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QuantJockMN
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| Posted: 12 Apr 2010 at 22:41 | IP Logged
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I am discovering that I HATE accounting. The more I learn, both in school and in the field, pushes me to despise it even more.
I just got dinged from a Big 4 interview, so I'm a little heated right now. But aside from that ding, I've been rejected from small firms, mid firms, and so forth. HR from one firm even replied to my application (where I personally knew a director) with, "We don't hire MBAs."
An Ex CPA I know let me in on a little secret. Accounting firms hire undergrads since they take LONGER on tax/audit jobs. The length of time allows them to bill the client more. Likewise, they can pay BA/BS degree holders substantially less than an MBA. Therefore BS/BA employees not only bill more hours, but cost less, which results in fatter firm profits. This is so bass ackwards.
I'm registering for classes next year, and I'm starting to punt the idea of focusing my MBA on accounting. Others whom are graduating this year have been avoided like the plague from various accounting firms in the area. I can safely say that ZERO MBA second year students have secured offers from any public accounting firms, even those trumping the CPA with prior public experience.
Please pardon my rant, but I'm thinking I should stop paddling upstream. Finance is my first love, and I feel I can safely secure a job in the field after the MBA while I pursue my CFA/CAIA Designations.
Please offer your advice/insight.
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stochastic
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| Posted: 12 Apr 2010 at 23:45 | IP Logged
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If you despise accounting but enjoy finance then absolutely go into finance. I don't know how different job
prospects are between the two but you should always do what you enjoy. With that being said I think it would
be foolish to completely disregard/shun accounting from your business education and curriculum as it plays a
vital role in most areas of finance.
Public accounting isn't my first love either but I'm in for the time being because I wanted the experience and it was
relatively easy to get into with better prospects compared to most other accounting-related routes. I plan on
going back to graduate school in two years or so to obtain my doctorate because that's what I strongly want to
do (research and teaching). At the same time I didn't want to go right out of undergrad because I wanted to see if
public accounting was a better fit.
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SoFar
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| Posted: 13 Apr 2010 at 03:18 | IP Logged
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ummm an MBA from a 1 st tier school will never lead to public accounting because you are just too expensive, however, there are plenty of 2nd and even 3d tier mbas working in big 4 because they are treated as just another staff because they will work for the same as a ug. Also, not many people like accounting vs finance... objectively it is very dry compared to finance, I would say at least half of the accountants in public accouting picked accounting out of it being a stable field rather than loving accounting. That's why accounting people are more in demand than finance people, you have to stomach it if you want the stability.
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allegro-cpa
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| Posted: 13 Apr 2010 at 09:23 | IP Logged
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Quant, after getting to know you a little bit through this forum, you are def a finance person and not accounting. You should be a financial analyst, or equity/bond analyst doing CFA stuff, do what you love to do. Go to an economics/finance firm, stay away from accounting, haha
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Boise
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| Posted: 13 Apr 2010 at 10:29 | IP Logged
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I hated working in accounting, too. It's boring, somewhat pointless, and not well respected. With that said, it does make for a good foundation. I would not focus your MBA on accounting since it will be redundant if you get your CPA.
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