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I'm set to graduate high school this June and am going to University of Minnesota to major in accounting. I realize there are many jobs available with an accounting degree, but I want to take the most common route... get an internship with one of the Big 4 after Junior year and secure a job with them after I graduate. What is the usual career path for somebody who does this? I know most people don't stay at the big four their entire life just doing audit work or tax work...
1. Major in accounting
2. Summer internship
3. Big four employment for 2-3 years
4. Masters degree in accounting
5. CPA
6. ????????????
What do people generally do after they get their CPA certification?
I agree with 1,2,3 and 5. But most people don't get their masters degree at that point. After 2-3 years most in Big 4 go to work in private. Some times at one of their clients. There are many different things to do. SEC/Consolidations/Corporate Accounting/Internal Audit/Treasury/Tax to name a few.
I agree with 1,2,3 and 5. But most people don't get their masters degree at that point. After 2-3 years most in Big 4 go to work in private. Some times at one of their clients. There are many different things to do. SEC/Consolidations/Corporate Accounting/Internal Audit/Treasury/Tax to name a few.
Agreed the Masters is for when you screw up in undergrad or need the extra hours to sit for your CPA
Many people with an accounting background branch out into different aspects of business - i.e., FP&A, business development, marketing, etc. - once they find out how mind-numbing straight accounting jobs can be. But accounting is an excellent foundation. Many people do it for a few years and then go back and get an MBA in something else.
When you start your classes-try to find professional associations in accounting. A lot of people see the big four picture only-what do you want to do? If you love accounting or at least like it you have so many paths to take-just remember if you do decide to get into the big four-competition is fierce and you will have to work at least 60-70 hours a week-almost year round..accounting is not just taxes-my other half supervises 16 accounting people as well as "run" the financial show at his company-he works hard but loves it. Good luck!
I thought you needed 150 to sit for the CPA? I believe most bachelor's degrees are 120 credits. I figured most people just get a masters in accounting to get these extra credits.
I thought you needed 150 to sit for the CPA? I believe most bachelor's degrees are 120 credits. I figured most people just get a masters in accounting to get these extra credits.
We actually just had a discussion about that in another thread. Some accounting programs offer 150 credits.
I can tell you this. If my goal was to get my CPA there is no way I would leave college without the 150 credits. You never know what is going to happen once you hit the real world and going back later may not always be a possibility.
I'm an ex-Big 4 who washed out after one year. It wasn't right for me, but it's a great opportunity for those who are a good fit for it.
One thing to consider, I think most Big 4 will start someone out at a higher salary if they have a master's vs. a bachelor's. Usually something like 3-4k more, depending on the city and the practice area [tax usually gets more than audit for some reason.]
Many times they will also pay for your master's program, the only danger with this is that they will pay it off over a few years and if you leave before that I think you may be stuck with the remainder. We had a large group of people who had their master's program covered by the firm.
You'll be expected to get the CPA while at the Big 4, since they will pay for your test prep and fees. People generally take the exam and get their license during their first year or two of working...ideally.
You're on the right track when it comes to getting an internship. It's pretty difficult to make it there if you don't have prior intern experience. When you start it is really competitive as far as finding projects, and they will prefer to work with former interns who have a track record. When I was there those of us who didn't intern were sort of like second class citizens.
As far as what people generally do afterward, they usually end up working for a client. Sometimes they migrate to smaller firms.
I'm a bit interested in salaries now... from what I can gather the average starting salary at a big four right out of college is about 45-50k... maybe 60k if you're in NYC. How does your salary get raised? Does it just raise in set increments each year or does it raise depending on your performance on the job? Remember I'm in high school so I really have no idea how anything in the corporate environment works. What can a CPA expect to earn by age 35 or 40? Do a lot of CPA's open their own firms and get a few partners or do many of them work for others instead?
I'm just a few months from entering college and I want to decide on a future career path... I know I want to do something in business, either finance or accounting.
When you start your classes-try to find professional associations in accounting. A lot of people see the big four picture only-what do you want to do? If you love accounting or at least like it you have so many paths to take-just remember if you do decide to get into the big four-competition is fierce and you will have to work at least 60-70 hours a week-almost year round..accounting is not just taxes-my other half supervises 16 accounting people as well as "run" the financial show at his company-he works hard but loves it. Good luck!
Each state has a CPA Society (association) that you can join while you are in college. At least in Illinois the membership rate is cheaper for a student vs a professional and I know Illinois posts their membership rates on their website because I used to work there. There are probably many different associations all over the country; AICPA (American Institute of CPAs) is the national association.
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But accounting is an excellent foundation. Many people do it for a few years and then go back and get an MBA in something else.
