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    Accounting What’s your favorite fantasy creature?

    December 01, 2017

    Accounting What’s your favorite fantasy creature?

    What’s your favorite fantasy creature?

    Posted: 01 Dec 2017 07:19 AM PST

    This is a new level of absurd

    Posted: 01 Dec 2017 10:54 AM PST

    I thought the Neanderthals were supposed to be long gone!

    Posted: 01 Dec 2017 02:50 PM PST

    This is our Representative. He did not sell us out to anyone. Who's better than us?

    Posted: 01 Dec 2017 01:47 PM PST

    Ego explosion when people get into Big 4

    Posted: 01 Dec 2017 06:30 PM PST

    Background: So prior to joining my current Big 4, I was at KPMG. Although the office location was not great, the work quality was amazing since they pretty much recruited from the only 3 target schools and all of them had top accounting programs.

    Today I was telling my team about this dude from my Master's program who passed CPA at 95+ and was generally a born accounting freak, and my colleague asked me "Where is he at now?"

    I said KPMG.

    She was shocked: "Why would someone that good go to KPMG? He should go to PwC! KPMG sucks..."

    This lady joined our firm less than a year ago (as a staff 2) after spending 3+ years at a regional firm in another country... where does this elitism come from? And just yesterday, she told me she considered herself super intelligent and had great potential but no one recognized it...

    Another one: today my manager was going on and on about how "stupid" he thinks the other Big 4 are and said "I would only consider an offer from PwC" ... though a few minutes later he still criticized PwC's "redundant procedures and ridiculous softwares"... he's another one who just recently finally "made it" to Big 4 after years jumping between smaller firms.

    I was speechless... never thought I'd feel the urge to defend KPMG (or my own ego...). I must have missed the kool aid drinking session at orientation where everyone suddenly starts believing their random selection from one of 4 homogeneous firms (or even the known national firms) makes them "better" than the identical people next door...

    submitted by /u/meowmeow-meow2
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    This Cannot be a Coincidence

    Posted: 01 Dec 2017 06:29 PM PST

    Former Big 4 Associate, Current FBI Special Agent - AMA

    Posted: 01 Dec 2017 07:19 AM PST

    Hey team - I've seen quite a few posts on here regarding working for the FBI, becoming an FBI special agent (SA), etc. I can certainly shed some light on this so I thought I would make a post to dispel some myths that I've seen on here and also answer any questions you guys have. Just as a disclaimer: all the things I will discuss can be found on the FBI jobs website as well as by reaching out to a recruiter.

     

    Ok a little about me. I graduated with a BS and MS in accounting before obtaining my CPA. I started out working in the Big 4 as an advisory associate working audit support. The FBI was a goal of mine since high school and I knew that accounting was a great way to get there. That said, I also knew how competitive the process was and knew that accounting would make a good career if I didn't make it through the process. After working in audit support, I transitioned over to the forensic space in the B4, working primarily in AML. I left the B4 right after making senior and moved to a boutique consulting firm and moved more towards financial investigations and AML investigations. This was the job I had before I accepted the FBI SA position.

     

    The FBI SA application process is absolutely a beast of its own. There's no sugar coating it. If you apply now, you're likely looking at 12-18 months at a minimum from application to class date at Quantico. I won't go into too many details because most questions could be answers on https://www.fbijobs.gov/. I'll be happy to answer any specific questions regarding the process below. Having an accounting background will certainly put you at an advantage over someone who is, for example, a teacher. Most people apply under the diversified skillset so having an accounting background will get your foot in the door where most people get turned away.

     

    The FBI SA job and working in accounting don't even belong in the same category of jobs. It really is a massive career change but I've loved it so far. The pride I feel going into work every day is incredible and as cliché as it sounds, I know that my work is meaningful. I could be kicking down a door in the morning for an arrest and then analyzing financials in the afternoon. Carrying a gun and badge all the time is also pretty cool ;)

     

    Ok before closing out to answer questions, I wanted to dispel a few myths I've seen on here:

     

    Myth 1: You cannot have done drugs in your lifetime to work for the FBI. This is incorrect. The FBI drug policy is very straightforward and can be found on the FBI jobs website. No marijuana in the past three years and nothing harder in the past 10. Since you can apply for the SA position from 23-37 and any other position at any time, if you've done coke in your lifetime, you're not automatically DQ.

     

    Myth 2: You have to move cities to work in the FBI While it happens often, this is no longer a requirement. It is also not a requirement to move every few years. You select your city preferences while training at Quantico. You have a bigger shot at staying put if you live in a big city but there are plenty of people who received their top choice as a smaller city. You certainly have to be prepared to move but it is by no means a guarantee – especially within the last few years. Many people have ended up getting a smaller city that they wanted because the FBI realizes that many candidates are not giving it a look because of the moving that used to happen.

     

    Myth 3: You will be poor as an FBI SA You're not going to make as much as someone working in private but your salary will still be fine to live comfortably. You start out as GL step 10-1 and move up to GS 13 within 5 years. Furthermore, FBI SA's get 25% availability pay so you multiply the payscale (with locality) by 1.25. If you did your calculations right, you will see that FBI SA's in NYC start out at $80,730. Here is the full set of tables: https://www.opm.gov/policy-data-oversight/pay-leave/salaries-wages/2017/law-enforcement-officer/. Just find the location you want and multiply the 10-1 by 1.25 to see your salary out of the academy. By 13-1 in NYC, you are making $122,336 – without factoring in any small salary increases enacted by congress. Once again, you'll be out paid by your private sector friends but you will still be fine. People don't work for the FBI to get rich – they do so to become the most interesting person at a party.

     

    Ok that's it for now. I don't want to create more of a wall of text than I have to. I hope this was at least somewhat helpful to anyone considering a career in the FBI. Check out https://www.fbijobs.gov/ first and then ask any other questions below. I'll do my best to answer them all the best I can.

    submitted by /u/FBI_Throwaway1
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    Since NFP/Gov't are ~25% of FAR, here's an uncomprehensive guide that should help you in cramming.

    Posted: 01 Dec 2017 08:10 PM PST

    [CAN] Congratulations to all successful 2017 CFE Writers!

    Posted: 01 Dec 2017 07:03 AM PST

    Atlantic writer here - was so surprised I passed!

    Did you pass? Were you surprised if you did?

    submitted by /u/Jennzera
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    “Cold, dead hands”

    Posted: 01 Dec 2017 04:18 AM PST

    Accountants making over $200k?

    Posted: 01 Dec 2017 11:45 AM PST

    How many years did it take for you to get there and what do you do? We see alot of posts around the $100k milestone, but that is pretty standard for a CPA with 6+ years of experience. $200k seems to be the elusive "I've made it" point in a CPA career, and also admittedly my own personal goal in terms of compensation.

    submitted by /u/Oberyns_face
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    My dad worked at Arthur Andersen. Should I get him to do an ama?

    Posted: 01 Dec 2017 03:04 PM PST

    He quit for ethical reasons before any of the controversy came out. He now runs 2 small businesses.

    submitted by /u/Edc3
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    I failed the CFE. Maybe I fucking deserved it

    Posted: 01 Dec 2017 10:20 PM PST

    I got a whole month off to study. Acted like a dick with everyone because I was busy "studying". Friends thought I am weird. Wasted my time jacking off.

    Another 9 months to go... gotta cancel on vacation, spending time with fam, Christmas and live with the shame for the rest of mylife.

    I deserved this bullshit... maybe I am just a unlucky asshole... no life, friends who only pity me, no soulmate, no future.

    Congrats to all those who passed! Party Hard!

    submitted by /u/capstone1
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    [CAN] to everyone who failed the CFE

    Posted: 01 Dec 2017 07:41 AM PST

    I'm thinking of you today.

    I failed last year and passed this year. It was the most mentally exhausting year ever and something I'll never forget. It's shitty but know it's possible to rise up again and pass. Feel free to message me.

    submitted by /u/goldenbear2
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    what aspects of excel do i need to know?

    Posted: 01 Dec 2017 09:40 AM PST

    every job post in industry i see requires or prefers knowledge in excel, problem is i embarrassingly do not know anything about excel. just wanted to get some insight on what parts of excel should i learn and focus on mastering

    submitted by /u/baoweezzy
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    Gift ideas for accounting major

    Posted: 01 Dec 2017 09:42 PM PST

    Looking to get some good gift ideas for my brother who is an accounting major with a minor in finance. He's a sophomore at university right now, just looking for ideas. Thanks in advance!

    submitted by /u/OGNEMO
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    Anyone here completed the CPA exam in 6-9 months?

    Posted: 01 Dec 2017 09:36 PM PST

    I will be graduating with an undergrad degree in accounting next fall and a unique situation has presented itself to me. Originally I was planning on studying for the CPA exam after I had my masters but now that I'm thinking about it why not go for it after graduating with my undergrad? I would have a good 9ish months until the following August (when I would start grad school) to study for the exam and hopefully pass all 4 sections of it.

    Has anyone gone this route of going balls to the wall and slamming it down in 6-9 months? What was your experience doing this?

    Thanks

    submitted by /u/F_Dingo
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    Drug test as tax intern?

    Posted: 01 Dec 2017 09:14 PM PST

    Hey y'all, so I recently accepted an internship in tax accounting in downtown Chicago. I believe they're a private firm, but I have already sat through an extensive interview, received an offer and accepted said offer. My concern now is what is the likelihood of getting drug tested? I only smoke weed, and my main point here is that this is tax (not audit) and I have already officially accepted the offer. Any experience with this? They are not a Big 4 firm and consider themselves "mid-size." Thanks in advance!

    submitted by /u/Dootybooty5
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    Fired from first Accounting Internship?

    Posted: 01 Dec 2017 02:52 PM PST

    Today I was recently fired from my first accounting internship. I understand everything about accounting I learned in school so far, and made A's on nearly every test. Thing is, I have never had experience with JDE (an accounting software) and my supervisor had basically expected me to be comfortable using it on the first day. Another thing as well is PDF's of the bank statements would be 90+ pages long and she expected me to perform a bank reconciliation with this software and be able to somehow find our bank statement in the massive PDF files. Even though the concepts are the same, the software and working with multiple huge PDF files is what messed me up. Are accounting internships always this hard? For dinner tonight I might just put a gun in my mouth.

    EDIT: I was just kidding about the gun in my mouth part, that was meant to be a joke. But also as a side note, this internship was for my city's housing authority, and they don't have an actual internship program per say. In fact they don't even have where you can apply for jobs on their website, I got connected for this internship through a job fair. I'm thinking if I had gone through an official internship program at a large company I would've been trained properly.

    submitted by /u/Soldado_Boliviano
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    Working under the table tax? (x-post r/tax)

    Posted: 01 Dec 2017 12:48 PM PST

    So I'm a high school student over 18 working at some small local business.

    My boss has been paying me via a bank check. As far as I know, he didn't register me with the payrole so I don't have a EIN and I think it's considered working under the table.

    I definitely won't be receiving a w-2 or a 1099, but I still want to file the taxes because it's the right thing to do and because I need all tax documentation to become a naturalized citizen (I have a green card). In total, I will be making around $7000-7500 this year.

    My boss tells me that it's perfectly legal since he's "paying his subcontractors" and that the tax issue is something I need to sort out by myself. He's telling me to file my income under schedule c as an "odd job." Now here is the catch. I would not consider this job to be an odd job at all. My roles in the job are super diverse (plumbing, lawn mowing, box packaging, lifting, trimming, watering plants, minor electrical work, etc. Everyday, it's a new thing really), but I work at fairly regular intervals and it's a one on one job with my boss, so it's not like I deal with tons of clients or anything.

    Should I just file the income under schedule C? I mean, schedule c cash implies ive done small bits of odd jobs when I've been working in a stable local business for 6 months.

    My boss told me that he will not give me a 1099 as it's too costly and complicated to put me on the payrole and give me a EIN.

    submitted by /u/taxburner12345
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    I need to brush up on my Introduction to Financial Accounting. Does anybody know of good textbook recomendations?

    Posted: 01 Dec 2017 07:22 PM PST

    [US NY Area] Accepted an offer from Big 4 but received a counteroffer from my employer today. I need your advise!

    Posted: 01 Dec 2017 03:27 PM PST

    Hello everyone,

    I am currently a tax senior working in real estate industry at mid size firm for 3 years. But I got an offer from Big4 (NY office) and signed it today. And the reason why I am leaving my current firm is that my team is literally the worst performing team (and we have very small yet demanding clients) in this office and there is no career advancement. I did maintain good relationships with other people in the office and they tried to help me switch to their teams but it did not work out well. So I felt hopeless and demoralized recently and decided to jump ship.

    After I told my senior director and manager that I am leaving, they did not make the counteroffer and wished me good luck. And I had absolutely no regret that I was leaving. But few hours later, a senior managing director (equivalent to partner at Big4) from the best performing team approached me and made a counteroffer. He will put me on his team and I will take on more responsibility as a experienced senior. He will also match my salary.

    And another thing is that this Big4 real estate tax group is infamous for brutal, long hours and insane workload. Everyone (interns, associates and seniors) I know who used to work there left within a year or two and hated working there.

    Should I accept this counteroffer or just move on like nothing happened?

    submitted by /u/lkh9596
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    What you need to know about the Senate's pass-through tax debate

    Posted: 01 Dec 2017 03:15 PM PST

    "“To be, in a word, unborable.... It is the key to modern life. If you are immune to boredom, there is literally nothing you cannot accomplish” - David Foster Wallace

    Posted: 01 Dec 2017 05:48 AM PST

    Never forget that we have superpowers :)

    submitted by /u/likepigs
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