Any Accounting majors/accountants on NT?

[sfc415]

I'm a consultant. HATE how annoying some of my clients are, not satisfied with the pay, but I LOVE the flexibility. I've been traveling abroad for a week almost every month for the last few months (after closing the books of course, and I still take my work with me just in case). Right now I believe the tradeoff is worth I since I'm getting to go everywhere I've always wanted to visit, but man, for the past couple of years I learned how unprofessional and @!@#@ made people can be, especially in the startup world.

 

[jjoaquin]

Okay thanks for the info. At this regional public firm I'll be getting about 60k starting. That's really not at all enough for a family in sf/bay area. Just wanted to see if 100k within 3 years is realistic - sounds like it is a possibility.

i'm networked pretty deep out here from school and growing up in the area so finding exit opportunities shouldn't be too tough.

I dunno about $100k in 3 years in accounting doesnt seem realistic. 3 years might set you up to start at $80k in industry. 

If you think about it 3 years experience isnt enough for a controllers position, which usually starts around $75k-90k. 

 

[moderndarwin]

I dunno about $100k in 3 years in accounting doesnt seem realistic. 3 years might set you up to start at $80k in industry. 

If you think about it 3 years experience isnt enough for a controllers position, which usually starts around $75k-90k. 

You are probably right. What I got from another forum (some guy posted his progression) though was:

(Big 4, in a large market (Chicago), highly rated)

-First year $55k base + $5k (CPA bonus) + ~$2k in random bonuses = $62k
-Second year $64.5k base + ~$2k in random bonuses = $66.5k
-Third year (current) $73.5k base + estimating $1.5k in random bonuses = $75k

Based on that I would think that for SF it'd have to be similar given the higher cost of living etc. If I left public at 75k with a 30% bump to go to industry that is 97.5k. Maybe it is totally unrealistic and setting the bar way too high - i really don't know.

 

[edshoecator]

I have a question for you accountants...I hope accountants can answer.

I have rental property...If I incorporate myself and transfer the property to the INC...what are the benefits and cons?

 

[Blake P]

Just skimmed this thread and wanted to add a few comments based on some general questions/assumptions I saw...

Do NOT go into public accounting for the travel experience.  Yes, as an auditor they will send you pretty much wherever you are willing to go, but more often you'll have to go places you don't want to go.  When you are travelling on their dime, they want to get the most out of their investment, so don't expect much leisure time, if any.  You will get very familiar with the client's conference room, cafeteria (if available), and restrooms (most likely because you will want to sit on the toilet just to have some personal time to yourself).  My favorite was getting sent to pick up dinner because I got to get out of there and see the outside world, albeit briefly.

In public accounting you are generally considered an expendable resource, of which the partners want to maximize utility.  If you are fully utilized and willing to sacrifice your personal life, you become more valuable.  There are unlimited amounts of work to be done, so you are never truly finished unless you decide you are done.  There is nobody who is going to commend you for doing a great job or tell you to take a day off, only people who will see you as someone they can push more work on who will not say no.  Think of the firm as a multiple layered prostitution ring, with a few pimps and a bunch of ****.  Daddy wants as much as he can possibly get from you.  You will excel if you keep daddy happy, bite your bottom lip, and serve your clients well.  When you finally stop fighting it you can actually gain some pleasure from the experience.  There are good days and bad ones, but my best days were the first and last to be completely honest.  And I lasted 4 years... 2 in audit, 2 in tax.

If I could do it all again, I would look for an accounting job in an industry that I like right from the start.  The big firms just made it so easy to find a job by coming on campus and basically throwing themselves at accounting majors, while many of my friends with other majors had zero prospects and many ended up moving back home with their parents after graduation.

 

[jjoaquin]

 
Just skimmed this thread and wanted to add a few comments based on some general questions/assumptions I saw...

Do NOT go into public accounting for the travel experience.  Yes, as an auditor they will send you pretty much wherever you are willing to go, but more often you'll have to go places you don't want to go.  When you are travelling on their dime, they want to get the most out of their investment, so don't expect much leisure time, if any.  You will get very familiar with the client's conference room, cafeteria (if available), and restrooms (most likely because you will want to sit on the toilet just to have some personal time to yourself).  My favorite was getting sent to pick up dinner because I got to get out of there and see the outside world, albeit briefly.

In public accounting you are generally considered an expendable resource, of which the partners want to maximize utility.  If you are fully utilized and willing to sacrifice your personal life, you become more valuable.  There are unlimited amounts of work to be done, so you are never truly finished unless you decide you are done.  There is nobody who is going to commend you for doing a great job or tell you to take a day off, only people who will see you as someone they can push more work on who will not say no.  Think of the firm as a multiple layered prostitution ring, with a few pimps and a bunch of ****.  Daddy wants as much as he can possibly get from you.  You will excel if you keep daddy happy, bite your bottom lip, and serve your clients well.  When you finally stop fighting it you can actually gain some pleasure from the experience.  There are good days and bad ones, but my best days were the first and last to be completely honest.  And I lasted 4 years... 2 in audit, 2 in tax.

If I could do it all again, I would look for an accounting job in an industry that I like right from the start.  The big firms just made it so easy to find a job by coming on campus and basically throwing themselves at accounting majors, while many of my friends with other majors had zero prospects and many ended up moving back home with their parents after graduation.

This is why I prefer regional firms with smaller clients because you retain more value when you're able to develop a relationship with clients. 

My perception of Big 4 partners is that they're the devil 

A CFO at one of my clients told when when she was a staff for Deloitte, she got yelled at by the partner for propping her head on her arm when they were working at 2am. No thanks jeff.

 

[lazyj10]

I cannot stress this point enough. There are pro's con's.
There are terrible partners in every size firm, no doubt. We're all humans. If I am working at 2am, honest to god, everything you probably do will be annoying me because I'm pretty irritated at the fact I'd have to be working at 2am.

Comes down to just finding the right people to work for/with and what you're passionate about. I know great partners at the big 4 - people who absolutely have your back and are trusted. Conversely, I see folks I would cringe at the idea of working for. You know what? I came from a national firm and I felt the exact same way.

 

[Blake P]

I cannot stress this point enough. There are pro's con's.
There are terrible partners in every size firm, no doubt. We're all humans. If I am working at 2am, honest to god, everything you probably do will be annoying me because I'm pretty irritated at the fact I'd have to be working at 2am.

Comes down to just finding the right people to work for/with and what you're passionate about. I know great partners at the big 4 - people who absolutely have your back and are trusted. Conversely, I see folks I would cringe at the idea of working for. You know what? I came from a national firm and I felt the exact same way.

True, it's all about the company culture.  Just so happens my friends who went to work at other Big 4 firms had very similar experiences and NONE of them ended up on the partner track.  It takes a very "special" kind of person to endure it.

 

[lazyj10]

I don't disagree. I'd assume most lateral or acquired hires make for a better road to partner. That being said, I haven't ever worked on a public (nor do I have the desire to) so that's one of the main attractions to Big 4 to begin with.

If you're sitting in your college classroom one day and thinking, Gee, I'd really love to audit Coca Cola...then you're going to probably have a different mindset going into it to begin with.

If you're more so attracted to a different industry, and that seemingly is all you want to do, then finding a firm the right size for you who specializes in that makes complete sense.

 

[yaboyyaboy]

Just skimmed this thread and wanted to add a few comments based on some general questions/assumptions I saw...



Do NOT go into public accounting for the travel experience.  Yes, as an auditor they will send you pretty much wherever you are willing to go, but more often you'll have to go places you don't want to go.  When you are travelling on their dime, they want to get the most out of their investment, so don't expect much leisure time, if any.  You will get very familiar with the client's conference room, cafeteria (if available), and restrooms (most likely because you will want to sit on the toilet just to have some personal time to yourself).  My favorite was getting sent to pick up dinner because I got to get out of there and see the outside world, albeit briefly.

In public accounting you are generally considered an expendable resource, of which the partners want to maximize utility.  If you are fully utilized and willing to sacrifice your personal life, you become more valuable.  There are unlimited amounts of work to be done, so you are never truly finished unless you decide you are done.  There is nobody who is going to commend you for doing a great job or tell you to take a day off, only people who will see you as someone they can push more work on who will not say no.  Think of the firm as a multiple layered prostitution ring, with a few pimps and a bunch of ****.  Daddy wants as much as he can possibly get from you.  You will excel if you keep daddy happy, bite your bottom lip, and serve your clients well.  When you finally stop fighting it you can actually gain some pleasure from the experience.  There are good days and bad ones, but my best days were the first and last to be completely honest.  And I lasted 4 years... 2 in audit, 2 in tax.

If I could do it all again, I would look for an accounting job in an industry that I like right from the start.  The big firms just made it so easy to find a job by coming on campus and basically throwing themselves at accounting majors, while many of my friends with other majors had zero prospects and many ended up moving back home with their parents after graduation.

 

[delete1234]

Damn. Last couple pages got me legit conflicted lol

 

[yaboyyaboy]

It's a grind, but well worth it. Public offers an individual the opportunity to learn a tremendous amount. The old saying is 1 year of public accounting at a public firm is equal to 2.5 at a private industry. Granted a lot of variables and factors go into that. I just think the experience itself has great
dividends.

 

[skip2mylou23]

FWIW IMO, if you go Big 4 and want to jump into industry in a different business function ( i.e. Marketing, Sales/Ops, hell even some Finance in my experience), Nobody really knows or cares what skills you picked up at a Big 4 outside of accounting (which are quite a bit). So don't be surprised when the time comes and that does happen.

I found the Accounting industry to be very self loving in the sense that everyone in it thinks its cool but outside of that, nobody gives a **** and rightfully so.

Yup. I'm trying to make the jump to investment banking or management consulting and it's very hard to do that from auditing.

 

[biggie62]

Yup. I'm trying to make the jump to investment banking or management consulting and it's very hard to do that from auditing.

Without going into a top tier MBA program yea it is. Now if you worked in the advisory arm of one of the Big4, especially their M&A arm, you could jump into IB but it's still rare. I had a classmate that is choosing this route but he said that he needs to waste 2-4 years at said firm until he can jump in as an analyst at an IB. So he'll be wasting 4 years essentially which I don't know if it's worth it. He wants to move buy side after which I understand the lure of it but trying to circumvent the norm by taking a much longer route it's exactly smart either to me.

 

[delete1234]

So would a finance major make more money?

 

[Blake P]

So would a finance major make more money?

That's a vague question. Are you talking straight out of school or mid-long term opportunities? A lot depends on what type of job you're looking to end up with. When I was graduating there was a lot of overlap in opportunities for accounting and finance majors. By the time I realized I wanted to be a finance major I was already too far into the accounting program to switch without having to spend more time in school, so I stuck with it. Now I'm VP of Finance at my company so the only difference is the route I took to get there.

 

[stay lurkin]

Just skimmed this thread and wanted to add a few comments based on some general questions/assumptions I saw...

Do NOT go into public accounting for the travel experience.  Yes, as an auditor they will send you pretty much wherever you are willing to go, but more often you'll have to go places you don't want to go.  When you are travelling on their dime, they want to get the most out of their investment, so don't expect much leisure time, if any.  You will get very familiar with the client's conference room, cafeteria (if available), and restrooms (most likely because you will want to sit on the toilet just to have some personal time to yourself).  My favorite was getting sent to pick up dinner because I got to get out of there and see the outside world, albeit briefly.

In public accounting you are generally considered an expendable resource, of which the partners want to maximize utility.  If you are fully utilized and willing to sacrifice your personal life, you become more valuable.  There are unlimited amounts of work to be done, so you are never truly finished unless you decide you are done.  There is nobody who is going to commend you for doing a great job or tell you to take a day off, only people who will see you as someone they can push more work on who will not say no.  Think of the firm as a multiple layered prostitution ring, with a few pimps and a bunch of ****.  Daddy wants as much as he can possibly get from you.  You will excel if you keep daddy happy, bite your bottom lip, and serve your clients well.  When you finally stop fighting it you can actually gain some pleasure from the experience.  There are good days and bad ones, but my best days were the first and last to be completely honest.  And I lasted 4 years... 2 in audit, 2 in tax.

If I could do it all again, I would look for an accounting job in an industry that I like right from the start.  The big firms just made it so easy to find a job by coming on campus and basically throwing themselves at accounting majors, while many of my friends with other majors had zero prospects and many ended up moving back home with their parents after graduation.

I am going into my last 5 undergrad courses and THIS THIS THIS

 

[Blake P]

I am going into my last 5 undergrad courses and THIS THIS THIS

It's a trap bro, run!

In all seriousness, I don't completely regret my time at PwC.  It was a tiring and thankless job, but I got tons of experience and had reasonably high job security during the great recession.  Not many of my peers could say that.

 

[stay lurkin]

It's a trap bro, run!

In all seriousness, I don't completely regret my time at PwC.  It was a tiring and thankless job, but I got tons of experience and had reasonably high job security during the great recession.  Not many of my peers could say that.

Word.

All I know is that I am getting my MAcc and CPA.

So, we will see how I fill in the gaps.

 

[skip2mylou23]

In comparison to Big 4 etc.

Big Four first always if you want to pursue a career in accounting.

 

[EddieDoyers]

Looks like I will have to take my CPA exam next summer NT. Gonna be a long year....

 

[skip2mylou23]

Wassup yall,

Transferring from a CC, just got into the limited business program at UMD starting this fall. I've heard Big 4 recruits heavily from there.

Up to this point I've been sold on majoring in Finance but after looking at the nature of the field I don't want to surround myself in that cutthroat environment
(80+ hours year round, money hungry people etc). Working hard isn't a problem for me but I really just want a better work life balance better than 80+ hours a week. From what I've seen accounting seems to be more laid back in terms of the nature of the business compared to Finance. I'm definitely a go-getter but I'm definitely not a shark as I feel I would need to be in Finance. I'm not sure I'm just looking for some validation on my decision to major in Accounting.

How is the culture of the business?

It's not like that in finance everywhere. What you're speaking of is investment banking, and mostly likely at the top three banks. It's extremely difficult to get into, but it pays the most. If you like finance, there are plenty of other careers and jobs in it that are less than 80 hours a week.

As far as the environment in accounting, it obviously depends on who you work with, but my hunch is working at an accounting firm means you're dealing with more sophisticated and socially-adept people than in industry. While you're always going to find mean people everywhere, there's less of that in an accounting firm.

 

[denni5themenace]

have an interview today with a partner at KPMG for an experienced hire position. already did the rounds with HR/recruitment.

pretty nervous, haven't interviewed in a long time

 

[Blake P]

have an interview today with a partner at KPMG for an experienced hire position. already did the rounds with HR/recruitment.

pretty nervous, haven't interviewed in a long time

Congrats, kill it!

 

[lazyj10]

PM'd you back.