[Anonymous]

I’m in my mid 40’s studying for a masters degree in taxation, which will be completed in November. I have an MBA degree from 20 years ago. The accounting courses I took during that program were either 2 or 3 credits. I probably have about 12 accounting related credits from that program, as most of my coursework was focused around finance. Main accounting courses were 2 financial accounting and 1 managerial accounting. The other courses were specialized, such as financial statement analysis and focused around issues in cost accounting, but not a traditional cost accounting course. My taxation program is 30 credits. Undergrad is non-business, liberal arts so that’s not going to help me. I have been working in banking and finance for the past 20 years. Have no accounting experience whatsoever. But my goal is to transition into taxation and earn my CPA license. I gather I will need about 6 courses, or 18 credits worth of additional accounting courses in order to sit for the CPA exam in my State. That’s not a problem for me as I plan to take online courses through the local community college. I’m not in a hurry so taking another year to earn all of the credits online isn’t an issue.
My biggest concern is my age and thinking that no one will want to hire me when they can hire a fresh undergrad with an accounting degree. Before I complete the additional accounting credit I want to secure a position in a CPA firm in order to obtain the required work experience. I’ve applied to a few places and emailed some small firms that employ alumni from my MBA school but have gotten zero responses. I will never give up on my goal to earn the CPA license and work in tax, but I’m worried that getting there is going to be an uphill battle.
Anyone out there been in a similar situation? I don’t really know the mindset of these CPA firms regarding older applicants. Should I focus on trying to get a Big 4 job or continue to seek out positions in smaller firms? I’ve got a good handle on what I need to do to sit for the exam and pass it. It’s the actual work experience part that’s a mystery to me.
Thank you in advance for any help you can provide.

[Recked]

If I were you I'd probably try to find a sole prop practice with an owner nearing retirement age, maybe 5-10 years out.
You need a place to work and learn, and they need a transition strategy with a buy/sell agreement.
Big4 will probably be nearly impossible unless you have a particular skill set they can leverage.
You're not young enough or hungry enough to want to work the hours they want, for the amount they will pay you.
The larger the firm, the lower your percentage chances are. Try small firms with the above goals in mind and see if you get any response.
You need someone to be a mentor and trainer, while teaching you the ins and outs of their business, so you can take over once you've cleared the hurdles.
It will come at a cost.

[Anonymous]

Thanks Recked!!! Very interesting idea. I will definitely pursue that avenue.

[Recked]

Some notes for you, so you don't get taken for a ride.
Accounting firms tend to sell for about 1 year's gross revenue. A sole prop could be swinging 100k-300k a year, perhaps higher if they are really grinding or have very good clients (high payers). That number increases depending on how many people they have working for them.
If they agree to sweat equity, ie: you are paid less than you are worth, make sure you get the deal in writing.
Nothing like spending 5-10 years (or in my case 16) to find out the deal is not what you thought it was.

[WantJobCPA]

Hello Chris Max,

I can relate… I am 35 (a bit younger) but older than most entry level people. I graduated 2 years ago with my Accounting degree and I work in private accounting 2 years of experience. I want to make the transition to public so that I can get my license. But, between the fact that I am older than most applicants with relative entry level experience for taxation I am not sure what should I do… I get age should not be an issue… but finding someone to give you the opportunity is… My strategy is to get more experience for 1 year in private accounting and pass all my test… I hope that will get me close to a position in taxation…

[Author]

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