[David]

I recently attended a networking meeting and the guest speaker was Jennifer Toomey of Oracle. She spoke on big data and business analytics. Her presentation really peaked my interest in the field and I’m wondering if any of you currently are, or have worked, heavily in analytics and how that experience has contributed to your job or profession.

I’ve recently passed the CPA exam and am now considering my MS in analytics. There are a number of online degrees offered in it and I think it would set my resume apart from everyone else’s MBA.

Thoughts?

AUD-74,75(8/13)
REG-76(5/13)
BEC-77(12/13)
FAR-69(didn't study),73,84(9/14)

[Mayo]

My experience comes specifically from my firm, so YMMV.

But the training I went through basically focused on a few different aspects:

-Data Capture

-Transformation of Data

-Data analysis

My first thought was, “hey #3 would be really cool!”. But in reality most of the effort is spent in #1 and #2. From there the main focus is automation. In other words, you spent X hours setting all this stuff up, but next time you should be able to just hit a couple of commands and have it do it for you.

The problem we have run into are predictable, but frustrating. For one, this whole data capture works best with large companies. That's because smaller companies either,

A.) Don't have enough transactions where anything beyond excel is needed,

B.) Can't afford very good software that will include the kind of customization you need for your reports, or

C.) Cannot or have not trained their staff to do anything beyond what they've normally needed to do.

Secondly, the setup can be quite expensive in terms of time and effort. It's not always an easy solution and custom scripts might be needed to properly capture the data. Plus, meetings with multiple client database experts as well as the accounting personnel just take up more time.

However, at the end you get a data dump of accounting info you can easily manipulate, can easily use to verify the completeness of other reports you use, and can easily integrate it into tools used for further analysis, effectively improving the quality of the audit or reducing time in some procedures/effectively removing some altogether.

But the response we usually get is: “Aint nobody got time for that”. and I don't blame them. We're all really busy and having an extra “specialist” come in and crush the budget this year for hopefully magic results next year is not a convincing argument. Plus, the effectiveness of analytics is more useful in some industries than in others (e.g. financial services).

I'll stop here, but that's my experience so far…some more opinions in next post…

Mayo, BBA, Macc

[Mayo]

So I think your questions on analytics are mostly:

-Will it help my career?

-Will I be able to use my CPA in said career?

-How good is this career?

-Is a Master's in Data Analytics worth it?

In terms of Careers, I'll break it out into non accounting and accounting related. Keeping in mind that I am by no means an expert, and a lot of info has been gleamed from coworkers, online searches, and my own experience.

Accounting related:

1.) Public accounting (Audit):

Any firm is always looking to cut costs. Specifically in audit, we always spend tons of time transforming data in crappy formats, then verifying completeness/accuracy, and to boot it's done in segments or account by account. Analytics would theoretically streamline this issue and help integrate the transformation of a lot of data into one single process. This brings down the amount of work the audit team does as well as the client.

For example, what if I want the subledger for XYZ account? I ask for that as opart of my audit support. Along with a bunch of other accounts. Or…I could simply do it myself in like 2 minutes once the data has been transformed. Plus, it also helps when designing analytical procedures.

However, this is probably going to be limited to the Big 4 for a few years. Mostly because only big clients will benefit from this type of attention. Also, the money and effort needed to train individuals just doesn't make sense for smaller firms IMO. So this is a wash unless you go big 4 eventually. Besides, as explained in my first post, they still have issues integrating it in their audit teams.

2.) Public Accounting (IT Audit):

At my firm, the IT audit guys are just nerdier versions of auditors with crappier jobs (our opinion of course. IT Audit sounds booooring to me). However, this means a lot of these guys really know ACL, script writing, etc. very well since many of them have an educational/hobby/professional background in that tyoe of field. So theoretically, you can make a name for yourself in being the Data Capture/Analytics guy and eventually make the transfer to Data Analytics when you leave your firm.

3.) Internal audit

Some firms don't have database expert guys. Instead they have Internal auditors trained in SQL/Access/ACL which can capture this data in ways needed for external or internal audits. Here's a link to a job search to see what I mean:

https://www.indeed.com/jobs?q=internal+audit+ACL&l=

4.) Financial Analyst

If you have these skills it's an added plus for your role as you can simply pull reports/data dumps yourself and transform the data how you need. It makes you more marketable than not having that kind of training. See these job descriptions:

https://www.indeed.com/viewjob?jk=c4fac151b2107dc4&q=financial+analyst+ACL&tk=1922css951d4h0va

https://jobs-fchp.icims.com/jobs/3823/senior-financial-analyst—reimbursement%2c-risk-%26-analytics-team—growing-managed-care-health-org/job?mode=job&iis=Internet%3A+Indeed&iisn=Indeed.com&mobile=false&width=460&height=500&bga=true&needsRedirect=false

https://knoll-openhire.silkroad.com/epostings/index.cfm?fuseaction=app.dspjob&jobid=137&company_id=17056&version=1&jobBoardId=3342

I won't comment on non accounting careers, since all I'll be able to pull from is just internet searches. But search for data analytics in indeed might give you a good idea of what's out there.

so on to your last question about your Master's…

Mayo, BBA, Macc

[Mayo]

“I've recently passed the CPA exam and am now considering my MS in analytics. There are a number of online degrees offered in it and I think it would set my resume apart from everyone else's MBA.”

It might set you apart…is it worth it though? What are you working in now? Are people specifically looking to hire people with that degree? What is your current career path?

IMO if there's not a clear path from where you are now to some awesome Data Analytics career then I think it's a large risk and possibly a waste of time and money. I think you should finish your CPA and do some more research on the field, its requirements, and growth.

Personally, I think the career move is a good one, but not sure if a Master's, especially from an online one, is worth it. Better to get in with a good company, and leverage your network to get some training or do a lateral transfer.

Maybe build your skills and become the “computer” guy that can easily format and pull reports. Maybe learn a little VBA for excel or MS Access if they use those databases.

Mayo, BBA, Macc

[David]

Thanks Mayo. Your post was very informative and helpful. It was nice to hear from someone who has a good insight “behind the curtain” if you will. It gives me something to think about as my career grows.

AUD-74,75(8/13)
REG-76(5/13)
BEC-77(12/13)
FAR-69(didn't study),73,84(9/14)

[law0915]

I was curious about this also, specifically programs like this https://www.fullsail.edu/degrees/online/business-intelligence-masters. I'm wondering if there's more money to be had to be a CPA and get a master's in analytics and learning things like SQL programming or using things like BI 360/solver

REG 77 Feb14
BEC 13*, 79 Aug14
FAR 64**, 76 Nov14
AUD 89 Feb15

*Exited exam after first testlet
**Only studied F1-F6 out of 10 Becker chapters

Licensed Arizona CPA

[mommyof3texans]

I think there is value in learning SQL and other analytical and visualization tools, not sure you need a MS to do that or if it's worth it to have a degree specifically in the field.

BEC - 02/21/15 - 82
FAR - 05/29/15 - 82
AUD - 07/09/15 - 93
REG - 11/14/15 - 80

All done!!!

[Tuffy11111]

You could take that and switch to the dark side of actuarial work. An analytic masters should set you up to be able to pass P at least, couple that with a CPA and you shouldn't have much trouble at all getting hired as an actuary for an insurance company.

BEC - 83 7/25
REG - 76 5/2/15
AUD - Hopefully before MY Audit...7/5?
FAR - 83 5/2/16

[Mayo]

Funny….just logged on on a lark, and saw this old thread was bumped. Anyhow, I'm not a purported expert, so take this with a grain of salt.

” I'm wondering if there's more money to be had to be a CPA and get a master's in analytics and learning things like SQL programming or using things like BI 360/solver”

Well….from what I've seen SQL/Anayltics people are more and more becoming specialized in that area. In other words, they specialize in being able to pull data from a stored database, manipulate them to be usable, and communicate with the interested parties to understand how the data need to be presented.

From an accounting perspective, I'm sure many companies would like you to have around 1 year experience in accounting to at least have an understanding of what/why/etc. you're pulling (IF you're assisting the accounting team). But just be aware that many people working in this type of role are assisting various teams. So something like a CPA isn't really needed.

For example, I have a classmate form college who graduated with a generic business degree, worked some random sales jobs, and is now working as a Senior Logistics Analyst, using SQL, Report Builder, etc.

Again…not sure what the compensation is like, nor do I know of the career progression/future. However, it seems to me that a Masters in Analytics is a bit of overkill and might not be highly valued by many companies as much as experience+bachelor's is.

*shrug* That's all I got 🙂

Mayo, BBA, Macc

[Mayo]

“You could take that and switch to the dark side of actuarial work. An analytic masters should set you up to be able to pass P at least, couple that with a CPA and you shouldn't have much trouble at all getting hired as an actuary for an insurance company.”

Wow,..this is kind of hard to believe. I mean actuaries have to pass a series of rigorous exams that need generally intensive understanding of mathematics as well as specific actuarial techniques to pass. Not sure how an Analytics Masters would help all that much…

Mayo, BBA, Macc

[Author]

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