<p>Actually in that regard I think accountants can do what finance people do but finance people can’t necessarily do what accountants do. I do know that for financial analyst positions and the like, most companies require a degree in finance OR accounting and a CFA/CPA in finance is kind of treated as the same thing. However, in accounting, a CFA does not substitute for a CPA so when companies look for Controller or even CFOs, most of these people have CPAs and the companies look for them. I’ve rarely come across a job posting for these positions (or many other positions) asking for CFA. However, I’ve come across thousands of jobs asking for CPA. Therefore, I think an accounting degree is better (unless you use your finance degree to become a fund manager, investment banker, or the like). That’s my 2 cents.</p>
<p>But usually with a job like CFO, its so high up that experience matters more than a CPA designation you got 25 years ago. I don’t think they are looking specifically for an accountant but rather someone who has proven themselves in the financial sector for many years. Case in point, Erin Callahn was the CFO at Lehman and held a JD.</p>
<p>irocktheyellow, Yes you will always find exceptions to almost any general rule;however, there is no question in my mind that accountants can get just about any job that a finance major would get. However, a finance major can not get every job that an accountant would get. Ergo: accounting provides more opportunities…period.</p>
<p>However,with all that said, if you don’t like accounting or don’t do well in it, you may be much better off majoring in finance. GPA,especially for those hard to get jobs and top notch companies, such as IB, is king.</p>
<p>i have 2 sons, one in college majoring in economics at a liberal arts school, doing very well 3.8 average taking math, physics, and of course econ classes. he’s a junior and unsure about where in the business world he may fit in. school does not offer accounting. is he qualified for one of the big 4? </p>
<p>also, my other son is a senior in high school. has taken the toughest classes possible, scored 33 ACT, and leaning towards business. i think accounting may be a good fit, but the ‘green eyeshade’ image may cloud his judgement. any suggestions? </p>
<p>and finally, with off-shoring lurking in the background of many professions, i welcome your thoughts on how accounting and or finance may be affected.</p>
<p>Rocco100, have him read over this thread especially post number 1. </p>
<p>I certainly can’t guarantee that all accounting jobs won’t be offshored. Heck, they are even reading radiology reports abroad.</p>
<p>However, there are a LOT of privacy issues issues involved in accounting. Certainly, tax returns and other financial documents can NOT be utilized offshore without the express permission of the client. Frankly, I can’t see a lot of companies and individuals allowing this.</p>
<p>Moreover, accountants are strictly liable for competant work and proper reviews of their staffs’ work. If staff are in foreign countries , it certainly is a lot harder to comply with this requirement.</p>
<p>Finally, I can’t see a lot of foreign schools teaching American Law and American accounting theory. I guess anything is possible if there is enough demand,but I just don’t see it happening in the near future.</p>
<p>One thing about offshoring: what I’ve heard is that managers out of the US really don’t like to spend a lot of time travelling to India to deal with local management issues. The other problem is the time-zone difference. If the dollar continues to fall, then the US will be more of an attractive place to hire workers.</p>
<p>post #1 makes a compelling case for selecting accounting, thanks. from other threads it seems that marrying an accounting degree with tax concentration provides a nearly bullet-proof career. but does specialization narrow one’s options? the old generalist vs. specialist conundrum. also, is there much travel working for big 4? if so, would a tax specialist not travel as much as someone in audit? and finally, outside of accounting, what do you see as the second strongest ‘business’ major in college?</p>
<p>Audit folks can travel alot. It is very rare for tax people to travel UNLESS they are litigators.</p>
<p>taxguy, you mentioned earlier that you “can’t see a lot of foreign schools teaching American Law and American accounting theory”. but they may not have to. i stumbled on an article from my local paper that talks about the push for the US to adopt international financial reporting standards and leave gaap behind. if this happens, what’s your take on the accounting industry.</p>
<p>rocco100, I still maintain due to privacy concerns and quality control concerns that you won’t see a huge amount of offshoring in the accounting field. I could be wrong ,but that is my opinion.</p>
<p>Look, if you are that worried about offshoring of jobs, have your kid either start their own business or flip burgers. We can never outsource service oriented folks like cooks, waiters, most doctors, litigators etc.</p>
<p>what can you do with a JD/CPA? Tax? Would that be stronger then, say, a MS in Taxation/CPA?</p>
<p>taxguy, how hard is it to work in chicago if i pick up an accounting degree outside the midwest?</p>
<p>Rocco100, no one will be able to answer your question definitely. However, a lot depends on your GPA. I studied accounting in NY but got a job in Florida. The better your GPA and interviewing skills, the better your chances anywhere.</p>
<p>However, partners at firms usually interview in areas that they work. It certainly would be easier to get a job in Chicago if you go to school there.</p>
<p>Our CPA firm tried sending our 1040’s “out” for preparation last tax season. It doesn’t work that well. Most folks who have their tax returns prepared by a CPA firm usually have situations that are too complicated for H&R Block to handle. The preparers in India only input the information that was scanned and sent to them. We still had to go back through the returns very carefully after they were “prepared” and there were still many open items/questions. We came to the conclusion that it was better, cheaper, and faster to do everything in our office start to finish. </p>
<p>Business returns would be even more difficult to “offshore”. Too many questions to ask the client and we certainly woudn’t want someone outside our firm sending questions to our client.</p>
<p>Pebbles4562, I completely agree. I can’t imagine too many business clients agreeing to having all of their sensitive data sent abroad with no privacy controls.</p>
<p>I disagree taxguy. </p>
<p>At least two of the Big 4 firms are involved in a big outsourcing push, sending work not to a third party but to internally run offices in India. This is a major investment. </p>
<p>Here are some good posts on the topic from people at the Tax Talent boards:</p>
<p>
</p>
<p>
More here:</p>
<p>[TaxTalent.com</a> - Career Forum](<a href=“http://www.taxtalent.com/forum/message.cfm?m=21784&CAT=general&beginshow=21]TaxTalent.com”>http://www.taxtalent.com/forum/message.cfm?m=21784&CAT=general&beginshow=21)</p>
<p>I won’t claim to be anywhere near knowing the true cost savings and success level of the India operation, but I can tell you from an internal PR standpoint this is being pushed very hard as a great initiative for the firm. A target of 20% of billables coming from India is, from some of the information I’ve heard, a very conservative figure.</p>
<p>I don’t know about D&T billing nor do I understand what exactly has been outsourced,but I do know that if they are sending sensitive data to India without the consent of the client, they are opening themselves up to a major lawsuit and probably a class action suit.</p>
<p>To make it a bit more clear, in the Tax Talent posts, the firm Brian (first poster) is referring to is not Deloitte. This other firm and D&T are the two that I know of with major outsourcing operations.</p>
<p>Most clients are aware, if not all (I’m not sure the specific policies on this). And given most large engagments have at least some work being done in India, it seems they are ok with this. </p>
<p>I don’t see why they would not be, to be honest. The Indians are employees of the US firm, subject to the same policies and controls as the rest of us. They are college graduates, some sponsored by the firm to receive US MS Tax degrees, and all work is reviewed by US personnel. What’s the issue?</p>
<p>aswedc, there are a NUMBER of issues:</p>
<ol>
<li>Privacy: tax returns involve a LOT of sensitive information. The few the number eyes that work on the return, the better to some extent. Sending important data abroad increased the risk of identity fraud and missuse of sensitive data.</li>
<li><p>Quality Control: I honestly don’t think that foreign employees can be as closely scrutinized as that of US employees. Perhaps I am wrong,but that would be my visceral reaction if a firm asked me for permission to have returns prepared abroad. Like wise, CPA firms are unconditionally liable for the work performed by their staff. Less quality control can mean more errors.</p></li>
<li><p>Nationalism: Frankly, I want my work done here in the US…Period. Even if I were convinced that it could be done reasonably well abroad, which as I noted, I am not convinced is the case, I want Americans working on my data and not some foreigner. I would pay more for this.</p></li>
<li><p>Questions: Have you ever use foreign “customer service agents?” I have especially for Dell Computers. The service tends to be spotty at best. I have gotten bad information at times and have had numerous problems with understanding their accents. If I have a question regarding my return, who do I talk to to get my questions answered if I can’t speak to the preparer!</p></li>
</ol>
<p>So yes, there are lots of issues!</p>
<p>GT as well sends a large amount of work to india.</p>