[Study Monk]

I know these posts have been done before, but I would like the new another71 generation to comment.

I am considering going back to public accounting at the end of the year. I used to be an auditor 6 years ago at 2 firms and have just over a year of experience(flaky I know/retail since then). I am a social person, but found the auditors that I worked with kind of dull back then and one boss was crazy abusive. So I sometimes think tax would be better, because I can hide away somewhere from all those crazy accountants:p

I have romanticized tax a little bit due to the entrepreneurship potential. I picture myself down the line working 6 months of the year and spending time going on vacations. However can tax be an exciting career? Or would I leave in three years out of boredom and have trouble getting into private accounting?

Then again I am 31 and will likely be having kids in the next two years. I am thinking about potentially doing the audit thing right this time around, which is two or three years at a good firm. After that off to private accounting. I can see the private thing being the more interesting option assuming upwards mobility, but I would give up the independence and likely the long vacations that I always saw in my future.

I would appreciate comments either about my situation or the pros and cons of working in tax and audit. Who knows I might do either long term, so it would also be nice to get long term perspective.

I spoke to an ancient wise man who sent me on a mushroom induced journey through an ancient forest to find the key to passing the CPA exam. A talking spider monkey told me to throw the last of my drinking water in the dirt to find what I was looking for. So I followed his instructions and the following message appeared in the soil:

"Do 5000 multiple choice questions for each section"

[Kenada]

So this is just my observation.

I noticed those that has Audit Tax mix where able to get into the GL group in Industry companies easily. I have both Audit and tax experiences from firms so I have noticed it has been of value in getting interviews etc.

Now if you were to purely just focus on Tax you can still get into Industry no problem but they want you to be in their tax department than in the GL finance group.

I have noticed Tax accountants tend to make more money in industry than GL accountants. At least I have seen this in at least 4 companies I have work for and they all have been large – Revenues of $1 BN plus.

Personally I hate tax so I would not be keen to do that job however, if you really like Tax and enjoy it – go for it. I don't see the harm at all.

CA Candidate. 05/27/2014 ~ 786/110
I am done!!

[Kenada]

So this is just my observation.

I noticed those that has Audit Tax mix where able to get into the GL group in Industry companies easily. I have both Audit and tax experiences from firms so I have noticed it has been of value in getting interviews etc.

Now if you were to purely just focus on Tax you can still get into Industry no problem but they want you to be in their tax department than in the GL finance group.

I have noticed Tax accountants tend to make more money in industry than GL accountants. At least I have seen this in at least 4 companies I have work for and they all have been large – Revenues of $1 BN plus.

Personally I hate tax so I would not be keen to do that job however, if you really like Tax and enjoy it – go for it. I don't see the harm at all.

CA Candidate. 05/27/2014 ~ 786/110
I am done!!

[I'm, Ron Burgundy?]

What is your long-term goal? From an entrepreneurial standpoint I would have to agree that tax is the way to go. Reason being: Every Individual and Business will have to pay big brother at some point with the hope that the right accountant will help them pay less. Whereas, very few will ever have the need for an audit. So if starting your own business is your eventual goal, as it is mine, then learn tax inside and out. However, if you want to deal with a crazy, abusive, micromanaging boss and co-workers with crap attitudes and emotional baggage for the next 35 years; go ahead and ride down the Audit path. Personally, I think life is way too short to spend 40 hours a week around people you cannot stand.

"If you're going through hell, keep going"
- Winston Churchill

"I've missed over 9,000 shots in my career. I've lost over 300 games. 26 times I've been trusted to take the game winning shot, and missed. I've failed, over and over and over again in my life. And that is why, I succeed."
- Michael Jordan

BEC: (54), (72), 80 (losing credit on 02/02/15 - nervous)
AUD: 78
REG: (74), 91
FAR: (71)

[I'm, Ron Burgundy?]

What is your long-term goal? From an entrepreneurial standpoint I would have to agree that tax is the way to go. Reason being: Every Individual and Business will have to pay big brother at some point with the hope that the right accountant will help them pay less. Whereas, very few will ever have the need for an audit. So if starting your own business is your eventual goal, as it is mine, then learn tax inside and out. However, if you want to deal with a crazy, abusive, micromanaging boss and co-workers with crap attitudes and emotional baggage for the next 35 years; go ahead and ride down the Audit path. Personally, I think life is way too short to spend 40 hours a week around people you cannot stand.

"If you're going through hell, keep going"
- Winston Churchill

"I've missed over 9,000 shots in my career. I've lost over 300 games. 26 times I've been trusted to take the game winning shot, and missed. I've failed, over and over and over again in my life. And that is why, I succeed."
- Michael Jordan

BEC: (54), (72), 80 (losing credit on 02/02/15 - nervous)
AUD: 78
REG: (74), 91
FAR: (71)

[Study Monk]

@ I'm, Ron Burgundy?

I think ultimately I would be happier running my own business. I am realizing I should of made this post after I took REG, because one of my major concerns is I won't enjoy tax enough to make it a life long pursuit. I haven't seen many people who are passionate about taxation, and have came across more posts with people saying they feel limited in the tax business.

I have conflicting feelings on this subject. As of now I like the idea of mastering the financial side of accounting more, but I also like the idea of being able to maximize profits for companies from a tax perspective. If I knew that I would enjoy tax I would most likely spent the next 15 years developing the skills to branch off on my own.

I am conflicted because I want to be in a position to maximizing my ability to provide for my family while still being able to enjoy their company. A life in tax sounds like it might take away from that part of my life more than the audit-to-private approach. Of course I would prefer to work for myself, but I am not sure if investing the next decade not spending time with my family is worth it. I am wondering if there are people out their who are truly passionate about tax, and if so why?

I spoke to an ancient wise man who sent me on a mushroom induced journey through an ancient forest to find the key to passing the CPA exam. A talking spider monkey told me to throw the last of my drinking water in the dirt to find what I was looking for. So I followed his instructions and the following message appeared in the soil:

"Do 5000 multiple choice questions for each section"

[Study Monk]

@ I'm, Ron Burgundy?

I think ultimately I would be happier running my own business. I am realizing I should of made this post after I took REG, because one of my major concerns is I won't enjoy tax enough to make it a life long pursuit. I haven't seen many people who are passionate about taxation, and have came across more posts with people saying they feel limited in the tax business.

I have conflicting feelings on this subject. As of now I like the idea of mastering the financial side of accounting more, but I also like the idea of being able to maximize profits for companies from a tax perspective. If I knew that I would enjoy tax I would most likely spent the next 15 years developing the skills to branch off on my own.

I am conflicted because I want to be in a position to maximizing my ability to provide for my family while still being able to enjoy their company. A life in tax sounds like it might take away from that part of my life more than the audit-to-private approach. Of course I would prefer to work for myself, but I am not sure if investing the next decade not spending time with my family is worth it. I am wondering if there are people out their who are truly passionate about tax, and if so why?

I spoke to an ancient wise man who sent me on a mushroom induced journey through an ancient forest to find the key to passing the CPA exam. A talking spider monkey told me to throw the last of my drinking water in the dirt to find what I was looking for. So I followed his instructions and the following message appeared in the soil:

"Do 5000 multiple choice questions for each section"

[impska]

You could shoot for a firm that does both. A lot of medium-sized local/regional firms offer that opportunity. CBIZ has a specific program that they tout, where they split their associates for the first two years. Two years is just about right for you to decide if you want to head for private or go out on your own for tax.

Somewhere like that will give you both options.

EDIT: Since you asked. I love tax. Especially personal tax. I just like saving people money on taxes. My tentative goal is to start my own shop, and like you're thinking, basically work seasonally for myself – invest as much or as little time as I want. I've had the chance to do both tax and audit, and do kind of like audit. I'm glad I'm not shutting any doors yet.

EDIT2: My experience with tax accountants is that they're mostly a bunch of weirdos.

REG - 94
BEC - 92
FAR - 92
AUD - 99

[impska]

You could shoot for a firm that does both. A lot of medium-sized local/regional firms offer that opportunity. CBIZ has a specific program that they tout, where they split their associates for the first two years. Two years is just about right for you to decide if you want to head for private or go out on your own for tax.

Somewhere like that will give you both options.

EDIT: Since you asked. I love tax. Especially personal tax. I just like saving people money on taxes. My tentative goal is to start my own shop, and like you're thinking, basically work seasonally for myself – invest as much or as little time as I want. I've had the chance to do both tax and audit, and do kind of like audit. I'm glad I'm not shutting any doors yet.

EDIT2: My experience with tax accountants is that they're mostly a bunch of weirdos.

REG - 94
BEC - 92
FAR - 92
AUD - 99

[jeff]

If you want to own your own practice, go work for a local mom and pop CPA firm for a few years.

It's a grind…940s….941…SUTA…FUTA…liquor tax…1099s…W2…monthly book work…annual tax filings…sole props, corps, partnerships, etc. etc. etc.

You'll know after 1 tax season if you want to do it.

AUD - 79
BEC - 80
FAR - 76
REG - 92

Jeff Elliott, CPA (KS)
NINJA CPA | NINJA CMA | NINJA CPE | Another71

[jeff]

If you want to own your own practice, go work for a local mom and pop CPA firm for a few years.

It's a grind…940s….941…SUTA…FUTA…liquor tax…1099s…W2…monthly book work…annual tax filings…sole props, corps, partnerships, etc. etc. etc.

You'll know after 1 tax season if you want to do it.

AUD - 79
BEC - 80
FAR - 76
REG - 92

Jeff Elliott, CPA (KS)
NINJA CPA | NINJA CMA | NINJA CPE | Another71

[Study Monk]

@impska and Jeff

Both of those are great ideas. We'll see if I have have the opportunity to pick those types of firms. “Beggars can't be choosers” as the saying goes. Chances are my next employer is more out to pick me than me pick them. We'll see if a CPA license is enough to spruce up my flaky non accounting orientated resume and give me some negotiating power.

I spoke to an ancient wise man who sent me on a mushroom induced journey through an ancient forest to find the key to passing the CPA exam. A talking spider monkey told me to throw the last of my drinking water in the dirt to find what I was looking for. So I followed his instructions and the following message appeared in the soil:

"Do 5000 multiple choice questions for each section"

[Study Monk]

@impska and Jeff

Both of those are great ideas. We'll see if I have have the opportunity to pick those types of firms. “Beggars can't be choosers” as the saying goes. Chances are my next employer is more out to pick me than me pick them. We'll see if a CPA license is enough to spruce up my flaky non accounting orientated resume and give me some negotiating power.

I spoke to an ancient wise man who sent me on a mushroom induced journey through an ancient forest to find the key to passing the CPA exam. A talking spider monkey told me to throw the last of my drinking water in the dirt to find what I was looking for. So I followed his instructions and the following message appeared in the soil:

"Do 5000 multiple choice questions for each section"

[I'm, Ron Burgundy?]

I have to agree with Jeff on this one. I work in the kind of firm he is talking about. I deal with the topics he listed on a daily basis. Every client presents a new problem and every day is a learning experience. If you want to learn a wealth of knowledge when it comes to tax, this is the route to take. Knowing all about everything he listed, it will make you a vital asset to almost any small business you encounter.

Also, you mentioned that you like the idea of maximizing time with your family and may go the private route because of this – I do agree that it's a grind in public. However, that's only true for the most part during busy season. During that time you can kill yourself with work and make up for the other 8 months of the year that you are only working 25 hours a week and spending time attending little league, dance recitals, weekend trips, etc. Your family will more than likely understand and become accustomed to your absence during probably 2-3 of the worst weather months during the year.

Food for thought: I recently attended a CPE conference with about 600 attendees from across the U.S. I spoke with many of them, they were all in tax and had their own practices, some of which were one person shops where they did everything themselves. They all said they worked hard for four months out of the year and rarely visited their offices the other 8 months. Those with employees gave their employees compressed work weeks in the summertime and some even served their clients remotely while they relaxed on the beach or at home catching up on Duck Dynasty episodes. To me, that's all icing on the cake as the real benefit: Being your own boss and not dealing with the mood swings of working under someone else.

"If you're going through hell, keep going"
- Winston Churchill

"I've missed over 9,000 shots in my career. I've lost over 300 games. 26 times I've been trusted to take the game winning shot, and missed. I've failed, over and over and over again in my life. And that is why, I succeed."
- Michael Jordan

BEC: (54), (72), 80 (losing credit on 02/02/15 - nervous)
AUD: 78
REG: (74), 91
FAR: (71)

[I'm, Ron Burgundy?]

I have to agree with Jeff on this one. I work in the kind of firm he is talking about. I deal with the topics he listed on a daily basis. Every client presents a new problem and every day is a learning experience. If you want to learn a wealth of knowledge when it comes to tax, this is the route to take. Knowing all about everything he listed, it will make you a vital asset to almost any small business you encounter.

Also, you mentioned that you like the idea of maximizing time with your family and may go the private route because of this – I do agree that it's a grind in public. However, that's only true for the most part during busy season. During that time you can kill yourself with work and make up for the other 8 months of the year that you are only working 25 hours a week and spending time attending little league, dance recitals, weekend trips, etc. Your family will more than likely understand and become accustomed to your absence during probably 2-3 of the worst weather months during the year.

Food for thought: I recently attended a CPE conference with about 600 attendees from across the U.S. I spoke with many of them, they were all in tax and had their own practices, some of which were one person shops where they did everything themselves. They all said they worked hard for four months out of the year and rarely visited their offices the other 8 months. Those with employees gave their employees compressed work weeks in the summertime and some even served their clients remotely while they relaxed on the beach or at home catching up on Duck Dynasty episodes. To me, that's all icing on the cake as the real benefit: Being your own boss and not dealing with the mood swings of working under someone else.

"If you're going through hell, keep going"
- Winston Churchill

"I've missed over 9,000 shots in my career. I've lost over 300 games. 26 times I've been trusted to take the game winning shot, and missed. I've failed, over and over and over again in my life. And that is why, I succeed."
- Michael Jordan

BEC: (54), (72), 80 (losing credit on 02/02/15 - nervous)
AUD: 78
REG: (74), 91
FAR: (71)

[Study Monk]

So I spent the last 3 hours researching the differences between audit and tax career opportunities and I am having a mild panic attack. I am now enrolled in a MST program and I have been enjoying the tax component of REG. I am excited about becoming a tax professional and maybe moving into financial planning. That being said I am one of those work-life balance people.

I am not opposed to working 60 to 65 hour weeks during tax season, but I won't last more than a few years working more than 70 hours a week even if its only 4 months. I could see myself being happy if i can arrange a flex-time schedule with my future employer or getting a job at a small tax firm with more reasonable hours. Or I can tough it out for a few years, get a CFP, and become a financial planner.

My “panic attack” is stemming from not being employed and not being able to choose my best path to becoming an accountant again. On one hand I can pursue a tax career by committing to the MST and hopefully starting this upcoming tax season making a reasonably good annual wage. On the other hand I can try to bank on my CPA, turn down the MST, and try to pick up an entry-level job despite having no recent accounting experience.

At the moment working as a CFP sounds the most interesting to me, but you need 3 years of experience working with clients. So I was thinking I cut get 3 years in tax and change careers if it is not working out. Then again eventually climbing to Controller or high paid Senior Accountant sounds good as well.

I need some new perspectives, because I am totally lost right now 🙁

I spoke to an ancient wise man who sent me on a mushroom induced journey through an ancient forest to find the key to passing the CPA exam. A talking spider monkey told me to throw the last of my drinking water in the dirt to find what I was looking for. So I followed his instructions and the following message appeared in the soil:

"Do 5000 multiple choice questions for each section"

[Author]

Replies