Community Colleges accounting CPA want to be wealthy

[moderndarwin]

I graduated in 07, but have decided to change my career to accounting.  I'm 26.  Too late?  

For the CPA I need:

24 semester units (36 quarter units) of accounting

24 business units (36 quarter)

150 total units (225 quarter units).  

Currently, I have enough business units, 16 quarter units of accounting and 183 total quarter units.  So, I need 20 more quarter units (14 semester units) of accounting classes and 42 quarter units (20 semester units) of anything classes.

I'd like to get started on this and it looks like taking distance classes through California Community Colleges is acceptable.  Depending on the system (quarter vs. semester) I need approximately 10 classes (4 quarter units per class).  Any other suggestions?  I'd like to do it as cost and time effectively as possible. 

I am currently paying off student loans and teaching abroad.  Is it pointless to do all this before getting some experience working in accounting first?  Would it make sense to take the CPA test before I am employed at an accounting firm?  NT CPA's any general advice?

For anyone wanting to keep up with this thread for the info, I'll update it as I find out more and chart my progress.  I know other NTers are trying to get ahead too.  

Edit: As promised I'll update this post.

I'm about 3/5th of the way through my MACC program.  I've worked quite hard not to repeat any nonsense from my undergrad (in terms of grades).  As such, I'm sitting pretty with a 3.9 right now.  I'm very proud of this. Feels nice to see the daily 6+ hours of studying paid off.  Additionally, I've really liked my classes and learned a lot. I finally know what people actually do that are accountants. My original post makes me laugh a little bit. I'm not money crazed at all. I just want a career with broad opportunities in every state, every industry, that has progression for hard work and intelligence. 

I got the career fair coming up at the end of September.  My school's Masters of Taxation program is heavily recruited by the Big 4, but the Masters of Accountancy not so much. I'm not sure which of the Big 4 would be here (until they release the list of employers coming August 7th) will be coming.  I do have connects at all the Big 4 so I should at least have someone I can email to ask about internships even if they are not recruiting.

My big concern is I must must must get an internship. Given my lack of experience, age (27) I know that having the right internship can make or break me.  My simple questions are:

1. Internship will be college credit but what sort of pay can I expect for a Big 4, or from a regional firm for an internship?
2. What happens after the internship? Do you usually receive a full-time offer for the future when you are done with your program etc? 
2. For September recruiting, when are the actual internships usually?
3. Lastly, if any of you are in the Bay Area hook me up =) 
*Any pm's would be much appreciated if you are concerned about sharing information on the main thread.

 

[ritchdad]

Accounting sucks bro dont believe the hype, the big companies just slave the crap out of you.

 

[moderndarwin]

I agree. That's the benefit of starting my career a bit later I guess. I plan to get my MBA and would like to work in a small firm in more of the operations and strategic business planning side. However, I have no real tangible skills so I feel a CPA as my technical skills would really strengthen my value. I would eventually like to own my own franchise but I need a good finance related job until. Have the money saved up for that.

 

[el Chief]

Get a Macc. They only take one year to get, and are only 30 credits, all in accounting. If you don't have a background in accounting the school you go to will make you take summer classes to get up to date vs. those who have a BBA in accountng.

 

[moderndarwin]

Originally Posted by r9brockburst

Get a Macc. They only take one year to get, and are only 30 credits, all in accounting. If you don't have a background in accounting the school you go to will make you take summer classes to get up to date vs. those who have a BBA in accountng.

Thanks for the heads up about that.  It sounds quite perfect actually (or a similar program).  I'll look into options for that.  Taking a year to do school again doesn't sound that appealing at my age as I'd like to make money instead of acquiring debt though. I guess depending on the cost and time it might make sense to just spend a year doing something intensive like this.

 

[freakydestroyer]

Do taxes if you want $ 

 

[el Chief]

Yeah, it's an intensive course, also depending on the school you go to you can a get your degree more personalized. You can get it in forensic accounting, taxes, accounting information systems, etc. These programs are mostly for those who couldn't fulfill their CPA credits in their BBA, or those like you who now wish to get into accounting. The thing is when you're done you'll have a Master's, it's not an MBA, but it's better than what most community colleges will offer.

 

[el Chief]

Also, if going the firm route Taxes>>>Audit

 

[moderndarwin]

Originally Posted by r9brockburst

Also, if going the firm route Taxes>>>Audit

Okay, that is good to know.  Hearing from others on NT is extremely helpful.  There seems to be a world of possibilities out there and I'd like to have a clear path this time around.  University was so much fun, but such a random scramble of education and goals.

My goals are in order:
1. Get a good paying job in finance, business or accounting paying 60k+

2. Get some sort of 'technical expertise' such as CPA, MACC, or MF.

3. Do it the least expensive way possible.  I'll finally be finished paying my private loans and cc's from college off this year (8k left!)  Then, I'll just have my student loans of 25k that are not too expensive monthly and unavoidable.  As I'm older I'd like to be in the green and not the red anymore.

Based on my very limited knowledge I think a reasonable action plan for me is:

1. Finish my current teaching abroad contract in March 2013.  Between now and March 2013 take classes in the summer and fall semesters and knock out 4 classes. 

2. Return to the U.S and try to get a job in an accounting or finance department of a company, likely through using a recruiting service such as Robert Half.  A friend of mine with a similarly low G.P.A and no experience managed to get a good 50k a year job through this route.

3.  By this time I'll understand whether getting a MF, a CPA or something else would be the most beneficial for what I'd like to do career wise and salary wise.  I'd like to be a CFO for a small company eventually

 

[moderndarwin]

As some of you have suggested I've started looking at MACC programs.  The best knowledge I gained from undergraduate school was that the school doesn't matter much, and neither does it's prestige if you don't do decently well.  What matters most is the 'alumni' connections, career services (meet the firms interviews etc), and the proximity to the area you are interested in.

I've started looking into online programs, anyone know of any good ones?  I've really liked the website for Golden Gate University (SF) Master of Accountancy program.  I'd probably do some of it online to start, and finish it out in person at the end.
*At least YELP seems to give the university an extremely good rating.

 

[chickencurry4eva]

Originally Posted by ModernDarwin



1. Finish my current teaching abroad contract in March 2013.  Between now and March 2013 take classes in the summer and fall semesters and knock out 4 classes. 

2. Return to the U.S and try to get a job in an accounting or finance department of a company, likely through using a recruiting service such as Robert Half.  A friend of mine with a similarly low G.P.A and no experience managed to get a good 50k a year job through this route.

3.  By this time I'll understand whether getting a MF, a CPA or something else would be the most beneficial for what I'd like to do career wise and salary wise.  I'd like to be a CFO for a small company eventually

Naw, don't rely on this.  Finish a bachelor's degree in anything, do well on the GMAT, and apply to MAcc programs with solid recruiting/alumni connections.  The MAcc is only a year, and its quite possibly one of the best/most underrated investments because you get a huge leg up on the competition as far as jobs.  Most Big 4's recruit from local MAcc programs, especially for specialities such as tax.  For now, I'd just focus on getting the BEST possible score on the GMAT and getting into a good MAcc program, and doing as well as possible in that program, and worry about the CPA later on for when you have a job offer on the table, as its likely that your employer will pay for you to prepare for the exam. 

 

[moderndarwin]

Originally Posted by chickencurry4eva

Originally Posted by ModernDarwin



1. Finish my current teaching abroad contract in March 2013.  Between now and March 2013 take classes in the summer and fall semesters and knock out 4 classes. 

2. Return to the U.S and try to get a job in an accounting or finance department of a company, likely through using a recruiting service such as Robert Half.  A friend of mine with a similarly low G.P.A and no experience managed to get a good 50k a year job through this route.

3.  By this time I'll understand whether getting a MF, a CPA or something else would be the most beneficial for what I'd like to do career wise and salary wise.  I'd like to be a CFO for a small company eventually

Naw, don't rely on this.  Finish a bachelor's degree in anything, do well on the GMAT, and apply to MAcc programs with solid recruiting/alumni connections.  The MAcc is only a year, and its quite possibly one of the best/most underrated investments because you get a huge leg up on the competition as far as jobs.  Most Big 4's recruit from local MAcc programs, especially for specialities such as tax.  For now, I'd just focus on getting the BEST possible score on the GMAT and getting into a good MAcc program, and doing as well as possible in that program, and worry about the CPA later on for when you have a job offer on the table, as its likely that your employer will pay for you to prepare for the exam. 

Thank you everyone for your input.  I've joined the MACC program at GGU (Golden Gate University).  It is ~15 classes, with an internship opportunity and CPA review elective option.  Summer session is starting the 29th   I am doing the CyberCampus (2 classes per trimester/part time study) for the rest of this year and should have about 8 classes done by about this time next year.  I'll finish the rest in person in SF.  

 

[atlien seeko]

Chances are, getting student loans and working for someone else wont make you wealthy...

Just my $0.01

 

[solarius49]

Originally Posted by ATLien Seeko

Chances are, getting student loans and working for someone else wont make you wealthy...

Just my $0.01

are you wealthy?
im 26, working, living comfortably, but FFFFAAAAR from wealthy.  I wish i would have taken college more seriously when I was 18-21, because it would have given me more options to increase my wealth.

 

[ohyeah10]

dude, Im trying the same thing kinda. Im only 23 and I havent really researched it extensively like you have

 

[atlien seeko]

Originally Posted by solarius49

Originally Posted by ATLien Seeko

Chances are, getting student loans and working for someone else wont make you wealthy...

Just my $0.01

are you wealthy?
im 26, working, living comfortably, but FFFFAAAAR from wealthy.  I wish i would have taken college more seriously when I was 18-21, because it would have given me more options to increase my wealth.

No, I'm not, but I know that in order to really be "wealthy", whatever you consider that, you have to invent something. You have to be a leader and an innovator. They dont really teach that in classes.

 

[futuristic]

Originally Posted by ATLien Seeko

Originally Posted by solarius49

Originally Posted by ATLien Seeko

Chances are, getting student loans and working for someone else wont make you wealthy...

Just my $0.01

are you wealthy?
im 26, working, living comfortably, but FFFFAAAAR from wealthy.  I wish i would have taken college more seriously when I was 18-21, because it would have given me more options to increase my wealth.

No, I'm not, but I know that in order to really be "wealthy", whatever you consider that, you have to invent something. You have to be a leader and an innovator. They dont really teach that in classes.

I don't think he knows what wealthy is. I'm pretty sure he meant to say "rich".

 

[solarius49]

I do, and of course they dont teach "inventing something" in class, but in class you learn the skills that you need to invent something. There are very few boy genius' out there like Bill Gates. Most people who come up with ideas that are still viable to this day have some sort of education behind them that helped develop those ideas.

 

[moderndarwin]

Well, I know that becoming wealthy is a lifelong goal. I am 26 right now. After this degree I should have approximately $35k in debt. However, unlike before, it will not be any sort of credit card debt. Student loan debt can be paid back at a reasonably long-term installment plan. Since I am still working I should have 10k in my checking once I finish school. I know that is meager but acquiring wealth is a long-term process for most people. I've left the silly invent something ideas in my past. I've had many great 'ideas' but never the ability to execute them because of lack of credentials, lack of credit history to acquire funding, etc. I've also had a chance to hone my ability to recognize bad versus good business ideas. A lot of my friends have started companies and failed. A few have started companies and are becoming wealthy. However, ALL of them have been working 10+ hour days and are stressed (but happy) by them. There are many paths to life but for most of us we ignore the day to day to think about that one future day of being wealthy. As long as I can buy any food I want, live in a decent place, and have a few material pleasures I consider myself well situated for now. Being wealthy really means being able to support a family for today and have the pieces in place for your children to start further ahead than you did. Such as, instead of them having to pay for their college education they can start from scratch and even have money to their name once they leave it.

Once I am established I'd look into being a business partner for a start-up, becoming an equity partner at a start-up, becoming a franchise(s) owner, buying other real estate properties, and heavily into the stock market etc etc

Edit* I also believe that education isn't the only way to go.  I've day dreamed a few times about how I could of had a ton of money now if I had a different route.  I started working at Longs Drugs when I was 16.
16-18 (cashier/customer service rep 40/week): $50k in wages for 3 years:
19-21 (position above customer service rep/attending community college, 20 hours/week) 30k in wages

22-26 (assistant manager) 200k (salaried)
My total earnings would of been: 280k by the time I am 26.  I could of lived at home until I was 21 and finished my associated degree.  I know that Longs offer 45k about to the 'management trainee program' for students fresh out of university.
If I had taken this path I could of easily bought my first house by now and had a management job with solid experience.  

However, to me this is not wealthy.  This is just called sticking with it.  This is what our parents generation did (American parents at least, not mine lol). Now, we have the freedom to make mistakes, learn, and finally find our passion.  Sometimes it works out well and sometimes it takes us a lot longer but this is true 'freedom'.    

 

[shogun]

I'm bookmarking this thread.  I'm older too and want to be a CPA.  I'm currently a Business Management major at my college.  They don't have an Accounting major but have an articulation program.  I have to apply and if I get in I take a core of accounting classes and then move on to grad school at the participating university.  
If I don't get accepted I might just get a bachelors in Accounting at that university or get an associates if my money isn't right.

 

[secretzofwar]

The MACC is an amazing degree, honestly. I have no bad things to say about it, and if things were to fall apart at in my current role, I'd go get one.

A few of my friends got them at UMich, most went PwC/Deloitte/KPMG, but a few went into banking as associates.

 

[jaypesoz]

Originally Posted by shogun

I'm bookmarking this thread.  I'm older too and want to be a CPA.  I'm currently a Business Management major at my college.  They don't have an Accounting major but have an articulation program.  I have to apply and if I get in I take a core of accounting classes and then move on to grad school at the participating university.  
If I don't get accepted I might just get a bachelors in Accounting at that university or get an associates if my money isn't right.

We seem to be in similar shoes. I'll have to look into MAcc as well

 

[shogun]

Originally Posted by JayPesoz

shogun wrote:

We seem to be in similar shoes. I'll have to look into MAcc as well
Jay, aren't you located in NY too?  I'm from Long Island.  I'm at Farmingdale right now and will graduate next year, then hopefully move on to Old Westbury.  I was inspired by a family friend to get into accounting.  If it wasn't for him I might've just been happy with a Management degree.  He got his bachelors and masters at Albany.  He interned at one of the Big Four and now works for them.  He's baller as hell right now.

 

[throwedindagame]

Accounting and wealthy do not belong in the same sentence.

The only wealthy accountants I personally know are partners at the big 4......and it took them years and several all-nighters to get there.

 

[shatterkneesinc]

i see accounting as more of skill than an occupation
knowing accounting principles doesnt mean you have to be an accountant, it can open doors to new opportunities