Having become interested in economics/finance over the last year I’ve thought about going back to school for it. The problem of course being that it appears to be a pretty shitty time to be working the financial sector right now.
According to the guy I look up to, Peter Schiff, things are going to get worse rather than better, so it may be an unwise career choice. What sayeth ye?
Bad idea. I’d say it ranks down there with real estate and porn shop janitor at this point.
I say, there’s no time like the present. Bad markets like good markets come and go, and you need to find clients for the long haul.
I actually started going back to school this fall. The plan was to go for an Accounting degree, but I’m definitely having my doubts. Not just because of the current crisis, though it does weigh into my indecesion.
Someone will need to restructure and repopulate the finance vacancies at some point. Might not be a terrible idea.
Economics/Finance would not be as valuable as an accounting background at the undergrad level. If you stick it out thru Grad School then Finance is the ticket.
We’ve had worse markets. The media is driving a full blown hissy fit over the economy right now. It will pass. My guess is sometime after Jan. 20th the media will start singing a happier tune.
i have about as much affection for accounting as i do for smashing my nuts with a hammer
Go into accounting, my accounting professor this semester kept telling us that regardless of whatever economic ‘crisis’ we are in, the demand for accountants is always high.
He also said that the Obama administration will probably be just as good for accountants as SOX was. Every time they go screwing around with the tax code… Accountants always work more.
It isn’t the sexiest profession by far, it can be downright boring, monotonous, tedious, etc… But it is a stable career that will always be in demand. And for some people like me, it seems to be the only thing I am actually semi GOOD at.
I haven’t totally written Accounting off, but I’m actually considering becoming a RN. The ‘monotonous’ warnings are what’s causing me the most doubt, as far as Accounting goes.
I’d go with Accounting as far as stability goes. As long as SOX is in place, auditors and accountants will always be needed. With Obama and his liberal Congress, there will definitely be more regulation and oversight.
I will say though, that unless you get into the private sector, you will be working 70 hour weeks entry-level and beyond.
Also, for those addressing the monotony of it, you don’t have to be stuck at staff level for your whole life. If you get into the private sector, you can gather enough experience to work your way up into top management.
Economics/Finance might be worth it if you went to grad school. The same goes here…experience is key. If you go for it, get an internship as soon as you can.
[quote]theOUTLAW wrote:
I’d go with Accounting as far as stability goes. As long as SOX is in place, auditors and accountants will always be needed. With Obama and his liberal Congress, there will definitely be more regulation and oversight.
I will say though, that unless you get into the private sector, you will be working 70 hour weeks entry-level and beyond.
[/quote]
Auditors were needed before SOX, and will be “after”. It’s not going anywhere, testing will fade, but the concepts will stay. Auditing is about much more than SOX.
70 hour weeks? More like 60 or 65 and only in the season, and only in small successful firms (less than 100 people.) Larger firms have so many people the hours are less on average. The season generally runs from January 15th to April 15th. Yes the hours are nuts, but only for those weeks, it’s 40 to 50 hours otherwise.
On top of the fact ANYONE in ANY profession that is going to be successful is going to work more than 2080 hours a year. Public accountants just have it packed in 15 or so weeks.
Accounting is only mundane the first few years, while you’re building you’re technical base. After you’re 3rd year it becomes a whole new world. (This assumes you don’t go big firm. Big firm = ultra bored. You do the same small portion of a job over and over for years.)
If anyone goes into private without public experience and a CPA, they will almost never become top accounting management. Most CFO’s and Controllers are burnt out public rejects with their license, that were hired over someone with more experience in the company.
Go public, and go smaller firm. After your second season you will know if it is for you or not.
[quote]Sloth wrote:
I haven’t totally written Accounting off, but I’m actually considering becoming a RN. The ‘monotonous’ warnings are what’s causing me the most doubt, as far as Accounting goes. [/quote]
Study engineering. You get to build crap. Nursing’s pretty good too, but you need the mindset.
[quote]Sloth wrote:
The ‘monotonous’ warnings are what’s causing me the most doubt, as far as Accounting goes. [/quote]
Debits and credits are boring. Stay the fuck out of private.
Tax can be boring too, until you get into the upper level shit. I tell you what, as nerdy as it sounds, preping the return for my VC client with 300,000,000 of taxable income, that will complain about rounding a single dollar is kind of fun. Filling out some crazy ass forms on a 1,300 page 1065 is actually fun, when you understand all 1,300 pages.
Audit is boring until you get into the upper level shit.
Accounting is like a Frat house. You get shit on your first few years, but if you make it through, your golden. Your knowledge base becomes so expansive it is amazing. Just stay in a smaller firm, around 100 people or less. (Mine has 20, and I would gamble I’m better at my job than someone with twice my experience at a Big 4 firm.)
Just keep in mind, we are switching to international standards in 2014. So some of what your learning now will change. I feel for any freshman in Accounting right now. A lot of rules will change. (I believe it will be less stringent, and lead to major issues, but that’s just my opinion, and I haven’t read all teh details yet.)
Oh, and get as close to your 150 credits as possible before you start full time. Taking 3 grad classes at a time and working full time is a bitch.
[quote]skaz05 wrote:
And for some people like me, it seems to be the only thing I am actually semi GOOD at.[/quote]
It’s not as boring as it seems now in real life, and if your good now you’ll be fine, and enjoy your career.
Do something you will enjoy and be passionate about.
[quote]countingbeans wrote:
theOUTLAW wrote:
I’d go with Accounting as far as stability goes. As long as SOX is in place, auditors and accountants will always be needed. With Obama and his liberal Congress, there will definitely be more regulation and oversight.
I will say though, that unless you get into the private sector, you will be working 70 hour weeks entry-level and beyond.
Auditors were needed before SOX, and will be “after”. It’s not going anywhere, testing will fade, but the concepts will stay. Auditing is about much more than SOX.
[/quote]
Yes. I agree that auditors were and will always be needed, but at this point, auditing is not about much more than SOX. Companies are more willing to spout off large sums of money to be compliant, and sometimes way overboard(“the better safe than sorry mantra”), especially with new registrants. No one wants to end up in prison.
True…but let us not forget that billable hours are billable hours. No one likes a “low-biller.”
Agreed. I believe that going public at first is beneficial, since you get an inside look at the operations of several companies. Down the road though, unless you see yourself becoming a partner, corporate is the way to go. These burnt out rejects make bigger bank than any non-partners I know, even if some of them are half-retarded.
[quote]belligerent wrote:
Having become interested in economics/finance over the last year I’ve thought about going back to school for it. The problem of course being that it appears to be a pretty shitty time to be working the financial sector right now.
According to the guy I look up to, Peter Schiff, things are going to get worse rather than better, so it may be an unwise career choice. What sayeth ye?[/quote]
Capital markets will need a lot of rebuilding, much like the nation’s physical infrastructure. I would think that someone who could help in the process would be in demand, much as a civil engineer will be.
[quote]belligerent wrote:
i have about as much affection for accounting as i do for smashing my nuts with a hammer[/quote]
I hated my first couple of courses in accounting. I had a real douche for a professor. Unfortunately an understanding of accounting is vital to a career in finance. The more fluent you are in the language of accounting the more you will understand.
As an RN I will tell you that the job market is getting tighter, the Nursing shortage isn’t what it was 5 years ago.
The hours are long, most places are 12 hour shifts.
The pay is good, I pulled 6 figures last year but I worked my ass off.
There is still money to be made if you want to travel, but there is this big “customer service” push now. More hand holding. Not only are you expected to save someone’s ass but kiss it too.
If you decide to go the Nursing route learn as much as you can, get as many certifications as possible and like any other buisness…network,network,network. It’ll make you more marketable and give you more opportunities.
For what it’s worth.
BK
[quote]theOUTLAW wrote:
auditing is not about much more than SOX.
[/quote]
This might be the most wrong thing I have read this week.
Do you know what an audit is? What GAAS is?
Your statement is flat out wrong, and I do believe you lack a basic understanding of what an audit even is.
Oh and by the way, you can comply with SOX 100% and still go straight to prison.
As far as billable time… You don’t understand billing clients yet either. It isn’t always about “billable” v. “non-billable” hours. It matters, but it doesn’t mean a firm is going to push you to work retarded hours for the sake of upping billable hours. Clients are only going to pay so much. I don’t give a fuck if you bill them for 300 or 500 hours, they will only pay so much.
And as far as going corporate, and not going public if you don’t want to be partner… One principle in my firm this year, got a new Expedition, 200,000 salary, a bonus over 100K, and a Rolex. Nah you don’t make shit for money unless your a partner. BLAH. Dude I make more than both my parents combined as a senior. My buddy who works in private, and has almost the exact amount of time in, makes 15,000 less than I do.