[jasonwong]

Hi everyone,

I have just passed the CPA exam, but I am in a dilemma right now. As everyone knows, in order to become a CPA, we need to have working experience under a CPA. I’ve been working in real estate/mortgage for the last 5 years, and I have gained a good amount of experience/knowledge in this field. Now, the dilemma is that I need to consider leaving my current job and entering into a new field, which is a very big decision.

I know I would not make as much as I do right now with an entry level position in accounting. But I do want to go for that CPA license, since accounting was what I studied in college, and I already spent so much effort and passed the exam (by far, the hardest thing I’ve done in my life). I read that the CPA exam credit does not expire, so I have a little bit time to think this over.

What do you guys think? Is anyone in a similar situation? What is the average starting salary for an entry level accounting position in the Bay Area, CA? Would applying for a big 4 be a good move? Would they even consider someone with very little work experience? Please kindly provide your thoughts/insight. I’d appreciate any sort of help.

[Hmmmmm]

I would search public firms in your area that specialize in real estate clients if you want to still use your current experience. There are firms that do a mix of consulting/taxation that may find your experience useful. It would be a waste to not get your experience signed off after passing the exams! I know when I started at the Big 4 in 2012 in the bay area – starting was $52,000 for an assurance associate (probably has changed a lot since then?), but I believe there are websites where you can find out the starting salaries of many entry staff. I would do big 4 if you have an opportunity. The network, name value, and head hunters are worth it imo, but I definitely had a more well-rounded experience when I switched to a smaller firm.

[Moeshow]

I'm in a similar position as you haha. All my experience has been in the banking industry. I've completed all four parts with no relevant accounting experience. I heard the best way to go is public accounting for experience and future earning potential. I'm from southern cali and heard the salaries range from 54,000 to 67,000…depending on the firm and etc. But after 3 or 4 years of relevant experience, your earnings potential can skyrocket.

By chance, have you completed the ethics position for cali? Or any other additional steps? I know there are additional steps but I'm just wondering if anyone else is like me and waiting for the letter in the mail from the Cali state board?

BEC 2/26/2016 81
FAR 05/2016

Purely Roger CPA Review, for now!

[jasonwong]

Hmmmmm, thanks for your input. I think I want to try a big 4 first if possible. Did you get into big 4 right after college?

Moeshow, lol good to know someone else is doing the same thing (taking the test first). and hmm no, I have not received any mail, and I haven't taken ethics yet. I will look more into it tonight. So I assume you will start looking for a job in accounting soon too?

[Birdman]

Maybe I'm mistaken, or maybe it's a per-state basis, but I think your exam credit WILL expire if you don't get the experience within a few years.

FAR- 74, 78 (10/15)
BEC- 73
REG- 65, 88 (05/16)
AUD- 7/16

[jasonwong]

I think the exam credit for CA wont expire. I've researched for it before.

I saw the below from the CPA exam handbook.

Once you have passed all four parts of the CPA Exam during an 18-month period, you
will receive notification from the CBA, including information regarding applying for
California CPA licensure. Once you have passed the CPA Exam, your scores never
expire.

However, I do know I need to start looking for a job soon. I am working on my resume and cover letter right now!

[muhfreedoms]

You're right jw, the credit will not expire in the (great) state of CA.

What do you guys think? I think switching jobs would be beneficial given the limited info provided. It will very likely be a significant change in pace but that's to be expected.

What is the average starting salary for an entry level accounting position in the Bay Area, CA? High 40s to low 60s, depending on size and type of client. Expect mid 50s but don't be surprised with a low starting offer if, for example, you apply to a small firm that only deals with non-profits.

Would applying for a big 4 be a good move? Would they even consider someone with very little work experience? If you can handle the kind of lifestyle they require, then yes, applying for big 4 could be a good move. They would consider someone with little accounting experience but it will be difficult. They will work you to the bone so if you have a wife and/or kids, this kind of lifestyle can cause a fair amount of friction.

Based on my experience (mileage may vary), the more specialized the accounting firm, the easier it will be to get a position. Getting experience is paramount and I personally took a low paying job to get my foot in the door. Skills learned at specialized accounting firms will tend to transfer well as long as you're doing senior level work or below. For example, if you work in audit for non-profits, you will likely be able to transfer those skills to work in audit for governments, HOAs, or other entities.

[Pete]

In the exact same boat as you. I've managed to pass both the CPA and CFE exam and can't manage to land a full-time opportunity at a firm. I've worked within two different accounting firms, during busy season. Unfortunately, I was laid off on the other position and this position came to a close (it was an internship).

It's tough right now. Do you have the 150 credit hours? Any firm, over 30 people WILL NOT hire you, without the 150 credit hours. You won't even be considered. I got great feedback on my internship at my firm, which I really enjoyed working at (really awesome people there and a great work environment); however, I was told they can't consider me for a full-time employment, until I complete my remaining 3 classes. I'm also pretty sure, my firm has already filled the fall hiring quota, which means that you're already looking at fall of next year, best case scenario, at most mid-sized to large firms.

Might be best to target smaller firms while aiming to work at a larger firm in the future. Then, you'll at least be working while waiting to start at the larger firm.

Also, the exam only expires in a few states. For most states it's indefinite. Some may require you to have 150 credit hours, within a certain period. Only a small minority actually have exam expirations, once you pass all 4 parts within the 18 months.

B=84 This exam was such a b**** that I thought I failed-don't know how these things work
A=76 Slacker I am, I'll happily take it
R=81 I LOVE taxes
F=80 I don't wanna get banned for an expletive I'm thinking with "yea" proceeding it

[Hmmmmm]

@jasonwong I did join straight out of school. They love to recruit out of college campuses, but I was a bit older than all the other new grads.

[Pete]

Yea, most firms will only hire entry-level people off campus recruiting. Once you graduate, it's far, far more difficult. Not impossible, but much more difficult.

In addition, since firms have an intern pool, whom they can turn to for positions, your best bet to get hired is through an internship. They like hiring from interns because they have a tested individual. Why take a risk on testing someone in this economy, when you have a proven person or 20 proven people. If an intern doesn't work out, simply end his/her employment; since it's a temporary position, unemployment benefits/health benefits don't need to be paid out.

B=84 This exam was such a b**** that I thought I failed-don't know how these things work
A=76 Slacker I am, I'll happily take it
R=81 I LOVE taxes
F=80 I don't wanna get banned for an expletive I'm thinking with "yea" proceeding it

[Anonymous]

Leave. It will be the best decision you made. The firms have people who must leave because they can't pass the exam. With that said, you should be a walk on at any regional firm. Big four if you can swing it.

[Pete]

Make sure you have a job before leaving though. I've been looking for over a year and have spent time working at a firm during busy season, so I'm not completely inexperienced, yet I can't get an entry level/full-time position at a firm. Your best bet would be to try to carefully network with your mortgage companies auditors as well as joining your state CPA society. Also, network with as many people as you can in general.

Passing the CPA doesn't mean shit without adequate public accounting experience. I can almost call myself a CPA, yet i'm still searching for a position. Took my friend years to mind a new public accounting job, after he lost his first one for “not learning things fast enough.” In the mean-time, he was forced to work as a call-person/sales person. He didn't pass the exam, but it shows how brutal the economy is right now.

Again, MAKE SURE YOU HAVE A JOB BEFORE LEAVING. Can't emphasize that enough. Also, be leary about leaving your company for a very small CPA firm, around tax season, for a “full-time position.” The position will be advertised as full-time and may even “offer benefits,” but it's a ruse. Once tax season is over, you will probably be “laid-off.” Most firms will keep you right under the 3 month window for unemployment, so that they aren't forced to pay the taxes.

B=84 This exam was such a b**** that I thought I failed-don't know how these things work
A=76 Slacker I am, I'll happily take it
R=81 I LOVE taxes
F=80 I don't wanna get banned for an expletive I'm thinking with "yea" proceeding it

[Missy]

Think of what your long term goal is then work backwards. If you want to land at a F500 company, big 4 experience is practically a must. If you like what you're doing now and have zero intention of going into corporate accounting long term then its “nice” to have the public experience but not a hard and fast rule. Also there are other options available if you look around, in MA you don't need public accounting experience to be licensed IF you have a masters degree. Does it matter where you get your license, depends on what you'll be using it for.

There is an assumption here that everyone is on the same general career track (big 4, then industry) but thats just not the case, I wouldn't change a thing about my career and not a minute of it involved public accounting, only because this is the way I planned for things to work out for me and it did.

Licensed Massachusetts Non Reporting CPA since 2012
Finance/Admin/HR Manager

[Author]

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