Long story short I've been unemployed since July and my past career (vocational rehabilitation counselor and clinical mental health counselor) is now closed to me (thanks to a termination). I was entertaining the idea of opening a hobby store, but the economy doesn't look great and I have no funds.
I was accepted into a VA program that will pay for more training and my current thought is CPA. My BA is in Business Management with a minor in accounting. I would need a MA or a graduate certificate in Accounting to sit for the CPA exam in my state.
Thoughts? Advice?
It's honestly been a terrible struggle the last three months and I've been struggling really badly.
If it's a field you like, no harm in doing it. My only concerns would be most people that need a CPA probably already have a relationship with one, and with cloud based accounting services (Bench.co for example) becoming popular, and cheap, is it a moneymaker in the long run?
In reply to Steve_Jones :
That's a perfectly reasonable point. But even being a younger guy at 41 that doesn't really need a CPA for his taxes, I still just still use one as a legacy from my previous marriage.....I like interacting with a real person on things like this. And if I provide all the proper documentation requested and there is a screw up, they share some liability.
A lot of companies hire in house CPAs. The law firms I work for sometimes have one. They want somebody they know and see in the office every day that they can trust with their numbers. Not somebody in another city or even another country who looks at their numbers on the cloud. My ex was a CPA and a partner with Ernst and Young, then went to an in house position with Real Estate Investment Trust. Her job title there was CFO. She was making over $200K a year working for the trust. You can make good money but the CPA exam is a hard test to pass. I have had several friends who have done it.
Have you considered relocating? I don't know of anybody here in Dallas who has spent more than two weeks on unemployment before getting picked up by another company. Experienced CPAs get multiple offers. Things are booming here if you can find a place to live. You might have to move to a bigger city to get an in house CPA job or a job with a bigger accounting firm.
My wife keeps up her CPA, but has always worked in the private sector as an Accounting Manager or Controller. The CPA designation hasn't hurt her a bit when it's come time to change jobs.
I understand the exam is a bear, or used to be.
Tons of companies like KPMG, Ernst & Y use CPAs, or even if you don't have your CPA but have an accounting degree can become an auditor for example.
There is more than doing people's taxes to being a CPA.
I'd say go for it. From my experience there is plenty of work and it pays well.
In reply to Snowdoggie (Forum Supporter) :
Relocation is not an option at all. We are where we are going to be for the next 10 years.
I know 2. They both say it is good money, secure job, and boring as all get out.
Get into industrial sales - not sure if the money is what you need.
Inside sales is not a hard sell - it takes someone who can listen to a customer and build a hose on the computer. Service is the key - you can go go outside sales if you want after you learn the product.
We always say the successful guys are the ones that took machine shop in high school. Most of the GRM guys can do this.
In the past 3 weeks I was in Hibbing, MN at the Taconite mines then last week at the steel mills in Gary, Indiana. Today I passed by a few large coal mines in Southern Illinois.
In reply to SoonToBeDatsun240ZGuy :
That looks interesting, but with 4 kids in school (2 elementary and 2 middle), travel is not on the table. It's also a 34% pay cut.
There's no travel except to the office - inside sales takes calls or emails and processes orders. Outside travels and drinks a lot of alcohol.
I wasn't sure on the money you needed. Also this is a day thing - maybe go to school at night?
My brother got his BS in accounting - later he got his MBA and never took the CPA test. He went the business route and is now a CFO for a auto parts place out your way. The CPA is only one accounting Avenue I guess.
I would start with what are the things you're good at, and look at what occupations match your talents. The personality tests do a good job out outling what types of jobs may be a good fit.
SoonToBeDatsun240ZGuy said:
My brother got his BS in accounting - later he got his MBA and never took the CPA test. He went the business route and is now a CFO for a auto parts place out your way. The CPA is only one accounting Avenue I guess.
That's good advice. I have a BA in Business with a minor in Accounting from WSU. My MA is unrelated, but it should mean all my general ed stuff is done for an MBA or a Masters in Accounting.
In reply to SoonToBeDatsun240ZGuy :
The Uber driver who picked me up at 2pm on a Thursday to get my car is in construction sales.
z31maniac said:
In reply to SoonToBeDatsun240ZGuy :
The Uber driver who picked me up at 2pm on a Thursday to get my car is in construction sales.
A coworker told me the best looking lawns in his neighborhood are owned by outside sales guys with home offices.
mtn
MegaDork
9/28/23 11:51 p.m.
I would say that a majority of finance, risk, and audit positions above entry level have "CPA or MBA Preferred" in the requirements section.
My parents, growing up, had a small accounting/CPA business and my sister now owns it. I chose a different career path. From her comments, quite a few articles I have read recently, and my experience in the corporate world suggests a growing shortage of CPA's and those interested in accounting careers. It is reaching a point where many companies are struggling to meet the basic required statement reporting and financial disclosure deadlines, especially in auditing. The number of college degreed accounting grads are declining as well. Pay is rising and companies are realizing the old model of long working hours for their accounting staff, especially around tax season, needs to be changed. Keep in mind, even if your not directly involved in tax accounting, the months surrounding tax filings can be very busy for many outside the tax departments, meaning long hours and weekend work.
I am also seeing calls now to reduce the number of educational requirements to reach certification. This is in a an effort to increase the hiring pool of potential candidates. Hope this helps.
