[Anonymous]

I’m just now looking to start my accounting journey and would appreciate anyone’s advice and feedback on my current plans…

I completed an MBA in Finance from a non-ranked private school about four years ago, which my employer at the time helped to partially pay for. I did pretty good in my Finance courses, despite finding them challenging, and have never actually held a job in Finance.

I got let go from my last job a few months ago and am contemplating a career change to accounting. My last job was in a sales-type of position and I made $93K, so I’m obviously looking at a severe pay cut here if I start over in accounting without experience. I’ve primarily worked in sales and fund raising in the past, but am getting burnt out and want to switch to a career that I can see myself doing in my 60s and 70s – since I’ve done a poor job of financial planning, I may very well have to work into my 70s. I’m tired of being stressed out all the time and want a career direction and self-improvement/education plan that will work for me now and in the long run.

I could probably find another sales job in the next few months that pays close to what I was making before, but it would probably mean a much longer commute and more of the same stress and burn out that I’m trying to escape. Plus, I just feel like that becomes like spinning my wheels and doesn’t really take me in a positive direction where I learn and grow.

I live in Pasadena, CA within walking distance of the South Lake financial district. Having lived in the greater Los Angeles area for a long time, I’ve come to despise commuting (I once had a 95-minute one way commute, which meant 3 hours and 10 minutes in my car every work day), so I’d love to find a job within walking distance. If I can’t find a job here in Pasadena, then the financial center in Glendale and the financial center in downtown Los Angeles are each only about a 30 minute drive, which is nothing by LA standards.

I’ve considered trying to use my MBA in Finance to land an in-house corporate financial analyst job. There seem to be a few of those available in my city. It looks like I could make $70-$85K working about 50-60 hours a week. One of these employers may value my sales experience and be willing to pay on the higher side for this, especially if I’m part of a team that presents to potential investors or something like that. I’m a little rusty on my finance skills from class because I finished my MBA four years ago, and am worried that a financial analyst position like this might be too stressful and consuming, especially with the initial learning curve. Still, I’m seriously considering this option.

And this leads me to accounting. I only need 22 credit hours in accounting to qualify for the CPA education requirements. Also, I’m looking to do the Devry University Masters of Science in Accounting degree which would only require me to take 24 credit hours in Accounting to get the degree since six credit hours from my MBA will transfer. So, by taking 24 credit hours at Devry, I kill two birds with one stone: I meet the educational requirements for CPA and I get another Masters degree out of the deal. I figure I can get all this done in about a year and four months, and then focus on passing the CPA exams for however long that ends up taking.

With this educational plan in mind, I’d love to get an Accounting job working under a CPA so that I can go ahead and get my CPA experience requirement out of the way. The problem is, it looks like entry level accounting jobs pay crap. Most of what I see posted is either a GL/Assistant Accountant job that pays $40K or an Accounting Manager with 5 years experience and CPA required – there doesn’t seem to be much middle ground between the two out there for a guy with lots of lesser relevant work experience.

I suppose I could try the downtown LA big four firms, but that means a little more commuting and very long hours and stress, which is what I’m looking to get away from. Plus, I’ll be taking classes while working (which is how I did the MBA in Finance) and a big four / school combo could mean major burn out, even if it’s only for a year or so. Overall, I think I would have mixed feelings with a big four. I’ve had Fortune 500 firm experience and have also worked for other big time organizations, so the prestige of Big Four in itself doesn’t have an extra appeal for me.

What draws me to accounting over finance is the stability and long term outlook. I like that 75% of CPAs are over the age of 50, which could create an opening for me to rise to management levels much quicker, perhaps based partly on all my previous work experience (even though it wasn’t in accounting, some of it was in management and leadership positions).

Finance, on the other hands, seems very competitive and crowded. Also, I’m not super strong quantitatively, and feel I might just get lost in mediocrity in this field. But with Accounting, I feel like I could, over time, bring leadership, management, and client service skills to the table.

One other side note… In my 20s, I got certified from Microsoft as a Network Engineer, but only did that for about 2 1/2 years. I haven’t done anything IT related since, but I can legitimately say that I’ve had serious IT experience. I mention this, because I wouldn’t mind getting another masters degree in Information Systems when I’m done with my CPA classes and exams, if it would help me advance in an accounting career… I’ve read that CPA/IT is a strong combination.

I would really like to get an Accounting job in the next few months. I don’t really want to go below $70K, but I may have no choice. I’d love to get $80K, but I don’t know how realistic that is.

I suppose I could get a financial analyst job for possibly $80K and if I were reporting to a CPA, they might be willing to attest for my experience requirement… but I think that’s all a long shot…

I think finance seems a little more interesting than accounting in theory, but I just see many more benefits to accounting, especially if I can figure out how to break in without taking too harsh of a pay cut.

Having had extensive sales experience, I tend to interview pretty well. I’m willing to do the hard work in this job search, and would appreciate any advice and feedback on what I’m attempting to do…

TLDR: Any advice for a 40 yr. old with an MBA in Finance with no finance or accounting experience, but with sales experience and a little bit of IT experience on pursuing accounting jobs (which doing an MS in Accounting) or possibly a financial analyst job?

[leglock]

As someone of ur age who just completed the cpa after owning my own business my experience is that ur age will be held against u and if u r trying to get get acctg related work, ur lack of experience will b held against u. U definitely will b taking a huge pay cut unless u can parlay ur other it exp. dont mean to b gloomy but thTs reality. There r exceptions of course. On the flip side, getting ur cpa will pretty much ensure employment and once u gain exp, u will have a nice set of marketable credentials. I would def recommend u pursue the cpa bc it will give u a lifetime of job security with the ability to move basically anywhere and b employed

[Missy]

Yes there are jobs out there for newly minted 40+ year old CPA's. You may need to be more patient and persistent than your 24 year old counterparts but it can be done. I was 42, granted had significant accounting experience, and applied to far more positions than most people will but I got the job done.

My bigger concern as someone a few years older than you is that you had a very lucrative career, and admit to poor financial planning which will already cause you to need to work into your 70's. Now you're considering a significant cut in pay AND taking on student loan debt (or drawing from your savings) to change careers? It can be done and hey everyone should follow their dreams but do you realize how many years it will take you to get up to $93k if you ever do?

Finally if you're thinking about trying to lower your stress level, I am seriously wondering how you feel accounting fits into that goal? Like everything else there are some 9-5 low stress positions (they will typically be on the lower end of the salary range) but there are plenty of very stressful positions with long hours. My advice: Look before you leap. Not sure your perception of this career change will align well with the reality.

Old timer,  A71'er since 2010.

Finance manager/HR manager

 

 

Licensed Massachusetts Non Reporting CPA since 2012
Finance/Admin/HR Manager

[Anonymous]

This is exactly the kind of perspective I was hoping for… much appreciated!

@leglock: Since you previously owned your own business, I imagine you're good in interviews and present yourself really well. In that sense and along with your age, you and I would be in pretty similar positions. I would try and talk up my previous IT experience and Fortune 500 experience, but I guess that's a little hit or miss on which employers it would resonate with.

But your point about lifetime job security and mobility really hits home with me, and that's a major reason why I'm strongly considering this as a career move. While my last sales-type job paid $93K, my experience is in a niche field which is getting more competitive and I've already been let go twice before in this field and once more back when I worked in IT – the idea of long term job security is really important to me from here on and may very well be worth a big pay cut over the next few years.

@mla11692: Your point about job persistence is appreciated and well taken. I've always been persistent in my job searches which is what gives me hope with this change I'm contemplating.

Your concern about the pay cut + student loan debt and its long term repercussions is also a big concern of mine, and it's great to hear someone a few years older than me bring that up, because I need to face reality here and be okay with it.

I did my MBA for two years straight through while working full time. While it was a tremendous amount of work, I got an amazing sense of personal accomplishment from it. I would view a CPA and a MIS in the same way. These moves would be painful in terms of time, debt, and short run pay cut, but I think these would be the last years of my life where I'd have the energy to withstand all that, so I'm kind of feeling like it's now or never.

I'm not sure how long it would take me to get back to $93K and possibly surpass it. I guess it would depend on which route I go in the field. I've got leadership and management experience in other fields, so I'm hoping, along with my degrees, that would get me to senior executive level in another 10 years or so… but maybe that's unrealistic… in any case, I would think that I have a more realistic chance of moving up the ladder in accounting as opposed to finance, which appears to be uber-competitive to me.

I would think that senior level well-paying positions in the accounting field would certainly come with lots of stress and politics, but I don't think there would be the threats to job security like the ones I've previously encountered. My hope and plan would be to move up the management ladder in my late 40s and 50s, and then settle down into a low-stress non-management job in my late 60s to early 70s, hopefully buying a camper van somewhere in there for use on weekends and vacations… 🙂

@leglock & @mla11692: Again, thank you for your time, feedback, and perspective on my unemployed midlife crisis here. I appreciate it more than you can know.

[Anonymous]

You could be over $93k in four or five years at the Big 4 (after bonuses).

[Missy]

I think if you're going to be “condemned” to a position even short term that is a significant cut in pay find ANYTHING that offers tuition reimbursement. At least that offsets a chunk of the hit.

Old timer,  A71'er since 2010.

Finance manager/HR manager

 

 

Licensed Massachusetts Non Reporting CPA since 2012
Finance/Admin/HR Manager

[Last Chance CPA]

@DumbGenius – I am in sort of the same situation as you, but on this side of 40, with a great paying job. I did MIS but don't enjoy the software development life cycle business consulting for application development anymore. I did an MBA as well, and am finishing up the CPA, and I am also looking to get a job in LA/Irvine or San Fran. I am not sure how to take a step back with a CPA, having zero experience.

Let's put our head together and come up with something!!! I would imagine MIS/MBA/CPA would lead to lucrative positions!

AUD - 75
BEC - 75
FAR - 76
REG - 76

I want those initials next to my name!!!!

FAR - 76
AUD - 75
BEC - 75
REG - 76

Now I need some experience!!! And some networking...

[Anonymous]

@billbrasskey & @mla11692: Big four might be the best option for me, especially if I can get some tuition reimbursement.

From my perspective, here are the pros and con's of Big Four..

Pros of Big Four:

-With persistence, I feel like I can get a job at one… my goal would be to get my foot in the door in whatever way I could…

-My impression is that once you're in a Big Four firm, you get lots of experience quickly and can move around within the firm as needed. This would be very good for me from a practical learning point of view.

-I'm around a lot of accountants and can learn a lot from them.

-More prestige on the resume; could set me up for senior management path in Industry in several years.

-A path to more income over the next few years

-Possible tuition reimbursement

Cons of Big Four:

-I'd have to commute to downtown LA (as opposed to getting a job within walking distance in the Pasadena financial district)

-Long hours at work take away from personal time and study time; more stress overall, but I would encounter long hours, high stress plus job insecurity if I went back to my previous sales-type career.

As a side issue, does anyone think that I'd be better off getting a job as a Financial Analyst given that I have an MBA in Finance (but no direct experience in Finance)? My concern is a Financial Analyst job, while being decent in pay, doesn't do much for me in eventually getting an accounting job given that my long term goal would be a career in accounting, but maybe I'm wrong about that?

Now for a disclosure that may be controversial to some: I'm receiving some state assistance which is paying the bills for now and is set to run out in six and a half months; once I'm employed again, I'll no longer receive that assistance. This gives me the opportunity to be strategic and (a little) patient in my job search. I'm looking to start my first accounting course in the MS program at Devry in the next month or so. So in about 4 months, I'd have grad level Intermediate Accounting 1 & 2 under my belt (along with other previous accounting courses + MBA in Finance), which may make me a little more attractive to Big Four?

[Anonymous]

@LastChanceCPA: It looks like we have similar circumstances, although you appear to be further ahead than me in many respects. I love the idea of putting our heads together and synergizing the whole MBA/MIS/CPA thing.

[Anonymous]

You should have no problem getting into a Big 4 firm.

I'm 35 now and I'm headed to one (and I ain't a partner).

Play up your sales experience and be prepared to discuss how your prior experience gives you unique insight on the position and you'll be fine.

I wouldn't worry about the commute as much either. You'll be at clients quite a bit.

[Anonymous]

I also was in the same boat.

Worked in IT for a long time, thought of switching careers. Went back to school, got a third degree. Studied for CPA. Got it. Then applied for jobs in accounting.

One problem that you'll have is that you'll be pigeonholed into your old positions, so let's say you get your CPA and are applying for accounting jobs, you'll be judged as your old field instead of someone who's looking to make a fresh start.

Work with a career counselor, or other wise person who knows how to get around this problem.

I went back to IT but I still have my CPA.

“I like that 75% of CPAs are over the age of 50,”

Where did you get this idea? is this for CA?

[Last Chance CPA]

@bobkorz – So then do you consider your CPA to be of no use, other than a personal accomplishment? That's my (and probably dumbgenius's) biggest fear…definitely getting pigeonholed right now…

@billbrasskey – I thought you were already a veteran at Big 4s, considering how much advice you have – lol jk. Did you switch industries?

@dumbgenius – Sorry to hijack your post, but you probably have the same questions…

AUD - 75
BEC - 75
FAR - 76
REG - 76

I want those initials next to my name!!!!

FAR - 76
AUD - 75
BEC - 75
REG - 76

Now I need some experience!!! And some networking...

[Anonymous]

bobkorz-

Bob, I have to respectfully disagree. I had no problem finding my first accounting position when I was 31. Further, I spent a solid 12 years bartending, lifeguarding, and chasing women around a beach town and I wasn't afraid to talk about it at all.

Entry level employers are looking for “fit” and to a lesser degree, intelligence. Anything else is gravy on the turkey, so to speak. If they were inquiring about your previous work, they were hoping to learn how your current skill set would segue into an accounting career.

[Anonymous]

Thank you so much to everyone who's responded! This feedback is such gold to me!

@billbrasskey: That sounds like great advice. Do you think it's possible for me to start out in Big Four making over $60K without a CPA license yet?

In my past career I travelled extensively including Mon-Fri East/West Coast swings which were brutal with the time change and travel time. Being no stranger to that type of work will hopefully look good to a Big Four. I've also worked extensively in 1:1 situations with people who have nine-figure net worths, which hopefully won't hurt me in the eyes of Big Four either.

@bobkorz: I agree, my interviewing strategy and how I position my prior experience is going to be a big key for me to break in and get a decent salary.

I'm curious, now that you've settled back in IT, have you found having a CPA to have been beneficial in terms of how people in IT perceive you? Do you think you are compensated more as an IT professional because of your CPA?

I misspoke on that statistic BTW, but I think the basic idea is still correct; here's what I was drawing from: “More than 60 percent of equity partners in US public accounting firms are over the age of 50, and 75 percent of the membership of the American Institute of CPAs will be eligible to retire by the year 2020, Bill Carlino, managing director of Transition Advisors, noted in the report.”

From: https://m.accountingweb.com/article/top-5-trends-shaping-accounting’s-future/224057

[Anonymous]

Last Chance-

Thanks!

I'm not totally green- I've been doing forensics and management consulting with a regional firm for about four years and am headed to a Big 4 firm in a few weeks. I've been wanting to make the jump for a while; however, I wanted to make the transition when it was good for my clients and after I got my CPA.

My wife is a manager with a Big 4 firm and has been with them for five years (different Big 4 than I am headed to). Additionally, I have a couple of family members that spent quite a bit time in public and even more in management consulting. That being said, I'm very fortunate to have access to quite a bit of experience in professional services.

Dumb Genius-

I'd think you would start around $55k at a Big Four firm, give or take a couple k. It's worth noting that they are all up-or-out, meritocracies that are not afraid to reward high performers. Raises and promotions come quick to those who earn them.

If you want to excel, you should be ready to get your CPA ASAP and network with your clients and your partners. You'll have some definite advantages vs. the young bucks in that you are probably more polished; know how to speak with executives; and appear to have some peripheral knowledge that will help you and your firm.

After 2-3 years, you'll be between $67k and $75k plus bonuses, which can be substantial.

[Anonymous]

Dumb Genious-

In my experience, the nine-figure net worths are nice. It's the seven-figure ones that are assholes.

[Author]

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