I will start my own tax firm ONCE...I feel confident about what I'm doing.  I take the accounting profession very seriously and resent those who take it upon themselves to get paid, who don't have adequate training, to make tax decisions. 

Prior to reading this next paragraph, I am requesting those to put religious beliefts aside.  This is not a religous forum and there a number of views about the concerns of being spiritually fit.

The most important profession to me is a doctor.  If we are not healthy and don't have someone to take care of us, we will die.  Next in line , are accountants and other financial advisors.  If I'm preparing a tax return and the client gets audited because I don't know what I'm doing, I feel that those individuals should suffer consequences for this.  These people have no right to be in business! 

There are a lot of people who are out there bookkeeping and don't know the first thing about bookkeeping.  Anyone who prepares corporate & partnership tax returns know exactly what I'm saying.  Yes, there is a responsiblity for the clients to hire adequate help, but it's a little tough to know how good someone is at bookkeeping when the client themselves don't know what to look for or what they are doing.  I know bookkeepers that are making $50 an hour, when they aren't worth $.50 an hour! 

I graduated in May 2006, and not until after this last tax season do I feel "fit" to be a bookkeeper.  It wasn't until recently that I was able to independently fix a new client's book without manager's assistance.  The only changes I had to make were those that were subjective, which I had no control over.

I feel that I am doing the responsible thing by working in public accounting as a preparer and in a medium sized firm, where there are people aside from the partners who can help me.  When you get a job in a 5 man firm, due to the limited man power, the partners or owner of the firm need their employees to produce effectively, accurately, and efficiently.  How can you do this without any experience?  The partners and employees don't have the time because they are swamped themselves. 

I have worked in 3 small firms and 1 medium size firm (which I'm currently at) and I was so stressed out working at the little firms.  The bosses disappointed and I never felt good about myself because of that.  I didn't realize that this was not my fault until I started working at the firm I'm currently at. 

You don't know crap if you pass the CPA exam and/or have an accounting degree WITHOUT any pratical experience.  Yes, you have a bunch of head knowledge, but you don't know how to apply it or what to do with it, until you get out there.  Also, what they teach you in school and what happens in the real world are sometimes two different things. 

For example, we all know that there are two different methods of keeping books:  cash & accrual.  Well when recording depreciation, even if you are accrual, in the real world, we just use cash basis. Unless you are a publically traded company and are obligated to obey GAAP rules, it's not something you see! 

There are many other examples like the previous paragraph and you have to get enough experience to figure out what is politically correct and what isn't.  In school if your off $5 on a balance sheet, you need to find it to get full credit for the problem.  In the real world...your boss might say, "Don't spend no more then 10 minutes looking for it!  If you can't find it, put it in ABC account."  Your boss is not paying you $27 an hour to look for $5.00!  $27/15 minutes = $6.75! 

The first time I sat for the REG section, I thought it was very unreasonable to only give 3 hours to do all of that work!  Let me be perfectly honest...let's say you just graduated today.  Six months today, if it's still takes you 3 hours to do everything that is on the REG section...YOU WON'T HAVE A JOB! 

In our field we can get away with overselling ourselves in an interview and getting a high pay.  However, we can only make excuses for our inefficiencies for so long before it catches up to us. 

Since May 2006, I worked at 4 different firms before I found "the" firm that is the best fit for me.  I was fired from my first job because I oversold myself because I "thought" I knew more then I did.  Feb 1 2006, I took a job making 10k lower, and I worked in a tax firm just so I could get the experience.  Because I was fired from my first job, I said I had no experience and lowered my wages because I despereately needed the exposure.  My boss tolerated my inefficiencies because I was cheap help and he knew I didn't know crap before he hired me.  I gave notice 2 weeks before Apr 15th, and my boss told me I could leave now if I wanted to (I didn't respect the way he did business and there was a personality conflict).

Then I got a job and held it for 9 months.  I made 5k more then the previous job.  I asked for more money because I knew I was getting better and wasn't so green, but I knew I had a lot to learn.  I worked morning, noon, and night because I found a brilliant CPA that I really respected and my boss was truly a mentor to me.  The best education I got were the days I went to work on a Saturday and Sunday, and worked on clients at no charge to my boss.  I was so eagar to learn because I'm 36 now.  I need to get as much experience as quickly as I can so I can make the money I want.  When you put in a few hours of your own time, THAT'S when your boss will really show you the ropes...that's what happened to me.  If I was making the personal and family sacrafices to learn and work on clients on my own time because I RECOGINIZED my inefficiencies because I didn't know what the heck I was doing, my boss put in the time to really show me how to prepare corporate & partnership returns. Also, there are some very challenging 1040's out there- don't be fooled!

After 9 months of this, it was time for me to look for another job. Once I stopped working weekends and working on clients on my own time, the relationship changed.  My boss would start to be nasty, etc.  Keep in mind this was a small firm with 5 people. 

When I left that job (job I'm currently at), I knew I had learned a lot at my last job and my confidence was good.  I asked for 17k more a year then my previous job and I was hired!  I knew the lingo and what I needed to do to "sell" myself.  After a couple of months, managers and partners knew that I had oversold myself, BUT...it didn't make sense for them to get rid of me just before tax season, plus I had a very good personality and worked well with others - this is key in this industry.  Also, it's very hard to fire someone that most people like to hang out with in the firm.  I always made myself visable to the partners so that they would see going to lunch with the managers or other key employees in the firm.  Most important...even if your opinion is asked, never say a bad thing about any co-worker.  I dont' care if 29/30 people in the firm complain about this person, don't ever complain about anyone.  Bosses will always remember you as being the person who never complains or rocks the boat!  Very important!

So...to finally answer your question...yes, I will have my own firm within the next few years.  If I'm going to take on the responsibility of other people's financial health, I'm going to be damn well confident I know what I'm doing.  I want to be great at this profession!  I have what it takes to be successful, but I just need more experience and exposure to more challenging returns. 

Even though I'm very happy where I work and am content with my salary (for now), if I am not able to grow, I will need to leave the firm.  Once I get my CPA, I can be a manager in a tax firm.  After a couple of years of tax management (those who work in smaller firms are exposed to some of these responsiblities because there is no one else to do the work), I will start my own firm. 

How will I know that I'm ready?  This is an awful thing to say but... when I start to feel that the partners are no longer picking on me (felt that way at my previous job), then I know I'm doing a good job.  Silence on how you managed a job or submitted a return for them to do a final review, indicates you are doing a great job.  Most bosses won't say you did a good job, but if you screwed up....boy will you hear about it!  So...if I'm managing a couple of years and feel that I love the firm I'm at, it's probably time for me to leave and start my own firm!  If I am happy, the partners are probably happy and I might be offered a partnership...who knows! 

I can tell you...if I'm going to work this hard in the profession I'm going to make myself rich! 

Also, this is how you know your doing better, you stop working on projects on your own time.  I do recommend "eating" some of the time on projects that you don't understand...and even if sometimes the assignment shouldn't have been given to you to begin with.  That's how you learn and get better!  When you are rewarded with more and harder work, that's a great sign.  In mediums sized accounting firms, managers will play games by only giving their jobs to those who make their jobs easier.  If you don't need help and can work independently, they can screw off and chit chat with the other managers.  Yeah it sucks...BUT you will be the one with your own firm, not them!

Good luck to everyone!  I know this is a rather long post...but I think it's normal to go through a few jobs at first...especially, if you work in small firms early in your career.

1.   I'm not going to reread, edit, and waste time summarizing.  I type the thoughts as they come.  If you lose interest, don't waste your time reading the post! 

2.  I appreciate your concern re:  how I spend my study time.  I can afford a 15-20 minute break.  It won't make or break me on the exam!

Good luck!

"The most important profession to me is a doctor.  If we are not healthy and don't have someone to take care of us, we will die.  Next in line , are accountants and other financial advisors."
That part made me laugh out loud!

I wonder what your reaction would have been if I had said Lawyers!  :-)  I was refering to professionals (required post graduate study)- doctors, lawyers, engineers, architects, etc., those who provide services.  If they screw up, what's the cause and effect can be if they screw up. 

First, if we don't have our health we can't function.  Doctor messes up on brain surgery, you're pretty screwed!  

If your accountant screws up, you could have the IRS or other govt. agencies after you, ceasing your accounts, which could cause horrible effects - lose your boat, car, home, etc. 

If you get into trouble and don't have money, you can't afford to hire a good attorney.  Sure you can get a lawyer for free, but who?  One who failed the bar exam 5 times before he/she passed?  If a lawyer screws up, you could end up in jail, but you still get a meal, shelter, and health benefits!    

But yes...there are a few other occupations that come before accountants...teachers, police, fireman, EMT's, etc.