[SMA]

Hi
Older guy here getting his CPA. I work for a private company & if I go into an accounting firm (starting as an Associate), I would have to take a 30k+ pay cut & cannot afford to do that.

Any advice on how to proceed? All this studying is great but I do not feel confident about accounting b/c I learn better by doing it rather than reading from a book

Thanks

[ragepsn29]

I wouldn't take 30k+ pay cut either. Why can't you stay at your private company and ask for more money after you get your CPA? Or get a similar job at a different private company with a better pay after you get your CPA.

AUD - 65, 72, 70, 74, 81
FAR - 66, 71, 76
REG - 69
BEC - 80

[MaLoTu]

Do you need to get work experience under a CPA? If so, you can do that in a similar role with a company that has CPAs. I would get the tests done first though.
I agree 30k is a huge decrease and if you cannot afford it then your best option is to stay private and figure out a way to make it work.
The exam is hard and one thing that makes it harder is having to learn how to study for the exam. I never had to study in college and I got nearly straight As over a BA and 2 masters degrees. Once you learn what works for you just stick with it. It is a ton of work and I couldn’t do it again, but I’m glad I did it. I was also older, I think I was in my early 30s when I started my masters and taking the exams. It can be done. But no one is going to force you, so if you really want it you are going to have to push yourself.
Good luck!

[chandler]

It sounds like you think you may need to work in public accounting to pass the CPA exams? If that's the case, this is absolutely not true. I barely had any experience in public when I passed the exams. Honestly, my experience helped a little bit in REG, but really wasn't very useful for the other exams (I work in tax). I would say stay where you're at and dive deep into whatever review course you pick. It will be much more helpful than switching jobs.

[DM]

Seems like you are already in a senior position. What is your title?
Are you looking to change careers entirely? – then you may have to take the pay cut. Senior associates don't make much more anyway. It would take you at least 5 years in accounting firm to make the same salary you do now.
Why do you want the CPA? For promotion? Employer wants you to? Personal endeavor? Do you want to start your own CPA firm?
Like everyone else said in this chat, Exams first then everything else. Taking the exams shows employers your commitment. You have to pass the exams before you move on to another firm, public or private.

[SMA]

Thanks everyone. You are truly inspiring.

The reason I want a CPA is for career growth & compensation. My present company is too small & while I can stay in private and move to another company, I am worried that I do not have the knowledge (such as budgeting and variance analysis). For example, I can read in Becker about all the ratio analysis but until I do it myself, it will not stick. Hence why I was thinking private.

If anyone has other ideas of where I can get such intensive experience, please share. Nothing worse than your boss smirking at you when you are unsure of your accounting treatment of something

[ECHendrickson]

Just came here to toss in my two cents. I think that this whole “you must know a lot about a lot” mentality is really starting to shift. Long gone are the days where individuals are just a huge wealth of knowledge. The focus is now more about troubleshooting, problem solving, and finding the answers most efficiently anyway. You can't be an expert at everything.

Rather than feeling like you are bound to fail in these particular areas because of your lack of knowledge, start thinking about how your existing skill set could complement those types of tasks. Then just set your focus on being personable and open/willing to learning new things. I feel like that will often produce better results for you than trying to prove you know everything.

[Author]

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