[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!

[yourmomsaCPA]

Well, one thing I KNOW I'll be doing is GIVING my review materials away when I pass. I remember being a new grad and would've loved a 31 year old helping a youngster 😉

FAR - 87 2/18/14
AUD - 84 4/2/14
REG - 87 7/23/14
BEC - 78 8/26/14

I'm finally an *official* CPA - TX

[highlightnumb]

Dude a Masters Degree plus you're about to get your cpa license. You are what they call success. Heck no, you will never be broke as long as you have good money management skills. You will highly marketable. Sorry I only read a couple of sentences.

FAR. Feb 2014 76
REG. Jan 2015 79 half way there!!
BEC. Feb 2015 79 thank you God!!
AUD. Apr 20, 2015 and will be done. Hold that thought 65, 7/14/15 85!
Ok where was I? Oh thats right now I'm Done!!!!!!!!!
Ethics 92!!

"You down wit SEC?, yeah you know me!!!"

Cali Candidate

All Becker Materials, Wiley Test Bank, Ninja audio, Ninja MCQ, Ninja Notes

[highlightnumb]

Dude a Masters Degree plus you're about to get your cpa license. You are what they call success. Heck no, you will never be broke as long as you have good money management skills. You will highly marketable. Sorry I only read a couple of sentences.

FAR. Feb 2014 76
REG. Jan 2015 79 half way there!!
BEC. Feb 2015 79 thank you God!!
AUD. Apr 20, 2015 and will be done. Hold that thought 65, 7/14/15 85!
Ok where was I? Oh thats right now I'm Done!!!!!!!!!
Ethics 92!!

"You down wit SEC?, yeah you know me!!!"

Cali Candidate

All Becker Materials, Wiley Test Bank, Ninja audio, Ninja MCQ, Ninja Notes

[iddyrashy]

I am in Houston with six years experience. 40K for a CPA is an insult, the only thing separate me and 120K is a CPA. Here is my advise JUMP SHIP.

I started my career as Project Accountant and I was making 40K. If you have a masters degree and you know your staff I don't see why settle even for 85K.

I need CPA, because I can't be a controller without it, am current an accounting manager for an oil and gas company. Get your CPA and RUN.

Plus english is not my first or second language.

AUD 89 (07/06/14)
REG 83 (08/27/2015)
FAR 78 (04/27/2015)
BEC 75 (11/13/2015)

TEXAS 2016

[iddyrashy]

I am in Houston with six years experience. 40K for a CPA is an insult, the only thing separate me and 120K is a CPA. Here is my advise JUMP SHIP.

I started my career as Project Accountant and I was making 40K. If you have a masters degree and you know your staff I don't see why settle even for 85K.

I need CPA, because I can't be a controller without it, am current an accounting manager for an oil and gas company. Get your CPA and RUN.

Plus english is not my first or second language.

AUD 89 (07/06/14)
REG 83 (08/27/2015)
FAR 78 (04/27/2015)
BEC 75 (11/13/2015)

TEXAS 2016

[mcfly]

There's nothing wrong with outgrowing a small firm, and I'm sure your boss would understand. My first job out of college was at a small, one man shop that sounds similar to yours. I got my feet wet and learned a lot, but I knew when it was time to leave. And my boss wasn't surprised or upset with me. He knew that I needed to grow and learn beyond what I could get there. But I agree that you should probably stay through this tax season. It's just kind of an unwritten rule that you don't leave your firm high and dry unless it's 100% necessary.

As for the accent, I think it's probably more charming than you realize. You seem to have a pretty good grasp on English, so I doubt it's as much of a problem as you think. Think of as it as a distinguishing characteristic instead of a burden. 🙂

And being from Texas, I can't in good faith suggest you leave for a more ‘tolerant' state. Although I'm from Houston, and therefore not a huge fan of Dallas (all in good fun), I can say that Dallas is a thriving city in a thriving state. You're better off there than in many places. There should be tons of opportunities out there if you look for them.

Good luck on finishing your exams! I definitely think you will find that you've got lots of opportunities ahead of you, and the pay should absolutely get better. Hang in there!

REG - PASSED
BEC - PASSED
AUD - PASSED
FAR - PASSED

DONE. 🙂

[mcfly]

There's nothing wrong with outgrowing a small firm, and I'm sure your boss would understand. My first job out of college was at a small, one man shop that sounds similar to yours. I got my feet wet and learned a lot, but I knew when it was time to leave. And my boss wasn't surprised or upset with me. He knew that I needed to grow and learn beyond what I could get there. But I agree that you should probably stay through this tax season. It's just kind of an unwritten rule that you don't leave your firm high and dry unless it's 100% necessary.

As for the accent, I think it's probably more charming than you realize. You seem to have a pretty good grasp on English, so I doubt it's as much of a problem as you think. Think of as it as a distinguishing characteristic instead of a burden. 🙂

And being from Texas, I can't in good faith suggest you leave for a more ‘tolerant' state. Although I'm from Houston, and therefore not a huge fan of Dallas (all in good fun), I can say that Dallas is a thriving city in a thriving state. You're better off there than in many places. There should be tons of opportunities out there if you look for them.

Good luck on finishing your exams! I definitely think you will find that you've got lots of opportunities ahead of you, and the pay should absolutely get better. Hang in there!

REG - PASSED
BEC - PASSED
AUD - PASSED
FAR - PASSED

DONE. 🙂

[Guti]

jrosen,

Im dalla Spagna, ma è venuto a questa contea all'età di 14. Ho usato fino ad oggi una ragazza di Italia, così mi prendo un paio di parole.

FAR-84
AUD-
REG-
BEC-

[Guti]

jrosen,

Im dalla Spagna, ma è venuto a questa contea all'età di 14. Ho usato fino ad oggi una ragazza di Italia, così mi prendo un paio di parole.

FAR-84
AUD-
REG-
BEC-

[jlough]

@OP- to address your question about whether you are acting entitled— heck no! You worked hard to earn not only a bachelors degree in Accounting and a MST, but you are also on your way to getting a CPA license. Don't let anyone ever make you feel like you are acting entitled for wanting more for your career! You've earned it.

Should you leave? I would say yes. There are alot of great opportunities out there for someone with your credentials. I'm sure your boss will understand that you want more opportunity to grow and also to make enough money to support yourself.

Buona fortuna!

F- 7/13- 84
R- 10/13- 79
A- 11/13- 99
B- 1/14- 86

Licensed in PA- 3/20/2014

This exam ALMOST defeated me back in 2006-2008, but I came back and WON!

[jlough]

@OP- to address your question about whether you are acting entitled— heck no! You worked hard to earn not only a bachelors degree in Accounting and a MST, but you are also on your way to getting a CPA license. Don't let anyone ever make you feel like you are acting entitled for wanting more for your career! You've earned it.

Should you leave? I would say yes. There are alot of great opportunities out there for someone with your credentials. I'm sure your boss will understand that you want more opportunity to grow and also to make enough money to support yourself.

Buona fortuna!

F- 7/13- 84
R- 10/13- 79
A- 11/13- 99
B- 1/14- 86

Licensed in PA- 3/20/2014

This exam ALMOST defeated me back in 2006-2008, but I came back and WON!

[How many letters do you need]

Im mobile and haven't read the whole board so my apologies if this has already been suggested. Get into corporate tax! With your masters and CPA most people do very well, and once you work into corp tax management you can usually make enough to find a nice cozy home somewhere and just live the dream if tax is your thing. Good luck!

MBA,CMA,CPA, CFF?, ABV?

[How many letters do you need]

Im mobile and haven't read the whole board so my apologies if this has already been suggested. Get into corporate tax! With your masters and CPA most people do very well, and once you work into corp tax management you can usually make enough to find a nice cozy home somewhere and just live the dream if tax is your thing. Good luck!

MBA,CMA,CPA, CFF?, ABV?

[jrosen92770]

CR7- Eres de espana. que bueno. De que parte? la empresa donde yo trabajo es espanola.

BEC - 5/26/2013 75
REG - 8/31/2013 82
AUD - 11/24/2013 74, 2/9/2014 92
FAR - 5/25/2014 85

NY CPA

[jrosen92770]

CR7- Eres de espana. que bueno. De que parte? la empresa donde yo trabajo es espanola.

BEC - 5/26/2013 75
REG - 8/31/2013 82
AUD - 11/24/2013 74, 2/9/2014 92
FAR - 5/25/2014 85

NY CPA

[Author]

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