[Pete]

Hey folks,

I’ve wanted to get into public accounting for a bit; however, I lack the 150 credit hours. I’ve tried on and off, since I graduated 6 years ago, but I’ve concluded it’s essentially impossible to get into a mid-sized to large firm, without those hours. I recently spoke to an old professor as well as forum members, who concurred with me. The problem i’m facing is that i’ve basically gotten pigeon-holed into private industry, within a small company.

Unfortunately, the barriers to entry to this field have become almost insurmountable. If i could turn back time, I would have entered the computer science field, since it doesn’t seem to have such a rigid set of requirements.

My past decisions are a sunk cost though (BEC term :)). Anyways, looking into the future, do you think it would be a smart move for me to get a job at a university, perhaps my Alma matter? I was investigating it, and they would cover 50% of my grad-school expenses. I’m almost done with the CPA examination (1 part to go), so i figured this might be a smart move. I’m also trying to get into a large company, which would offer grad-school reimbursement, but from what i’m seeing large companies typically require public accounting experience. Just a bit of a frustrating situation. I really don’t wanna dish out 40k+ for graduate school.

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

[Track55]

Try $110k at USC. But a Cal-State is around $40k.

If all you want is the units, you can do them online thru a city college. I also have 4 units of PE from a city college. You don't have to go to a university again.

If you want the masters, there are schools that will pay all of it if you take 6 units at a time as an employee. My Cal-State does and so does Columbia.

If you want a better job, you don't need a master's to move to a bigger company.

Personally, I would complete the exams, get the missing units at a city college and keep applying to large companies.

AUD - 99
BEC - 83
FAR - 86
REG - 92

California - Internal Audit

CPA since December 2016.

(took seven tries, 1 year 10 months).

AUD - 74, 99 !!
REG - 74, 92
BEC - 83
FAR - 73, 86

Studying for Ethics exam

California candidate
Business and Industry

[Anonymous]

A few thoughts…

– If you get a job at a college that offers a Master's you're interested in, you probably get it for free, rather than just 1/2 off. I work at a college now, and my dad has worked at colleges (and universities – I use the term interchangeably, don't tell my coworkers! haha) almost all of his career, and all the ones that I've been familiar with the employee benefits at offer free tuition for employees up to a certain number of credits per semester, usually something like 6 or 7 credits (12 per year), so plenty for a Master's program. If you're wanting to take the Master's through a different college, though, then they're more likely to just pay a portion of it or none of it at all. The college I'm currently at offers tuition exchange (aka covers tuition at other schools) for dependents for undergrad programs, but for graduate level it only covers tuition for the college's own programs, anything elsewhere is at the employee's expense. However, colleges usually pay less than other places of employment, so be prepared for job offers with salaries lower than you would expect. Also, at least in the college accounting positions that I've been familiar with, I've seen a habit of over-inflated titles. So, don't be afraid to apply to something with a title that seems 2 or 3 levels “above” you, cause the duties might be right on par with what you're doing right now in your job with a title 2 or 3 levels “below” the one you're applying to.

– Tuition reimbursement is offered by many many employers, but usually with a minimum commitment to continue working at said employer afterwards. For example, while I was an undergrad, I worked at a bank which offered tuition reimbursement up to the IRS maximum, but had a tiered reimbursement level if you left within 3 years after receiving the reimbursement. So, if you want tuition reimbursement, I think there's more options that you're recognizing.

– There's cheaper Master's programs out there. The one I have my eye on (the college I work at doesn't currently offer any business Master's) is Louisiana State University-Shreveport. AACSB-accredited MBA for about $13,000, all online, all fees included. The exact amount is like $13,258 or something like that, but $13,000 is pretty close. So, if you're considering switching jobs to get something that gives 1/2 reimbursement for a $40,000 program, then $13,000 is even cheaper!

– If you're more worried about the credits than the reputation of the school, there's smaller schools that are even cheaper. I'm not saying go somewhere with a bad reputation, but there's little schools that no one's ever heard of with cheap Master's programs. And…if your state doesn't require a Master's, you can get undergrad classes for even less.

[Thrawn]

You don't need a masters really, just take online classes to fill the gap cheaply.

BEC 87 Feb 14
REG 84 Apr 14
FAR 82 Nov 14
AUD 86 Feb 15

[pfloyd]

I took CLEP exams , they are basically entry level college exam high school students take each test is 3 credits and its only $20 per test

AUD - 86
BEC - 89
FAR - 75
REG - 79

B#### Don't Kill My Vibe

AUD 5/27/16 74 &#%!! 7/13/2016 86!
BEC 8/17/2016
FAR 11/04/2015 73, 1/4/2016 75 (phew!)
REG 2/26/2016 74. 4/2/2016 79

[pfloyd]

I took CLEP exams , they are basically entry level college exam high school students take each test is 3 credits and its only $20 per test

AUD - 86
BEC - 89
FAR - 75
REG - 79

B#### Don't Kill My Vibe

AUD 5/27/16 74 &#%!! 7/13/2016 86!
BEC 8/17/2016
FAR 11/04/2015 73, 1/4/2016 75 (phew!)
REG 2/26/2016 74. 4/2/2016 79

[Pete]

Thanks guys, I really appreciate all the help.

In terms of accounting positions at college, sure I would take them; however, they seem pretty sporadic, so I was considering just taking a registrar position full-time.

I checked my alma-matters policies and they state that for the first year, you can get classes at 50% off, but after this period, the discount rate increases, until the classes are completely free. I want to start taking the classes immediately though, so I can get my MBA asap (with the 150 hours), so I would offset the remainder of tuition expense with the school's salary. The other thing I was heavily considering was becoming a TA. My salary would then be abysmally low @ 10$/hour, but I would get free time tuition full-time (TAX FREE). If i get a job at the college, a portion of my free tuition will be taxable (i don't like paying taxes). Since both my parents and my sister went to the school in addition to myself, I might be able to negotiate in some extra benefits as well.

These clep things, I like… 100$ for 3 credits (just checked and they charge like 80$ per clep test) is a LITTLE cheaper than the 900$ my school charges for EACH CREDIT HOUR. I'm planning to take some “agriculture” classes soon, time to learn about farming.

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]

Let's try this another way. What is your end goal? Are you hoping to use public experience as a springboard to another role in another industry or do you see yourself staying in public for the duration of your career? (realizing that right now you're not 100% set on anything in particular.)

Its concerning to me to see graduates with a 1-3 year plan and nothing really after that (which, lets face it, is why you currently have a sunk cost). If you're looking to ride it out in Public for 5-10 years that may be your best option. If you're looking to be a controller eventually at a mid sized company you may be jumping through unnecessary hoops.

Old timer,  A71'er since 2010.

Finance manager/HR manager

 

 

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

[se98]

I work in private, and always have. The employers I have worked for would most likely think you having passed your exams is more impressive than having the credits, which they see as much easier to obtain. My current employer (a large public company) also offers tuition reimbursement, so I don't think you'd have any strikes against you for not having the 150 hours in, as long as you articulate that as a goal so that you could become licensed. I also don't think that you not having public accounting experience is holding you back from larger private companies, unless perhaps your experience requirement for licensure requires public accounting. If your end game is to work in a large private firm, I think you should stop worrying about public accounting and focus on looking for the existing opportunities in your area (or anywhere you'd move). They are out there, talk to a recruiter (a good one), go to networking events, etc.

I would also second (or third or fourth?) the online option for an MBA or MS if that is your goal. I received my MS in accounting from a brick and mortar school but doing all online classes and it was about $15k for the entire program and no GMAT (a huge selling point for why I chose that school).

Defining your goals as mla suggested will help you a lot in figuring out what steps you need to focus on. Think of it as a marathon not a sprint. You may not find your dream job tomorrow, but you may find something that bridges the gap, where if you put in a couple years of work, could lead you to your dream job.

AUD - 80
BEC - 77
FAR - 84
REG - 80

 

 

FAR 84
REG 7/2016
BEC 8/2016
AUD 10/2016

[Pete]

My issue is that I have been unable to get a single interview for a large company, since leaving the accounting firm, where I was at last year in June (due to a layoff). I'm getting incredibly frustrated as I've had 10+ interviews, including 3 or 4 second round interviews with nothing to show for it. Mind you, these are for jobs paying 50-60k, which is relatively low for the NY area and the number of years experience I've attained, over the years. I keep getting told that I either “lack the experience” or a cop-out (one place stated i gave excellent responses, but sounded a little nervous).

I'm having a difficult time believing it's purely my interview skills as I've gone on countless mock interviews, and most people have stated that i've done very well on them. I've even had an accounting firm tell me I interviewed very well, but they wouldn't pursue me because I lacked enough experience for an INTERNSHIP and the 150 credit hours. I also find it difficult to believe, if i'm getting numerous second round interviews, I just can't seem to seal the deal. I usually spend hours in front of a mirror preparing, as i'm socially weak. Maybe I am doing poorly on the interviews, just seems odd that I would do that poorly and get second round interviews. Last year alone, i've had 10+ interviews.

This year, i've been working with some headhunters as well (where i got 2 more interviews). I do need to network more though, i agree. In terms of networking, I'll usually approach people for an “informational interview.” I don't ask for a job, etc. How I landed the gig at the accounting firm last year.

To answer your question, my goal is to get some decent experiences for a few years, obtaining my license, then hop into private industry in a controller type of position. Ideally, I would want to work 40 hours/week making 100k+, but I think that goal is a pipe-dream.

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]

Taking a job in the registrar's office in order to advance your accounting career does not sound like a smart move in my opinion. It will make people question why you left the accounting field and why you're coming back later. Can you get a job despite such questions? Oh, absolutely, people do all the time. However, if you're already struggling to get a job, then adding something more that could cause your resume to end up in the “out” pile doesn't seem like a smart move.

The registrar's office has nothing at all to do with accounting, so would have the same equivalent on your resume of taking any other totally unrelated job – retail, sales, manufacturing, construction, medical assistant, etc., any other non-related field. If your goal is simply and exclusively the education assistance, then I'd again suggest you can get that elsewhere. If you can't get an accounting job, then consider non-accounting jobs elsewhere than the college that might pay better. Pay varies from place to place, but presuming you're looking at a job as an assistant to the Registrar (not the Registrar itself, since I assume that would require specialized requirements that you don't have, but I don't know your qualifications outside of accounting), you'd probably get paid as well working at the bank as working for the Registrar. If you struggle socially, then the social skills you'd gain working at a bank might be a very valuable asset for you when you go back to accounting, and I think a banking job would be viewed as more accounting-related. Also, there's many national banks that have local offices that would offer educational assistance.

The more important issue to look at, though, is the issue of what's actually holding you back. You said you've gotten cop-out responses that you don't think are really the reason. Do you think the 150 really is the reason? Or do you think there's something else that you're missing? Given that you're called back for a 2nd round interview, I don't think it's the 150. They knew probably before the 1st interview, but definitely before the 2nd, that you didn't have the 150. So, there's something other than that which is preventing you from getting the job.

Also, it's a competitive job market. They may easily call in 3 or 4 people or more for 2nd round interviews for a single open position. So, 3 or 4 2nd round interviews means you're still within the statistics of what has to be the average number of 2nd round interviews before a person gets a job. Yeah some people get a job after 1, but others get a job after 15, and the average has to be around 4 or 5 if they call in 4 or 5 people for 1 position. Given that you're in NY, I assume there's a relatively active job market (given you've had 10+ interviews, it's definitely more active than the one where I live – there haven't been 10 accounting jobs posted around here, let alone the ability for a single individual to qualify to interview for all 10 within a year!), so it may just be that you're still working on getting the statistics in your favor to have applied to and interviewed for enough to get your shot again. I'm presuming based on your most recent post that you're currently unemployed. If so, that definitely works against you, so your statistics will be higher than those of an employed person, but it could be that you're simply stuck in the statistics and don't have anything wrong at all.

P. S. I'm a Controller at an NFP college, which is supposed to be the type of place where you could have a 40 hrs/wk Controller job, though national average is below $100k unless you're at a doctorate-level or research university ( https://www.higheredjobs.com/salary/salaryDisplay.cfm?SurveyID=30 )…and even in an NFP college environment, it's not a 40 hrs/wk job. 😐 Officially I'm scheduled at 37.5 hours per week, but I think I've only worked 1 week like that in the time I've been here. That's been my biggest disappointment about this job, that the work-life balance hasn't been as promised. Last night I was here till 11 pm. I still have a dream that 40 hr/wk jobs exist (at least most weeks of the month – a week for closing the month with reasonable overtime is OK, and extra closing the year), but I think it has to be below the Controller level. The people in our accounting department in lower positions do stay within their 37.5 hour week the majority of the time, but their wages based on the salary linked above would be in the $40-60k/yr range. Note in case anyone I know sees this: wages where I live are extremely low, so my salary is nothing like the one linked, but national averages are more useful to use when discussing things on a national board…

[Author]

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