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Message
Career Change-Mid 40s CPA/CFP Related
Posted on 6/23/24 at 5:35 am
Posted on 6/23/24 at 5:35 am
I’ve been considering making a career change for quite sometime now and am having a difficult time finding some good advice. I’m in my early 40s with dual degrees in Accounting and Finance. I have worked for the State for the last 18 years and have some decent experience but, it has become evident that I have hit a wall in my current position. No upward mobility is in my future. I have always known working for the State wasn’t going to get me rich by no means but, the retirement has always kept me from looking elsewhere. However, with the current state of the economy(inflation, insurance, etc.) it is becoming increasingly difficult to continue making less money now for a decent retirement later. I have been considering beginning to study for my CPA exam as this was something I wanted to do when I was back in college years ago. One of my biggest concerns is that I haven’t used enough Accounting skills while working for the State and would fail miserably if I tried to take the exam. Does anyone have any advice on becoming a CPA later in life? Any other mid career change advice would be appreciated also.
15
Posted on 6/23/24 at 6:18 am to damonster
Got my cpa at 34. Becker or any good test prep course will teach you what you need to know. It’s not easy but it’s definitely manageable.
The bigger question you need to ask yourself is will the state bump your pay with the new letters behind your name? If not, are you willing to go to public and grind so you can make the salary you want to save for retirement?
The bigger question you need to ask yourself is will the state bump your pay with the new letters behind your name? If not, are you willing to go to public and grind so you can make the salary you want to save for retirement?
Posted on 6/23/24 at 8:21 am to damonster
I did a complete 180 degree career change at nearly 40. Moved from the health industry and got my Series 7 and eventually CFP. With the proper study program and enough personal drive, it can be done.
I know you asked about becoming a CPA, but my point is if someone like me can make that big of a switch at 40 then you can do it as well!
I know you asked about becoming a CPA, but my point is if someone like me can make that big of a switch at 40 then you can do it as well!
This post was edited on 6/23/24 at 8:24 am
Posted on 6/23/24 at 8:43 am to damonster
Switch departments. Go work at OFI or similar bank regulatory department as a bank examiner with the eye getting the skills you need to be a risk officer in a bank or other industry. Leap frog over most and land in a new private industry job in 5 years or less.
Posted on 6/23/24 at 8:53 am to damonster
If you're comfortable, what's current comp range? It would help to then frame what realistic comp/positions you could consider with the change
Posted on 6/23/24 at 8:53 am to damonster
I’m also have degrees in Accounting and Finance. While I didn’t wait until my 40’s I did wait around 9 years after college to take the CPA exam. I passed FAR and REG without issue because I had professional experience with those topics. I struggled with BEC and AUD because I was basically relearning those topics. I used Becker and then later supplemented with Ninja notes and questions from another71.com. I studied four hours a day Monday - Friday. I was working full time but I didn’t have a family yet so it was difficult but not as hard as it could have been. It is certainly possible if you have the drive to put in the study time required.
Posted on 6/23/24 at 10:38 am to damonster
You need to crunch the numbers on your retirement state pension. 18 years in the state pension program and already in your 40s may be cutting it close.
Posted on 6/23/24 at 12:16 pm to damonster
What are you doing for the state?
Invest in a good test review program. The CPA exam just had a major upgrade.
Invest in a good test review program. The CPA exam just had a major upgrade.
Posted on 6/23/24 at 2:01 pm to damonster
18 years in tells me you may be close to starting to hit some retirement benchmarks. I’d check a few things, what do you get when you hit 20 or 25 years. If you leave government, then come back do you have to return in a certain time frame to maintain your previous years towards retirement benefits.
Look at posting around where you are, any openings for CPA, CFP, fraud designation, internal audit… What do those positions pay in relation to your current pay, and would those be enough.
Since you are so far removed from school, I would recommend whatever route you decide to dip your toe in, try to do it while still w the state as you already know your work/life balance and will be able to easily adjust your studying around what you know.
Look at posting around where you are, any openings for CPA, CFP, fraud designation, internal audit… What do those positions pay in relation to your current pay, and would those be enough.
Since you are so far removed from school, I would recommend whatever route you decide to dip your toe in, try to do it while still w the state as you already know your work/life balance and will be able to easily adjust your studying around what you know.
Posted on 6/23/24 at 3:52 pm to RainMan
quote:
I did a complete 180 degree career change at nearly 40. Moved from the health industry and got my Series 7 and eventually CFP. With the proper study program and enough personal drive, it can be done. I know you asked about becoming a CPA, but my point is if someone like me can make that big of a switch at 40 then you can do it as well!
I appreciate this response and this is very similar to my current situation. I actually think I would enjoy financial planning more than CPA work. Way back in college I was weighing my options to get to the 150 hour mark. Mainly looking at Master’s versus dual degrees. I ultimately decided on the dual degrees because of the options I thought would open up and it would give me the hour requirement to sit for my CPA. Life kind of happened and I needed to work so I ended up taking a job with the State. I never really got started with a career but, I have always thought helping people with their financial goals would be fulfilling. I often think about how cool it would be to help younger couples just starting out and to actually watch them flourish. Then help them with their kids’ college and see those same kids flourish while the parents meet their retirement goals. I may be fooling myself but, I have always thought this would be a good way to make a living. How did you get your start after obtaining your CFP if you don’t mind me asking?
Posted on 6/23/24 at 3:55 pm to LSUFanHouston
quote:
What are you doing for the state?
Currently supervising the Purchasing Department. It’s not terrible but, I have hit a dead end.
This post was edited on 6/23/24 at 4:15 pm
Posted on 6/23/24 at 4:13 pm to Weekend Warrior79
quote:
18 years in tells me you may be close to starting to hit some retirement benchmarks. I’d check a few things, what do you get when you hit 20 or 25 years. If you leave government, then come back do you have to return in a certain time frame to maintain your previous years towards retirement benefits. Look at posting around where you are, any openings for CPA, CFP, fraud designation, internal audit… What do those positions pay in relation to your current pay, and would those be enough. Since you are so far removed from school, I would recommend whatever route you decide to dip your toe in, try to do it while still w the state as you already know your work/life balance and will be able to easily adjust your studying around what you know.
I am under the retirement option that allows me to retire with 30 years at any age. That would basically pay me 75% of the average of my highest 3 years. If all annual raises are received, that would give me about $65-$70k per year before taxes and insurance. That’s not exactly rich money but, it is definitely decent money if the mortgage is paid. At 20 years, I could still go at any age but, it would be substantially reduced. I feel like I’m kind of in no man’s land.
Do you have any advice on brushing up on skills? I certainly haven’t used everything that I learned back in school and it’s kind of scary. One of my biggest fears is making a change and not being able to “cut it” in the “real world.” I honestly do not know where to begin short of going back to school which really isn’t feasible.
This post was edited on 6/23/24 at 4:22 pm
Posted on 6/23/24 at 4:52 pm to damonster
So you could retire from a state job in your mid 50s and get 70k per year?
Then you could go work another 10 or 15 years doing something else while drawing that retirement and really pad your savings/real retirement for after you are 65.
Then you could go work another 10 or 15 years doing something else while drawing that retirement and really pad your savings/real retirement for after you are 65.
Posted on 6/23/24 at 8:37 pm to GeauxTigers123
quote:
So you could retire from a state job in your mid 50s and get 70k per year?
That would be correct. The problem is actually getting to that point. I’m sort of at a point where I don’t enjoy what I’m doing and it doesn’t pay enough. It’s definitely not what I went to school to do. I know the grass isn’t always greener on the other side of the fence but, I’d like to at least try to do something different.
quote:
Then you could go work another 10 or 15 years doing something else while drawing that retirement and really pad your savings/real retirement for after you are 65.
I have really been thinking about this a lot lately. I have thought about what I would do after State retirement and I really don’t know. The mortgage still wouldn’t be paid off because we simply don’t make enough right now. I would like to begin preparing myself for a 2nd career after retirement but, I’m really struggling with where to begin. I just know that with how much things are costing these days, it’s hard to make it on a State employee’s pay.
Posted on 6/23/24 at 9:05 pm to damonster
I was 42 when I passed the exam. Go for it, take Becker (if they’re still around)
Posted on 6/23/24 at 9:47 pm to damonster
Becker - they have payment plans
Posted on 6/24/24 at 4:31 am to damonster
Get the pension in 2 years, then decide.
Most jobs blow. It is what it is.
Next March, I get to walk away. Until then I have to suck it up.
I’ve done the Army career, independent contracting, and the state. Each has their good and bad points. None of them is better than inheriting a substantial trust fund.
Can you start an independent contracting business on the side? Just avoid state accounts.
Most jobs blow. It is what it is.
Next March, I get to walk away. Until then I have to suck it up.
I’ve done the Army career, independent contracting, and the state. Each has their good and bad points. None of them is better than inheriting a substantial trust fund.
Can you start an independent contracting business on the side? Just avoid state accounts.
Posted on 6/24/24 at 5:04 am to makersmark1
quote:
Most jobs blow. It is what it is.
Yeah, this one isn’t too good but certainly could be
worse.
quote:
Next March, I get to walk away. Until then I have to suck it up.
Congratulations!
quote:
Can you start an independent contracting business on the side? Just avoid state accounts.
I guess I could but, I have no idea what I would do. It’s almost like this job is sucking the life out of me so I’m looking at changing that. Just not sure how to do that. I’ve seen way too much to know not to do business with the State.
Posted on 6/24/24 at 5:30 am to damonster
quote:
It’s almost like this job is sucking the life out of me
What do you do besides work?
Work gives us the money to do stuff we enjoy. What do you enjoy?
Posted on 6/24/24 at 7:37 am to damonster
Get your CPA while you’re working to get to the 20 year mark. Having CPA after your name gives you more job options than just being an accountant does, even in the non public accounting sector. Keep in mind that in the private sector you may have to move somewhere.
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