[findingthepath]

Hi guys,

I’ve recently been considering doing a career shift because I feel as if the goals and what I wanted to learn are shifting because I’m in the accounting field. I was at a Big 4 firm as an auditor for 1.5 years and recently resigned. I realized auditing wasn’t for me and also, for some reason, I was never put on a specific client long enough to truly understand it as my schedule wasn’t being handled properly even after multiple requests to have it be more stable; I was being taken off clients left and right every week or so while the majority of my other colleagues would be on one client for a while. Yet I very much enjoyed my clients in which I worked for 3 or more weeks, since I had time to learn the business. (I thought this shifting around might be due to something with my work performance- which would have been a shocker since I’ve received a good reputation for my work – but it turned out that it wasn’t). Anyways, I resigned and joined another Big 4 firm to become part of their accounting advisory services group in transactions and restructuring. So far, I’ve appreciated the projects I’ve been assigned in advisory and hope it’s a worthwhile.

Overall though, I’m thinking accounting is not for me. I graduated college with a business admin degree and only took accounting courses to learn about business essentially. I’m figuring out now that this path is much different than I realized: I’d much rather transition into a finance role (which is why I chose to do advisory, since it’s more transaction and buy-side/sell-side based).

In this case, although I attempted the CPA, I’m not seeing much benefit if I don’t plan on using it. I’m actually studying very hard for the GMAT, as getting an MBA has been a big goal for me, and am even looking into a CFA afterwards. I understand the CPA is important for an accountant, but for someone transitioning out, I would like any input on the matter. Is this even feasible, to transition out slowly? Would MBAs even consider me? Thank you.

[Anonymous]

It sounds like you have already made up your mind, so why are you still posting to a CPA forum? Except for getting 150 hours, my MBA isn't worth much to me. I would think a CPA could get hired at whatever job he wants. It is still the most respected and well known license there is. Many top executives have a CPA and MBA. My suggestion is to find your dream job and get any licenses or classes while you are working.

[Study Monk]

I think the CPA would be the fastest path to transition into a finance role. You should be able to qualify for finance analyst jobs with the CPA. While the CFA might be a better fit for long term goals it will also be a lot harder based on your educational background and work history. You are talking about learning complex finance formulas from scratch. MBA isn't going to help with the CFA either. Perhaps you can get a masters in finance? If I were you I would get your CPA and apply to jobs that have both accounting and finance qualities. You can transition out of accounting that way.

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]

I think the CPA would be the fastest path to transition into a finance role. You should be able to qualify for finance analyst jobs with the CPA. While the CFA might be a better fit for long term goals it will also be a lot harder based on your educational background and work history. You are talking about learning complex finance formulas from scratch. MBA isn't going to help with the CFA either. Perhaps you can get a masters in finance? If I were you I would get your CPA and apply to jobs that have both accounting and finance qualities. You can transition out of accounting that way.

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]

Here is the work experience requirements for CFA

https://www.cfainstitute.org/community/membership/process/Pages/work_experience.aspx

It looks like you will only be able to say that you passed the CFA exams and will need very specific experience(and lots of it) to get licensed. You could be a licensed CPA in less than a year. CFA in 5 years when factoring in job hunt and 4 years of experience. CFA and MBA 7 years.

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]

Here is the work experience requirements for CFA

https://www.cfainstitute.org/community/membership/process/Pages/work_experience.aspx

It looks like you will only be able to say that you passed the CFA exams and will need very specific experience(and lots of it) to get licensed. You could be a licensed CPA in less than a year. CFA in 5 years when factoring in job hunt and 4 years of experience. CFA and MBA 7 years.

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"

[Mayo]

Man….lots of fail in this thread:

“CPA's and MBA's are pretty interchangeable in corporate finance. As long as you have one you should be fine. I wouldn't spend 100k on an MBA (and as prior poster said its only meaningful if its from a top school)”

Disagree with the first part, and agree with the second part. A CPA is helpful but I'd say the OP is far from “fine” just having that.

“One of my old school professors said once that people were complaining about how much studying was involved in the Phd Program he was in and he laughed saying this does not even compare to studying for the CPA”

What? This makes no sense as completing a PhD is infinitely harder than passing the CPA. Where'd this professor get his degree? U of P?

“Most highly successful people have an MBA, CPA, and CFA. “

Most? Did you just make this up? Disagree here for obvious reasons….

StudyMonk, thanks for making sense.

@OP, if a top MBA is what you want, just continue to work for 4-5 years, network, get all your MBA stuff in line and apply. CFA is only really worth it if you want to work in Equity Research, Business Valuation, Security Analysis, or Portfolio Management. Most people do it after their MBA. Some Corporate Finance people like it and it helps you shed the accountant image, but even then it's really only applicable for the first two exams. The last exam is pure Portfolio !anagement and unrelated to Corp Finance almost completely. For perspective, go to the CFA forums and you'll see plenty if “I passed all three exams but still can't break into the industry” knd of posts.

Mayo, BBA, Macc

[Mayo]

Man….lots of fail in this thread:

“CPA's and MBA's are pretty interchangeable in corporate finance. As long as you have one you should be fine. I wouldn't spend 100k on an MBA (and as prior poster said its only meaningful if its from a top school)”

Disagree with the first part, and agree with the second part. A CPA is helpful but I'd say the OP is far from “fine” just having that.

“One of my old school professors said once that people were complaining about how much studying was involved in the Phd Program he was in and he laughed saying this does not even compare to studying for the CPA”

What? This makes no sense as completing a PhD is infinitely harder than passing the CPA. Where'd this professor get his degree? U of P?

“Most highly successful people have an MBA, CPA, and CFA. “

Most? Did you just make this up? Disagree here for obvious reasons….

StudyMonk, thanks for making sense.

@OP, if a top MBA is what you want, just continue to work for 4-5 years, network, get all your MBA stuff in line and apply. CFA is only really worth it if you want to work in Equity Research, Business Valuation, Security Analysis, or Portfolio Management. Most people do it after their MBA. Some Corporate Finance people like it and it helps you shed the accountant image, but even then it's really only applicable for the first two exams. The last exam is pure Portfolio !anagement and unrelated to Corp Finance almost completely. For perspective, go to the CFA forums and you'll see plenty if “I passed all three exams but still can't break into the industry” knd of posts.

Mayo, BBA, Macc

[Anonymous]

Hi OP, I have the same goals as you. I've been a long-time lurker but wanted to put in my 2 cents. I recently accepted an offer at a Big 4 firm for audit and advisory. I went for my Masters in Accountancy degree and realized halfway that I didn't want to do accounting for the rest of my life. I know for a fact that investment banking is my overall goal. I've done some research and transitioning from accounting to finance is not impossible but would be an uphill battle. I would suggest you try to take your CPA anyway in case finance doesn't work out in the end. A CPA is always good to fall back on.

Mayo, I think you are the only one who speaks without a biased perspective. An MBA from an M7 or any top-tier school is infinitely more valuable than a CPA. Just getting into those schools is hard enough. Don't get me wrong, the CPA is a difficult exam but I think a top MBA is harder to attain: GMAT score of 700+, extraordinary work experience where even Big 4 wouldn't be considered all that valuable, and a decent undergraduate degree + GPA.

If you don't mind me asking, what clients were you assigned to? I think being assigned to financial services clients will give you better leverage to transition into finance.

But based on what I've learned, to get into finance as an accountant:

You can do audit -> transaction advisory -> investment banking (middle market, boutique firms) or

audit -> investment banking(middle market, boutique firms) – this is harder or

audit -> top-tier MBA -> investment banking.

Note that for the first 2, networking and coming up with a good story as to why you want finance is essential. If you read wallstreetoasis, some Big 4 auditors(although very rare) received offers from bulge bracket front office gigs. We still have hope!

Maybe we can talk offline.

B4Princess

[Anonymous]

Hi OP, I have the same goals as you. I've been a long-time lurker but wanted to put in my 2 cents. I recently accepted an offer at a Big 4 firm for audit and advisory. I went for my Masters in Accountancy degree and realized halfway that I didn't want to do accounting for the rest of my life. I know for a fact that investment banking is my overall goal. I've done some research and transitioning from accounting to finance is not impossible but would be an uphill battle. I would suggest you try to take your CPA anyway in case finance doesn't work out in the end. A CPA is always good to fall back on.

Mayo, I think you are the only one who speaks without a biased perspective. An MBA from an M7 or any top-tier school is infinitely more valuable than a CPA. Just getting into those schools is hard enough. Don't get me wrong, the CPA is a difficult exam but I think a top MBA is harder to attain: GMAT score of 700+, extraordinary work experience where even Big 4 wouldn't be considered all that valuable, and a decent undergraduate degree + GPA.

If you don't mind me asking, what clients were you assigned to? I think being assigned to financial services clients will give you better leverage to transition into finance.

But based on what I've learned, to get into finance as an accountant:

You can do audit -> transaction advisory -> investment banking (middle market, boutique firms) or

audit -> investment banking(middle market, boutique firms) – this is harder or

audit -> top-tier MBA -> investment banking.

Note that for the first 2, networking and coming up with a good story as to why you want finance is essential. If you read wallstreetoasis, some Big 4 auditors(although very rare) received offers from bulge bracket front office gigs. We still have hope!

Maybe we can talk offline.

B4Princess

[Author]

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