I dunno if you guys heard but the profession is getting old. Just in case all the liver-spotted Cryptkeepers haunting accounting firm halls didn’t give that fact away, we have almost daily reminders from the AICPA that CPA exam candidate numbers are down and future accounting grads are in need of new professors to take […]
This is the latest post from Dr. Emelee, a former Big 4 employee who is in process of obtaining his PhD. Read the rest of his posts here. The first year of a doctoral program is rough. Public accounting experience will make the transition easier in a lot of ways because ridiculous hours, lots of […]
From “sometimes” GC reader JB (ever get the feeling like you’re being used for your snark and career advice?):
I finished up a Ph.D. in East Asian Languages and Civ. from Harvard, speak and read Chinese proficiently (non-native), and I absolutely hate academia. I’m getting out, and that’s that. I know–why invest 10+years of your life in a field getting a Ph.D. if you hate it? Well, it’s too late to change that, and I finished because I wasn’t going to throw away a Ph.D. from Harvard.
My problem is that I need to do something practical in life and fast. I’m old–36–and I’ve been thinking about getting a JD or a Masters in Public Accounting. It seems like the job market is shot for attorneys for the fu about accounting? Perhaps some of your readers are ex-accountants who moved to law and could shed some light on the current state of both fields? I was thinking about doing the 18 month Masters in Public Accounting at a place like McCombs. Would you and your readers have any thoughts about one’s employability after finishing that program in the current job market?
Okay, lots to digest here. We’ll tackle the accounting angle first:
McCombs is a good choice but make sure you check out their pre-enrollment requirements. We’re guessing your East Asian Languages background doesn’t cover Macroecon, Microecon, Stats or Intro to Financial Accounting.
That being said, if you do choose the accounting route, some might say a Masters in Accounting is useless while others will say it was the best decision they made. The usefulness you get out of it depends on your intentions, which are wholly unclear. Do you actually want to be a CPA or do you just want a job? Going back to school will at least get you in front of the Big 4 recruiters but they’d much rather take a 20-something with bad social skills and a stellar GPA over a 36 year old with one PhD to his name who A) probably has already formulated his views on the world and is therefore not so easy to persuade any other way and B) could easily leave them the minute the job market picks up for something bigger and better. Your language skills are extremely attractive however, so if you were interested in working in Asia (granted, this is probably a number of years into your accounting career) that could play in your favor.
Accounting programs are not pimped and packaged like law programs, so there are fewer grads looking for jobs but in the United States being able to sue someone is a far greater skill to have than being able to depreciate someone’s PP&E so there are more law positions to lose. Check out our recent post on CPAs thinking about law school and you’ll find most lawyers (the non-CPAs, mind you) that jumped in the discussion would have done things differently. Spend five minutes perusing Above the Law Editor Elie Mystal’s posts and you’ll change your mind pretty quickly about pursuing a law degree. Again, your language skills are a big plus, play that up.
To answer your question directly, the MAcc route is your best bet. However, you’re swimming an uphill battle trying to elbow your way into public accounting. I used to scratch my head wondering why some truly intelligent, qualified individuals couldn’t seem to find a job then it dawned on me that the firms like someone blank and pliable, not a free-thinker with goals that aren’t easily molded to meet their careful definitions of “work-life” and “life in general”.
If you play the game and don’t try to appear too ambitious, you might have a shot in public. But you’re better off figuring out what you actually want to do with your life and not wasting another 10 years working up towards making that decision. Good luck.