </p>

<p>Or is that too hard to do without learning the ropes from someone else first?</p>

2509

<p>Brownug, you technically can open up your own practice but you have a 1% chance of succeeding. My business partner owns an accounting firm. It is the same as any other entrepreneurship venture, you need to be a pro first.</p>

2510

<p>As someone who taught Accounting for 25 years, I feel compelled to clarify Taxguy’s recurring theme that a choice of undergraduate institution is of no consequence whatsoever as long as the program is accredited. What is factually correct is that the curriculum at accredited universities is generally uniform. This said, however, the caliber of teaching, expectations and student outcomes will vary dramatically from one school to another. I had the privilege of teaching Accounting at three different schools during my career. I also spent countless hours with colleagues at contrasting caliber schools across the US in heartfelt discussions about teaching, the accounting curriculum and the faculty experience in general. Rest assured there are enormous differences between the overall academic experiences gained by attending a premier business school, versus an average business school, or what’s likely to be achieved enrolling in a garden variety, low-end, but accredited, state university. I can also assure you that employment recruiters from the Big 4 are fully aware of which schools are superior and have a history of providing bright, engaged and academically skilled graduates. Recruiters spend significant time at these select universities developing relationships with both faculty and students in ongoing functions. The opportunity for students to develop industry contacts and to secure internships is greatly enhanced at select schools. </p>

<p>For readers of this forum to expect an equal academic experience and employment outcome from studying Accounting at Mendoza at Notre Dame, versus Eastern Illinois University, is rubbish. (Both schools are AACSB accredited). In a perfect world, I wish everyone could study Accounting at schools like Stern, Carroll, Dyson, Robins & Goizueta. Lest you try and cast me as an academic elitist, I spent most of my career teaching at a state university in the Northeast and fully recognize the equally important concern of funding a college education. Not every student has the financial wherewithal to attend a premier school of accounting, nor the intellectual ability for that matter. My advice, however, is always opting for the best school that you can possibly attend that’s the right fit for your individual circumstances. You’ll have a better overall experience if you surround yourself with the smartest people you can, and choose an academic culture that demands high expectations.</p>

2511

<p>^ in regards to the Big 4 preferring kids from the “better” schools, that may be true, but if you work hard, you’ll be just fine. I’m from a complete non target school and got an offer from a Big 4 in chicago. Keep in mind, I’m about a 3 hour flight from Chicago, so it wasn’t easy to break in with that office. I was competing against kids from awesome Big 10 schools, Michigan, Illinois, Notre Dame, OSU, etc. I was the only one from my state. </p>

<p>This is not me tooting my own horn, this is me saying that if you work hard and network well, you shouldn’t have a problem landing a Big 4 offer. And this is for an out of state office, I’d assume local would be even easier. </p>

<p>I don’t want people coming on here, reading your post, and thinking they better cough up $40k a year for a great undergrad school or else they won’t get a job, because that is something near and dear to me as someone who could barely afford a state school. And the value of an accounting job drops drastically if you start piling up the student loans.</p>

2512

<p>I’m in a Big4 from a non-target school as well but prof is right in the sense that by going to some of the top schools he mentioned, one’s chances of getting into a Big 4 are much easier. It doesn’t mean it’s impossible to get in from a non-target school as long as you network and bust your ass off, but although I was fortunate to get offers from multiple Big 4s, cases like mine are slim. </p>

<p>I’m also actively involved with recruiting and the schools we hit hard? The ones with an excellent track record for producing excellent associates. Reputation of a school plays a big role in how firms attract talent so prof’s not incorrect with his point. I’m sure this goes without saying, but the school you go to only enhances your ability to get a foot in the door. It doesn’t mean that everyone from a USC is going to get an interview, but it does enhance your opportunities to meet professionals and network. </p>

<p>As much effort I put in to network, I guarantee you I had much less opportunities to meet professionals over people who went to a USC, UCLA, or Berkeley (out here on the West Coast). The reality is those schools offer better opportunities. I think the hardest thing to do as a student from a non-target school is to get their foot in the door. To dom’s point, if you work hard and you’re competent enough to hold a professional conversation with the professionals, you’ll be fine.</p>

2513

<p>Is the work/life balance in small/mid-size public accounting firms any better than the big 4?</p>

2514

<p>Hey, just wanted to chime in here :). I’m currently studying to become a non-reporting CPA out of Mass, mainly because I have all of the education credits to fulfill the requirements and with the Mass non-reporting license, there’s no requirement of accounting nor attest experience. Thus, I’m only using the CPA title after my name for credibility standards, I work in commercial finance and lending, and plan to continue to do so for the remainder of my career and NOT go into public accounting, private accounting nor auditing. </p>

<p>What I can say from my experience though, is that if you want to get into the Big 4 firms then your school needs to be ranked for the most part, not just AACSB. Obviously there are exceptions to the rule, and a person with excellent networking can break the barriers, but it’s the politics in those firms that provide the restriction. If you aren’t looking to work in a Big 4, but perhaps a local or regional firm, not only do you NOT need a ranked school but you also don’t need AACSB either, what you need is the CPA License and the school itself just needs to be regionally accredited. </p>

<p>AACSB isn’t that valuable amongst the small-medium sized employers as it is to the large employers and academic circles, what’s more important at the small-medium level is your work experience, relevant education and the fact that you passed the CPA exam. At least that’s just my experience, excellent thread btw :)</p>

2515

<p>Profconfess, maybe things changed over the past 30 years;however, I found that after attending a City University of NY (Baruch College) which isn’t Harvard, NYU, Univ of Texas or Illinois, I had NO problem getting any job in any firm I wanted even outside of New York. I even worked on wall street as an intern and could have stayed with a bond trading company. The catch, as I noted in my post, is that you MUST have very good grades in both the general GPA and accounting courses to get the top jobs. I would bet that any decent local school has local accounting partners recruiting there.</p>

<p>As to the quality of the educational experience, I can’t make the generalization that you did since I only taught at three schools. Do I think that stiff admission requirements bring in better students and thus provide a better student body? Yes. However, I don’t think that the overall training varies that much from school to school. At each school that I taught, which had differing admission standards, I used the same books and taught from the same outline and used the same homework and classroom problems and handouts. I honestly didn’t see that much of a difference, which might have resulted in a difference experience than you got. I am, however, very good at explaining technical material to just about anyone.</p>

2516

<p>I agree, Jotucker, that AACSB accreditation isn’t important for getting jobs right now. This was noted somewhere in this huge thread. It is, however, very useful for getting into AACSB accredited grad programs. Graduating from an AACSB program will given an edge in attending an AACSB grad program. At least, this is the experience that I have seen with my son.</p>

2517

<p>taxguy, </p>

<p>Yes, I agree partially, it just depends on the graduate program they are looking to go to.</p>

<p>Are we talking for example, an AACSB MBA at a top 20 ranked graduate school like Booth, Kellogg, U of M-Ross? Or, the AACSB MBA program at University of Michigan’s Flint or Dearborn campus? Maybe University of North Dakota or South Dakota’s AACSB MBA Programs even?</p>

<p>If we are talking the ranked MBA programs, oh for sure, you need not only an undergraduate AACSB program but 5 years of experience, excellent references, a solid GMAT and a prayer that even after all of these accomplishments, there’s even enough slots available for your entrance. You can be a solid candidate but still can’t get into the top ranked MBAs due to low slots being available. </p>

<p>But some of the other AACSB MBA programs that aren’t top ranked, you can get into those without your undergrad being from at an AACSB college. You normally just need an average GMAT score (620 - 640 give or take), the references, the 5 years of work experience and a decent admissions essay.</p>

2518

<p>Joe, I am not sure what you said is true. My son applied to Bentley University grad program in financial planning. He completely bombed the GMATs. However, he met the dean at an open house. Frankly, the dean wasn’t that interested in him UNTIL my son mentioned that he attended an AACSB undergrad approved school. Everything changed after that. The Dean’s attitude noticeably changed. My son got admitted provisionally. Interestingly, he graduated at the top of the program and even got a merit award. So much for standardized test.</p>

2519

<p>tax guy, </p>

<p>Well, that Dean must have loved your son then :)! But yes, I can post some links for your review this afternoon, but with most of the AACSB non-ranked grad programs you need your 640 GMAT, 5 years of experience, and a good admissions essay along with your undergraduate degree. Your undergraduate degree doesn’t have to be in business nor from an AACSB business school as well, I can shoot you over some links later on. </p>

<p>I have an MBA, just completed it to “check off the box,” and went to WGU to finish it. I’m already working in my position in commercial lending so I didn’t need the MBA technically, what I really wanted was to get a CPA License for the higher levels of credibility. I have three bachelor’s degrees altogether, an MBA, a CompTIA Project + certification and the CPA License will be my final academic journey :). I’m turning 30 in August. BTW, I’m using CPAExcel for the CPA Exam review, I think this is the best review program on the market.</p>

<p>Oh yeah, just call me John ;)</p>

2520

<p>So I’m going to be entering my senior year this fall as an accounting undergrad and I’m unsure where I should be at this point as far as work experience goes. Basically, I have none at all. My GPA is solid (3.61 overall; 3.5 accounting). Should I have interned by now? Or is it not unusual to get your first work experience/internship during your senior year?</p>