<p>I am considering a career as an accountant after college, and obviously i want to make a decent living, support a nice family. Still, my other ambitions are to give back by coaching high school basketball. In order to balance these two interests, I have devised the following career path, please tell me if it is at all feasible: ((all in the Chicago area))</p>
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<li><p>Work 3-5 years at a Big 4 Accounting Firm, gain experience
-how many hours per week would you say? Obviously there will be hell weeks with 80 hours, i have heard the horror stories, but what about the usual run of the mill weeks?
-Could i possibly commit 3-6 pm Nov-February to being an assistant coach at a high school basketball team? Would this be accomodated by the firm because of its community outreach components?</p></li>
<li><p>Apply to a more regional/local accounting firm
-what would you guess my position/salary would be since I have great Big 4 Accounting Experience?
-What would you say my earning potential/path would be?
-Could i possibly commit 3-6 pm Nov-February to being an assistant coach at a high school basketball team? Would this be accomodated by the firm because of its community outreach components?
-How many years after leaving a Big 4 firm to take a job with a regional should I anticipate it to take until my salary exceeds $200k</p></li>
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<p>Any type of community outreach during normal business hours like that would likely be difficult if you work for a Big 4 firm, or even a regional firm during your first few years at least, particularly if you work out of town often. As far as 200k goes, that will depend on if you are able to make partner and how fast you are able to do that. That kind of salary is more difficult to come by in a smaller firm and relatively rare in larger firms as well.</p>
<p>You may recieve more responses in the business forum, there are individuals over there with more public accounting experience than I have.</p>
<p>Hello, wbsgn12. Here’s my perspective, FWIW:</p>
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<p>Well, first off you’re going to have to prioritize. Accounting is not a field that always offers a lot of free time, especially during tax season. Guess how well basketball and tax season get along? Short answer is it’s going to be a problem for any firm. I had to give up reffing football and baseball because of my work, and sad to say you probably will not be able to set up a regular schedule as a coach. It might be better for you to consider other options, like summer leagues and teams with a staff that allows some coahes to miss a few games, because that’s going to happen for sure.</p>
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<p>It depends on how well you impress the company, but most accountants only work for a Big 4 firm for 2-4 years. There’s a lot of turnover, for a variety of reasons, but unless you figure you will be the best they’ve ever seen, expect a job where you will be with the company for a short time, work between 50 and 100 hours a week depending on the season and the assignment, you’ll be based in New York for at least half your first year, and you will do a lot of travelling on audit work. As the junior guy on the team, you’ll get a lot of paperwork and the dullest assignments, and the client may not even address you directly <a href=“he/she%20will%20speak%20to%20the%20senior%20member%20they%20have%20worked%20with%20before”>i</a>*. You will earn between $45,000 and $50,000 base salary for your first year if you go to a well-known school and have solid grades. Big 4 firms want their new guys to do a lot of two things - Audit and Taxation. Taxation means you will have zero free time between February and April. I know it sounds rough, but you’d better know that going in. You will also be judged by your mentor, your case lead, and anyone else at the firm on the basis of your commitment to the firm. The reputation you earn the first two years can make or break your career. </p>
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<p>When you do that, remember that you have to show them a reason to hire you; it won’t happen just because you have a degree, even with Big 4 experience. There are a lot of other guys in the same situation. Also, your salary will be determined on the basis of your value to that firm. Or to put it another way, you won’t be paid one penny more than the firm believes you will bring to the firm in revenue. Assuming you’re working in Chicago with an accounting degree from a good school and 4 years of experience in auditing and tax with a Big 4 firm. If you have not earned your CPA yet, you can hope to make about $50,000 your first year <a href=“yes,%20that%20comes%20as%20a%20shock%20to%20most%20accountants%20who%20think%20they%20are%20worth%20more”>i</a>* base salary, or if you have earned your CPA license you can hope for $60,000. The salary will rise faster after you show what you can do for the firm. Remember that true accountants are valued for their judgment more than any other quality, particularly in light of changing FASB requirements.</p>
<p>Your working hours will depend on your specialization; few accountants are generalists anymore. Taxation accountants have it easy in the summer and fall, but work a lot of long days during tax time, that is the end of each quarter, and no free time between February and April. Auditors come in three flavors - External, Internal, and Forensic. These are generally steeper in experience in that order, and external auditors do a lot of travelling. Also, auditors have to be ready for unexpected audits, it comes with the job. The Financial guys who write up the statements have the most steady hours, but only the most senior guys get those slots, usually after 15 years or more with the firm. Frankly, if you want to be an accountant you cannot be a basketball coach - you will have to give up one or the other.</p>
<p>As for making $200,000+ a year, turn it around and imagine you are running a company as its CEO. What kind of employee would you be willing to pay $200,000+ a year? How would you justify that salary to the board of directors? Assuming you work the long hours, the company rises to the top of its industry without a downturn, and your reputation makes you difficult to replace with someone cheaper, your salary path might go like this:</p>
<p>Start: $50,000 base salary plus bonus ($60,000 with CPA)
5 years: $85,000 base salary ($100,000 CPA)
10 years: $120,000 base salary (assumes CPA plus CIA)
15 years: $160,000 base salary
20 years: $190,000 base salary</p>
<p>This is based on the salaries of CAOs at public firms as published in Forbes magazine. Private companies tend to pay more for executive positions, but those positions are seldom available except through working your way up from the bottom, assuming positions are available at all at the private firm.</p>
<p>I know that’s not what you had hoped for, but on the plus side, accounting is a field where there is always a place to work, and while salary progression is slow, it is also stable, almost always tied to accomplishment and experience <a href=“instead%20of%20politics”>i</a>*, and you have a choice in the kind fo work you will do.</p>