[Anonymous]

I was just wondering if there is anybody on here who has broken out of Accounting and into Investment Banking or something similar. I realize that this is really hard to do but considering a change in career path and just wanted to hear if somebody has a story of doing this and how they did it.

[Earla Riopel (NYCARE)]

@CPAMax91 Since my last tax season job in one of Canadian Chartered Accountants' firms (worked for four of them), I decided to change career for 7yrs, non-accounting as self-employed. It was an enjoyable journey, but I am not making the income comparable to accounting wage.

So I went back and get more serious with my CPA exam. Maybe too old for it, but I cannot never stop learning.

Recently, my great interest on tax savings, investing, and keeping more assets at the end of the year, made me concentrate on building personal assets for my family through leveraging. With my whole family's effort, we're keeping more assets in under 2 years than what I'll make as an accountant staff each year.

CPA investing banking is great if you like working in a bank, sell marketable securities, tax savings, retirement planning, other investing and finance services. You can also be a portfolio/finance manager, and probably add a few finance designations after your CPA title. Most banks require these specialized designations/certifications if you are in a position of selling marketable securities and other related investments, even for selling life insurance and real estates.

[Anonymous]

Im not sure what youre talking about.

[financetx]

@CPAMax91 it is not likely to happen. Investment banking has a very structured recruiting process, typically only taking recent undergrad graduates in as analysts and graduates of full-time MBA programs as associates. Additionally, the CPA credential does not garner much respect amongst the investment banking community. They typically view accountants/CPA's as policy people relegated to back-office roles (read: compliance).

[Anonymous]

I am a recent grad. Yes I am aware it's hard like I said. I know most people on here will tell me why I can't but I know there are accountants in investment banking so was more wanting to hear of people who have done it.

[Skynet]

I Moonlight a a “Monopoly” Banker. It's a tough gig when you try to stop cheaters trying to Pass Go and collect $200.

[Earla Riopel (NYCARE)]

@financetx:
That is sad to hear. I thought, once I got my CPA, I would have a greater chance to spend my last 10-15yrs before full retirement, working as a portfolio manager or financial planner in a financial institution or investment company.

@CPAMax91:
I know this for a fact, I dealt with new grads and still working on their CFA and CFP while purchasing marketable securities at financial institutions.

Depending on your bank/work connections, and other related skills, as a CPA, you might have a greater chance to secure a CPA investment banking position, especially if you add the AICPA's CFP designation:

https://www.aicpa.org/InterestAreas/PersonalFinancialPlanning/Resources/PracticeCenter/YoungEmergingCPAFinancialPlanners/Pages/Young-Emerging-5-steps.aspx

While waiting, you can always try getting to know what's required to secure this type of position. Do free online trading practices from investment brokerages, get used to day trading. I did try Questrade for 30 days, 6 months ago. It was a great experience, I learnt a lot.

[financetx]

@CPAmax91 sorry that my answer was not what you wanted to hear. My $.01 advice would be to parlay obtaining a CPA into helping you earn admission to a top 10-15 MBA program. All of those programs will be fairly recruited for IBD.

@Earla Riopel CFA is much more applicable to a portfolio management role but also takes 3+ years to obtain. The CPA will not hurt you when it comes to being a financial planner for individuals however.

[Anonymous]

Actually, it is not really bad. I had an interview with UBS and basically I had to answer discounted cash flow methods. I didn't remember all the nuances only the general part. It was an equity research position. I missed it. So bad and angry!!!
I am still searching for a banking position but if not, I will take a public accounting job. Well it is hard for me to get into audit since i had experience in tax. I am also waiting in the meantime for August scores. It is taking so long. How is the CFP compare to the CPA?

[Earla Riopel (NYCARE)]

@financetx:

Thanks for the sentiment. I am happy with what I accomplished, short term & long term.

If I stayed in my native country (Philippines), as a CPA, I will be making 250,000 PH pesos = US$4,952.50/yr.

I have no complaints. Married for almost 27yrs to a French Canadian. Have three grown-up kids, co-owner of two real estates, with decent credit rating, a UBC alumni, properly insured, and one of the most frugal person in the world.

Cannot ask for more, except getting my CPA Designation in the US or Canada, or even Philippines.

I don't have to get the US CPA designation to get my CFP in Canada/worldwide. Likely, it will only cost me less that $5k to enroll https://www.cifp.ca/Desktop/English/General/Home.asp / https://www.fpsc.ca/ As to CFP course program, they are mostly courses that I'm comfortable of, and inspired to do.

How can you not like CFP? You're just building assets for yourself & family.

The AICPA's CPA – PFP combo is nice, ‘killing 4 birds' in one stone (US CPA-> AICPA PFP -> Canadian CPA -> Philippines CPA designations)?

CFA or MBA? Not interested, if not required by future employer. I'm 50yrs old, the costs will be more than the benefits I'll get from it. I'll keep my tuition money, invest it, and make more money for my full retirement.

Being a portfolio manager/accountant is more for my family. I am a 27yrs loyal servant for my own family, and blessedly rewarded for it.

Again, thanks for your concern @financetx, appreciate it.

Good luck, wishing you the best in your CPA career.

[Anonymous]

@betovich Are you a recent grad? Also are you a CPA/Accounting Major?

[Author]

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