Any Accounting majors/accountants on NT?

Oh I'm sure on all of those things. Maybe after a year with this firm, I will feel differently.

Public is never permanently taken out of the equation. Still very early on in my career to finalize anything.

Public is good became some private jobs have "big four experience required." So it helps get your foot into the door, it's sort of a right of passage. I'm not going into Big4 myself initially but I plan to switch 3 years in and get 2-3 years under my belt. It just sucks that Big4 low-ball you in terms of pay your first few years. Once you hit S3 and manager is when you start to make more money than the mid sized firms. But they know they can since most people only go there for 2-3 years after finishing their college degree and then jump into private.

Private you get a 20-30% paybump from public but promotions and raises aren't as generous afterwards. So going to private initially could hinder your growth and earning potential like LazyJ said. But this is all relative to what your goal in life is career wise.

So many decisions coming up soon man.


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

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.

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?

So much motivation within this thread.

Figured i'd leave this here, somebody PM'ed me last year and asked some great questions:

Hey saw your post in one of the accounting threads and was wondering if you could help me out. I’m currently a senior and currently on the pre-pharm path but after doing research about the potential over-saturated job market and reading more about the field, I've decided to look into Accounting before fully committing to pharmacy. Although they're completely different fields, I had a couple of questions about accounting as I have no prior knowledge about the career.

1. What is the starting salary for an accountant out of school? Does this career offer good job/financial stability? And is it easily possible to make 6 figures?

I'm in NY the starting salary for a large to midsize accounting firm is 50k - 55k. The area you live in plays a large role in the starting salary.

2. I know you have to pay your dues and work your way up, but is it hard to climb that ladder? In other words, is it easy to get promoted and if so how often does it happen?

Working at a large to midsize firm will see promomotions happen more in the early phase of your career, it seems like reaching senior level takes about 3 years min and manager 2-3 years after senior. To move up to senior manager and partner take longer than that. If you put in your time and don't slack off and you are a friendly person you shouldn't have a problem being promoted.

3. Is it a pretty stressful work environment? What is an average workweek look like in terms of what you’re doing and amount of hours?

This is one thing that you need to be aware, accounting is very deadline driven so that leads to stress. I am a laid back guy and not a lot can get under my skin but I have had coworkers ready to explode at a moment’s notice because of the environment. I have worked about 100 hours tops but that was at a small firm doing taxes. I would not go for a small firm, I work at a big firm doing audit now and I would say I have heard during busy season it’s like 60 hours tops and non-busy season is about 40-45 hours. You will have to put in a lot of hours during busy season no matter what unless you work at a non-public accounting job.

4. How hard is it to attain an internship at a Big 4? Is it worth it to work for a Big 4 out of school or is it better to look into other options?

Go big or go home, I work at BDO which is #5 but I was trying to work at any big 4 they didn't take me so I am with BDO but if you can land a big 4 do it!

5. Do you enjoy what you do? I’ve read a lot of horror stories about how grueling the hours can be and that the pay isn't that great for how much you work. What are the pros and cons of the profession in your opinion?

I love what I do, I don't mind working the hours when I need to. I am a rarity most people do not love accounting, it seems like it is an acquired taste, I am very happy I love what I do because for me it’s not just a regular job I actually find the work interesting and rewarding. The big 4 hours I’ve heard can be grueling, it really depends on your job function, client needs, and your senior from I’ve been told in all larger firms.

6. Ultimately, is the amount of time and money put into becoming an accountant worth it?

Depends where you go to school, I went to a state school and spent less than 20k on my whole education, and I was able to land a job at 50k the year after I graduated with my bachelors. Most people leave school with 100k in debt, if you can minimize your student loan debt accounting is a win-win in terms of salary.

Thanks for taking the time to read all of these questions. I truly do appreciate the feedback, as this is and extremely valuable insight for gaining a better understanding of this career.

No problem, I wish you luck if accounting isn't for you try nursing or healthcare they make good money as well, I am not into science and love business so accounting was better for me.

nydunkhead

Just to update you on salary since I am well aware of the NYC market from my offers and all the offers my classmates received.

Big4 audit is 57k to start, tax in 59k, and advisory can be in the 60s. PWC pays people with a masters in tax 69k to start.
Midsized firms(I look at the 5-35 range firms, anything smaller I never even considered) range from 60-65k to start depending on department. But I've heard as low as 55k offered. But if you get a better financial offer from somewhere else but want to work at a smaller firm see if they will match. I had a friend successfully bump their starting offer by 3k this way. It won't work with the Big4 though since they know that 90% of people will jump ship by year 3.

Biggie62 said:

nydunkhead

Just to update you on salary since I am well aware of the NYC market from my offers and all the offers my classmates received.

Big4 audit is 57k to start, tax in 59k, and advisory can be in the 60s. PWC pays people with a masters in tax 69k to start.
Midsized firms(I look at the 5-35 range firms, anything smaller I never even considered) range from 60-65k to start depending on department. But I've heard as low as 55k offered. But if you get a better financial offer from somewhere else but want to work at a smaller firm see if they will match. I had a friend successfully bump their starting offer by 3k this way. It won't work with the Big4 though since they know that 90% of people will jump ship by year 3.

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Thanks for the update, this was PM'ed to me last year so I was giving a general range, I know the salaries generally rise year to year and if you have an advanced degree and work in a specialized department more likely than not you will be getting more than somebody who is going into general audit.

Also, you are correct that tax gets slightly more, they seem to work way more hours in my firm so i'd rather have the better work life balance than the extra couple of grand they make.

NyDunkhead said:

Thanks for the update, this was PM'ed to me last year so I was giving a general range, I know the salaries generally rise year to year and if you have an advanced degree and work in a specialized department more likely than not you will be getting more than somebody who is going into general audit.

Also, you are correct that tax gets slightly more, they seem to work way more hours in my firm so i'd rather have the better work life balance than the extra couple of grand they make.

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Tax gets compensated more so because the exit opportunities are more limited from everything I've seen. But the hours can be more grueling since there are 2 busy seasons. Audit purely depends on the engagements you're assigned to, but that goes for anything really.

I have not seen a huge discrepancy in pay between audit and tax personally.

What can I expect (hypothetically) going from public to private in SF:
-Masters in Accountancy (3.9 GPA)
-CPA license
-2 years staff audit (regional firm) with normal/good reviews

Any idea of the salary and or job titles I could expect?

ModernDarwin said:

What can I expect (hypothetically) going from public to private in SF:
-Masters in Accountancy (3.9 GPA)
-CPA license
-2 years staff audit (regional firm) with normal/good reviews

Any idea of the salary and or job titles I could expect?

Click to expand...

From what I've read on forums, as much as 50-60% pay bump along with options and stock if you decide to work for a startup. Then again, the public accountants in the Bay area are severely underpaid, more-so than New Yorkers.

But a 25-35% raise is the norm when going private.

50% raise? Sheeeeeeit I'd be gone ASAP

hmmmm

Biggie62 said:

ModernDarwin said:

What can I expect (hypothetically) going from public to private in SF:
-Masters in Accountancy (3.9 GPA)
-CPA license
-2 years staff audit (regional firm) with normal/good reviews

Any idea of the salary and or job titles I could expect?

Click to expand...

From what I've read on forums, as much as 50-60% pay bump along with options and stock if you decide to work for a startup. Then again, the public accountants in the Bay area are severely underpaid, more-so than New Yorkers.

But a 25-35% raise is the norm when going private.

Click to expand...

yeah but i also hear dudes are working 12 hours days at the startups too.

friscostylez said:

yeah but i also hear dudes are working 12 hours days at the startups too.

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Hey nothing is free you know Investment Bankers make 100k+ out of college but they put 80-100 hours per week the whole year.

Biggie62 said:

From what I've read on forums, as much as 50-60% pay bump along with options and stock if you decide to work for a startup. Then again, the public accountants in the Bay area are severely underpaid, more-so than New Yorkers.

But a 25-35% raise is the norm when going private.

Click to expand...

Histrionically, start ups pay less than market salary because they offer equity. Can you cite me some SF examples that are paying Non-Big 4 in the SF Bay Area what would equate to approx. $90k?

LazyJ10 said:

Histrionically, start ups pay less than market salary because they offer equity. Can you cite me some SF examples that are paying Non-Big 4 in the SF Bay Area what would equate to approx. $90k?

Click to expand...

Tech startups are desperate for talent right now from everything I've read. There were a few posts about this on goingconcern.com and the accounting reddit page. I'm heading out to class in a few minutes otherwise I'd find the exact posts. And you are non-Big4? Well that will probably equate to a lower rate, but nothing some networking and negotiating can't fix. Just be careful of the recruiter and firm that promises the world to you and then you hate the job down the line. You need to do the right amount of research.

No, I'm Big 4...the person above highlighted not being Big 4 though.

I live in the SF Bay Area and haven't heard quite the same, maybe I haven't been paying close enough attention.

Valuations are start ups are high, but they're not trying to throw all the VC money at back office workers, that's why I was surprised.

Figured this is prob the best place to ask this question:

What is the going rate for bookkeeping by a business accountant?

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.

Start big 4 officially next fall.. Gonna miss getting that good intern overtime hourly money lol

yaboyyaboy said:

Start big 4 officially next fall.. Gonna miss getting that good intern overtime hourly money lol

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Which firm?