OT: Accounting Career

[flagdaytwins]

....here I go again....what do I want to be when I grow up?!

A friend of mine is enjoying a career in accounting for the u.s. govt. Her job truly sounds interesting and let's just say I wanna be like her when I grow up; I don't say this lightly -- I've done some research and she is serving as a mentor to me.

I can't jump into the field, I would need 30 semester hours of accounting courses. I have a B.A. and many undergrad bus. courses from looong ago.

Are you an accountant? Do you hate your job? Why? Do you sit at a computer all day? What are the negatives my friend isn't telling me?

Accounting sounds very attractive in that it appears to offer a wealth of opportunities.....would love to hear first hand what it's all about.

 

[4MCMICKEY]

I am sure it would depend on what position you would do in accounting.
For me, I tell my kids do not go into accounting. Accounting you are dealing with month end numbers which must be published by a certain day. Therefore no vacation allowed the first week of the month. I also do commissions so no vacation the week before commissions are due. So 2 out of the 4 weeks no vacation allowed. Accounting also handles inventory where I work so no vacation between Christmas and New Years as this is when inventory is handled.

I really do like what I do but trying to take any vacation or time off can be a real pain.

 

[Kit'smommy]

If it appeals to you, go for it. I have been a CPA since 1998 and have worked for 2 "Big 6" (now "Final Four") accounting firms doing tax work, forensic accounting and audit. I have also worked for a non-profit as an internal auditor, a public pharmaceutical company as an accountant and am currently a senior financial analyst for another public company. DH is the controller of another public company and is also a CPA.

The Good:
* The pay is good.
* You can do a ton of different types of jobs (see my list above).
* You can probably find a job easily if you are open to a variety of different types of work, and your skills should be highly portable.

The Bad:
* IMHO the work is boring. I spend much of my time in front of a computer. But then I like interacting with people, so this may trouble others less.
* I highly recommend getting a CPA. Many companies do not promote past a certain level without a certification.
* IFRS - with the implementation of international accounting standards, the landscape is a little uncertain and confusing right now. Someone who is new at this (like you) might have an easier time than someone who has been doing this for ten years.

This industry has been turned upside down with scandals and I really hate working in it in a post-Sarbanes Oxley environment.

If I could start over again, I wouldn't go into accounting and I joke with DH that I won't pay for my DS's college if he wants to go into accounting.

Whatever you do, good luck. HTH!

 

[Kimmumum]

I would consider myself more of a bookkeeper than an accountant but they are very similiar. I have been in accounting for 15 years.

Pros.....there is usually a need for accountants. You can usually find a job. There is so much you can do with this. It can be very diverse.

Cons.....after awhile you can get bored and burned out. Accounting is very cyclical so you do the same things over and over every month.

In general I like accounting if you can get past the redundancy.

 

[minnie1928]

I am sure it would depend on what position you would do in accounting.
For me, I tell my kids do not go into accounting. Accounting you are dealing with month end numbers which must be published by a certain day. Therefore no vacation allowed the first week of the month. I also do commissions so no vacation the week before commissions are due. So 2 out of the 4 weeks no vacation allowed. Accounting also handles inventory where I work so no vacation between Christmas and New Years as this is when inventory is handled.

I really do like what I do but trying to take any vacation or time off can be a real pain.

I don't think your situation can be applied to all accounting positions. I was a cost accountant and a financial analyst for the past 10+ years and often took vacations at the beginning of the month. I did the books for subsidiaries, financials for the parent co, departmental reports, etc. Year end, yes...that's a tough one but I was still able to take a day off here and there between xmas and New Years. It really depends on the company. At mine we were able to do many things before month end that sped up the process. We also cross trained extensively, so if someone was out it wasn't that big of a deal.

I really enjoyed accounting, or I did until Sarbanes Oxley section 404 was implemented. That law took a lot of the fun out of things. It's a necessary law that provides oversight to prevent another Enron type mess, however it's a real pain in the ars. Trusting your coworker to do the right thing is no longer an option. I should note that this only applies to larger, publicly held companies.

 

[minnie1928]

This industry has been turned upside down with scandals and I really hate working in it in a post-Sarbanes Oxley environment.

I think when I return to the workforce in a year or so I will look for a job where SOX doesn't apply (small company, community college, etc). It killed all the joy I had at my last job.

 

[Kit'smommy]

When you can take vacation depends totally on your position. I don't do many journal entries and have to wait for others to close the books. Most of my coworkers are busiest for the first few days of the month. Things are worse for me and my boss a few days into the month. I often take the first few days off. I also have an easy time from Christmas to New Year's as I work for a service organization (no inventory).

I really enjoyed accounting, or I did until Sarbanes Oxley section 404 was implemented. That law took a lot of the fun out of things. It's a necessary law that provides oversight to prevent another Enron type mess, however it's a real pain in the ars. Trusting your coworker to do the right thing is no longer an option. I should note that this only applies to larger, publicly held companies.

I hate Sarbanes Oxley. My personal opinion is that it is a CYA measure that gives investors a false sense of security. I really miss the relationship I had with my audit clients and that I used to have with our auditors. Things are very strained now. I agree it took the fun right out of things.

 

[snarlingcoyote]

My ears are burning.

I'm the IT SOX person at my company and I work closely with the accountants on application controls. I like SOX, under AS5, if done correctly, it provides a standard for best practice that gives some indication of what's going on in a company.

And, of course, it gives me job security.

Now, if I didn't know everything that I know about SOX and I were an accountant or an analyst. . .I probably wouldn't care for it either.

 

[GaSleepingBeautyFan]

I am sure it would depend on what position you would do in accounting.
For me, I tell my kids do not go into accounting. Accounting you are dealing with month end numbers which must be published by a certain day. Therefore no vacation allowed the first week of the month. I also do commissions so no vacation the week before commissions are due. So 2 out of the 4 weeks no vacation allowed. Accounting also handles inventory where I work so no vacation between Christmas and New Years as this is when inventory is handled.

I really do like what I do but trying to take any vacation or time off can be a real pain.

I had the same issues when I worked with Accounting for Specialty Advertising Companies. Commissions, inventory and all. Plus I had to take over the collections because the sales people who were supposed to do it didn't because they didn't want to alienate their customers.

Both companies had the same issues so I went into Advertising Accounting. I worked for an Advertising Agency. I loved the job (especially the research end when I had to track something down with very little info) but it paid terribly.

With only a 2 year degree, no big Accounting Firms would hire me so I ended up leaving Accounting.

 

[CarolA]

Well I have an accounting degree.

I work as an internal auditor and love it!

I have a lot of SOX expereince (which I like too) The thing about auditing is that it gives me a lot of variety. When I was with a CPA firm (until this summer) I still had a great realtionship with my clients. I am big into "controls rationalization" which my clients liked LOL!)

If you go this route I think getting certified is key and do it SOONER rather then later. Trust me, NOTHING you learn on the job is going to help you pass the exam, it's all stuff you learned in school so you need to get that exam before you forget it LOL!

Look around, my accounting was actually from a program at the University of Memphis for older students with degrees. All they did was shove us through accounting classes. I got 24 semester hours in a year and a half. Not sure there are many programs like that, but....

I spent about 16 years in Internal Audit for a public company before going to a CPA firm (one of the "Final Four") and am now back in Internal Audit with a much smaller public company. I would like to leave this job in a year or so to be an Internal Audit Director for a hospital or small healthcare company, but just waiting on the right opportunty. (My job now is based in California and I am based in Atlanta so long term there will be issues LOL!)

 

[Kit'smommy]

If you go this route I think getting certified is key and do it SOONER rather then later. Trust me, NOTHING you learn on the job is going to help you pass the exam, it's all stuff you learned in school so you need to get that exam before you forget it LOL!

Amen! You will learn little to nothing on the job that will help you pass the exam.

SnarlingCoyote,

I hear you, and I agree with you to some extent on application controls. Sarbanes Oxley does enforce a lot of things companies should have been doing anyway. However, I think it also provides a lot of false security.

 

[nuke]

I have an accounting degree but don't work in the field. I had the luck to graduate college the same month the Enron/Anderson fiasco happened. 1800 experienced accountants were let go at the same time I graduate so us new to the field/no experience people could not find work. A lot of the people I knew from college never found work in accounting.

I would love to get back into it but it's not the best job market right now so I stay where I'm at making decent money but not doing what I want to do. That's life sometimes.

 

[minnie1928]

Amen! You will learn little to nothing on the job that will help you pass the exam.

SnarlingCoyote,

I hear you, and I agree with you to some extent on application controls. Sarbanes Oxley does enforce a lot of things companies should have been doing anyway. However, I think it also provides a lot of false security.

I agree with absolutely everything you said.

The false sense of security also comes with a hefty price tag!

 

[snarlingcoyote]

Amen! You will learn little to nothing on the job that will help you pass the exam.

SnarlingCoyote,

I hear you, and I agree with you to some extent on application controls. Sarbanes Oxley does enforce a lot of things companies should have been doing anyway. However, I think it also provides a lot of false security.

That's unfortunate. The best purpose of SOX is two-fold - provide some framework for some security about the practices of a company, and, what everyone should always remember, it will provide evidence quickly to the FBI if the company ever goes Enron-up.

Think of how many millions of dollars in investigations would've been saved if they'd had SOX documentation in place.

Wait. Why am I laughing? It's true.

 

[mom2travel]

.
If I could start over again, I wouldn't go into accounting and I joke with DH that I won't pay for my DS's college if he wants to go into accounting.

I had to laugh at this - DH says this to me all the time about our kids!

He worked in the "big 6" years ago, but is currently a controller for a private company. In this position (and his last one) he is limited in when he can take vacation because of month-end close - it usually amounts to about 2 weeks a month that are not good (we actually cut our WDW trip short a couple of days because he needs to get back... ).

I think it is an individual thing. I have a good friend who is also a CPA and she has always loved her jobs. If you think you'll enjoy it, go for it! Good luck!

 

[Cheshire Figment]

I worked for The American Red Cross for 13 years as an Internal Auditor. I travelled to American Red Cross Offices on US Military Bases worldwide and to Red Cross Chapters and Blood Centers throughout the US. During that time I averaged 106 workdays per year on travel status. I left during a major reorganization where some office politics got involved.

I spent a few years then with a few companies doing various things and got my CPA during that time.

I ended up my last 17 years involved in the running of the Central Accounting System of the Federal Courts. I found the work fun and interesting. I was involved with installation of the system and switching all Federal Courts over, and then doing training, security, assistance, program developments, etc.

The only restrictions I had on my vacations was when I took two weeks off to come to the WDW 20th Anniversary. My boss was then definitely told by his superiors that under no circumstances was I to be allowed Annual Leave around the start of the Fiscal Year. But then my job also included "keeper of the Master Tables".

Then I retired and moved here. I still have about 20 private tax clients.

 

[allyphoe]

I'm a CPA (degree in something else, went back as an oldster to get my accounting hours), and only do tax. It's interesting work; there's always something to learn. I like my clients, and get plenty of people interaction. I work for my CPA-mom, and DD5 is already being encouraged to become our succession plan. (Although last night at Walmart, she decided she wanted to grow up to be a cart-pusher, because the little remote-controlled cart-catcher is so cool.)

Accounting's like anything else. You can get jobs that are great, or terrible. Low-paid or high-paid. Boring or stimulating.

 

[Irish9697]

I think an accounting degree opens a lot of doors. Especially one from a really highly rated program.

I went to a top 10 program and came out of college with a job. Had one secured at the beginning of senior year. They came to us...we didn't have to do much as far as searching. I worked for Andersen before all of the scandals...doing mostly expat tax which I really enjoyed.

I also took and passed the exam within the year of graduation.

I didn't work for 7 years after my son was born. And, when I went to search for employment after that hiatus...even though I only really had 3 years of true work experience after college, I had 5 interviews and 5 offers. So, I for one, think accounting degrees pay. I have a great and very flexible job with a great and very flexible firm. I do mostly individual and estate tax as well as litigation research and consulting. I enjoy what I do and get paid fairly well and have job security in this market.

I would encourage my kids to go this route. But, I don't think I'll have to...I think they may be genetically pre-disposed since they have multiple CPA's on each side of the family. Seriously, my maternal grandpa, paternal aunt, maternal uncle, me and their father are all CPA's. They have 2 other maternal aunts who work for CPA firms, too.

 

[Kit'smommy]

I think an accounting degree opens a lot of doors. Especially one from a really highly rated program.

I went to a top 10 program and came out of college with a job. Had one secured at the beginning of senior year. They came to us...we didn't have to do much as far as searching. I worked for Andersen before all of the scandals...doing mostly expat tax which I really enjoyed.

I also took and passed the exam within the year of graduation.

I didn't work for 7 years after my son was born. And, when I went to search for employment after that hiatus...even though I only really had 3 years of true work experience after college, I had 5 interviews and 5 offers. So, I for one, think accounting degrees pay. I have a great and very flexible job with a great and very flexible firm. I do mostly individual and estate tax as well as litigation research and consulting. I enjoy what I do and get paid fairly well and have job security in this market.

I would encourage my kids to go this route. But, I don't think I'll have to...I think they may be genetically pre-disposed since they have multiple CPA's on each side of the family. Seriously, my maternal grandpa, paternal aunt, maternal uncle, me and their father are all CPA's. They have 2 other maternal aunts who work for CPA firms, too.

You sound like me. I graduated with a Master's Degree from a top program. Went to work for Andersen back in '97 a month after graduation as a newly minted CPA. I spent a year developing A+ tax software for them. Then I had a friend at C&L who gave my name to a Parter who was looking for someone with experience with Access to help out with some forensic work. I was not loving what I was doing at Andersen so I took the offer from Coopers. It was great experience and I am glad I worked for those firms (as well as the merged PwC).

I have been in industry for several years now and have been courted by Deloitte and PwC at various times. I haven't had any interest in going back as travel has really picked up for the large firms in this area for assurance and consulting as they have switched to a more regional staffing model.

I can't imagine going straight into industry out of college. However, I can't really imagine working for Big 4 again either as things have really changed so much in the last 10 years. I might at some point go back to a regional firm, but right now I like the job security and flexibility that I have.

 

[puffkin]

I agree with most of what is posted in this thread. I am a CPA and have worked in both private and public.

It is a great degree to have, regardless of what you end up doing in the business world. I often call it a "gateway" degree as it is a great way to get your foot in the door. Everytime I have looked for a new job I have been inundated with offers. THere is a lot of demand in this field and the pay can be decent.

I also recommend getting your CPA as quickly as possible. It opens many more doors and it is much harder to pass the further you are away from school. On the job experience doesn't really help in this exam.

My biggest complaint with this career path is the restrictions. In corporate you have to deal with month end and year end closes. It seems like you spend your whole month busy, cathcing up from being busy, preparing to be busy and then back to busy again. Vacations throw you off for the whole month (you still have the same amount of work to get done for the month, now just less time) and you can't really take much time off the end or beginning of the month.....really only leaving 2 weeks a month for vacations. And heaven for bid your kid gets sick or something during close....it is a nightmare. Also, most of the holidays during the year fall during a close period so you can't take full advantage of them either. In private you got the dreaded "busy season" which is awful. And now most firms are leveraging their work so you really don't have down time throughout the year. It can really wear you out.