Which road to take?

[Root beer]

I'm little uncertain now for some reason on my career choice. I'm currently accounting major, but next year I can declare it officially. I've been torn between majoring in Finance:banking, Finance:Corporate and investment, or accounting.  In which later get a master of finance specializing in risk management or master of accounting. Work for a proprietary desk for a major bank or work for hedge fund. Those jobs are high skills, but a lot of fun. I'm not sure if I'm smart enough to handle all the variety of quantitative analyst skills required, but I'm sure if I'm pushed and work at it I can learn the skills.

On the other hand, working as a CPA seem just as exciting and little bit stress-free. I'm not saying CPA is less complicated than money management, but it most likely a little less stressful than money managers,  due to amount of risk and creative math that money managers undergo.

I don't know, what you guys think? Go down the route of money management and banking or work as a CPA. I got one more year of general education then I can declare my major officially. :-/ They both seems interesting, but I don't want declare one of them as my major then realized, eh maybe I should have chose the other one..Ya know? Or I could chose accounting then had thoughts just what if I chose finance..

[Dan:]

just get drunk and wing it.

[Root beer]

You'll figure it out. (especially if you just called accounting, "just as exciting".) LOL      ;D

b

It depends on what type of accounting. IMO. I mean if you're a bookkeeper I can understand it being boring. Same ol' crap day after day. But as a CPA, you could audit a financial statement one day, help a client fight off the IRS the next, help a company with their captial planning and accounting system, help someone with investment and tax planning, etc. You just do different things every day. It not routine. But that also depends on whether you have your own firm with very diverse client group or you work for a large accounting firm and you are stuck auditing Exxon Mobile 5 days a week 52 weeks out of the year.

[Hammer 4]

X2..on the "you'll figure it out" in due time. I've done some construction work for a few CPA's...in cali, everytime I was in their office's it seemed they always had some kind of challenge. Either way, I'm sure you'll do just fine.

[roadwarrior]

My undergraduate business studies focused on economics,

finance and accounting. My MBA emphasis was in finance.

After graduation, I started out in banking.

My professional advice is to focus on Accounting, work

for an accounting firm to acquire a CPA and go from

there. The CPA designation equates to a "Made Man"

and will open many doors.

8-)

[Root beer]

This what I wanted to specialized in as a CPA. http://www.pwc.com/gx/en/consulting-services/index.jhtml

It doesn't have to be with pricewaterhousecooper, but I want work in consulting. Teaching business how to survive with sound management and smart finance decision. I have this ambition of helping businesses survives. And of course offer taxes and audit services. This is my original dream. But the more I learn about banking more I get drawn in. Lol.

I probably end up sticking with accounting anyhow, but banking is still trying to entice me.  8-)

[1inStripes]

Do whichever one Bernie Madoff was and be better at it. Then employee me!  

[done]

This what I wanted to specialized in as a CPA. http://www.pwc.com/gx/en/consulting-services/index.jhtml

It doesn't have to be with pricewaterhousecooper, but I want work in consulting. Teaching business how to survive with sound management and smart finance decision. I have this ambition of helping businesses survives. And of course offer taxes and audit services. This is my original dream. But the more I learn about banking more I get drawn in. Lol.

I probably end up sticking with accounting anyhow, but banking is still trying to entice me. 8-)

I do technology consulting and i can tell you it is really fun. You get to see all different companies and how they do things.  Just do not think it is easy. You will frequently come into a business and give them solid guidance to have it thrown in your face for insane reasoning (like running 45,000 customer users and their confidential data on a single server, externally exposed without any encryption, antivirus, firewall, etc). If you are going to do consulting work, pick up power point skills, and take as many presenting/speaking courses as you can.

IF your school offers, DO AN INTERNSHIP. If they don't then DO AN INTERNSHIP on your own. I never really got rock solid that this was what I wanted to do until I got a paid internship with a company near my home and really got to see what I was in for. Not only that but I cannot tell you how many kids I interview out of college who I cannot hire because they have no experience. An internship will get you that experience. I do not care how good your college is, a classroom setting does not give you anything near practical experience in your field. An internship will also help you identify unforeseen skills you can take classes on. An example for me was public speaking. Never took a class, I mean why would a computer science major need them? In my internship I did small presentations to managers, and learned right off, I needed to learn power point (without a pretty slide many managers are lost), and get good at speaking to groups.  

Also, do not think of not doing something because it seems too hard. If you want it, buckle down and do it. The difference between those who inevitably succeed and those who fail is determination.  Those who do succeed will fail repeatedly in their quest but they get up and get going. A solid passion for your career makes it worth while.

[Root beer]

Did you guys know HR Block offers part-time and seasonal time jobs? If you passed their 69 hour class you COULD get a part-time job with them. I thought about looking into it this summer, then next tax season it might provide me some experience dealing with tax return for my resume.  I'm working on the internship requirement.   I don't know if I will get one, but I'm qualify and try.

[Root beer]

Do whichever one Bernie Madoff was and be better at it. Then employee me!

To get to that point, I have to show "clients" that I understand this crap.

http://cba.ua.edu/finance/grad/tracks/FinancialRiskStrategy

It kind of intimidating just reading the course description. I understand what all that stuff means, but the math models they used to price everything is pretty darn intense. :-/ You could ask me what options are and I will explain to you how they work, but if you ask me to price them and do the little details work to make up the price, yeah, I'm confused.

I could probably learn that stuff if I got a good professor and study group. But I'm not sure if I want go down that road.

If I do will employee you.

[tyrius.]

It sounds to me like you should major in accounting and try and minor in finance (then you'll know if you can handle the math).  Then depending on how many credits you would have (if you're able to sit for the CPA yet or not) pass the CPA then work as a consultant for a couple of years.  If finance still calls to you then go back for your MBA in finance.  If you don't have the credits to sit for the CPA then start on your MBA.  Your MBA will be better if you have a few years of experience before you get it.  You'll be better able to network that way.

I was an accounting major before the CPA increased their requirements for credits.  Haven't went for my MBA yet and still haven't even decided if I want to.

It's all up to you and your interests though.

[Lund Explorer]

Morning Root Beer,

Setting aside that last advice I gave to you on that stripper thing for a minute or two, I thought I'd chip in some serious advice here.

As a practicing accountant for the last 33 years, I can assure you that the only limitations you'll find in this career are the ones you set on yourself.  Hearing you talk about getting into the consultation part of the business is interesting, as I find that my work in this area is actually one of the most satisfying parts of my work.

To get to that point though, you're going to have to work your way through many of the more mundane parts of the profession first.  A part time job with a tax preparation firm such as H & R Block isn't a bad way to start.  An off season internship, while it doesn't really pay, would also add to your resume when you begin to look for a firm to work for while sitting for the exams.

Hey, regardless of what you choose, I'll wish you the best of luck.

Now about that stripper........ :

[Root beer]

Is this even worth it to you guys?

 

I search for a class near me, and the one near my home is 199.00. So basically pay 200 bucks, but whether you pass or not you are not guarantee a seasonal or part-time job with them... I was hoping maybe this could give me some taxation experience and when I apply for job after graduation or internship they see my tax preparation experience they will assume I already got my feet wet in understanding how to deal with taxes for clients.

[llPa1nll]

just get drunk and wing it.

HAHAHA

[Lund Explorer]

So, follow the links and find the class that is nearest to you.  If is like the area I live in, you'll find out the instructor is the owner of a local office.  It wouldn't hurt to discuss your concerns with this person prior to signing up for the classes.  Just make sure that you explain to them that you would be willing to work almost any shift aside from your college schedule.  And REALLY make sure to volunteer for the evening and/or weekend hours, as this is when most of taxpayers want to come in to take care of this.

Taking the classes is going to give you a good basic knowledge on the preparation of simpler 1040 returns which is the basis of their clients.  You'll have plenty of time in the future to work on the more complex individual returns, and then into the corporate/partnership arena.

At the very worst, you will have spent a few hours of extra study.  If H & R Block doesn't hire you, the classes can still give you a leg up on all of those folks looking to hire into one of the many other tax preparation firms out there.

[Root beer]

If I didn't get hire by H&R block, but I passed the exam, would it be illegal and/or unethical of me to have handful of people to pay me to do their 1040 return? I'd just used a software to file their taxes for them. lol. I'll probably wait til summer rolls around then take another look at this class. They don't offer new classes until next summer.

[Lund Explorer]

If I didn't get hire by H&R block, but I passed the exam, would it be illegal and/or unethical of me to have handful of people to pay me to do their 1040 return? I'd just used a software to file their taxes for them. lol. I'll probably wait til summer rolls around then take another look at this class. They don't offer new classes until next summer.

Strictly speaking.... No, with reservations.  The returns you prepare for others would have to be "paper returns" and not be e-filed.  You aren't allowed to prepare electronically filed returns unless you have completed the application process for an EFIN (Electronic Filing Identification Number).  

You will also need to know that if you have a problem with one of the people you are doing returns for, you will be limited in what you can do for them in resolving those issues with IRS.  This wasn't always the case as the Form 2848 Power of Attorney allowed for "un-enrolled agents" to discuss and resolve many issues.  That isn't the case anymore.

So legally, you can do the work within the restrictions.  Ethically, means to that you need to understand your limitations as to what you can provide, and to explain these things to your "clients".

Here's the link to the IRS website's  main preparer's page.  Probably would be a good idea to study some of things here.

http://www.irs.gov/taxpros/index.html

[Root beer]

Thanks, Lund, I will take a look at that link.