[hedgestone]

Hello good people, I am in desperate need for advice.

Three years ago I graduated from a university heavily recruited by the Big 4 with a degree in Finance. After graduating with a 3.9 GPA and being super ambitious, I managed to get into investment banking, which was my “dream job” at the time. However after 6 months I lost that job due to layoffs. I was thinking surely I would be able to at least find a job in corporate finance, a rating agency, valuation, etc. But that wasn’t the case. Since losing that job my employment record has been very choppy and pretty unimpressive. I recently closed a business that I founded in a desperate attempt to make some money after I got sick of sending resumes and getting endless rejections. I am currently unemployed. On top of that, I am in my early 30s, married with a small child and I am knee deep in student debt.

The reason I am here is that recently I started thinking about really trying to focus on getting into accounting. I really want to have a career and I am feeling that my time is running out.

At my university I took 2 accounting courses and before that I took 3 at a community college – so I have a total of 15 credits in accounting. Overall, I have a total of 130 credits. My state requires 24 credits in accounting to sit for the CPA exam. (For a license I would need 36 credits in accounting and 150 total).

In the past I have applied to accounting clerk and entry level positions but never even received a call. This past month I have applied to accounting positions more regularly with the same dismal result. Next week I am starting a tax prep course at one of those tax preparation companies. There is a slim chance of actually getting a seasonal tax prep job there but I thought maybe there is some other value to it such as a talking point in an accounting role interview should I ever get called.

A good university nearby has a certificate program in accounting and my mom may be able to help me pay for one class next semester at $2,200 although that’s a lot of money for her. There are cheaper options online but how will that look to employers? I was thinking maybe if I complete 9 accounting credits I could then go for the CPA exam but will passing that exam make me desirable? It should show that I am serious about an accounting career but what is that worth? Meanwhile, will noting on a cover letter that I am pursuing a certificate in accounting or preparing to sit for the CPA exam help me get a job or interviews?

So I am here desperately looking for advice and ideas on how I can get on a VIABLE path to a career in accounting given my circumstances (early 30s, lack of financial resources, lack of work experience, etc).

Wow sorry for it getting a little long. I appreciate anyone who took the time to read and I would be grateful for any input.

Thank you!

[Sir Study Alot]

I am in the same boat and had to go back to school to get my first interview. It sounds like you are already buried by student loan debt and are eager to start working. My recommendation is to take cpaexcal UNA classes which are approx $490 a class and will prepare you for the cpa exam(these classes can be passed in less than 2 weeks). I would also recommend you going back to your schools recruiting fair as an alumni if your school hasn't hosted it yet this year. If you can not find a job after passing all of the exams you may need to get a masters to become marketable again, or at least enroll in a masters program so you have access to their job fair. I am finding that passing the CPA exam and enrolling in a few classes in a MST program has opened up some opportunities, but I am also in a good job market. If you are in a small job market you may need to expand the job markets you are applying in. AICPA memberships and CPA state memberships also host job fairs. Some Big 4 and regional jobs have sections in their online application where you fill in where you heard of the job. By starting an application you can get a whole list of various job fair events, agencies, and organizations that the accounting firms may recruit from. I think your best bet is to power through the cpaexcel classes, then the CPA exam, and then see if that changes things. Industry accounting jobs are much harder to land without experience than public accounting jobs which tend to have more entry-level jobs. I am kind of tired so I am just listing out random thoughts, but as a 32 year old that graduated 7 years ago I can relate…

Passed all 4 exams in 2014!

[mla1169]

Personally I wouldn't take on a penny more of student loan debt at this point. It's hard to find a job but it's possible. You need to be very agressive and get out resumes daily but find a job that offers at least some tuition reimbursement. Getting more credits and passing the exam will only make the job search marginally easier.

FAR- 77
AUD -49, 71, 84
REG -56,75!
BEC -75

Massachusetts CPA (non reporting) since 3/12.

[Anonymous]

If you didn't have so much student loan debt and a family depending on you, I'd probably suggest a good masters of account type program. However, this does not seem like the best thing given your circumstances.

Obviously the economy, maybe some bad decisions and some back luck caused your career to not be where you'd like it. Hope isn't lost though you just have to stay focused.

1. I'd also make sure that you are applying to bank finance credit analyst type jobs too (i.e. not just accounting as you major was in finance) as well as general business jobs. Don't be so focused on accounting and getting credits…etc. First get a decent job so you are no longer unemployed and can help provide for your family/pay off student loans.

2. Sounds like you went to a good school, I'd check in to see if they have any career/alumni services or job postings. Once benefit of these schools is the network you can get from them, so don't hesitate to look up old classmates and/or the Finance or Accounting club websites for job postings.

3. You make your recent experience (everything after getting laid off) sound pretty dismal. Make sure to keep busy and brand any failures (e.i your failed business) as something that you always wanted to do, learned a ton from and as great learning experiences that you don't regret. Ultimately you are married, have a small child, pursued your ‘dream' of starting your own business, took some time off to be a dad/mom…etc. so a choppy job history can definitely make sense and employers could be understanding if you frame it that way (vs. if you frame it as you have above).

[hedgestone]

@Sir Study A lot

I was actually looking at the UOA CPAExcell. These classes due seem very affordable and being able to finish them in two weeks is very appealing. Have you heard positive feedback about this program? Thanks for the information and I will look into more closely.

@ mla1169

“Getting more credits and passing the exam will only make the job search marginally easier.“ –THIS IS WHAT I FEAR. Up until I started a business I I was sending hundreds and hundreds of resumes without getting one job offer and it became hard to keep at it and not lose faith…I got interviews but no offers.

After I closed my business, I’ve started sending resumes again and now I mix it up between minimum wage retail jobs to jobs that require degrees (i.e. jobs I want to have). I’ve been doing that for last two months. So far I had two Marketing Analyst job interviews and two interviews for retail jobs. But without going to school, I am afraid I am just doing what I’ve done prior to open a business, with the exception that now I am applying to crappy jobs – so I will probably get a crappy job, which will only demoralize me if I can’t see a path out of it.

@ Anonny

1 – That’s what I did for two years to no avail. But yeah, maybe I need to also keep doing that. Just feels like that for these jobs “they” don’t want me.

2 – I’ve used the career website job posting often but didn’t reach out to alumni. I tried to leverage the alumni network back when I was in school and felt like I was rocking, but I didn’t have much success using it – although there are a lot of successful alumni in finance /accounting. But now when I am all bruised up, I am much less confident about the the return on time invested I can get out of this tactic…some are better at it than others…I don’t know maybe I should give it another shot…

3 – I agree with what you said 100%. And that’s how I try / will try to frame it.

Guys I really appreciate your comments. Thank you!

[impska]

So this is my experience. I went back for my Masters degree (MAcc at age 30) – graduated in 2013. I had previously graduated with a BA in Economics in 2007. I had spotty self-employed work experience in between.

The things I learned are as follows:

1. The MAcc basically erased any concerns about the gap. People asked about my experiences, but mostly they wanted to know why I went back to school and why accounting. I spun a decent story about what inspired me. But something as basic as “I was always interested in accounting and I'm a family man now, so I decided it was important to get into a stable career.”

2. People were excited about the Econ-Accounting combo. They will also be excited about your Finance-Accounting combo. Play it up. At first, I thought it would be weird and that people would be turned off by my non-accounting undergrad, but the opposite was true.

3. If you do go back, make sure you pick a university with a decent career services. You want a place where firms actually recruit at and do on-campus interviews at. You'll be starting at the ground floor, just like all the 23 year olds, but it's not that bad. You'll be surprised by how many older students you encounter who are in the same boat that you're in.

4. Once you have your foot in the door at a university, I'd suggest applying for Finance jobs right away. It can't hurt. And if you get something decent, you can press the pause button on Accounting and hopefully wind up somewhere that will reimburse you for taking classes.

5. I totally understand why someone in your shoes would be hesitant to pick up more student loan debt. And it sucks. No doubt. But going back to school for a Masters degree is probably the most effective way to reboot your career at this point. Avoid lifestyle inflation when you get your first real job (you're used to living on little), and your first year's salary will cover most or all of the extra debt.

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

[hedgestone]

Looks like I have two entry level accounting interviews coming up. Wish me luck.

@ Impska Thanks for sharing. Was really interesting to read your story and it definitely adds to my calculus. I am happy it worked out for you.

I just met with the head of the accounting department in the nearby university I mentioned in my first post (they have a good program and are well recruited by big 4 and tier 2 firms). I was told that if I finish the accounting certificate program, which is 6 classes and which will get me to 150 credits, I will have no problem to get an accounting job. In other words, I was told in a very confident fashion that they will “pull strings” and will get me placed. I don’t know if it was sales speak but she said that getting an accounting job is much easier than getting a finance job. Of course, going through a private university is much more expensive then the UNA CPAExcel online program, and will add to my debt load another $16,000 to $18,000 vs. about $3,500.

Any other thoughts?

[whopper]

Have you tried accountemps or robert half? I have a friend that used them and landed a nice accounting job (and I have another friend that was placed in a job that didn't work out) but in either case it's an accounting job and will give you some type of experience.

REG - 89, 04/29/13
BEC - 81, 08/06/13
FAR - 84, 12/19/13
AUD - 82, 10/05/13

[hedgestone]

I've had nothing but my time wasted by recruiting agencies for finance jobs (mostly back office roles), including with Robert Half (aren't they and account temps the same company?). Is there any point in trying them for accounting jobs?

[Whatdidyou]

“In the past I have applied to accounting clerk and entry level positions but never even received a call. This past month I have applied to accounting positions more regularly with the same dismal result.”

…

“Looks like I have two entry level accounting interviews coming up. Wish me luck.”

That's huge! Prepare for your interviews. There is no reason you won't get one of these.

REG - Passed!!
BEC - Passed
FAR - Passed
AUD - Passed

Study Materials: Becker basic course

[impska]

Regarding the “pull strings” comment. If you want to know if it's true, just see if they keep stats on their pre-graduation placement rates out of that program.

My MAcc program had a 95% pre-graduation placement rate. Basically, anyone who wanted a job, got a job. The 5% were the people who decided to live in their mom's basement, had a baby, or went on to pursue a PhD.

I met the director of my state board at a dinner and I was told essentially the same thing – she asked me my career goals and then told me that she knew a lot of people and to call her to set up a lunch if I had any problems finding a job I wanted. The administrators and professors at my school were also very active in checking up on us regarding interviews, etc. So I do believe that some programs are willing to pull strings.

Adding another $18,000 of debt sucks – without a doubt. But if you can find evidence of a high employment rate out of that program, you should consider doing it. Pinch your pennies and you'll easily clean up that extra debt in one year with a real salary. That's better than struggling with dead-end employment for another year. Also – Do not be afraid to get an internship. It may feel weird at your age, but it's not. Just do it. It's good money and there's a high probability of getting hired out of it.

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

[Author]

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