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Any accountants on PP from whom one can obtain career advice from?

Savak

Savak

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Looking forward to getting career advice from accountants on PP especially those in Canada and the US
 
Savak said:
Thats nice to hear. You must have the CA or ACCA designation. Do you work for an accounting firm?
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Yeah i am ACCA and work for an audit firm.

Are you studying towards an accountancy qualification?
 
I am a CPA in the United States.Please message me and let me know what you need to know.
 
I'm working in Pakistan (Industry with ACCA Approved Employer). What help do you need?
 
A brief background, i completed my Bachelors and MBA from IBA in Pakistan in 2010. I then immigrated to Canada in 2012 after having worked in a bank in Pakistan for 2 years.

When i decided to pursue the accounting field and main accounting designation in Canada i.e. CPA way back in 2012, i did it primarily because of family pressure as everyone has this idea that is the golden ticket to riches. I also went through the main accounting bodies brochures in Canada back then where they constantly presented statistics i.e. the average salaries CPA's make upon designation, in 5 years and in 10 years i.e. $120,000-140,000 plus and how the designation open's doors for you. Ideally speaking one should do what they love to do and have a passion for but that was not the case with me, i followed the herd and of course my parents themselves being highly successful doctors kept impressing on me on the need to constantly upgrade your skills and qualifications in today's very competitive world where just a simple Bachelors or Masters was not enough and given that all my aunts, uncles were PHD graduates from the top notch universities, there was that pressure to keep up. The other problem was that i was always a very shy, introverted individual and my social skills were far from ideal and it was always drilled in me that i would be a complete misfit for a sales, marketing role and that i was far better off doing something like numbers crunching, something that was prescribed and involved basic compliance and therefore accounting was a better fit for me and my personality. Bottomline is i didn't put a lot of thought into what impact my decision to pursue this field would have in the long run for me back then and had i known the true realities of what life in an accounting was like back then and had i known what i would go through, i may have made a different decision in hindsight.

I have worked in accounting in an accounting firm environment for 4 years now and i am approaching my 5th busy season as the tax filing deadline in Canada is April 30th. Since 2015, i have worked in 5 small sole practictioner accounting practices where i quit one firm and got fired from 4 others. I had absolutely zero idea about the pressure cooker working environment realities of accounting firms. It was way too fast paced for my liking, no concept of training and mentorship, you were basically thrown into things from day one, files were slammed on your desk from day one and then it was basically sink or swim. Having a really bad senior or manager or partner to report too makes the problem ten times worse and can really break and shatter your confidence.

The present accounting firm i am working for is a mid sized accounting firm and it is the largest and the best accounting firm i have worked in so far in my career for now where even though the work can be stressful at times, the working environment i have to say has been the best so far.

Unlike a few people i was fortunate enough to break into various different accounting firms but the bulk of my experience has strictly been related to Personal Tax Returns, Corporate Tax Returns, Notice to Reader Engagements, Financial Statement Preperation and Year Ends, Book Keeping tasks, Doing supporting work related to Tax Reviews, Audits for Personal and Corporate Tax Clients. The vast majority of customers i have dealt with all individuals and small business corporate clients. The biggest frustration is dealing with messy, unorganized small business clients and figuring out the errors they have made and then trying to correct them and fix their books. The other frustrating thing is that most firms don't charge them as much as they should for clients with messy documents, files and the end result is that the pressure falls on me to try to do the work accurately, fast, efficiently in record time when at times its not humanly possible and unnecessarily increases the stress level on me.

I was diagnosed with Aspergers Syndromme a few years ago and the reality of this problem catches up on me at times, it is very hard for me to work in a highly fast paced environment, it is a big struggle for me at times to note down super fast, highly technical instructions word for word with 100% accuracy and sometimes that can result in mistakes. I have found a way around it which works for me but there are times like right now in busy season where there is such a high volume of work and where everyone is on edge and under stress that it is not humanly possible to not miss something, or to not misunderstand an instruction and boy when that happens, you get roasted even if you have done a great job on 100-200 files and tasks before.

This is my biggest frustration with working for an accounting firm, you can do a great job on 100-200 files before, but one mistake and it gets highlighted and you are put on edge that you are going to be kicked out any second should the person you are reporting too lose it. The other biggest stress and frustration is that you are constantly working on so many files day in, day out and out of the blue your manager, partner calls you and starts querying you on a file you worked on 5-6 months ago and starts asking questions and you have to urgently refresh your memory in terms of what you were thinking off at the time when you worked on that file. The other frustration i have is that you have managers who themselves are extremely unorganized, who don't put in the time, effort to streamline things in advance so that we are prepared to handle things when the volume comes in during busy season and the end result is they end up taking their stresses and frustrations out on you. For e.g. just today my boss out of no where mentioned he gave a few files with respect to a couple of clients a month ago and i know full well he didn't and i would have remembered it or known about it if he did, he unnecessarily put me under pressure for one whole hour blaming me for misplacing the files apparently whereas i knew for a fact that he never gave me the files he was talking about, after coming to my desk and searching for it myself, he had no choice but to accept that perhaps he was mistaken and that he never gave me the files in the first place. But this is just an example of the stupid stressful things i have to underservedly deal with it and put up with and it really gets to me now.

By nature i am a very calm, easy going guy. I don't like confrontration and i am the first person to make peace and pacify a situation and with that i know full well that in the professional workplace you cannot disrespect hierarchy and given that i have been fired before in the past i.e. 4-5 times in Canada, some in very very brutal circumstances, i know full well if you **** off, offend, upset your seniors, boss, they can become very vindictive and personal and regardless of whether you are decently competent at your job, in a desire for vengeance they can kick you out any second and half you replaced in a jiffy given the massive number of fresh accounting graduates in the market available. This is why i have developed the attitude and ability to control my stresses, emotions, frustrations at the work places with my seniors and bosses and do whatever it takes to suck it up.

However, the other reasons why i am this way is sympathetic and emphatetic as well. I have seen seniors, managers and senior managers in the firms work under severe stress for partners and a lot of them don't have any lives outside work, they have a lot of responsibilities and i have seen spend insane amounts of time working away late at night even outside busy season. Intitially i was thinking as i was going through my accounting journey that i will get as much experience in an accounting firm, get my designation and then one day look to open my own practice but now i am not so sure.

I have been questioning myself for a long time whether this is what i really want for myself down the line in the future, the answer is No, Hell No certainly not for an accounting firm. One can make $80,000-100,000-120,000 a year but it is not worth it if you are working late hours almost everyday and working from home even and are always on edge.

My family circumstances have changed now as well, i will definately be getting married next year and i have one parent who is extremely unwell and i need to be around for her and cannot be stuck in the office working away till late hours and even working on Saturdays for a measly annual salary less than $40,000. Initially my plan was to stick to an accounting firm for at most another 4-5 years, to try and get some experience related to Audit and Review Engagements, try to get exposure on how to deal, negotiate and talk to clients and then explore the possibility of opening my accounting practice from home. I felt this route would be a better idea for me given that at the age of 34-35, the Big 4 route was not worth it and the hours are not going to be any better over there either and the amount of work you will be forced to do will be way more than your compensation.

But now i am having second thoughts as to whether will it be as easy or lucrative as one thinks, will it be any less stressful as working for another accounting firm. The other option i was considering is after obtaining the CPA designation, was to obtain the US CPA designation and if my family circumstances are such that if i need to move back to my home country i.e. Pakistan, then i would look into getting into the education industry where i can consider teaching accounting and related subjects to students in different high schools, universities and maybe even offer private tuitions to ACCA students. I thought that perhaps acquiring the Canadian CPA, US CPA and maybe ACCA qualification combined with my MBA from IBA and working in different accounting firms in Canada for a number of years might help give me some credibility. I believe this route would give me a better chance of helping me to maximize my potential and earning capacity rather than aimlessly working 10-12 hours a day for an accounting firm being paid a very measly salary and dealing with too much fast paced stress, time pressures and deadlines which i will not be able to cope with in the long run. Besides at the age of 35 now, i don't think trying to aim for a career in the big 4 is wise because working in the big 4 will mean working away very very long hours on a frequent basis.

So bottom line, i now need to make smart and best decisions for myself given my circumstances. If i am going to be staying and living in Canada, US for the rest of my life, then maybe i can think about working for another 3-5 years in an accounting firm and try to get more experience and then gradually take steps to try to establish my own accounting practice at home and see how it goes. The other option is to try and get into the govt i.e. CRA or Auditor General's office, enjoy a very good work life balance and then use the extra time to get into teaching like i know some people do and this way they manage to augment their incomes.

In the scenario if i am required to move back to Pakistan, then i think working for a company in Pakistan will be a backward step and the better idea would be to try and get into the education industry.

Thought i would atleast get some feedback, tips and advice from experienced accountants here.

I am really looking forward to suggestions and feedback from accountants because the accounting firm life is now really getting to me, it feels like torture having to deal with the stress now and i am desperate to find a way out for myself and not go on aimlessly forever.
 
Savak said:
A brief background, i completed my Bachelors and MBA from IBA in Pakistan in 2010. I then immigrated to Canada in 2012 after having worked in a bank in Pakistan for 2 years.

When i decided to pursue the accounting field and main accounting designation in Canada i.e. CPA way back in 2012, i did it primarily because of family pressure as everyone has this idea that is the golden ticket to riches. I also went through the main accounting bodies brochures in Canada back then where they constantly presented statistics i.e. the average salaries CPA's make upon designation, in 5 years and in 10 years i.e. $120,000-140,000 plus and how the designation open's doors for you. Ideally speaking one should do what they love to do and have a passion for but that was not the case with me, i followed the herd and of course my parents themselves being highly successful doctors kept impressing on me on the need to constantly upgrade your skills and qualifications in today's very competitive world where just a simple Bachelors or Masters was not enough and given that all my aunts, uncles were PHD graduates from the top notch universities, there was that pressure to keep up. The other problem was that i was always a very shy, introverted individual and my social skills were far from ideal and it was always drilled in me that i would be a complete misfit for a sales, marketing role and that i was far better off doing something like numbers crunching, something that was prescribed and involved basic compliance and therefore accounting was a better fit for me and my personality. Bottomline is i didn't put a lot of thought into what impact my decision to pursue this field would have in the long run for me back then and had i known the true realities of what life in an accounting was like back then and had i known what i would go through, i may have made a different decision in hindsight.

I have worked in accounting in an accounting firm environment for 4 years now and i am approaching my 5th busy season as the tax filing deadline in Canada is April 30th. Since 2015, i have worked in 5 small sole practictioner accounting practices where i quit one firm and got fired from 4 others. I had absolutely zero idea about the pressure cooker working environment realities of accounting firms. It was way too fast paced for my liking, no concept of training and mentorship, you were basically thrown into things from day one, files were slammed on your desk from day one and then it was basically sink or swim. Having a really bad senior or manager or partner to report too makes the problem ten times worse and can really break and shatter your confidence.

The present accounting firm i am working for is a mid sized accounting firm and it is the largest and the best accounting firm i have worked in so far in my career for now where even though the work can be stressful at times, the working environment i have to say has been the best so far.

Unlike a few people i was fortunate enough to break into various different accounting firms but the bulk of my experience has strictly been related to Personal Tax Returns, Corporate Tax Returns, Notice to Reader Engagements, Financial Statement Preperation and Year Ends, Book Keeping tasks, Doing supporting work related to Tax Reviews, Audits for Personal and Corporate Tax Clients. The vast majority of customers i have dealt with all individuals and small business corporate clients. The biggest frustration is dealing with messy, unorganized small business clients and figuring out the errors they have made and then trying to correct them and fix their books. The other frustrating thing is that most firms don't charge them as much as they should for clients with messy documents, files and the end result is that the pressure falls on me to try to do the work accurately, fast, efficiently in record time when at times its not humanly possible and unnecessarily increases the stress level on me.

I was diagnosed with Aspergers Syndromme a few years ago and the reality of this problem catches up on me at times, it is very hard for me to work in a highly fast paced environment, it is a big struggle for me at times to note down super fast, highly technical instructions word for word with 100% accuracy and sometimes that can result in mistakes. I have found a way around it which works for me but there are times like right now in busy season where there is such a high volume of work and where everyone is on edge and under stress that it is not humanly possible to not miss something, or to not misunderstand an instruction and boy when that happens, you get roasted even if you have done a great job on 100-200 files and tasks before.

This is my biggest frustration with working for an accounting firm, you can do a great job on 100-200 files before, but one mistake and it gets highlighted and you are put on edge that you are going to be kicked out any second should the person you are reporting too lose it. The other biggest stress and frustration is that you are constantly working on so many files day in, day out and out of the blue your manager, partner calls you and starts querying you on a file you worked on 5-6 months ago and starts asking questions and you have to urgently refresh your memory in terms of what you were thinking off at the time when you worked on that file. The other frustration i have is that you have managers who themselves are extremely unorganized, who don't put in the time, effort to streamline things in advance so that we are prepared to handle things when the volume comes in during busy season and the end result is they end up taking their stresses and frustrations out on you. For e.g. just today my boss out of no where mentioned he gave a few files with respect to a couple of clients a month ago and i know full well he didn't and i would have remembered it or known about it if he did, he unnecessarily put me under pressure for one whole hour blaming me for misplacing the files apparently whereas i knew for a fact that he never gave me the files he was talking about, after coming to my desk and searching for it myself, he had no choice but to accept that perhaps he was mistaken and that he never gave me the files in the first place. But this is just an example of the stupid stressful things i have to underservedly deal with it and put up with and it really gets to me now.

By nature i am a very calm, easy going guy. I don't like confrontration and i am the first person to make peace and pacify a situation and with that i know full well that in the professional workplace you cannot disrespect hierarchy and given that i have been fired before in the past i.e. 4-5 times in Canada, some in very very brutal circumstances, i know full well if you **** off, offend, upset your seniors, boss, they can become very vindictive and personal and regardless of whether you are decently competent at your job, in a desire for vengeance they can kick you out any second and half you replaced in a jiffy given the massive number of fresh accounting graduates in the market available. This is why i have developed the attitude and ability to control my stresses, emotions, frustrations at the work places with my seniors and bosses and do whatever it takes to suck it up.

However, the other reasons why i am this way is sympathetic and emphatetic as well. I have seen seniors, managers and senior managers in the firms work under severe stress for partners and a lot of them don't have any lives outside work, they have a lot of responsibilities and i have seen spend insane amounts of time working away late at night even outside busy season. Intitially i was thinking as i was going through my accounting journey that i will get as much experience in an accounting firm, get my designation and then one day look to open my own practice but now i am not so sure.

I have been questioning myself for a long time whether this is what i really want for myself down the line in the future, the answer is No, Hell No certainly not for an accounting firm. One can make $80,000-100,000-120,000 a year but it is not worth it if you are working late hours almost everyday and working from home even and are always on edge.

My family circumstances have changed now as well, i will definately be getting married next year and i have one parent who is extremely unwell and i need to be around for her and cannot be stuck in the office working away till late hours and even working on Saturdays for a measly annual salary less than $40,000. Initially my plan was to stick to an accounting firm for at most another 4-5 years, to try and get some experience related to Audit and Review Engagements, try to get exposure on how to deal, negotiate and talk to clients and then explore the possibility of opening my accounting practice from home. I felt this route would be a better idea for me given that at the age of 34-35, the Big 4 route was not worth it and the hours are not going to be any better over there either and the amount of work you will be forced to do will be way more than your compensation.

But now i am having second thoughts as to whether will it be as easy or lucrative as one thinks, will it be any less stressful as working for another accounting firm. The other option i was considering is after obtaining the CPA designation, was to obtain the US CPA designation and if my family circumstances are such that if i need to move back to my home country i.e. Pakistan, then i would look into getting into the education industry where i can consider teaching accounting and related subjects to students in different high schools, universities and maybe even offer private tuitions to ACCA students. I thought that perhaps acquiring the Canadian CPA, US CPA and maybe ACCA qualification combined with my MBA from IBA and working in different accounting firms in Canada for a number of years might help give me some credibility. I believe this route would give me a better chance of helping me to maximize my potential and earning capacity rather than aimlessly working 10-12 hours a day for an accounting firm being paid a very measly salary and dealing with too much fast paced stress, time pressures and deadlines which i will not be able to cope with in the long run. Besides at the age of 35 now, i don't think trying to aim for a career in the big 4 is wise because working in the big 4 will mean working away very very long hours on a frequent basis.

So bottom line, i now need to make smart and best decisions for myself given my circumstances. If i am going to be staying and living in Canada, US for the rest of my life, then maybe i can think about working for another 3-5 years in an accounting firm and try to get more experience and then gradually take steps to try to establish my own accounting practice at home and see how it goes. The other option is to try and get into the govt i.e. CRA or Auditor General's office, enjoy a very good work life balance and then use the extra time to get into teaching like i know some people do and this way they manage to augment their incomes.

In the scenario if i am required to move back to Pakistan, then i think working for a company in Pakistan will be a backward step and the better idea would be to try and get into the education industry.

Thought i would atleast get some feedback, tips and advice from experienced accountants here.

I am really looking forward to suggestions and feedback from accountants because the accounting firm life is now really getting to me, it feels like torture having to deal with the stress now and i am desperate to find a way out for myself and not go on aimlessly forever.
Click to expand...

The grass always seems greener from the other end. I have briefly done sales and trust me; its not a nice job.

You come from a strong financial background (family); why don't you explore in becoming self employed. Get some funding of your parents and start a business. It can be a business in Pakistan. You will always have accounting if things don't work out. May be get into properties and build a portfolio which will generate income from rents. I believe that money is everything and we only work for money.

I do understand the stress aspect as I am going through the same issue at work. Luckily for you; you have four years experience; something I don't have atm. Dont waste your time and seek alternative ways to generate a steady income so you are liberated from the corporate world. Stop following what others want from you as everyone is different and we all know what will improve our lives and make us happy.

I hope I helped :) Ps: I am not an accountant:)
 
King-Misbah said:
The grass always seems greener from the other end. I have briefly done sales and trust me; its not a nice job.

You come from a strong financial background (family); why don't you explore in becoming self employed. Get some funding of your parents and start a business. It can be a business in Pakistan. You will always have accounting if things don't work out. May be get into properties and build a portfolio which will generate income from rents. I believe that money is everything and we only work for money.

I do understand the stress aspect as I am going through the same issue at work. Luckily for you; you have four years experience; something I don't have atm. Dont waste your time and seek alternative ways to generate a steady income so you are liberated from the corporate world. Stop following what others want from you as everyone is different and we all know what will improve our lives and make us happy.

I hope I helped :) Ps: I am not an accountant:)
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As if life as a self employed person is easy. It will all depend on what you are offering to the public, being a highly qualified experienced accountant, lawyer with years of quality experience and someone with not that much experience are two different things.

Secondly, my mom is very unwell, i want my dad to enjoy a comfortable, stress free environment with the maximum resources, facilities available to my mom for her care. Il struggle, plod and try to whatever i can on my own.
 
Savak said:
As if life as a self employed person is easy. It will all depend on what you are offering to the public, being a highly qualified experienced accountant, lawyer with years of quality experience and someone with not that much experience are two different things.

Secondly, my mom is very unwell, i want my dad to enjoy a comfortable, stress free environment with the maximum resources, facilities available to my mom for her care. Il struggle, plod and try to whatever i can on my own.
Click to expand...

I understand your situatuon; you don't have to offer a professional service. Good luck with everything :)
 
Savak said:
As if life as a self employed person is easy. It will all depend on what you are offering to the public, being a highly qualified experienced accountant, lawyer with years of quality experience and someone with not that much experience are two different things.

Secondly, my mom is very unwell, i want my dad to enjoy a comfortable, stress free environment with the maximum resources, facilities available to my mom for her care. Il struggle, plod and try to whatever i can on my own.
Click to expand...

Good observation, I own my own firm and rather than just focusing on one job you have to know all of them (marketing, sales, networking, economics, plus your regular knowledge base).

One thing I could suggest to you is going the US CPA route and then looking at going into a government position. The government jobs are not as demanding as working in the private sector and your benefits are better, even if you're not paid as much. As of last year the US and Canada signed a mutual recognition agreement (MRA) that will enable you to get the CPA license relatively quickly as long as you meet the requirements.
Here's the link: https://www.cpacanada.ca/en/become-...nal-designations/canadian-cpas-seeking-us-cpa

Hope things work out for you.
 
zn426 said:
Good observation, I own my own firm and rather than just focusing on one job you have to know all of them (marketing, sales, networking, economics, plus your regular knowledge base).

One thing I could suggest to you is going the US CPA route and then looking at going into a government position. The government jobs are not as demanding as working in the private sector and your benefits are better, even if you're not paid as much. As of last year the US and Canada signed a mutual recognition agreement (MRA) that will enable you to get the CPA license relatively quickly as long as you meet the requirements.
Here's the link: https://www.cpacanada.ca/en/become-...nal-designations/canadian-cpas-seeking-us-cpa

Hope things work out for you.
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I think this is a good practical option, govt jobs in Canada and the US are a much better option compared to Pakistan. The plan is definately to first obtain the Canadian CPA designation and then the US CPA designation. I am going to try and see if i can somehow get into the CRA.
 
I will suggest working for a listed entity with good family like work culture.

Where workflows are defined and you can use your skills in your work while getting that "stability" which you demand in your life.

In pakistan most organizations have saith culture which is a problem.
 
Just two days left before tax season is over. This is the first time I have to admit where I am feeling very blue and depressed, three months of working 10-12 plus hours a day with just Sunday off, eating fast food, junk food and having sodas, doing well on 100-150 files but one mistake on a file and getting an earful from your manager and partner, working on 500 files in a two month period and out of the blue getting a phone call and being interrogated on a file you worked on 4-5 months ago.

These things really add up. I now truly understand why people leave public accounting firms so early on in their careers. This is definitely not a healthy profession and can definitely have health implications down the line. I think I will have to see a shrink and then look at other options
 
Savak said:
Just two days left before tax season is over. This is the first time I have to admit where I am feeling very blue and depressed, three months of working 10-12 plus hours a day with just Sunday off, eating fast food, junk food and having sodas, doing well on 100-150 files but one mistake on a file and getting an earful from your manager and partner, working on 500 files in a two month period and out of the blue getting a phone call and being interrogated on a file you worked on 4-5 months ago.

These things really add up. I now truly understand why people leave public accounting firms so early on in their careers. This is definitely not a healthy profession and can definitely have health implications down the line. I think I will have to see a shrink and then look at other options
Click to expand...

Hang in there for now. In the long run, I echo what others said - go for accounting jobs in the US/Canadian governments given your family situation and personality based preferences. My background is in Finance and not accounting. I was in management consulting post business school for a few years and then run a small PE fund. One thing I notice in accounting/law firms/management consulting firms - the race to become a partner is a mad rat race. People assume the race is over once they make partner, but that's when the real race begins. Thankfully I had a senior mentor who was candid about this and I quit that. Private Equity is also very hectic but because I run my own small shop, I control my destiny towards good work-life balance.

Long story short - follow your impulse for government jobs and do not be influenced by the "lucrative" option of making partner (if that path exists in your firm). It is a pointless rat race and you will be burned out much much before that.
 
Thought it would be most appropriate to update my PP family, i finally cleared the final CPA exam in Canada i.e. the CFE, no more Canadian Accounting exams to give. Looks like my wife has indeed bought me good luck already :)
 
Savak said:
Thought it would be most appropriate to update my PP family, i finally cleared the final CPA exam in Canada i.e. the CFE, no more Canadian Accounting exams to give. Looks like my wife has indeed bought me good luck already :)
Click to expand...

Is that the same as a Chartered accountant in the UK?
 
Savak said:
Thought it would be most appropriate to update my PP family, i finally cleared the final CPA exam in Canada i.e. the CFE, no more Canadian Accounting exams to give. Looks like my wife has indeed bought me good luck already :)
Click to expand...

Congratulations man. I work in Private Equity and engage accounting firms for accounting due diligence and QoE (Quality of Earnings) assessments in acquisition deals. I have hired and worked with Canada based accounting firms in this context and they are very good. Will you be joining one of the big 4 firms now?
 
mustang said:
Congratulations man. I work in Private Equity and engage accounting firms for accounting due diligence and QoE (Quality of Earnings) assessments in acquisition deals. I have hired and worked with Canada based accounting firms in this context and they are very good. Will you be joining one of the big 4 firms now?
Click to expand...

Still need 450 audit hours before i am elligible to finally apply for the designation. Tbh honest i dont think working in a big 4 or even medium sized accounting firm environment is for me in the long run. I may consider going on my own and running my own shop or moving towards the teaching side of things.
 
Thought i could use some insight from accountants over here. Due to the epidemic, i got temporarily laid off from the firm i was working for last month, they verbally told me that this was a temporary measure till things got better and that i can use the health benefits that they had signed me up for during this time. I was actually required by the provincial institute to complete 450 auditing/review hours before i could write my final work experience report to them and apply for the CPA designation with the right to perform audits, reviews. I have so far completed around 100 audit/review hours and was scheduled to work on plenty of audit and review engagements from the summer to the fall this year in 2020. The Institute has recognized 60% of my experience. The total working experience requirement is 30 months, out of which 18 has been recognized and i needed to complete the remaining 12. So far i am exceeding the requirement by an extra 2-3 years.

However this epidemic has changed things big time. There is no guarantee if the firm i was working for will rehire me as they have promised. This means i lose out on the guaranteed audit and review engagements i would have been given exposure too.

I contacted the institute regarding this dilemma and they have given me the option to apply for the CPA designation right now but without completing the 450 audit/review hours, i will not have the right to perform audits and reviews. I contacted an accounting mentor friend of mine and he was like you have worked so hard, come so far, why not try to complete the remaining audit/review hours from the firm you were working in if they rehire you or from another licensed firm should the lockdown end and the job market picks up again.

However based on my observation, most CPA's and Accountants actually move into industry or consulting roles which don't really need them to be licensed and they admit the time they spent on audits, review engagements was pretty much a waste of time for them.

Thought i would ask the experienced CPA's and accountants, is it really worth getting the designation but with the ability to perform audits, reviews?

Personally speaking i don't really desire to be working on audit and review engagements in the long run and neither do i find it fun, exciting, i just did it for the exposure and experience but must admit the work is pretty boring and dry and most small, mid sized firms end up incurring far greater WIP in comparison to the fees they charge and the audit/review fees they charge is just a fraction of what the Big 4 charges in comparison
 
I am in uni doing accounting
Is industry a good option or not as stressful?
I myself am quite I guess scared cause lot of people have these stories
 
Didn't know this thread existed so would love some advice from accountants.

I'm in my sophomore year at UConn if that means much to anyone majoring in Finance. I'm not very picky but my goal is to work for a hedge fund or an investment firm.

I've chosen accounting as my minor so I can do my masters in accounting. Would you recommend a double major in finance and accounting which will take a lot of extra effort or stick with my original plan?
 
Savak said:
Thought i could use some insight from accountants over here. Due to the epidemic, i got temporarily laid off from the firm i was working for last month, they verbally told me that this was a temporary measure till things got better and that i can use the health benefits that they had signed me up for during this time. I was actually required by the provincial institute to complete 450 auditing/review hours before i could write my final work experience report to them and apply for the CPA designation with the right to perform audits, reviews. I have so far completed around 100 audit/review hours and was scheduled to work on plenty of audit and review engagements from the summer to the fall this year in 2020. The Institute has recognized 60% of my experience. The total working experience requirement is 30 months, out of which 18 has been recognized and i needed to complete the remaining 12. So far i am exceeding the requirement by an extra 2-3 years.

However this epidemic has changed things big time. There is no guarantee if the firm i was working for will rehire me as they have promised. This means i lose out on the guaranteed audit and review engagements i would have been given exposure too.

I contacted the institute regarding this dilemma and they have given me the option to apply for the CPA designation right now but without completing the 450 audit/review hours, i will not have the right to perform audits and reviews. I contacted an accounting mentor friend of mine and he was like you have worked so hard, come so far, why not try to complete the remaining audit/review hours from the firm you were working in if they rehire you or from another licensed firm should the lockdown end and the job market picks up again.

However based on my observation, most CPA's and Accountants actually move into industry or consulting roles which don't really need them to be licensed and they admit the time they spent on audits, review engagements was pretty much a waste of time for them.

Thought i would ask the experienced CPA's and accountants, is it really worth getting the designation but with the ability to perform audits, reviews?

Personally speaking i don't really desire to be working on audit and review engagements in the long run and neither do i find it fun, exciting, i just did it for the exposure and experience but must admit the work is pretty boring and dry and most small, mid sized firms end up incurring far greater WIP in comparison to the fees they charge and the audit/review fees they charge is just a fraction of what the Big 4 charges in comparison
Click to expand...

Think long term. The CPA designation would differentiate you from other applicants.
 
Gotham Cronie said:
Think long term. The CPA designation would differentiate you from other applicants.
Click to expand...

I can get the CPA designation still. I have the option of obtaining the CPA designation with the ability to perform audits, reviews or getting the CPA designation without the ability to perform audit, review engagements. This is what i will appreciate advice on.
 
Savak said:
I can get the CPA designation still. I have the option of obtaining the CPA designation with the ability to perform audits, reviews or getting the CPA designation without the ability to perform audit, review engagements. This is what i will appreciate advice on.
Click to expand...

Interesting, I'm not familiar with the Canadian industry in this regards. I don't believe the US differentiates.
 
Savak said:
I can get the CPA designation still. I have the option of obtaining the CPA designation with the ability to perform audits, reviews or getting the CPA designation without the ability to perform audit, review engagements. This is what i will appreciate advice on.
Click to expand...

Yes, you can qualify for the CPA work requirement while working in corporate accounting. Doesn’t have to be audit or tax. Depends on where you work and if they sign off on it though.
 
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