Young CPA looking to move to Chicago for work (Champaign: 2015, cheap apartment)

[jambueh]

Hey Guys,

I need some advice. I'm 27 and feel like I've been spinning my wheels since I graduated from college. I received a Bachelors in Accountancy in 2009. Accounting internships were few and far between and reserved for those with a 4.0 GPA. I worked in retail until I graduated and then managed to find a position as an accounts payable clerk with a small manufacturing firm. The economy was in the tanks so I decided to go back for my MBA. I earned by MBA part-time going to night and weekend classes. After finishing my MBA in 2011, I found an accounts receivable/credit analyst position through a staffing agency with a large manufacturing firm located outside of St. Louis, MO. At the beginning of 2012, I started studying for the CPA exam and managed to finish all four parts in about 15 months. Shortly after receiving my CPA license, I was promoted to staff accountant. I loved my job and the people I worked with, but the pay was low with no benefits. Late last year, a friend helped me obtain a staff accountant position with a mid-sized manufacturing firm in southern Illinois. It's a permanent salary position with full benefits but wages in southern Illinois are very low. My salary is in the bottom 10% of the national average. The BLS states that the national average salary for accountants and auditors is $65,000. Considering that I have five years of experience, a Masters degree and CPA license; I believe I should be making around $50k/year.

I'm young and single with no kids. Currently, I have about $5,000 liquid in savings and $20k in a retirement account. I would like to move to Chicago after my lease expires in February. I want to move to Chicago because it sounds like there are so many opportunities. I have been looking at studio and one bedroom apartments online in the price range of $600 - $800 in the northern neighborhoods close to the L. Where is a good place to find a cheap apartment in a safe neighborhood?

How do I go about looking for a job in Chicago? I was going to use recruiters in the area to find a position but living five hours south of Chicago will make it hard to go on interviews. Is it safe to quit my job with about $5,000 in savings to hold me over until I find a job?

A friend of mine moved to Chicago two years ago and was offered several positions within a few weeks. Is the Chicago job market hot for accountants? How long will it take to find a job?

Thanks!

[usamathman]

Don't quit your job.

Go ahead and start applying. Great way to figure out if your skillset will attract enough employers.
A 5 hour drive is nothing for the right job. You will just have to take some personal leave if you happen
to land an interview with the right company.

I live in New Jersey and have applied for at least 20 jobs in chicago. Have only landed 2 interviews.
Pretty sure it has to do with my location.

Start applying and see what happens.

Do not quit your current gig.

[JTW2013]

Don't quit your job. $5K in savings won't last long here. Moving always costs more than you think. By the time, you get to Chicago, over half of your savings could be gone (moving, deposits, etc). You could go through $2.5K in a month.

Keep your job and start networking here and applying for everything you see. Save what you can to pay for interview trips and your move. But don't come up here without a job.

[oakparkdude]

http://www.chicagobusiness.com/artic...tor-in-chicago (its behind a semi-paywall)

Excerpt:
The moment DePaul University accounting majors strode across a stage on Father's Day to get their diplomas, 88 percent either had landed jobs (averaging $55,000 a year) or made plans for further study. At the University of Illinois at Urbana-Champaign, accounting grads needed all of three months for 98 percent—yes, 98—of them to find work.

Believe it or not, the Chicago economy is charging ahead in at least one sector: professional and business services. Figures out this month (see the PDF) show a near-majority of net new jobs statewide for the year ended in August—17,200 of 40,600—reflecting gains in such professions as auditing, consulting . . . and even architecture. (For the 12 months ended in May, the professional services share was two-thirds.)

[Lookout Kid]

Originally Posted by oakparkdude

. . . and even architecture. (For the 12 months ended in May, the professional services share was two-thirds.)

All of the unemployed architects I knew during the Great Recession have found jobs. That sector has definitely picked up again. I'm not sure what the market is for new grads, but for experienced architects things are not bad.

[Parsec]

Never been to Chicago or even the Chicago forums, but the thread title caught my eye on the main page. I think even a $50k salary is extremely low for someone with your credentials. I started working for a CPA firm in Atlanta my first year out of college and made $41k. Then I moved to Boston which has a higher COL and made $56k in my 2nd year - BEFORE I got my CPA license. I always recommend junior accountants to start their career in a CPA firm to accelerate their career while they are still young. You went back to school on your own time - nights and weekends - so you obviously have the drive to be better. Most people who start in private industry never make it past senior accountant their entire career and might be stuck earning something like $60-70k mid-career. You've been doing this for 5 years, so you probably know what I'm talking about. I would highly recommend getting out of private and going into public accounting for the next 5 years or so. It's hard work, but I know you can do it and your opportunities will open up quite a bit after that. You should be able to find a job as a finance manager or assistant controller w/$90k salary after 5 years.

[jlawrence01]

I would suggest that the OP contact some accounting search firms in the Chicago area like Robert Half and Garelli Wong & Associates. I have had positive experience with both when trying to hire degreed professionals.

You will have to take time off to interview, so it might cost you some vacation days.

As for the last commentor, that is inaccurate. I started in private industry with a large manufacturing company outside of St. Louis at age 32 after my MS in Accountancy and had no problems breaking into top management. It took a heck of a lot of work, but what does not?

[billiken]

You shouldn't have too much trouble finding something. Get on LinkedIn. I get about 3 emails a day about job opportunities, and I'm a CPA with about as much experience as you. $50k is in the lower range for someone with 5 years of experience and a CPA in Chicago. I had a job offer for more than that right out of school in Chicago...over 5 years ago.

[jambueh]

Thanks for the feedback.

I am going to start looking for jobs in Chicago at the end of the year. I already have several recruiters and contacts on LinkedIn that are located in Chicago from posting my resume on the Illinois CPA Society website. However, it will take me awhile before I'm able to make it to Chicago. I won't have any vacation until next year and the first couple months of 2015 we'll be finishing up the year end audit. If I cannot find anything before my lease is up, I could stay at my parent's house for awhile. I also bought a review guide for the CMA Exam and would like to part one in January 2015. It will be nice to have another certification to add to my resume to help me stand out!

I just hope the economy picks up some more. I never thought it would be this difficult to find a good job...

[Parsec]

Originally Posted by jlawrence01

I would suggest that the OP contact some accounting search firms in the Chicago area like Robert Half and Garelli Wong & Associates. I have had positive experience with both when trying to hire degreed professionals.

You will have to take time off to interview, so it might cost you some vacation days.

As for the last commentor, that is inaccurate. I started in private industry with a large manufacturing company outside of St. Louis at age 32 after my MS in Accountancy and had no problems breaking into top management. It took a heck of a lot of work, but what does not?

This is good advice, but I didn't say people starting out in private have no chance of breaking into management. It's just a lot harder and you need to have a certain personality. If you start in public accounting you have a very good chance of breaking into management in private industry (I'd say well over 50% chance), whereas less than 10-20% of staff accountants in private industry make it past senior accountant. I'm saying this as I look out at the sea of cubicles from the window of my office at a large investment management firm in downtown Boston. Sadly, many of these people are much older than I am (in my mid 30's) and they will never make it out of cubicle-land. We may disagree on some things, but one thing for certain is there are more job opportunities for finance & accounting professionals in the city core than there are in the far-out suburbs/exurbs of any major city.