USA ?s about Accounting

[Aubzikins]

Hey everyone,

I wanted to get some opinions regarding accounting. I am going to finally be finishing my Bachelors of Science in Technical Management focusing in Accounting from DeVry. All my electives are additional Accounting Classes. I’ve been in school 4 years on and off due to me being in the Army (no longer in service now though), my husband being in the Army and having two deployments, 4 moves and the birth of our two kiddos. I have always wanted to do something with Accounting since I was 8. (I told my uncle I wanted to study Billology when I was 8).

Now with graduation coming up and being a military spouse I’m finding jobs in the area are pretty much nonexistent. I found 1 decent job but it’s an hour away and I have two young kiddos and hubs is about to deploy again, and to top it off it requires a CPA. Other places in my local area are either not hiring or they want someone with 2+ years of experience. So now my husband and I are stuck trying to figure out if I should go for my Masters after I graduate or well we have no clue. If I graduate and can’t find a job it’s going to suck because I have to start paying back my student loans 6 months after graduating.

I also can’t decide what certification I want to strive for. I was told CFA could be used internationally (which would be very helpful if we get stationed overseas), but it’s a lot harder than the CPA. I was also told the CPA is a hard test to begin with but I don’t know and have yet to find info on if I have to retake the test every time we move to a different state. This would suck at almost 900 bucks for the exam.

Any advice or suggestions? Sorry if I rambled, I am not very good with forums (lol) and this is the second one I have gone to. The first was analystforum.com and I was told that CFA would probably not work for me.

Thank you very much in advance!

Aubrey

 

[bklynboy]

I agree a CFA is probably not right as this is the designation for investment professionals. Accountants rely on the CPA designation and my experience is this is recognized as exhibiting professional competence internationally (I work intenationally and most recognize a CPA license as something that is an asset even if that is not recognized in that country). For the CPA, all you need is to be licensed in one state and dont have to retake the test in other states but only maintain CPE credits (in general unless you are the partner on the audit you dont need the CPA license in that state as state statutes mostly apply to the person that runs the audit).

Also, the CFA exam must be passed sequentially and you cant sit for all 3 at the same time meaning it would be 3 years at best before you get the designation (and yes this is a very difficult exam and you probably wont pass based on accounting coursework). CPA on the other hand, you can sit for all at the same time and if you study hard enough get the designation in less than 1 year.

As far as getting a job, it is very rough right now given the pool of candidates with experience looking for work (with some taking entry level work that previously went to grads). My advice is to work with a recruiter (you can find these online) and tap into their contacts to get you interviews. Also, does your school have a job placement search that you can tap into? Have you looked into any job fairs that may be available (you can usually find these through college campuses)? Do you know anyone working in accounting that can put your resume at the top (i.e. networking)? Bottom line, you need to "pound the pavement" today to get in the door and make your job search a full time job as competition is fierce.

In the meantime get your CPA as this will open more doors than if you dont have that designation. I wouldnt focus on the MBA but instead sit for the CPA exam.

Good luck!

 

[Aubzikins]

What other ways are there to get the credits required to sit for the CPA? When I graduate I will only have 122 credits and I need 150 credits in Kansas. I do believe DeVry has a placement program I just need to look into it.

 

[bklynboy]

I checked Kansas' Board of Accountancy and think you need the 150 credits from an accredited school before you can sit for the exam. You can contact them to see if alternatives/waivers are permitted.

 

[penpusher]

Hi,

Not sure of difference bit im sure that CPA in America is forming a bond with CIMA (UK based management accounting organisation which is recognised globally - very well respected in Europe) after which, if you become a CPA you also can become a CGMA(chartered global management accountant). may be useful if you end up overseas.

 

[Toby]

The CPA test is HARD. Your chances of passing it right out of school without a preparation course AND real-world experience are slim to none. Sorry but that is just the reality, just look at the statistics.

As for taking the exam more than once - LOL. Do you know what CPA really stands for? It stands for "Can't Pass Again". An average person will spend a whole year doing nothing but taking prep courses and studying in order to pass the exam... and then forget half of it the next day.

If you have young kids, CPA is the wrong field for you. The big CPA firms work you 65+hrs a week year round. Plus the time it takes to get ready for work and commute, you are looking at 80hrs a week easy. Even the small CPA firms will work you the same 65+hrs a week in winter-spring time.

My suggestion would be to get some experience working A/P, A/R or whatever to get a feel for this career and make sure this is what you want to do.

As for Masters degree. Everyone will tell you that CPA is so much more valuable but in reality it isn't always the case. There are always variables and you have to decide what is best for your situation. MBA is much easier to get than CPA and takes about the same amount of time once everything is said and done. There are people who make 80K+ with MBA and there are people who make significantly less than that with CPA. (I live in Pittsburgh and with 80K here you can actually pay off your house in one year)

 

[bklynboy]

The CPA test is HARD. Your chances of passing it right out of school without a preparation course AND real-world experience are slim to none. Sorry but that is just the reality, just look at the statistics.

As for taking the exam more than once - LOL. Do you know what CPA really stands for? It stands for "Can't Pass Again". An average person will spend a whole year doing nothing but taking prep courses and studying in order to pass the exam... and then forget half of it the next day.

If you have young kids, CPA is the wrong field for you. The big CPA firms work you 65+hrs a week year round. Plus the time it takes to get ready for work and commute, you are looking at 80hrs a week easy. Even the small CPA firms will work you the same 65+hrs a week in winter-spring time.

My suggestion would be to get some experience working A/P, A/R or whatever to get a feel for this career and make sure this is what you want to do.

As for Masters degree. Everyone will tell you that CPA is so much more valuable but in reality it isn't always the case. There are always variables and you have to decide what is best for your situation. MBA is much easier to get than CPA and takes about the same amount of time once everything is said and done. There are people who make 80K+ with MBA and there are people who make significantly less than that with CPA. (I live in Pittsburgh and with 80K here you can actually pay off your house in one year)

Passing the CPA is not "hard" as long as you put the time and effort into preparing. I passed all parts right out of school and know many others that did the same. As with anything, what you put into it is what you get out of it.

I agree hours can be long but its time well spent as the exposure you get will open many doors for you. Strictly working AP/AR doesnt offer much upside and the work is boring and not helpful to growing in the field. These jobs are generally appropriate to people with low accounting skills and minimal career aspirations.

Many companies wont even interview you without having the CPA as this is seen as the minimum standard of most firms to getting quality applicants and opens up a much bigger job market.

 

[hrashed]

Before selecting proper branch of accounting, we should know what you feel more interesting in, the objective of studying accounting. If you want to know how to make feasibility studies, evaluation management performance or company's performance, controlling cost, preparing budget, and improving internal reports need for helping management to take proper decisions, you should take CMA, If you are interesting in investigation, fraud examination, you should take take CFE, CrFA, CFF. If you like to prepare financial statements, auditing, It is preferred to take CPA, If you are more interested in financial analysis, making analysis for buying or selling stocks, you can take CFA. This are simple method for selecting the proper professional study. The best way is to go to the websites of those professional bodies and read about them.http://hamrconsult.yolasite.com/articles-and-resources.php