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Ihatesims
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Joined: 28 Jul 2009
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Posts: 31

Posted: 29 Jul 2009 at 00:05 \| IP Logged

Hey all,

I am looking for some insight on which path i should pursue with my career. I will start with some background information.

Job: Phone associate for a Large mutual fund company (horrible)
Degree: Finance
GPA: Terrible, I partied..2.87
Age: 24
Time in job: 1.5 years
Growth in company: Minimal to none, I might be able to get into the accelerated program if I pass the tests but that still only 43,000 a year. If I don't its going to be 3-5 years on the phones, which is not doable.

My original goal was to pass the CPA exam by the end of 2009, and apply for the accelerated program internally in the beginning of 2010. I made it to the final round last year out of 200 internal candidates, but lost to a Level 1 CFA :P

I was also going to work part time (weekends) for a local CPA firm in 2010 as well. This is contingent upon passing the exams. I emailed a number of local firms and one partner took me out to lunch and explained the profession. He was a really cool guy, and I could definitely see myself in public accounting. However, the end game would be to start my own firm (I'm good at sales) or eventually generate enough business to become a partner (pipe dream?).

Another option I have been toying with is going to law school full time...and maybe working part time at a PA firm. The only problem is I would be 25-26 by the time I started and I feel like this might be too old? I think an MBA is probably worthless unless its from a top 10, so I'm putting that off for now.

What is your guys take, what would provide me with the best return on investment. Pass the CPA and join a PA firm? Pass the test and start law school? Pass the test and try and move up within my current company since the economy sucks?

Any insight is appreciated.

__________________
REG: 94 (7/16)
BEC: 89 (10/3)
FAR: 84 (2/28)
AUD: TBD

md-futcpa
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Joined: 03 May 2009
Location: United States
Online Status: Offline
Posts: 718

Posted: 29 Jul 2009 at 08:29 \| IP Logged

Where do you work SEI? actually have another friend there looking to get a CPA.

Man I don't need this competition sorry no offense. However I would start a firm with you if you can find the experience requirement since your a good salesman, good trait in accounting actually.

My friend and I want to start one one day in PA. But its a long road a head. Experience is so hard to come by in PA having worked for a small Firm 8 months with the exact same GPA. I wish you luck on your studying. I am studying full time - got nothing going for me just hoping it will save my career. My friend is also studying fulltime we are angry that we were laid off after Tax season and we will not take that crap again. I am determined to pass and then flood the market with my resume. Thats your compeition in PA LOL.

__________________
09'
REG 5/09 Passed
AUD 8/09 Passed
BEC 71 R 10/1/09 Waiting
FAR 11/25/09 Trying
Picture you beating the odds - Maino

Ihatesims
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Joined: 28 Jul 2009
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Posts: 31

Posted: 29 Jul 2009 at 10:02 \| IP Logged

Pennsylvania doesn't seem to be to friendly to newcomers haha. I don't work at SEI, another really large mutual fund company :P

It seems that getting the experience requirement is the hard part. Originally the plan was to go into business with my father, he does group health/life/casualty insurance. Somehow he makes like 750K a year, and the guy can barely spell his name haha. I was going to come in with 2-3 years of experience with a CPA, grab a couple people and start churning out business. I mean, that still MAY be the plan but I kind of want to make it myself.

__________________
REG: 94 (7/16)
BEC: 89 (10/3)
FAR: 84 (2/28)
AUD: TBD

md-futcpa
Major Contributor

Joined: 03 May 2009
Location: United States
Online Status: Offline
Posts: 718

Posted: 29 Jul 2009 at 10:13 \| IP Logged

I hear you.

I am fighting for my life with this Exam. You should definitely go into his business if possible. You will not make that kind of money as a CPA. Unless you run yourself into the ground, I have seen it in REAL TIME.

What part of the state do you live in?

__________________
09'
REG 5/09 Passed
AUD 8/09 Passed
BEC 71 R 10/1/09 Waiting
FAR 11/25/09 Trying
Picture you beating the odds - Maino

Ihatesims
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Joined: 28 Jul 2009
Online Status: Offline
Posts: 31

Posted: 29 Jul 2009 at 10:34 \| IP Logged

I live in Philadelphia, my dad works in Wilmington DE. Yeah there is no way to make that kind of money doing CPA work only. However, I would keep the insurance side of the business maybe give him a reverse buyout and then hire college interns to prospect for me while I subsidize my income with the CPA practice. He is still living in the stone age with paper files and no marketing. The goal would be to eventually incorporate some investment professionals (CFP/Series 7), Insurance salesman, and obviously CPAs to have a medium sized personal service company. I haven't researched this enough to see if its even possible...but if it is, it could be pretty lucrative.

Where in PA are you located?

__________________
REG: 94 (7/16)
BEC: 89 (10/3)
FAR: 84 (2/28)
AUD: TBD

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