[Tono23]

Hello Fellow Peers:

I am an entry-level accountant with a NPO. My student loan debt (Approx 70k) has placed my future hostage i.e. cannot move out the house, living paycheck to paycheck, hence; cannot do much with my salary (37k). That said, I am questioning if accounting was the right profession. Are things going to get better if I purse the CPA and is it worth the time and effort? Would the experience I obtain while being a npo accountant pay off in the corporate world?

[tough_kitty]

Wow, $70K in student loans! CRAZY! My loan is “only” $38K….I AM on the income-based payments and after 1 year of making payments, my total balance is STILL $38K!!!!!! So, I wouldn't recommend the income-based payments plan….my interest is 6.8%! But I am a state employee, so hopefully, if I have anything left after 120 payments, the reminder will be forgiven…that's the only thing keeping me with the state – 9 more years to go….and about $32K so it will save me $6K plus whatever additional interest…of course this is a VERY rough estimate and I really would love to pay my loan off sooner than later….but I also have a mortgage payment so gotta get a better salary first!

@Tono23: Pursuing a CPA license is worth the time and effort. You might get a better pay position AND you never know what is going to happen in 10-20 years. A few of my friends got laid off because of the economy, but despite of their years of experience they were not able to find new jobs because their either didn't have a degree in accounting or they didn't have a CPA license. In my personal opinion, getting an accounting degree but not getting the CPA license is a waste of money……

FAR: 81 (May 2013)
BEC: 81 (July 2013)
REG: 83 (August 2013)
AUD: 82 (November 2013)
California CPA since 1/30/14

[finne]

@Tono23, I hear you, those student loans are terrible. My debt's not as bad as yours but I still want to get rid of it asap. I've started tracking all my expenses so that I can learn where I can start saving money so that I can pour all my income into those loans. I agree with what acamp said on this 100%. I've been cutting down on my expenses by cooking instead of eating out, taking leftovers to work or making sandwiches, brewing coffee in the morning at home instead of getting it to-go (I couldn't believe how much money I was spending on coffee after tracking my budget for a month!). There are tons of little things to do to save money and all that can be put straight towards those damn loans.

Bottom line: you are lucky to be an accountant! It's a growing field with lots of jobs out there. I know a plenty of people with other degrees who are unemployed or underemployed after graduation and have the same amount of debt.

@SteveAV, are people allowed to take part-time work outside their full-time job for accounting? I haven't heard of people doing that before.

REG - 85
AUD - 99
FAR - 89 - w/ NINJA Audio and Blitz
BEC - 91

Using Wiley - books and test bank - 6 months - all 4 first time

[finne]

@Tono23, I hear you, those student loans are terrible. My debt's not as bad as yours but I still want to get rid of it asap. I've started tracking all my expenses so that I can learn where I can start saving money so that I can pour all my income into those loans. I agree with what acamp said on this 100%. I've been cutting down on my expenses by cooking instead of eating out, taking leftovers to work or making sandwiches, brewing coffee in the morning at home instead of getting it to-go (I couldn't believe how much money I was spending on coffee after tracking my budget for a month!). There are tons of little things to do to save money and all that can be put straight towards those damn loans.

Bottom line: you are lucky to be an accountant! It's a growing field with lots of jobs out there. I know a plenty of people with other degrees who are unemployed or underemployed after graduation and have the same amount of debt.

@SteveAV, are people allowed to take part-time work outside their full-time job for accounting? I haven't heard of people doing that before.

REG - 85
AUD - 99
FAR - 89 - w/ NINJA Audio and Blitz
BEC - 91

Using Wiley - books and test bank - 6 months - all 4 first time

[tough_kitty]

@Tono23: you may try applying for some state jobs? They have a Board of Equalization office in Chicago. The Tax Auditor 1st year salary is 39K, then after 1 year you automatically get a raise to 46K, and then after 1 more year if they have budget and/or openings for the promotion, you'll be making 55K. These are numbers for California. I know that in Chicago you get about $360/month extra pay differential due to higher cost of living. Other perks – 40 hr work week, flexible schedule, etc. And you'd learn the sales & use tax which is useful knowledge! You might get a job with Sears (if they are still around) because they are located in Chicago and they have to report sales tax for each state….. – just an idea!

FAR: 81 (May 2013)
BEC: 81 (July 2013)
REG: 83 (August 2013)
AUD: 82 (November 2013)
California CPA since 1/30/14

[tough_kitty]

@Tono23: you may try applying for some state jobs? They have a Board of Equalization office in Chicago. The Tax Auditor 1st year salary is 39K, then after 1 year you automatically get a raise to 46K, and then after 1 more year if they have budget and/or openings for the promotion, you'll be making 55K. These are numbers for California. I know that in Chicago you get about $360/month extra pay differential due to higher cost of living. Other perks – 40 hr work week, flexible schedule, etc. And you'd learn the sales & use tax which is useful knowledge! You might get a job with Sears (if they are still around) because they are located in Chicago and they have to report sales tax for each state….. – just an idea!

FAR: 81 (May 2013)
BEC: 81 (July 2013)
REG: 83 (August 2013)
AUD: 82 (November 2013)
California CPA since 1/30/14

[tough_kitty]

@finne:

To answer your question, Roger (CPA review) mentioned in his lecture that back when he started his career, he was also making $ on the side as a bartender while working for big 4, but it created a bad image of a public accountant so it's not allowed anymore, at least not with big 4.

I guess it depends on a job – if it's an instructor position at a university/college, then it should be fine.

As a state employee, I can do whatever the heck I want on my time off 😛

FAR: 81 (May 2013)
BEC: 81 (July 2013)
REG: 83 (August 2013)
AUD: 82 (November 2013)
California CPA since 1/30/14

[tough_kitty]

@finne:

To answer your question, Roger (CPA review) mentioned in his lecture that back when he started his career, he was also making $ on the side as a bartender while working for big 4, but it created a bad image of a public accountant so it's not allowed anymore, at least not with big 4.

I guess it depends on a job – if it's an instructor position at a university/college, then it should be fine.

As a state employee, I can do whatever the heck I want on my time off 😛

FAR: 81 (May 2013)
BEC: 81 (July 2013)
REG: 83 (August 2013)
AUD: 82 (November 2013)
California CPA since 1/30/14

[Tono23]

I greatly appreciate everyones' suggestions. Yes, I am blessed that I am an accountant and that I have a job in rough economy. @Tough_Kitty, I greatly appreciate your suggestions on roles with the State. I am currently employed with a not-for-profit community college. I am aware of the loan forgiveness program for public service employees, but I am not sure if I would like to work for the State of Illinois. Our state is in shambles in regard to the budget and pension. That said, I have never considered governmental accounting or tax. Again, thank you all for your comments.

[Tono23]

I greatly appreciate everyones' suggestions. Yes, I am blessed that I am an accountant and that I have a job in rough economy. @Tough_Kitty, I greatly appreciate your suggestions on roles with the State. I am currently employed with a not-for-profit community college. I am aware of the loan forgiveness program for public service employees, but I am not sure if I would like to work for the State of Illinois. Our state is in shambles in regard to the budget and pension. That said, I have never considered governmental accounting or tax. Again, thank you all for your comments.

[Study Monk]

Pass the CPA and get a job in public accounting the end of next year for 50k to 55k minimal. With your one year of non profit experience you might be a good candidate for a firm that specializes in audits of non profits.

I spoke to an ancient wise man who sent me on a mushroom induced journey through an ancient forest to find the key to passing the CPA exam. A talking spider monkey told me to throw the last of my drinking water in the dirt to find what I was looking for. So I followed his instructions and the following message appeared in the soil:

"Do 5000 multiple choice questions for each section"

[Study Monk]

Pass the CPA and get a job in public accounting the end of next year for 50k to 55k minimal. With your one year of non profit experience you might be a good candidate for a firm that specializes in audits of non profits.

I spoke to an ancient wise man who sent me on a mushroom induced journey through an ancient forest to find the key to passing the CPA exam. A talking spider monkey told me to throw the last of my drinking water in the dirt to find what I was looking for. So I followed his instructions and the following message appeared in the soil:

"Do 5000 multiple choice questions for each section"

[evesocal]

tono23, if you enjoy accounting then stick with it. Your pay will increase as time goes on. Get your license. Keep your eyes open for different jobs. I expect a NFP college pays less than a lot of other potential jobs, like a CPA firm. Your parents are helping you now when you need it most, when your salary is low.

That debt load sucks but it is what it is and if you don't work in accounting, then what? Go back to school and take on more debt?

I don't really agree with putting every dime toward paying the debt. Most of them, yes. But try to save a bit. Even if it really is just a tiny bit. It's just a good habit to get into, to not spend every single cent of your paycheck.

Good luck to you. I promise you things will get better.

B: 75
R: 80
A: 77
F: 81
Ethics: 84, 92 and done!
Licensed in California

[evesocal]

tono23, if you enjoy accounting then stick with it. Your pay will increase as time goes on. Get your license. Keep your eyes open for different jobs. I expect a NFP college pays less than a lot of other potential jobs, like a CPA firm. Your parents are helping you now when you need it most, when your salary is low.

That debt load sucks but it is what it is and if you don't work in accounting, then what? Go back to school and take on more debt?

I don't really agree with putting every dime toward paying the debt. Most of them, yes. But try to save a bit. Even if it really is just a tiny bit. It's just a good habit to get into, to not spend every single cent of your paycheck.

Good luck to you. I promise you things will get better.

B: 75
R: 80
A: 77
F: 81
Ethics: 84, 92 and done!
Licensed in California

[Anonymous]

I just wanted to point out an alternative before you sell your car and eat ramen to pay back your student loans. If you work for a government agency/non-profit and make payments for 10 years (IBR payments absolutely count), your federal loans go away. For private loans, I would look into refinancing. I had very high rates on a couple Sallie Mae loans and was able to bring the rate down significantly by refinancing with Wells Fargo.

[Anonymous]

I just wanted to point out an alternative before you sell your car and eat ramen to pay back your student loans. If you work for a government agency/non-profit and make payments for 10 years (IBR payments absolutely count), your federal loans go away. For private loans, I would look into refinancing. I had very high rates on a couple Sallie Mae loans and was able to bring the rate down significantly by refinancing with Wells Fargo.

[Author]

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