[outrenthome]

Hi!

Next Monday I am going to take my third CPA exam: REG.

As I get closer and closer to becoming certified as a CPA. I wonder if this is going to be worth it. I do love tax law with all my heart and I am currently working for a small CPA firm specialized in individual and small business tax returns. I make $40,000 per year plus $3,000 bonus. I have 2 years of experience and a Master of Science in Taxation earned in 2012.

I know this may sound like a lot of money for many, but here in Dallas, TX, it is within the low class income threshold and we barely make it paycheck by paycheck. I have no retirement benefits and I can only save about $100 a month for emergencies.

Our office staff is composed of me, my boss, a new graduate hire and an office manager… that is, there is a total of four people in this office.

My boss also hired me because he is 57 years old and he wants to retire. He is not married and does not have any children so he plans to sell his CPA business to a person he can mentor for the next 5-10 years. Once he will retire, the person who will inherit the business will pay him with a note and that will essentially be his retirement check. After retirement, he also plans to visit the office often and continue to meet with the clients and collaborate with the new owner of the business. My boss said he would want me to inherit his business one day.

These are my worries. This office essentially prepares small tax returns that do not require lots of research. It also does not officially offer accounting services (we have a girl we refer the clients to in case they need accounting). The clients are mostly people who are friends of friends of my boss… and I feel like my salary will always be the same for the next 10 years, until my boss will finally decide to retire, sell me his business, and I will be left with mediocre tax experience, a client’s list that was loyal to my boss (but may not be loyal to me!) and a huge monthly bill I will owe to my boss for the note issued when I will buy his business. That means, I will only have a chance in life of buying a house when I will be well into my 40s.

The firm grosses $250,000 per year.

Should I consider jumping ship after I get my CPA exam and hope to gain more experience in a bigger firm and negotiate a higher, at least “medium class” salary with a new employer? Or do you think I should stay here forever? How much of a salary do you think I should ask?

Am I sounding too entitled? (I think this is also part of the reason why I am asking this question in this forum)

And… by the way… I am Italian. I moved here in Dallas… for the sake of love…. 8 years ago!… The issue here is that I speak with an Italian accent… I feel very conscious about it and I feel like I may not be good enough to attract customers by myself because of my accent… However everybody says I am very likable and people feel very comfortable talking with me because they say I am able to explain complex tax laws using simple words… just with an Italian accent…and in Texas… so, should I and my spouse consider moving to a more “tolerant” state in the US? If so, what city do you suggest?

Thank you so much for your help!

[FARtogo0114]

I wish I was in Dallas with your credentials. I live in Detroit (horrible economy) and I was able to get a tax position at a national firm before taking the exam. I have one part to go, and I am light years ahead of staff at my level.

You have to be aggressive and take chances. Either bring clients to your current business, start your own business, or try to leave.

As far as your age, that's meaningless. A lot of people choose accounting as a second career, so they are older. The average age for a CPA candidate is 28.

Dallas has a great economy and plenty of opportunities for a tax CPA. You have to apply to every top firm in Dallas and maybe even look at towns close by like Arlington or Fort Wayne.

Again, I wish I was in Texas. Your future is bright my friend, if you apply yourself.

BEC 87
REG 76
AUD 67, 76
FAR 67, 79

DONE!! Feb 2014

[Guti]

Monk, that was my rusty Italian. I was an international lover once so I picked a few words here and there. fsgirl, that was not Spanish. How come your husband is not teaching you a few words?

FAR-84
AUD-
REG-
BEC-

[Guti]

Monk, that was my rusty Italian. I was an international lover once so I picked a few words here and there. fsgirl, that was not Spanish. How come your husband is not teaching you a few words?

FAR-84
AUD-
REG-
BEC-

[outrenthome]

I think I need to clarify that I am a guy lol…

I am waiting before I will apply for other positions because I am focusing on the CPA and also because I do not want to leave my boss in the middle of tax season… if I have to end this business relationship with my boss, I want to make sure it is in good terms. I learned a lot in this office… perhaps not enough though…

There is a head hunter from Robert Half who keeps calling me and sending me emails asking when will I be ready to take interviews… but he also agrees that I should first end the tax season with my current boss just because it would not be fair to leave him understaffed when he needs me the most… The recruiter also told me I should aim for a bigger firm who will give me more sophisticated experience… and let me just say it… I am tired of researching the tax law just because I imagined a corporate/partnership/trust scenario in my head and I wanted to see how the IRS treats their transactions! I want to research the tax law for something that actually happened in real life!!! I am an MST after all!

I also really don't have time to go to interviews these days. I work 9am-8pm and then I stay in the office until 11:30pm to review my exam material! And my back hurts from sitting down so long and I gained 15 pounds as I quit going to the gym!

[outrenthome]

I think I need to clarify that I am a guy lol…

I am waiting before I will apply for other positions because I am focusing on the CPA and also because I do not want to leave my boss in the middle of tax season… if I have to end this business relationship with my boss, I want to make sure it is in good terms. I learned a lot in this office… perhaps not enough though…

There is a head hunter from Robert Half who keeps calling me and sending me emails asking when will I be ready to take interviews… but he also agrees that I should first end the tax season with my current boss just because it would not be fair to leave him understaffed when he needs me the most… The recruiter also told me I should aim for a bigger firm who will give me more sophisticated experience… and let me just say it… I am tired of researching the tax law just because I imagined a corporate/partnership/trust scenario in my head and I wanted to see how the IRS treats their transactions! I want to research the tax law for something that actually happened in real life!!! I am an MST after all!

I also really don't have time to go to interviews these days. I work 9am-8pm and then I stay in the office until 11:30pm to review my exam material! And my back hurts from sitting down so long and I gained 15 pounds as I quit going to the gym!

[san4596]

OP – sounds like you have a plan. In regards to sitting all day and gaining weight, I myself have fallen victim to that as well. I recently purchased a Kettle Bell for home, and do Kettle Bell swings to increase my core strength. Working on your core will help reduce the amount of stress on your back from sitting all day, and it does not require a gym. You could also do planks.

CPA EXAM: DONE!!!!
Ethics Course: Passed
Application Mailed: 3/16/15
Professional Conduct Exam: 97
Certification Date: 4/2/15!!!

[san4596]

OP – sounds like you have a plan. In regards to sitting all day and gaining weight, I myself have fallen victim to that as well. I recently purchased a Kettle Bell for home, and do Kettle Bell swings to increase my core strength. Working on your core will help reduce the amount of stress on your back from sitting all day, and it does not require a gym. You could also do planks.

CPA EXAM: DONE!!!!
Ethics Course: Passed
Application Mailed: 3/16/15
Professional Conduct Exam: 97
Certification Date: 4/2/15!!!

[fsugirl2005]

@ CR7

Yes I could recognize that it wasn't Spanish. It was obviously Italian. =) I was just saying I wish I was fluent in the other language I am familiar with.

Well, my ex does not even speak Spanish on a regular basis unless he's speaking with his parents but he is fluent. He's one of those self-hating Hispanics…LOL.

AUD - 10/21/16 (75----07/2010 expired)
FAR - 10/28/16
BEC - 11/2016
REG - 01/2017

Using Gleim CPA Review, Ninja Audio, Ninja Book

[fsugirl2005]

@ CR7

Yes I could recognize that it wasn't Spanish. It was obviously Italian. =) I was just saying I wish I was fluent in the other language I am familiar with.

Well, my ex does not even speak Spanish on a regular basis unless he's speaking with his parents but he is fluent. He's one of those self-hating Hispanics…LOL.

AUD - 10/21/16 (75----07/2010 expired)
FAR - 10/28/16
BEC - 11/2016
REG - 01/2017

Using Gleim CPA Review, Ninja Audio, Ninja Book

[JY]

@Outrenthome

I'm in the same predicament as you. I work at a small firm with low pay, and partners who are in the twilight of their careers. I would jump ship at the first opportunity I get. The way I see it, no one knows what your company would be like in 10 years. Heck, I don't even know what the weather is going to be like next weekend. But simple economic dictates that a dollar today is better than a dollar tomorrow…a bird in hand is equal to two in the bushel..you catch my drift.

You need to take what you learned to a bigger company who will value you more. Like someone already said. If your work doesn't require much research, you are probably not learning very much. You need to get to a bigger firm where you will get trained and paid better. You can probably make just as much money as a senior manager at a big firm than a partner at his firm while risking non of your own hard earned after-tax savings to buy his business. You will almost definitely be better off taking your CPA to a bigger firm.

REG: 86 8/3/13
BEC: 85 8/31/13
FAR: 87 10/27/13
AUD: 90 11/30/13

[JY]

@Outrenthome

I'm in the same predicament as you. I work at a small firm with low pay, and partners who are in the twilight of their careers. I would jump ship at the first opportunity I get. The way I see it, no one knows what your company would be like in 10 years. Heck, I don't even know what the weather is going to be like next weekend. But simple economic dictates that a dollar today is better than a dollar tomorrow…a bird in hand is equal to two in the bushel..you catch my drift.

You need to take what you learned to a bigger company who will value you more. Like someone already said. If your work doesn't require much research, you are probably not learning very much. You need to get to a bigger firm where you will get trained and paid better. You can probably make just as much money as a senior manager at a big firm than a partner at his firm while risking non of your own hard earned after-tax savings to buy his business. You will almost definitely be better off taking your CPA to a bigger firm.

REG: 86 8/3/13
BEC: 85 8/31/13
FAR: 87 10/27/13
AUD: 90 11/30/13

[Anonymous]

I took a job in tax about 18 months ago and quickly had the same promises you had. I was making $8 an hour, bumped allll the way up to $9/hr. I'm in a low-COL area, so probably about equivalent to your $40k in Dallas. The story sounds remarkably similar to your own – he wanted to retire in 10 years, wanted to groom me into someone to take over the business, his retirement would be from what he sold the firm for, etc. Oh, and of course he'd give me a special deal on the practice because I was his pick. Firm was even similar – me and him full-time, and a college student part-time.

In my experience, it was all a load of BS intended to get lots of work and dedication for little pay. Don't bank on it. Your boss could be in an car accident tomorrow and his estate sell the practice to H&R Block – you have no guarantees and will just be a servant for 10 years due to the possibility of something more.

Or maybe I'm just cynical after my bad experience. 😉

[Anonymous]

I took a job in tax about 18 months ago and quickly had the same promises you had. I was making $8 an hour, bumped allll the way up to $9/hr. I'm in a low-COL area, so probably about equivalent to your $40k in Dallas. The story sounds remarkably similar to your own – he wanted to retire in 10 years, wanted to groom me into someone to take over the business, his retirement would be from what he sold the firm for, etc. Oh, and of course he'd give me a special deal on the practice because I was his pick. Firm was even similar – me and him full-time, and a college student part-time.

In my experience, it was all a load of BS intended to get lots of work and dedication for little pay. Don't bank on it. Your boss could be in an car accident tomorrow and his estate sell the practice to H&R Block – you have no guarantees and will just be a servant for 10 years due to the possibility of something more.

Or maybe I'm just cynical after my bad experience. 😉

[Guti]

Fsgirl, my Italian is so bad that this guy thought I was hitting on him. Lol

FAR-84
AUD-
REG-
BEC-

[Guti]

Fsgirl, my Italian is so bad that this guy thought I was hitting on him. Lol

FAR-84
AUD-
REG-
BEC-

[Author]

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