Is There ANY advantage to being an accountant instead of an Investment Banker/Consultant
So, I didn't end up getting anything with a BB or consulting firm and it looking more and more like I'm probably doomed to be an accountant (at least for a bit until I can transition from an MBA), so I was wondering, is there really any benefit to being an accountant vs investment banker?
The only thing I can think of is that accountants can work anywhere, while bankers are mostly stuck in NYC, Houston, Chicago, San Fran and maybe Boston/LA. Other than that, they may work slightly less hours (than bankers, probably same as consultants), but its not enough to justify the lack of pay from not getting a nice bonus and exit opps aren't that great either. So yeah, anyone want to help me rationalize my failure a bit xD.
Btw, my goal is to be a officer at a F500 (so I guess I'm more consulting than banking), which I hear you can do from accounting, but consulting seems a helluva lot more fun and less mind-numbing than being an accountant.
Don't get yourself down, man.
Accounting may not have the glamour that people on this forum would attribute to banking or even consulting, but it's certainly stable, somewhat lucrative and in constant demand. As you stated, you can live wherever you'd like, too. You can even transition at various points in your career to other areas–be them in banking, law or industry.
All that said, accounting jobs aren't necessarily easy to get either, so you really ought to drive home the networking over the next few days, weeks and months to position yourself for whatever interviews they may have available.
I think it's important to note that what no homo says is mostly concerning Big 4 Accounting. You won't have the same opportunities coming out of a small accounting firm. Also, you probably won't be able to transition to law unless you have a JD.
If I had to do accounting, I would do Big 4 Transaction Advisory Services. It's the closest thing they have to IB, and probably has the best exit opps (for finance) Also, partners in the transaction group make 2x what audit partners make.
However, if your goal is to be a CFO one day, the audit track is probably the best way to go.
/wrists!!!!
I didn't get a Big 4 offer, just a regional firm.
Advantages:
Work Life Balance Job Security/Stability/Mobility Strong accounting foundation for CFO position Accounting chicks are usually hot People will think you're smart and ask you to do their taxes all the time Can avoid talking about your job b/c people will think it's boring
Yes, accounting chicks are generally very attractive. but once again, this is at Big 4 only so OP is fucked, lol. (jk)
if your offer isn't with Big 4 you are just going to have to try harder and network harder, that's all. good luck.
for the bolded ones: lol wut? Since when are accounting chicks hot (all the girls in my accounting class are DOGS and the hot ones are all majoring in management, marketing, international business, etc.), and since when are big 4 hours tolerable? Check this out: http://audit.wordpress.com/2006/11/10/holy-crap-this-really-sucks/
for the last one...I loled because its probably true.
I've seen way more stunners in accounting than in consulting or banking (where I can count them with one hand, and they usually lose their figures and tans pretty fast).
Accounting - advisory transition is pretty hard. In the US accounting pay is reasonable, outside it blows. Hours and politics usually suck, but you may strike the right team that gives you reasonable hours and keeps you happy, and as a result you won't mind a $50k salary and a $6k bonus.
Exit opps blow, so if you plan on going to B-school, you should definitely do lots of volunteer service and stuff outside. No one wants to hear about your job. I know a CBS admit who only got in after repeatedly emphasizing to adcom that he was on the Transaction Advisory Services (basically due diligence) side and not the audit side.
There is some potential to move into restructuring and investigations if you're a forensic accountant, and if you're REALLY good with transaction advisory services, there are some consultancies that have made a huge name for themselves by exploiting those skills (OW comes to mind).
where do you go to school? accounting chicks are usually way hotter than finance chicks
this is b/c most attractive girls aren't smart enough to understand things like the time value of money
for the record, on average the accounting chicks at my school is substantially more attractive than any of the banking/consulting girls (pwm girls are also pretty cute from my experience)
again, this is mostly based on a sample of my school and my internship in pwm a couple years back
Sorry to hear that man. Curious to know your GPA and school? Have you had any prior finance experience?
lol, they're dogs? oh i see... the hot (even dumber ones) are majoring in fluffier majors like "management"
well, the girls in your accounting class aren't necessarily the ones that get into accounting firms. those girls at your school represent a small subset of those that are actually in the workforce so I guess your school would be the dog contributing school.
he must go to school in the northeast somewhere if they are all dogs...
There are no considerable advantages and many disadvantages, especially given that it will not be at one of the big four.
Well, again, there's more things to life than money and a career. One of the advantages of an accounting firm is that there's a clear path to 40-50 hour weeks that make it easier to be a Dad/Husband. You don't get that at an investment bank. Many of my coworkers' families are unhappy about the fact that they only get to see Dad/Mom on the weekends, and when you start to think about what life is really supposed to be about, work tends to fall lower on the list than a lot of other things.
Accountants tend to have pretty stable jobs that sometimes even get more stable when a lot of big firms are declaring bankruptcy. They have time for a life outside of work. While the rest of the business world is having nightmares about their job or their families, accountants sleep pretty well. The work isn't that exciting, but the people I know find it rewarding to take care of clients, and they get to have lives outside of work that doesn't involve going to the bar with coworkers.
I don't want to get married/have kids, so that's another reason why I am looking to work long hours. All my friends will eventually get married and it'll become difficult to spend time with them, Therefore, being a consultant or banker, working long hours/traveling a lot, doing work I enjoy would help reduce the downtime, and I can always enjoy with friends when I take a vacation. I know this sounds weird, but if you've seen "Up in the Air", that lifestyle the dude has is basically my dream where you're never in the same place for too long (although I don't want to go around firing people or whatever the hell it was he did either).
So for me, work-life balance isn't that important. I just want to do work that I enjoy and that will keep me busy. Maybe I should apply for a MAcc and try to break into banking/consulting again then?
Traveling a lot in the beginning is fun. After awhile it becomes kind of tedious. Sleeping in hotels becomes the same. I still get the best rest in my own bed. Having a girlfriend to sleep with at home is nice as well. I am actually trying to travel less.
Movies and people's impressions glamorize things a lot.
The OP is not going to work for a Big 4
If you got a job at a big 4 firm, worked your ass off for 2-3 years, impressed some people and made some connections and passed the CPA exam I don't think you would be hurting yourself. If it is not your dream job, it is certainly a step in the right direction.
People will always try to scam on their taxes.
A good accountant is like your right hand, he can get to corners where the IRS cannot reach.
Don't worry, if you work for one of the Big 4 just go to the Marketing department, where all the hot chicks ultimately end up.
The advantage is that you can't possibly go any lower in life.
looool thanks ass.
But god dammit people, how many times do I have to say that I won't work at the Big 4 (unless I turn down the offer, apply for a MAcc and pray that I get into one that feeds well into the Big 4)?
I hardly think people are "stuck" in the major financial hubs of the United States.
Don't you have to get your CPA in order to advance? Doesn't that require a MAcc degree (for the 150 hours)?
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