[Q]

I currently work at a CPA firm. I am half way done with the CPA exam and have already finished the CMA exam. All and all is the CPA exam worth it? I know it opens up a lot of job opportunities but for what? 85-150k. That’s not enough money for me. I need a way higher earning potential then that. That may be good money to some people but there is way more money to earn than 85-150k and the field of accounting just doesn’t offer that. Maybe at a Big 4 but that is a small pool and many years down the line me (Late 40’s early 50’s)… Their are 30 year olds making sure more that. If I could do it all over again I definitely don’t think I would of went to school for ACCOUNTING. No way no how

[IamBlessed]

I personally am on the same boat, if did it all over again i would not go to school for accounting. Despite being very close to passing all four sections, i do not think the CPA is worth it. It doesn't hold as much value as it used to, look around CPA's are a dime a dozen …

[Anonymous]

I really don't think you will regret. There are many people with accounting/CPA backgrounds making over a million a year and they probably attribute a lot of that to the knowledge and avenues the CPA opened up for them in the business world.

Whether it's the skills to open up your own business or making smart investments there are a lot of ways accountants can make well over $150k not to mention plenty of CFOs and analysts make more than that.

[Q]

There probably is plenty making over a million in the world but that is a very select few and those people live in big cities. I am not a big city guy by any means. Also CFO’s who started in public accounting work in AUDIT first. I worked in audit for a year and joined my firms Asset Based Lending Consulting Group. I don’t know how anyone can do audit. I am not a beleiver of sucking it up and doing a job you don’t like for a few years.

[Wanna_B_TXCPA2014]

qunny14 I am not sure I understand what you mean by you need more earning potential than 85-150K. People making the type of money you desire are highly paid individual consultants, C-Level Executives of major corporations, or entrepenuers. I think looking at the salary information published by the Beareau of Labor Statistics may give you some more perspective.

Not that I am an expert, but I firmly believe your salary is a function of your skills, value you provide, and networking ability. I think there are two paths regarding high earning potential in business: professional management or entrepeneurship. Everyone else is just a W2 wage earner subjected to the whims of the decision makers at the table.

Technology and globalization has made being an employee for the long term a seemingly more unstable situation than in generations past. I would not say that my experience in corporate america has been horrible, but it certainly has not been what I would have expected out of college. Also with about 15 years in accounting and no manager position yet, I think the CPA is my best opportunity for a higher income due to the potential to start my own firm in an area that I feel I can be profitable in.

I really think we you have completed the exam your prespective will change. This process sucks, but I believe once you are able to walk thru a few doors opened by the CPA you'll be glad you have it. Its the only reason I have committed myself to earning the designation, its a skeleton key that opens doors in corporate and entrepeneur worlds.

[Anonymous]

Here is a funny Statistic for you, but I cannot recall the exact information.

I remember looking at a list of some of the richest men in the world. The list had the person’s background and accounting was one of the top spots!

Of course that doesn’t mean we are all going to be millionaires etc, but that’s still a good Statistic!

Goodluck everyone.

[BoyNextDoor]

Before Philip Knight founded Nike he was an auditor and CPA for firms that would later become PriceWaterHouseCoopers (PWC). His estimate net worth: $27.9 Billion.

https://www.forbes.com/profile/phil-knight/

Arthur Blank worked for Arthur Young (now EY) as an accountant and CPA. Later founded Home Depot. Net Worth: $4.1 Billion.

https://www.forbes.com/profile/arthur-blank/?list=forbes-400

Marianne Lake was a Chartered Accountant (ICAEW, United Kingdom) for PriceWaterhouseCoopers. She is currently the Chief Financial Officer (CFO) for JP Morgan Chase & Co. Her 2016 executive compensation: $11,648,595.

https://insiders.morningstar.com/trading/executive-compensation.action?t=JPM

It is not where you start in accounting that counts but where you end up. All depends on your level of ambition and drive.

[Q]

It’s not about being a millionaire at all but a comfortable salary is what I’m looking for. The percentage of CPA’s working at accounting firms making 300k-500k is very slim. If the individuals making the big bucks are individual consultants or C-level management at corporations that’s WHERE I NEED TO BE. Not at a CPA firm. You get all these designations to work under someone (CEO) of a company who doesn’t have any designations. You don’t need to be smart to LEAD people. I just find it very IRONIC that you you don’t need a degree to own a business but need one to work for a business owner. Think about it.

[BoyNextDoor]

@qunny14

You are right about business owners not needing a degree, but they must be risk takers, something they don't teach in accounting school or any other school for that matter. Few accountants have that particular trait, the few that do are the ones you see on the cover of Business Week.

[Lauren]

Not to be a total drag, but if your primary motivation in life is to make a ton of money, well that's likely to be a very poor existence.

Based on what you've written, your priorities and mindset could maybe use a revisit.

[Anonymous]

Dude no one here is forcing you to take these exams. Everyone is here for one reason or another and everyone wants to make money. Having a CPA license doesn't stop you from doing anything you've mentioned, it simply makes you more marketable and qualified in the accounting field. Also, since you are so concerned about earning potential – you absolutely increase it by getting certified. Maybe it's not as much as you want or “need” but you are still increasing your potential earnings.

For me, this experience has given me a new outlook on determination and focus. When friends are doing fun things on weekends, I am studying. I've worked my butt off and learned a lot about myself and what I'm capable of doing.

If you don't want to do it…don't. This is America – you are free to move along to a different field where you think you can make more money. No one would fault you for that.

[BoyNextDoor]

@ Lauren

“Money isn’t everything but money is 99.99% of everything. People tell you that money doesn’t make happiness, but it does buy some very acceptable substitutes.”
-Dr. Andrew Freris

[Anthony]

@BoyNextDoor Right on. Just to add on, it's just not only leading people. Those partners who are making big bucks are bring in serious clients. Can a CPA increase your earning potential? Sure, but to make serious money you need more than that. Can you bring in clients into the business? Having a CPA won't hurt you, just another plus IMO.

[Q]

To pass the CPA exam you don’t need to be totally isolated!.. I have done just fine studying and still doing stuff with my friends. I hate when people on here say you need to give up good times just to study that is outlandish I pass and still do the things I want to do. If something comes up and I was suppose to study then studying is out the window it will never run my life. Also @lauren if you don’t think money is the motive you should REVISIT you motive if you didn’t need money you wouldn’t WORK. They say money doesn’t by happiness but I bet every person in this world with money are more happy when they can put all there bills on a card and not worry about if they have enough money to pay them or not.

My only source of income is not just where I work I’m actually doing just FINE if you want to know the truth. I just think the accounting path is not worth it. Some people are satisfied with a little bit but I NEED A LOT.

[Q]

Also every firm doesn’t run off a BOOK OF BUSINESS. Some firms have a ONE FIRM CULTURE. That is not incentive based! The client you bring in do not determine your earnings. Every client is the firms client. Incentive based firms lead to nothing but greed and a lot of back sorting by co-workers.

[Rose]

@qunny14, it's never too late and especially if you're still young go into Marketing or Sales that's where all the money is at. My CEO was a CPA and he knew accounting would cap out at 150K so he went into Marketing….best thing ever for him! So try Marketing or even Product Software Design (which is not the same as software engineer).

[Author]

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