Why the FVCK am I'm accumulating debt to get these credits to become a CPA...

[CrimsonTider]

CPA can become Controllers,CFOs and partners in Accounting firms

CPAs can sign off on Financial statements and tax returns


None of that other shyt you listed cans do that

CPA is the holy grail of accounting

Only like 30% of accountants are CPAs

 

[CrimsonTider]

Degree was in accounting. I originally when to school for a degree in Computer Science when I got out of the military in 2000. I stopped going. I started back last August because i've been doing taxes for the past 5 years. My motivation to go back to school was this shytty job market. I was laid off from AT&T in 2010 after 6 years with the company. When I left i was making 61k a year. It's been impossible to get another gig making that much with no degree. Accounting and Medical is basically recession proof. So I wanted to go for the gold and get my CPA. The problem with this shyt is that i'm in my 30's. Don't got time to be taking useless classes. CPA would be ideal but at my age the odds of me starting with a Big 4 firm is slim to none by the time I finish. I'm to the point where I want to do my own thing and if I have to work for other people I would rather be a 1099 worker.

I don't know why I didn't think of doing it this way sooner.

There are 3 levels

Tax Preparer
Enrolled Agent
CPA
Tax Lawyer

Tax Lawyers are used a few times a year for big projects
CPA's you really just paying for the title
In terms of the tax side, Enrolled Agents hold the same weight as a CPA
Becoming a Certified Bookkeeper covers the accounting side.

I can have both designations by spring time. Anybody can be a QuickBooks Pro Adviser, you just have to join and pay a monthly fee and get unlimited support and training.

I don't think you have any idea what you are talking about.

Those aren't levels.

The only levels are someone with a bachelors degree in accounting and a CPA.

CPA is not just a title someone paid for

Less than 10% of candidates pass the test on the 1st time

There is something like 1 CPA for every 9 lawyers in the US

 

[Ethnic Vagina Finder]

I don't think you have any idea what you are talking about.

Those aren't levels.

The only levels are someone with a bachelors degree in accounting and a CPA.

CPA is not just a title someone paid for

Less than 10% of candidates pass the test on the 1st time

There is something like 1 CPA for every 9 lawyers in the US

so you're saying there's no such thing as a Tax Attorney? So you're saying you don't know what an Enrolled Agent is? You can't be a certified bookkeeper without a degree in accounting?

There are so many different ways to hustle in accounting and taxes without getting a degree or CPA.



Certified Public Accountant (CPA)
With approximately 450,000 active CPAs in the United States, the CPA certification is the most popular professional designation for accountants. Earning the CPA designation is no easy feat, as the CPA exam is known for its extreme difficulty. Information about the CPA Exam and licensing information.

Certified Management Accountant (CMA)
The CMA and CFM designations are sponsored by the Institute of Management Accountants. Accountants with the CMA certification earn competitive salaries to those with the CPA certification, but according to recent Institute of Management Accountants Salary Guides, compensation is greater for those who are dual holders of the CMA and CPA. Prepare for the CMA exam by getting review / study guides here.

Certified Financial Manager (CFM)
The CFM designation will be of interest to a broad range of professionals including current CMAs who wish to broaden their certification, personnel within the corporate finance organization (treasury, planning, analysis), finance educators, and students. Three parts of the CMA exam form the basis of the CFM exam, with one part on the latter covering advanced topics in Corporate Financial Management, including financial markets and instruments, risk management, corporate restructuring, financial statement analysis, and investor relations.

Certified Fraud Examiner (CFE)
In today's era of specialization, Certified Fraud Examiners are widely recognized as experts in the anti-fraud field. Career opportunities abound for CFEs, and more are growing. The unfortunate reason is simple... fraud has always been with us, and it has never been more prevalent. (Enron, WorldCom, Tyco, etc.)

Certified Financial Planner (CFP)
Professional financial planners assist their clients in managing, sheltering and expanding their assets through the development of a comprehensive plan geared toward a client's financial objectives and resources. Virtually anyone with income and expenses can use a Financial Planner and concerns about inflation, changing tax laws and the need to plan early for retirement are more prevalent than ever before.

Certified Internal Auditor (CIA)
Evaluating emerging technologies, analyzing opportunities, examining global issues. Assessing quality, economy, and efficiency. Providing accurate and timely communication. Such diversity gives internal auditors a broad perspective on the organization. And that makes internal auditors a valuable resource to executive management and boards of directors in accomplishing overall goals and objectives, as well as strengthening internal control and governance.

Enrolled Agent (EA)

Often called the best kept secret in accounting, Enrolled Agents provide an important - and marketable - service to the public, government and accounting community. An EA is an individual designation provided by the IRS. It is one of the few designations that signify a concentration of competency in the field of taxation. Unlike CPAs, who may or may not provide tax services, Enrolled Agents specialize in taxation.

Certified Government Financial Manager (CGFM)
Over 13,000 individuals have received the CGFM designation, the first certification broad enough to cover the whole field of government financial management - federal, state and local. It deals not with testing a person in a specific area, but with measuring a wide range of knowledge and skills that a professional needs to succeed in the federal government financial environment, or to meet the unique challenges faced by state and local government financial managers.

 

[CrimsonTider]

@Ethnic Vagina Finder

I know what those things are but you are hustling backwards by not trying to get your degree and using that to market yourself or go get the holy grail where all the options are open and you have no glass ceiling

Age isn't a factor

 

[Slystallion]

become a CFP instead you only need 6-7 classes to qualify. Industry is growing and they need younger people. You will have similar salary track to accounting but more of a work life balance. No 80 hour weeks when it gets busy. Make sure to work for an RIA firm and not a broker dealer that will treat you like a salesman

You in north Jersey so look into William Paterson Certified Financial program its the top program in the northeast and a top 10 program in the country. Our team went to the national FPA conference and doubled the score of the second place team in the knowledge bowl

 

[Ethnic Vagina Finder]

@Ethnic Vagina Finder

I know what those things are but you are hustling backwards by not trying to get your degree and using that to market yourself or go get the holy grail where all the options are open and you have no glass ceiling

Age isn't a factor

I don't see it that way. I already do taxes. Once I get become an Enrolled Agents I can represent clients with the IRS just like a CPA. They concentrate soley with taxes which is something I want to focus on. A CPA is well rounded and honestly people simply respect the TITLE. I'm not trying to work for a company I'm trying to network and build my own thing. In he time it would take me to get a degree and CPA I can become a Enrolled Agent, Certified Bookkeeper and QuickBooks Pro Adviser in addition to building a book of business. I can do all of that within the next 12 months where as school I'll be doing that for another 3 years and thats not including having to work for a CPA firm for 2 years and study for 3 exams.

Then there is the cost. The math is what it is. Hell of a lot cheaper. Time is money. I will have the same knowledge as a CPA when it comes to taxes and I will be a full charge bookkeeper. If you're saying my earning potential won't be the same, that really depends on how I network. I know 2 CPA's that are struggling to find work.

 

[Ethnic Vagina Finder]

become a CFP instead you only need 6-7 classes to qualify. Industry is growing and they need younger people. You will have similar salary track to accounting but more of a work life balance. No 80 hour weeks when it gets busy. Make sure to work for an RIA firm and not a broker dealer that will treat you like a salesman

You in north Jersey so look into William Paterson Certified Financial program its the top program in the northeast and a top 10 program in the country. Our team went to the national FPA conference and doubled the score of the second place team in the knowledge bowl

You don't need a bachelors to sit in on the exam but you need one to become certified.

 

[Slystallion]

You don't need a bachelors to sit in on the exam but you need one to become certified.

how far away are you from 120 credits? what college do you go too? I was on track to be a cpa as well but didn't want to deal with the terrible work life balance that was needed to pay your dues in the industry.

 

[godkiller]

I think you're paying for the accreditation. It's all money racket guild bullshyt.

 

[Slystallion]

I don't see it that way. I already do taxes. Once I get become an Enrolled Agents I can represent clients with the IRS just like a CPA. They concentrate soley with taxes which is something I want to focus on. A CPA is well rounded and honestly people simply respect the TITLE. I'm not trying to work for a company I'm trying to network and build my own thing. In he time it would take me to get a degree and CPA I can become a Enrolled Agent, Certified Bookkeeper and QuickBooks Pro Adviser in addition to building a book of business. I can do all of that within the next 12 months where as school I'll be doing that for another 3 years and thats not including having to work for a CPA firm for 2 years and study for 3 exams.

Then there is the cost. The math is what it is. Hell of a lot cheaper. Time is money. I will have the same knowledge as a CPA when it comes to taxes and I will be a full charge bookkeeper. If you're saying my earning potential won't be the same, that really depends on how I network. I know 2 CPA's that are struggling to find work.

you won't be able to go into audit or advising in the corporate world, but knowing how to do taxes for 1040 users is kind of meh and your expertise is not really needed unless they actually have businesses and other avenues of capital gains and make over a certain amount where an accountant can actually have value to the client...most people who get a tax return instead of having to pay shouldn't need an accountant because they will get the same result using turbo tax as long as they aren't breaking the law. Knowing about corporate financial statements and the Sarbanes Oxley laws opens up more opportunities in the corporate world down the line once you have paid your dues but i'm curious what you plan on doing do you plan on opening a tax preparing office? You can be successful if you simply market to clients who rely on the earned income credit and get the right location and know how to network but thats basically the avenue of H&R Block liberty and those other franchises. With a CFP one day you can open your own wealth management firm and get yearly 1% of all assets under management for million dollar clients but it depends what type of business you want a high volume tax preparation business or a comprehensive financial planning firm with less clients but larger margins.

 

[Rawtid]

If you can get on with the certifications then go for it.

 

[Ethnic Vagina Finder]

you won't be able to go into audit or advising in the corporate world, but knowing how to do taxes for 1040 users is kind of meh and your expertise is not really needed unless they actually have businesses and other avenues of capital gains and make over a certain amount where an accountant can actually have value to the client...most people who get a tax return instead of having to pay shouldn't need an accountant because they will get the same result using turbo tax as long as they aren't breaking the law. Knowing about corporate financial statements and the Sarbanes Oxley laws opens up more opportunities in the corporate world down the line once you have paid your dues but i'm curious what you plan on doing do you plan on opening a tax preparing office? You can be successful if you simply market to clients who rely on the earned income credit and get the right location and know how to network but thats basically the avenue of H&R Block liberty and those other franchises. With a CFP one day you can open your own wealth management firm and get yearly 1% of all assets under management for million dollar clients but it depends what type of business you want a high volume tax preparation business or a comprehensive financial planning firm with less clients but larger margins.

Breh just sticking with the TAX side enrolled agents can advise, prepare returns and represent individual, small business and corporate clients. Most people including you don't really know about enrolled agents and what they offer. I want to specialize in taxes but also offer full charge bookkeeping. I won't be able to sign off on the bookkeeping but I can always partner with someone who can. CPA's are a jack of all trades but a master of none meaning they will concentrate in certain areas like the one you just described. Enrolled agents are more versed in taxes than CPA's because while taxes are one of many areas cover in the 3 exams you have to pass, the 3 you have to take to become an EA cover nothing but taxes.

 

[Ethnic Vagina Finder]

how far away are you from 120 credits? what college do you go too? I was on track to be a cpa as well but didn't want to deal with the terrible work life balance that was needed to pay your dues in the industry.

I only got 70 credits. And the work life balance makes it impossible to max out my max of 3 courses per semester. I only got time to take 1 or 2 classes at a time. I'd rather focus soley on taxes and accounting, get these certifications/designations and go from there.

 

[Slystallion]

I only got 70 credits. And the work life balance makes it impossible to max out my max of 3 courses per semester. I only got time to take 1 or 2 classes at a time. I'd rather focus soley on taxes and accounting, get these certifications/designations and go from there.

ok i see you would basically be homeless if you went to school full time because of the opportunity cost of your current income

yeah you have to sit down and map out the scenarios...if it means being just over broke for an extra 2 years to be able to maximize your income potential later after that it may just be worth it but only you can answer that. How old are you? Any children? Do you own a home what are your cost of living obligations?

those other certs might get you in the mid range of say a 35000- 40000 a year job starting and your ceiling might be 60,000 over a number of years vs say triple digits if you go into debt and give up current salary for a higher cred cert like the cpa cfp or cfa

but all these scenarios get thrown out the window if you start your own business and can be successful but your open to the most risk and volatility in that scenario obviously but highest upside

none of these are easy scenarios

 

[Slystallion]

Breh just sticking with the TAX side enrolled agents can advise, prepare returns and represent individual, small business and corporate clients. Most people including you don't really know about enrolled agents and what they offer. I want to specialize in taxes but also offer full charge bookkeeping. I won't be able to sign off on the bookkeeping but I can always partner with someone who can. CPA's are a jack of all trades but a master of none meaning they will concentrate in certain areas like the one you just described. Enrolled agents are more versed in taxes than CPA's because while taxes are one of many areas cover in the 3 exams you have to pass, the 3 you have to take to become an EA cover nothing but taxes.

one of my professors didn't even study for tax part of the cpa and focused on the other sections and was able to pass so your right that a cpa doesn't mean they are good at taxes...shyt i don't remember most of what i learned in my tax class i took over the summer