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Wow guys thanks for the knowledge to say the least. to answer one question the other career path would have to be something else enjoyable like with computers either Software engineering or something related graphics design maybe which I know would be fun but beneficial?
I did get burned out last job in accounting I had due to the overwhelming loads of projects and self duties I had to finish for my boss and co-workers. Yes I will be starting school from scratch which sucks big time but I have no other choice now.
I enjoy accounting just wish I can just jump in but it's a little hard for me... I know a bachelors degree takes 4 years does it really matter where you go for your 1st two years? this is kinda important for me to know. If it is should i stick all 4 years at like FIU or go two years to a community college then my last two years to something like FIU?
IMO, Accounting is an excellent background for a wide variety of jobs. It's NOT limited to the traditional public accounting career. Big 4 accounting firms do generally represent the best of the best and can be an optimal background for moving into other employment sectors. However, there are many other employment opportunities in private and governmental entities where a public accounting background is not required. Competency is the coin of the realm in either venue.
An undergraduate degree need not take more than 2 1/2 years. I did it while working 40+ hours per week and finished in the top 10% of my class (and I'm not particular talented, I just worked hard). The key is to identify a school with a reputable Accounting program (preferably with classes on a semester basis) that has a track record of offering courses, including summer sessions, that will allow you to punch out the BS in 2.5 to 3 years max. You need to map out course requirements and timing before you ever set foot on campus.
A strategy of clocking out the General Education requirements at a community college is possible and can save you some bucks, but you've got to assure transferability and scheduling conformance as a critical priority. Selecting a school that has an integrated BS/MBA program can also be highly desirable and save you time and money. In all circumstances, plan to achieve CPA certification as soon as possible.
A related area with an accounting base is in quantifying risk, e.g., how do you represent the potential economic impact of an energy company's gas extraction activities using "fracking" in relation to the possible event of poisoning an entire aquifer? Accounting is a LOT more than simple debits and credits.
Likewise, combining an accounting degree with computer system competency is a useful skill set. Someone has to be able to go into that computer system and verify that the output is accurate. Forensic accounting is a growth field. My tenure in fraud investigation was the most fun I ever had in my career.
My advice is go for it. Accounting gives you hard skills that will be in demand under just about any circumstances one can project. Know going in that Big 4 level employment is a really tough gig, especially at the junior level. (That's also why they pay the biggest bucks). You will work very long hours in an ultra competitive environment. A high degree of travel may also be part of the job.
My knowledge of public sector accounting is limited to my occasional interaction with them during my career with the Federal government and comments by my former classmates who went the Big 8 (now Big 4) route. I was offered several jobs by Big 8 firms mid-career but never wanted the hassle that goes with it. Other posters can offer much more knowledgeable insight on that subject.
Governmental accounting, at least at the Federal level which I'm familiar with, offers a more balanced lifestyle with lessor, but still decent pay at a middle class level. It also offers a broader range of subject areas that one can explore career-wise. JMHO
Best of luck.
Last edited by Pilgrim21784; 04-16-2011 at 09:04 AM..
IMO, Accounting is an excellent background for a wide variety of jobs. It's NOT limited to the traditional public accounting career. Big 4 accounting firms do generally represent the best of the best and can be an optimal background for moving into other employment sectors. However, there are many other employment opportunities in private and governmental entities where a public accounting background is not required. Competency is the coin of the realm in either venue.
An undergraduate degree need not take more than 2 1/2 years. I did it while working 40+ hours per week and finished in the top 10% of my class (and I'm not particular talented, I just worked hard). The key is to identify a school with a reputable Accounting program (preferably with classes on a semester basis) that has a track record of offering courses, including summer sessions, that will allow you to punch out the BS in 2.5 to 3 years max. You need to map out course requirements and timing before you ever set foot on campus.
A strategy of clocking out the General Education requirements at a community college is possible and can save you some bucks, but you've got to assure transferability and scheduling conformance as a critical priority. Selecting a school that has an integrated BS/MBA program can also be highly desirable and save you time and money. In all circumstances, plan to achieve CPA certification as soon as possible.
A related area with an accounting base is in quantifying risk, e.g., how do you represent the potential economic impact of an energy company's gas extraction activities using "fracking" in relation to the possible event of poisoning an entire aquifer? Accounting is a LOT more than simple debits and credits.
Likewise, combining an accounting degree with computer system competency is a useful skill set. Someone has to be able to go into that computer system and verify that the output is accurate. Forensic accounting is a growth field. My tenure in fraud investigation was the most fun I ever had in my career.
My advice is go for it. Accounting gives you hard skills that will be in demand under just about any circumstances one can project. Know going in that Big 4 level employment is a really tough gig, especially at the junior level. (That's also why they pay the biggest bucks). You will work very long hours in an ultra competitive environment. A high degree of travel may also be part of the job.
My knowledge of public sector accounting is limited to my occasional interaction with them during my career with the Federal government and comments by my former classmates who went the Big 8 (now Big 4) route. I was offered several jobs by Big 8 firms mid-career but never wanted the hassle that goes with it. Other posters can offer much more knowledgeable insight on that subject.
Governmental accounting, at least at the Federal level which I'm familiar with, offers a more balanced lifestyle with lessor, but still decent pay at a middle class level. It also offers a broader range of subject areas that one can explore career-wise. JMHO
Best of luck.
This is a great post
I can only speak for myself but I had a wonderful career in public accounting to the extent that I never ended up leaving it for industry (although I did get offers). I was able to work with some of the largest and most prestigious corporations in the world and interact on a daily basis with senior executives at those corporations. In terms of my personal development, it was probably the best business school I ever attended. I literally never got bored. Every day was a new challenge.
It is a tough life and especially at a junior level as you point out. I guess it probably isn't for everyone but if you like the challenge, want to learn and don't mind the hours then the rewards are there. The pay/benefits are very good, you get a lot of training and you get to interact with a lot of very smart people. I used to tell people we hired off campus that they needed to give it 6 years to get the most out of the experience. At that point they should take a check-point with regard to their career/life. They could either stay on as a manager or take their - now very marketable - skills into industry.
A number of my former colleagues have ended up in senior positions in Fortune 500 corporations. A few have managed to get on the right end of a takeover and are now multi-millionaires. Nearly all enjoyed their time in public accounting and recognize the personal value the experience brought them.
Another aspect of the big public accounting firms is that you can have multiple career paths within them. You mention IT audit and forensics in your post and they are both very viable options if you want to do something other than financial audit. Other options include going into tax or advisory and there are different skills and opportunities within those lines of service You also have the opportunity for overseas assignments (encouraged in my firm) or transfers around the country.
If public accounting does interest you then you want to choose a school that is actively recruited by the big firms. The Big 4 all have their "priority schools" and they put a lot of work into recruiting from them and that includes internships. Definitely worth finding that out before applying. Even if public accounting turns out not to be your thing, might as well keep all options open.
ok so I was doing a little research on here and remember I am from Miami Florida I don't mind moving but it would have to be worth it i suppose.
The big 4 companies that I found are Deloitte Touche, PwC, Ernst & Young, & KPMG. Now I know you all know these companies where I have only heard of Deloitte and KPMG, I used to check in people from Deloitte in downtown all the time from a office they have down here.
The way I see it is that Deloitte is the only one in the US. Does this mean this is the only company out of the Big 4 id be able to get recruited in out of college? I know its hard to get into these companies but I have been doing research on Deloitte for quite some time the only thing I can't figure out is which universities they recruit from, I found one site which mentioned Colombia University and Cornell. But neither of these are in Fl. I am still very new to all this information so some of my questions may seem quite... dumb? lol.
I thank everyone for their support on this thread and their knowledge because I am new to this and don't have much knowledge of my own.
I know now that I am definitely going for Accounting, I also know that I want to take the test to become a CPA and pass obviously :-P now 2 questions revolving around the CPA, 1. If i don't take my CPA exam what happens? and 2. If i do and pass what are the differences of having a CPA and not? sort of the same in a way lol.
The only other thing for now that I am thinking about is still the whole community college thing, I work fulltime myself and I saw someone posted they accomplished their undergraduate in 2 1/2 years. Isn't a bachelors 4 years though? I am guessing this person did a Associates course? again not sure of anything here.
kinda confused with the school portion a little, if someone could clarify what I need to do the 1st two years if I have to take a associates related to accounting or what because I hear that people that take their associates is not field related and after the two years and you go for your bachelors is when it becomes serious... again not sure of this.... sorry for the long reply hope most of it makes sense.
ok so I was doing a little research on here and remember I am from Miami Florida I don't mind moving but it would have to be worth it i suppose.
The big 4 companies that I found are Deloitte Touche, PwC, Ernst & Young, & KPMG. Now I know you all know these companies where I have only heard of Deloitte and KPMG, I used to check in people from Deloitte in downtown all the time from a office they have down here.
The way I see it is that Deloitte is the only one in the US. Does this mean this is the only company out of the Big 4 id be able to get recruited in out of college? I know its hard to get into these companies but I have been doing research on Deloitte for quite some time the only thing I can't figure out is which universities they recruit from, I found one site which mentioned Colombia University and Cornell. But neither of these are in Fl. I am still very new to all this information so some of my questions may seem quite... dumb? lol.
I thank everyone for their support on this thread and their knowledge because I am new to this and don't have much knowledge of my own.
I know now that I am definitely going for Accounting, I also know that I want to take the test to become a CPA and pass obviously :-P now 2 questions revolving around the CPA, 1. If i don't take my CPA exam what happens? and 2. If i do and pass what are the differences of having a CPA and not? sort of the same in a way lol.
The only other thing for now that I am thinking about is still the whole community college thing, I work fulltime myself and I saw someone posted they accomplished their undergraduate in 2 1/2 years. Isn't a bachelors 4 years though? I am guessing this person did a Associates course? again not sure of anything here.
kinda confused with the school portion a little, if someone could clarify what I need to do the 1st two years if I have to take a associates related to accounting or what because I hear that people that take their associates is not field related and after the two years and you go for your bachelors is when it becomes serious... again not sure of this.... sorry for the long reply hope most of it makes sense.
thanks again everyone
All four firms, Deloitte Touche, PwC, Ernst & Young, & KPMG, are very big in the USA. Their main presence will be in the main markets such as New York, Chicago, Los Angeles, San Francisco, etc. In smaller markets such as Miami, some will be stronger than others which may be why you have only come across Deloitte. However, all four recruit heavily out of their priority colleges. I cannot remember if my firm had any of those in Florida; most of the ones I know are in the north east or the west. I know that Big 4 recruit from Boston College, UConn, LeHigh, NYU, BYU, Arizona State, U of Arizona, etc.. I am not sure you can do any of their programs part-time.
If you do decide to go for accounting then you really need to get your CPA. That is the qualification that matters in the industry; the gold-standard. Someone with CPA will usually be preferred over someone who has not got it. In the Big 4, you cannot get promoted without it or without an equivalent (in tax for example).
I did my BS-Accounting in 2 1/2 years at a private college. I started in the summer session (6/70) and went straight through all year round for 8 semesters to graduation in 12/72. I had three jobs/economic activities while I went to school:
1) Stock prep (unload the trailers, cut the boxes open) and stocking in a local supermarket - Sat & Sun, 12 hrs./day, plus two evening stocking gigs during the week for 3 hrs. each > 30hrs per week. I would prop my book up and read while I cut open boxes.
2) Janitorial - scrub/wax/buff the floors once per week in two different local businesses - Mon & Thur. nights, 10PM to 4AM, 12 hrs. You had to let the floors dry before waxing & let the wax dry before buffing = study time.
3) I also bought older used cars (Corvettes) in my spare time from private sellers and wholesaled them to a regional Corvette dealer. I could make anywhere from $75 to a couple of hundred bucks for a few hours time. That was easy money back when I was making $1.75/hr at my day job.
I was not your typical student. I hit campus at age 20 after a hitch in the Marines/Viet Nam short tour (I got smashed up and discharged with a permanent disability). I attended a small, private (& pricey) college because they gave me the most grant money and it was within commuting distance. Combined with the GI Bill, I had it 100% covered (lived free at home).
I choose Accounting because it had the highest starting salary for the BS degree and didn't require any calculus, it proved to be a good decision. My motivation was to get an education, a decent job and get the hell out of the podunk town where I grew up.
"kinda confused with the school portion a little, if someone could clarify what I need to do the 1st two years if I have to take a associates related to accounting or what because I hear that people that take their associates is not field related and after the two years and you go for your bachelors is when it becomes serious... again not sure of this.... sorry for the long reply hope most of it makes sense."
Regarding your questions noted above:
You have three options: 1) go the Community College (CC) route for an AA degree & transfer, 2) go CC for just Gen Ed requirements and transfer, or 3) Take an accelerated schedule at a four year school. Which one is best for you only you can decide. CC can save some bucks but may not be your best option.
For consideration,
- the CC/Associates degree route - I would suggest that you consider attending CC for just the General Education/non-major courses (as defined by your target four year college) and not pursue an AA in Accounting. (Again, any CC course absolutely must be 100% transferrable to the four year target college).
My reasoning is that your education is probably best served by getting the Accounting program at one college. IMO, it would make it easier to comprehend the material and you'd also have the benefit of developing better relationships with your Accounting/major professors who can be very valuable to you. There also is the subjective issue of educational quality as well, at least regarding the core Accounting & related major courses you need to master. No offense intended to CC grads but there can be a difference.
I found that my 'blitzkrieg" schedule actually made it easier to do than the typical college kid's summer off schedule. It was particularly valuable in my Accounting/major courses because they were interrelated and I was always in sync with the subject matter.
It's a mixed bag. Personally, all other things being equal, I would first see if the money and accelerated schedule works at a four year school and look at the CC route secondly. That is just my preference and is not a hard piece of advice.
If you are shooting for Big 4 employment, where you graduate from definitely makes a difference and the CC background might be a tough switch to a Big 4 level college's Accounting program. In either case, you should definitely plan on the CPA regardless of where you go.
There are some very high level Public Accounting experienced folks on this board - they are your best source for Big 4 information.
Luck to you.
Last edited by Pilgrim21784; 04-17-2011 at 10:15 PM..
I'm an accountant and even though I am happy with my career choice, I chose accounting due to life circumstances rather than interest in the field. I started college when I was 22 and the biggest factors that contributed to me going into accounting was that my math abilities were a tad rusty and I was working full time and a more challenging curriculum in a more interesting field would've burned me out.
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to answer one question the other career path would have to be something else enjoyable like with computers either Software engineering or something related graphics design maybe which I know would be fun but beneficial? 
