Any accountants in the house?

[skimomma]

I am in the very preliminary stages of considering a career change.  My only child is 7 years from adulthood.  I do plan to homeschool until she graduates and I currently work part-time.  Now that dd is getting older, I (theorectically) have more time to either work or go to school.  As is true for so many others, the economy has dictated that I will need to contribute to our household finances to a greater extent and earlier than was predicted.  I have options, most of which I have a good idea of what they would entail.  One of those options includes doing what I do now but full time or at least more than I currently do.  However, I do not love my job.  It is fine, it pays very well, the hours are good, but it is not my calling.  At all.  I do not dread it, which is far more than many people can say, but I am also not terribly excited about devoting the rest of my working life to it. 

 

So, one pie-in-the-sky option would be to go back to school to do something different.  I am limited by the geographically-isolated area I live in (we have no plans to move) and what school options are available to me.  Given that, there is one career that seems to come up again and again in casual conversations.  Accounting.  I have done some research.  I know I would have to take about 75 semester credits to get a bachelor's (I already have a BS and MS in another field).  Taking two classes a semester, this would have me done about the time dd graduates.  I would continue working part-time at my current job while going to school.

 

I have a pretty good idea of what accountants do.  Or at least I think I do.  I am pretty sure I would be employable where I live.  I am a detailed-oriented person, organized to a fault, and prefer working independently.  What I don't know is....any accountants.  So, I do not have a good handle on how stressful this job might be, if I could work part time should I want to or as I get older, how difficult it might be to start out as one in my mid-forties, etc.....  I figured this might be a good place to ask.

 

So, if you are one, were one, or know one, I would love to hear your stories.  Pretty much anything.  At this point, I am just trying to determine if this is something I am even remotely interested in pursuing.

[LizzyBee]

I'm a CPA and CFE, and have worked in public accounting for over 25 years. I enjoy the challenge and variety.  It is very stressful during tax season and other deadline seasons, but I think those of us who stay in public accounting for the long haul thrive on the stress. I've never worked in industry, but people who made the switch generally say that it's much less stressful.

 

Accounting has given me a lot of flexibility outside of tax season. I work long hours for four months, but I enjoy having comp time the rest of the year.

 

I worked part time for several years while homeschooling.  There is a shortage of CPAs, so if you get your CPA certificate and a few years experience, you will have some leverage to ask for flex time, work at home options, part time or seasonal hours, etc. On the other hand, the shortage means that there is sometimes pressure to work more hours than you bargained for, particularly during deadline seasons.  I don't think being in your 40s will be a big problem as long as you are willing to accept the same starting salary as the younger grads.  My experience has been that public accounting firms will give good pay raises to good CPAs, so you can work your way up financially pretty quickly.

[northcoast]

I am also a CPA but currently not working while raising children.  I worked full time for 6 years (some industry & some public) and then part time for 4 yrs.  If you go the public accounting route you will need to be a CPA and that requires 150 semester credits.  Some jobs in industry will also require that you be a CPA.  I agree w/ the pp statements.  

 

I personally enjoy more the accounting side rather than the tax side.  I don't care for the stress all that much but it is seasonal.  I worked for two small CPA firms that employed less than 15 people.  Every office, like with any other job, is going to have it's culture that you may or may not like.  I liked industry and also the smaller CPA firms.  My favorite job at the CPA firms was working with the same clients preparing their monthly or quarterly financial statements.

 

I recommend that you take an accounting class to see if you even like it.  It's a lot of education to do if you find after graduation you don't like the job.  Another option would be to take H&R Block's tax course - http://www.hrblock.com/corporate/income-tax-course/   This would be cheaper than a degree and give you a feel for tax. I took this course after having my degree and working in industry.  I moved to a small town due to my husband's employment and wanted to work in the field.  There wasn't much industry in the town hiring accountants.  Taking the course helped me get my foot in the door at a CPA firm during a tax season.   I was hired (in the mid 90's) full time after working a tax season, proving I could do tax after doing an industry accounting job.  The small firm didn't have to train me to do tax.    

 

Is there any other type of job you can do and like better with your degrees in hand?  If you are looking for your calling, I also recommend you seeing a career counselor; someone who can access your skills, abilities, and passions.   I'm not trying to discourage accounting; just trying to help narrow down things before spending a lot of money on education.    

[DawnM]

My husband is an accountant.  He works for one of the Big 4.  He started out in Corporate Accounting but really didn't care for it.  He then switched to Business Management.  He is now doing International Accounting (IES) and has his EA.

 

He needed an MA to get the job he is in and got an MA in Business Taxation.   He is a Senior Manager.

 

 

[meena]

Disclaimer: I'm not an accountant. As evidenced by my post today, I'm a fellow career seeker. While exploring volunteer opportunities that might help me figure out what career path to take, I came across the suggestion for people interested in accountancy to serve as IRS Tax Volunteers for their VITA and TCE programs. The IRS provides the training and asks for a few hours of service per week during tax season. I've never done it, so I can't speak to the quality of the training or the program but thought I'd throw that out there.

[LucyStoner]

Ask around until you do find some people who know accountants, ask to be connected and then set up informational interviews. I did this earlier this year to decide if I wanted to pursue accounting in the niche I was looking at. Most everyone I met with was someone I was introduced to because I asked people if they knew people I should meet. I met most of them over coffee. Afterwards I sent a thank you card and gift ($10 coffee gift card). Most of them then found me on linkedin and I was offered leads or assurances that I should get in touch when needing an internship or a job.

[LucyStoner]

I also did the VITA program at the library. A lot of the other volunteers are accountants of the retired or SAHM variety.

[sbgrace]

My husband is a CPA. He works in governmental accounting, and audits state or federal units that are supported by tax money--schools, city/county government, etc.

 

I mention this because my husband's work would be very different than a tax accountant for example. You might try to talk to people in the fields that are available in your area.

 

My husband likes to help people and problem solve. He doesn't particularly like the tedious, red tape stuff he also has to do. His state agency lets upcoming graduates intern to try out the work. They do hire non-cpa's, but it's better to have one in terms of pay and advancement. Some (most?) accounting requires a CPA. Check your state's requirements to sit for the exam.

[skimomma]

 I don't think being in your 40s will be a big problem as long as you are willing to accept the same starting salary as the younger grads.  My experience has been that public accounting firms will give good pay raises to good CPAs, so you can work your way up financially pretty quickly.

 

This is what I assumed.  It looks like starting salary varies quite a bit.  I am in a very low income area so I am having a hard time figuring out what a starting salary would look like. 

[skimomma]

If you go the public accounting route you will need to be a CPA and that requires 150 semester credits. 

 

In my preliminary research, I cannot seem to find if the extra required credits are specific courses/topics or just college credits.

 

 

 

I recommend that you take an accounting class to see if you even like it.  It's a lot of education to do if you find after graduation you don't like the job.  

 

I totally agree with this.  I served on the board of an organization that required us to review quarterly statements.  I enjoyed this and took it to a far deeper level than was required  In addition, I was the chair of a committee that did a re-org of the business, including a two-immersion in corporate tax law.  I was shocked at how much I liked it.  This is why people I know keep knitting that this might be a good option for me.  No matter what, I will not devote the money or time to this without being quite sure.  This is just the dipping-the-toe-in part of my exploration.  I would not even be able to begin for a year or more so I have plenty of time.

 

Is there any other type of job you can do and like better with your degrees in hand?  If you are looking for your calling, I also recommend you seeing a career counselor; someone who can access your skills, abilities, and passions.   I'm not trying to discourage accounting; just trying to help narrow down things before spending a lot of money on education.    

 

Totally agree.  I am also exploring several options that would not require any more schooling.  Unfortunately, I have degrees in a field I love.  But live in an area where I cannot practice in this field.  I have had a series of jobs that my degrees have allowed me to do.  All are good paying but not well-suited for me.  I am currently an adjunct at a university that pays and treats its adjuncts very well.  But, I do not enjoy teaching.  I am good at it and my students like me, I just cannot imagine doing it even more than I already do.  However, despite this, there is a very good chance that I will just continue to do it since it is the easiest path.  

 

[skimomma]

Disclaimer: I'm not an accountant. As evidenced by my post today, I'm a fellow career seeker. While exploring volunteer opportunities that might help me figure out what career path to take, I came across the suggestion for people interested in accountancy to serve as IRS Tax Volunteers for their VITA and TCE programs. The IRS provides the training and asks for a few hours of service per week during tax season. I've never done it, so I can't speak to the quality of the training or the program but thought I'd throw that out there.

 

Thanks for the suggestion!

[gardenmom5]

dh has a degree in accounting, and 2ds is working towards one.  if you get a degree in accounting - plan on getting a cpa.  that will make a huge difference in how much you can earn with the degree.

[northcoast]

If I'm reading the requirements correctly, you don't necessarily need a  bachelor's degree in accounting.  However you have to have a certain number of credits of accounting and business admin courses.  See this link.  It should be similar for most states but check with your state's accountancy board to be sure.  http://nasba.org/exams/cpaexam/indiana/

 

The rules has changed since I became a CPA so I'm not all that familiar.  Hope the link is helpful!

 

 

 

[LizzyBee]

My firm will hire non-CPAs, but there is a pay differential.  A CPA with the same experience can be billed out at a higher rate.

 

To find the courses you'll need to sit for the CPA exam in your state, google your state and CPA licensing board.  The licensing board website will have the information.  The exam is the same in every state, but the requirements to sit for it are not. 

[LucyStoner]

Yeah, the requirements to sit for the CPA exam do vary widely.

 

More and more states are adding a 5th year or masters req past the BS in accounting and also have supervised work requirements. Here it is 2000 hours.

[RanchGirl]

If you decide to become a CPA, and you already have a BS, I would get a Masters (in Accountancy or Taxation) instead of another BS.  Your first stop should be your state's Board of Accountancy to find out their requirements for taking the CPA exam and for certification.  Typically it's something like 24-36 credit hours in accounting, more in business or accounting, and 150 credit hours overall (the masters classes will apply, and they will be able to tell you which schools in your state have degree programs that qualify) to take the exam, then once you have passed the exam you need to do 2000 hours within 2 calendar years working under the supervision of a CPA before you earn your certificate and become a licensed CPA.

 

Once you have your CPA certificate, you need to maintain a certain number of continuing education credits per year.  In my state it's 120 hours per 3 year period.  Some firms will pay this expense for you, but typically only for full-time employees.

 

If you just want to do taxes, you can go the Enrolled Agent route (check IRS site for test info) instead of a CPA - or just apply at a tax firm and learn on the job to get some experience.  Sometimes (especially in February) it seems people are just looking for warm bodies!  Once you have your CPA or Enrolled Agent or just a few years experience, you should have no trouble getting seasonal work if that is all you want and you don't need benefits or full-time year-round work.

 

However, you need to first decide if accounting is what you would enjoy.  It really takes a certain personality.  I would strongly suggest interviewing some accountants (private, public accounting, tax, government, non-profit, audit) before you start pursuing education.  If you don't have a love for accounting, then you will have wasted a lot of time when you could have stayed in your current well-paying job.

[skimomma]

 

 

However, you need to first decide if accounting is what you would enjoy.  It really takes a certain personality.  I would strongly suggest interviewing some accountants (private, public accounting, tax, government, non-profit, audit) before you start pursuing education.  If you don't have a love for accounting, then you will have wasted a lot of time when you could have stayed in your current well-paying job.

 

For sure!  

[skimomma]

I would like to "like" all of your relies but since "likes" are broken I will just say it here.  LIKE.

[DawnM]

That depends.  My husband does not have a CPA but he does have an MA and has the EA exam, which is more desirable for his particular field of work in Accounting.  He is a Senior Manager and gets paid the same as the Senior Managers with CPAs in the offices for which a CPA is required.

 

Dawn

 

 

My firm will hire non-CPAs, but there is a pay differential.  A CPA with the same experience can be billed out at a higher rate.

 

To find the courses you'll need to sit for the CPA exam in your state, google your state and CPA licensing board.  The licensing board website will have the information.  The exam is the same in every state, but the requirements to sit for it are not.