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Value of becoming a CPA
Posted on 6/5/24 at 8:07 am
Posted on 6/5/24 at 8:07 am
I have a bachelor's in engineering and will have my master's in business in a few months. Most in my field who go get their PE end up in a technical role and tend to stay in that role for a long period of time. I don' t think that is really for me in the long run so I have not pursued my PE.
Is going through the work to become a CPA worth it as far as having a side hustle or even moving up the ladder as an engineer?
Any other engineers who are also CPA's on here?
Is going through the work to become a CPA worth it as far as having a side hustle or even moving up the ladder as an engineer?
Any other engineers who are also CPA's on here?
5
Posted on 6/5/24 at 8:20 am to tigerclaw10
A little off topic but how do the CPAs here think AI will impact their career?
Posted on 6/5/24 at 8:36 am to tigerclaw10
TLDR response incoming
The accounting profession is woefully understaffed - college students have shunned accounting the last 15-20 years. If you have an accounting degree and/or the hours to sit for the CPA exam, you are ahead of the curve.
Many students these days are taking advanced accounting classes but majoring in CIS, Finance or actuarial / data analytics fields.
It is sad but no one under 40 really wants to be a CPA for a big 4 or large regional and work the tough schedule…..and not many accountants want to set up their own accounting practice.
I see more and more accountants specialize in very narrow fields these days….which is not bad.
If you can specialize your accounting work to enhance your engineering related work, go for it.
The best and smartest accountants have been lured into the financial services industry because of the much better pay, somewhat less stressed hours and a more professional overall environment.
Finally, so many young recent graduates that step into big 4 or regionals make a major career change before their 30s. My buddy’s daughter - accounting degree, MPA, MBA, CPA - she was burned out with big 4 before 33 and now self employed consultant.
Engineering makes more than accounting - accounting is 2nd on the scale, so use it to help specialize your skill set.
The accounting profession is woefully understaffed - college students have shunned accounting the last 15-20 years. If you have an accounting degree and/or the hours to sit for the CPA exam, you are ahead of the curve.
Many students these days are taking advanced accounting classes but majoring in CIS, Finance or actuarial / data analytics fields.
It is sad but no one under 40 really wants to be a CPA for a big 4 or large regional and work the tough schedule…..and not many accountants want to set up their own accounting practice.
I see more and more accountants specialize in very narrow fields these days….which is not bad.
If you can specialize your accounting work to enhance your engineering related work, go for it.
The best and smartest accountants have been lured into the financial services industry because of the much better pay, somewhat less stressed hours and a more professional overall environment.
Finally, so many young recent graduates that step into big 4 or regionals make a major career change before their 30s. My buddy’s daughter - accounting degree, MPA, MBA, CPA - she was burned out with big 4 before 33 and now self employed consultant.
Engineering makes more than accounting - accounting is 2nd on the scale, so use it to help specialize your skill set.
Posted on 6/5/24 at 8:42 am to I Love Bama
quote:
A little off topic but how do the CPAs here think AI will impact their career?
Accountants are worse than attorneys when it comes to protecting their turf. Just be mindful of that.
AI is already changing the audit world in big 4. Big 4 has been using their own AI models for sampling, testing, etc.
I believe AI will impact publicly traded and disclosure required businesses with financial reporting more than any other accounting field in the next decade. It is the lowest hanging fruit.
Financial reporting AI will not reduce employee headcount or expense though.
As I said in the previous post - many students these days are graduating with a CIS degree but have many, many accounting and finance classes - these are the students that will lead the change.
Posted on 6/5/24 at 9:59 am to KillTheGophers
Great posts and reflects what I saw of classmates and peers in B4.
To the OP, you are presumably in a MBA program based on your note…do you love the accounting classes? You really haven’t been exposed to the high level accounting classes in a MBA unless you’ve actively sought them out in the electives (intermediates, corporate tax, advanced accounting, et al). I wouldn’t try to hard pivot into an accounting career unless your heart is really set on that path.
To the OP, you are presumably in a MBA program based on your note…do you love the accounting classes? You really haven’t been exposed to the high level accounting classes in a MBA unless you’ve actively sought them out in the electives (intermediates, corporate tax, advanced accounting, et al). I wouldn’t try to hard pivot into an accounting career unless your heart is really set on that path.
Posted on 6/5/24 at 10:04 am to tigerclaw10
I can't imagine this being a useful thing to pursue unless you just really hate engineering and want to do a total career change. There isn't really overlap between those two fields.
From a 30,000 foot view, a lot of accountants will tell you that the pay in accounting doesn't really justify the hours you have to put in. That used to not be the case, but with more and more regulations to keep up with, it was kind of inevitable.
Money/WLB are the reasons accounting grad rates are falling. Social media (reddit, in particular) has really pulled the curtain back on this industry so it will be interesting to see what happens in the next few decades.
That being said there are still people who like accounting. I mean, I don't personally know any, but surely they are out there. It would also be relatively easy for you to pass the CPA since you've handled engineering.
Hope that helps a little.
From a 30,000 foot view, a lot of accountants will tell you that the pay in accounting doesn't really justify the hours you have to put in. That used to not be the case, but with more and more regulations to keep up with, it was kind of inevitable.
Money/WLB are the reasons accounting grad rates are falling. Social media (reddit, in particular) has really pulled the curtain back on this industry so it will be interesting to see what happens in the next few decades.
That being said there are still people who like accounting. I mean, I don't personally know any, but surely they are out there. It would also be relatively easy for you to pass the CPA since you've handled engineering.
Hope that helps a little.
Posted on 6/5/24 at 10:14 am to FinleyStreet
Also…accounting is broad. What kind of accounting work / topics do you enjoy? Doing tax work versus auditing might as well be two unrelated professions. Even the work requirements are quite different at the same firm…tax folks are always in the office while audit are much more field based / client oriented.
Then, you have advisory staff that typically have a bit more attestation work on systems before the auditors show up.
Either way, I am VERY happy to have avoided doing test of controls and sampling for audits. I took enough accounting classes to be CPA eligible but I find the actual practice to be mind numbing.
While I hated tax classes in school, I could see being an expert in that field could be pretty gratifying.
Then, you have advisory staff that typically have a bit more attestation work on systems before the auditors show up.
Either way, I am VERY happy to have avoided doing test of controls and sampling for audits. I took enough accounting classes to be CPA eligible but I find the actual practice to be mind numbing.
While I hated tax classes in school, I could see being an expert in that field could be pretty gratifying.
Posted on 6/5/24 at 10:35 am to lynxcat
Certainly not looking to pivot, just seeing if anyone has had any experience in doing this and it being beneficial.
My intent is to make myself as valuable as possible to move up the ladder.
My intent is to make myself as valuable as possible to move up the ladder.
Posted on 6/5/24 at 10:58 am to tigerclaw10
quote:
My intent is to make myself as valuable as possible to move up the ladder.
Which ladder…
Posted on 6/5/24 at 11:11 am to tigerclaw10
My advice from personal experience is this.
1. Get your CPA.
2. Put one to two years in public accounting. It is grueling, but you will learn valuable skills.
3. Get several years beyond that in corporate finance. You will learn skills and leadership.
4. Save hard.
5. Engage a business broker and find a business that aligns with your interests to purchase.
6. Be your own boss, set a culture that aligns with your values, and profit.
#1-4 set you up perfectly for #5-6. This is the way.
1. Get your CPA.
2. Put one to two years in public accounting. It is grueling, but you will learn valuable skills.
3. Get several years beyond that in corporate finance. You will learn skills and leadership.
4. Save hard.
5. Engage a business broker and find a business that aligns with your interests to purchase.
6. Be your own boss, set a culture that aligns with your values, and profit.
#1-4 set you up perfectly for #5-6. This is the way.
Posted on 6/5/24 at 12:28 pm to lynxcat
As of now I work as a production engineer but would like to eventually move into more of a management role and possibly executive roles later on.
Posted on 6/5/24 at 12:41 pm to KillTheGophers
Sidebar: why do we need 150 hours of college credit to sit for CPA. You don’t even need an advanced degree just 150 hours (in addition to business law and accounting courses). After having an accounting degree with 120 hours you still need an additional 30. It could be 30 additional hours in basket weaving … what’s the point of that?
Posted on 6/5/24 at 12:42 pm to tigerclaw10
I don’t think accounting is what you want, then.
Posted on 6/5/24 at 1:22 pm to tigerclaw10
quote:
As of now I work as a production engineer but would like to eventually move into more of a management role and possibly executive roles later on.
Understanding accounting (and more importantly data and reporting) plus how to be a great business partner to internal support teams will be 1000% more valuable then a CPA in this case
Posted on 6/5/24 at 1:25 pm to KillTheGophers
quote:
It is sad but no one under 40 really wants to be a CPA for a big 4 or large regional and work the tough schedule
Is it sad? Those auditing busy season hours are nuts. My wife was a Big 4 at a smaller office and I would barely see her from January to April/May. It was great at 23, and helped her get a great job in industry, but I don't blame anyone for jumping after a few hours if you value family.
I do get a little upset knowing what she would have made as a manager and above though.
Posted on 6/5/24 at 1:35 pm to tigerclaw10
I can’t imagine that the CPA designation would be worth your time for your stated aims.
Posted on 6/5/24 at 1:41 pm to danilo
quote:
It could be 30 additional hours in basket weaving
Not true. There are certain classes you have to take in the additional 30.
As for OP, I see a lot of people are acting like you’re going the traditional accounting route which obviously isn’t the case since you’re an engineer.
I don’t really have experience with your situation but a CPA would seemingly only really help you if you’re going for a CFO role. Even then, you don’t necessarily need a CPA to be put in that role. CPA isn’t easy and takes a lot of studying.
Posted on 6/5/24 at 1:51 pm to Weagle25
quote:
Not true. There are certain classes you have to take in the additional 30.
I believe it has be college credit courses. Friends of gotten to the 150 after changing their majors. My point is their additional hours were not business related.
Posted on 6/5/24 at 1:56 pm to danilo
quote:
Friends of gotten to the 150 after changing their majors. My point is their additional hours were not business related.
Yeah but you have to have a certain number of accounting hours; requirements vary from state to state too. We don't know if OP checks all the boxes to even sit for it, which is a potentially another barrier to entry.
Posted on 6/5/24 at 1:58 pm to Weagle25
quote:
Not true. There are certain classes you have to take in the additional 30.
In Louisiana, when you graduate with an accounting degree, you have every class required for the CPA exam - you just need 30 more to meet the 150 - most go after an MBA, some and MPA. Some get advanced coursework in finance and actuarial sciences.
Louisiana State
University of Louisiana Monroe
Louisiana Tech
When you get an accounting degree from those universities, you have done the hard work. The next 30 are easy.
I do not know about UL-L but I suspect they are in the same bucket as LSU, Tech, ULM
This post was edited on 6/5/24 at 1:59 pm
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