Everything you wanted to know or should know about accounting

College Majors Business Major
961

<p>If I were to already have a bachelor’s with an awfully unproductive record in the sciences (sub 3)and I decided I wanted to be a CPA, how would I fare if I did extremely well in the accounting/finance courses I took? </p>

<p>I ask because I found a post-bacc program that would allow me to take mostly night courses (I am currently working 40-50 hour weeks) to meet the requirements for the CPA. </p>

<p>I have already taken up through calculus 2 and I am thinking about taking an extra math course or 2 to prove that I can handle the complexity.</p>

<p>I would hate to finish with a solid GPA(in the post bacc program), pass the CPA and then not be able to work/move up in a mid-size/big 4 type firm.</p>

<p>I would really appreciate answers from any of the veteran posters & those who have been in the trenches.</p>

962

<p>Top 5 MSA program. Though not impossible, highly unlikely to get a Big 4 job without strong college recruiting.</p>

963

<p>I know for a fact it’s not just limited to the Top 5 MSA.</p>

<p>You mean Top 5 MBA seeing as you mention that a lot.</p>

964

<p>anyone else care to chime in? All applicable responses are appreciated.</p>

965

<p>I’m confused when it comes to Internal Auditing. I’ve been reading up on it and some websites suggest taking the CPA Exam, and others prefer the CIA Exam. Now in this day and age firms are looking for potential employees who specialize in something. Internal Auditing seems like something I would really be interested in. If anyone is an Auditor here, can you explain your days work? As of right now I’m just going to stick to the CPA route, but I plan on taking Auditing 1 and 2 this year and next year before I graduate.</p>

966

<p>Specialize AFTER you have some work experience in accounting, when you know what you are interested in and what you are good at doing.</p>

<p>Don’t rush it.</p>

967

<p>The CPA in my state requires 150 hours of college credit among other things(like working in public accounting). I think the CIA just requires an undergraduate degree. I think for those who don’t want to keep going for another year in college it’s the preferred route. That said, I don’t think the consensus is that if you want to make a career in internal audit that you are better off going straight into it. The CPA has much better brand recognition and plenty of people go to public accounting long enough to get their CPA’s, some good experience, and then waltz into internal audit departments of former clients and probably boss around their former peers from college who went into internal audit directly.</p>

968

<p>Yeah, Florida also requires 150 credit hours to sit for the CPA Exam, 120 undergrad and 30 during your masters. I would rather take the CPA exam and then jump into internal auditing like you said. Thanks for the advice!</p>

969

<p>You don’t apply to Top 5 MBA with limited work experience.</p>

970

<p>The CPA is the same everywhere in the US as long as we complete 150 credit hours, right? Does it have anything to do with State Law or something?
For example we get our CPA in one state and want to work at the other…</p>

971

<p>can someone explain to me how one can make partner at the big 4?</p>

972

<p>shiny - the CPA is administered by the AICPA, but each state has their own licensing requirements and CPA resiprocity requirements when it comes to being able to practice in multiple states.</p>

973

<p>Thanks, Thetaxdad
Are there significant differences between states? or just a little different?.. What are the chances for the students getting a degree (a CPA) in states other than the state they want to work in?..I ask because I’ve been having a headache about choosing school and I don’t even know where I will work in the future…</p>

<p>Happy new year…</p>

974

<p>There isn’t going to be a problem as long as you research the CPA requirements of each state you might plan on working. If you get a Master’s in Accountancy(particularly after getting an undergrad in the accounting) you are probably going to meet the requirements just about everywhere. The requirements are mainly things like not having a criminal record, having a certain amount of experience(generally in public accounting supervised by a licensed CPA), and coursework requirements. Texas is going to require something along the lines of 24 hours of business credit hours(non-accounting), 30 of accounting(excluding intro courses), 3 of ethics, and starting in a year or two some business communication and accounting research classes. So if you wanted to work in Texas, just make sure as you go along with your schooling wherever you are that you take enough classes to satisfy those requirements. It shouldn’t be hard, just Google the state CPA boards of anywhere you want to go and make sure you take enough classes to satisfy those requirements. You might have to give up that minor in basket weaving in order to take a few extra business classes, but that’s about it.</p>

975

<p>I wanted to make some observations about what it takes to have a successful accounting career.</p>

<p>Yes, it can be a very good major for many types of jobs since accounting is the language of business. Yes, working for an accounting firm usually pays fairly well. Yes, if you make partner, you can make a LOT of money. In fact, making CFO or a director of a division, such as tax director, can make you a lot of money. HOWEVER: to make it in accounting, you need to have the following attributes:</p>

<ol>
<li>Be reasonably detailed oriented.</li>
<li>Be able to follow instructions,whether on audit procedures or tax return instructions.</li>
<li>Be willing and able to solidly work 8+ hours. Having a strong work ethic is VERY crucial.</li>
<li>Have a reasonably friendly personality since you are dealing with clients and staff of all levels. Being able to play the “company game” is always important in accounting firms and in corporations. This is also the way to insure that you get a constant amount of work. If you are not having sufficient billable hours, you won’t be retained.</li>
<li>Have a constant commitment to excellence. Thus, you would constantly try to improve your work and keep up on all the tax or accounting changes that occur in the profession.</li>
<li>Being able to learn from your mistakes: Everyone makes mistakes. However, you should be able to learn from them and not repeat them.</li>
<li>Have a great" can-do" attitude. Thus, if you get a call on the weekends or even while on vacation, you may need to spend some time finishing a project. This doesn’t happen often,but it does occur in all accounting firms.</li>
<li>Have reasonable writing skills. You don’t need to have the writing skills of an English major,but you will need to be able to write clearly written reports and letters.If you have atrocious English skills, you will have a big problem long-term.</li>
<li>Eventually, especially at the smaller to mid size firms, you will be required to bring in clients. Having an outgoing personality or one that folks can trust, and being able to market yourself will be crucial if you want to make partner with these firms.</li>
</ol>

<p>One final comment that I noted above: Accounting firms are VERY billable hour oriented. You should be able to meet your monthly budget in billable hours and be able to eventually complete a job within the budgeted hours. This takes not only efficiency but also takes constant updates with management in order to remain busy. Having strong billable hours is essential for law and accounting firms. </p>

<p>As you can see, working for an accounting firm is no easy task. It does take a “special type of cat.” However, if you do have these skills, you will find accounting a very prestigious and rewarding career.</p>

<p>Thus, you will need ALL of these factors. Failing any of them, will mean that you probably won’t succeed long term.</p>

<p>Admittedly, you won’t need to be as skilled in all these factors at a government job or even some corporate when compared to that of an accounting firm. However, to some extent, you will need all of these skills. If you are missing any of these, you might want to reconsider whether accounting is for you.</p>

976

<p>Thanks<br>
Is it true that if we take all accounting courses for the extra 30 credit hours, we can earn a Master degree in Accounting?</p>

977

<p>lol basket weaving. Reminds me of when I called the Washington State Board of Accountancy asking what the 30 extra credits to meet 150 hours could be, and the woman angrily told me, “they can be basket weaving if you like.”</p>

978

<p>Shiny - the courses will not all be accounting, research MAcc programs.</p>

979

<p>I don’t believe this one has been answered, so I’ll give it a shot:
Let’s say I would pursue an MAcc after graduating with my Bachelor’s in accounting, with plans to complete the MAcc program in a calendar year, directly after receiving my Bachelor’s.</p>

<p>Which of these scenarios is more common?
A) I do an internship in the summer between my bachelor’s and master’s, lining up a job with that firm after receiving my MAcc
B) I go directly into the MAcc with no potential job in place</p>

<p>Thank you</p>

980

<p>Does anyone know how difficult it is to relocate to another city once you work for a firm. I live in charlotte, nc and would like to move to chicago. im just not sure whether i should finish school here, get a job, and then transfer, or whether i should go for my macc in chicago and hopefully get recruited there.</p>