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    Accounting Making conclusions during testing...

    April 06, 2019

    Accounting Making conclusions during testing...

    Making conclusions during testing...

    Posted: 06 Apr 2019 01:38 PM PDT

    Just rubs me the wrong way.

    Posted: 06 Apr 2019 05:50 PM PDT

    "Statement of finacial position"

    Posted: 06 Apr 2019 04:05 AM PDT

    Things to keep in mind if you want to make the leap from public accounting to academe

    Posted: 06 Apr 2019 01:34 PM PDT

    Background: I was the first generation of my family to go to a four-year college and so I know of the transformative power of education. As a result of my education, I got a job with a B4 (then a B8), bumped around for a bit and ultimately wound up at another B4 where I ultimately made partner. I left that to enter a PhD program and become a full time academic. I currently am a clinical professor at a major university and teach accounting analytics in the masters of accounting, master of accounting in data analytics and masters of tax program. I have published in top academic and practice journals and have won a bunch of teaching awards. I have an undergraduate degree in accounting and a PhD. I do not have a masters degree or a CPA.

    ​

    Here are my things to keep in mind:

    • Know what type of prof you want to be. At a research-intensive university, there are research-centric profs who primarily focus on research and teach 3'ish classes a year. They all have a PhDs and are (almost) exclusively judged on their research productivity. They are considered the rock stars and make $200k+. There are clinical profs who all have PhDs and who split their time between research and teaching. They teach 7'ish classes per year and make $150k+. Then there are lecturers who do not have a PhD but have either a CPA or a masters degree. They teach 8'ish classes a year and make around $100k. At a non-research intensive university, these types of profs exist but probably make 1/2 - 3/4 of the pay of those at research-intensive universities.
    • PhDs require grit and not intelligence. I am not terribly smart and was originally a bit intimidated to undertake a PhD. But, along the way, many much more brilliant classmates dropped out since they were not terribly used to working hard. A PhD is nothing more than an exercise in not giving up.
    • Running a classroom. Running a classroom is a huge joy if you are extroverted (which I am) but can be amazingly stressful if you are not. I have 30 - 60 students who expect to get their money's work from the class and so I need to engage with them as individuals and as students. Nothing turns a class off more than a prof who doesn't care about his/her students even if the prof is quite knowledgable about the topic.
    • When to jump. There are two distinct times to jump. Most people jump at the 2 year mark. If you do this, you will need a very good gpa from your masters program and a top notch GMAT score. A few of us jump after 10 years. At this point, you will be judged FAR (pun intended) more on what you accomplished as a professional rather than your prior academic performance. My undergrad gpa was...ummmmm.....not good but I had a solid GMAT score (660) and was a freaking partner in a B4 firm. All in all, they figured that if I was smart enough and hard working enough to make partner, I could survive academe.
    • Getting in. Why most people fail to get in is because they do not have well-defined topics that they want to research and so cannot clearly articulate why they want to become a prof. Being a prof is SO much more than just teaching and you have to have an excellent research topic to impress the admissions committee. An interest in blockchain is not good enough. You have to want to study how blockchain empowers the unbanked in Africa (or similar). For me, I am currently looking at the relationship between blockchain implementation and organizational transparency. I am also looking at psychological contract breach when using chatbots.
    • Ageism. Yes, it is a real thing. One school flat out told me that, at age 44, I was too old to survive their program. Another had the students march me all over campus to see if I could physically keep up with a 28 year old. Since I run marathons (and recently double medaled in my state's senior olympics in two distance running events), I was fine but you have to realize that there is a belief that people over 40 are not sufficiently vigorous to survive.
    • Check your ego. This was the hardest part to me. I was a partner with lots of people working for me and then I was in a dimension where I didn't even know the lingo. Further, one particular prof, who had never had a real job in his life, seemed to take joy in lecturing me about the way that organizations REALLY worked. He had done a 6 month sabbatical once at a hospital whereas I had 20+ years. Fortunately, some prof really appreciated what I brought to the table and were amazing people to work with. I learned so much from them and I think helped them out a lot also since I had so recently been in the work trenches.

    So, why should you do it? It is the most magical job that you can possibly imagine. My students are amazing people who are interesting, interested and who want to better themselves. I am treated with great respect. I have great autonomy over what I teach, when I teach and what I research. It is really the best job ever.

    ​

    Happy to answer questions.

    ​

    submitted by /u/FormerPartnerPhD
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    Who else is still in busy season

    Posted: 06 Apr 2019 12:19 PM PDT

    This busy season is the worst.

    Posted: 06 Apr 2019 04:49 PM PDT

    Anyone else agree?

    submitted by /u/dadud3r
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    I'm the guy who keeps advising all of my elderly clients to invest in owning 0.00004% of PTPs so that the accounting staff will have something to do during tax season

    Posted: 06 Apr 2019 06:03 AM PDT

    Ask me anything

    submitted by /u/vancouver72
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    Don’t like my internship. What should I do?

    Posted: 06 Apr 2019 06:43 PM PDT

    I'm in my last year in college and interning as a Big 4 firm in their financial services tax department right now. The work isn't what I expected it be and there aren't many exit opportunities for financial services in my area. I would really like to transfer to audit or MIS (which I'm getting my master in).

    Basically my question is who should I talk to at my firm to try and get into another group? Should I tell them in my exit interview that I'm not interested in this group and would like to transfer? What should my game plan be?

    submitted by /u/CaptainSnacksBitch
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    Actual footage of me trying to get up on a Saturday morning during busy season.

    Posted: 06 Apr 2019 03:26 AM PDT

    This one goes out to all the number nerds like me who ensure their excel numbers are formatted properly no matter what.

    Posted: 06 Apr 2019 02:42 AM PDT

    Another B4 vs. Regional Thread

    Posted: 06 Apr 2019 06:07 PM PDT

    Pls excuse poor English, is drunk.

    I'm currently a first year associate, regional firm in a huge market.

    Obviously, all other things equal, I understand that the exit opportunities of a B4 associate are enormously more sexy. I guess what I don't understand is why.

    Obviously I work with clients many, many times smaller. but if I'm being assigned, and successfully being able to audit all sections of the BS and IS, I feel like I would be able to perform the same procedures on a larger scale just as easily.

    I imagine that the tests and procedures and logical parameters abided by must be similar between B4 and Regional, be it a difference in scale and manpower assigned to each section.

    So what is it about B4 that actually gets the big jobs?

    Is it that B4 associated tend to be hotter and have better interpersonal skills? Because I've got that covered and had B4 offers, I just chose a lighter workload so I could take off a few saturdays to snowboard.

    But what could they be being exposed to that I'm not that puts them at such an advantage? And what should I be doing to put myself on their level in the eyes of exit employers (other than giving up snowboarding to work for EY)

    submitted by /u/YonderFromRancho
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    Loss Contingency

    Posted: 06 Apr 2019 06:58 PM PDT

    Hey guys,

    ​

    I know that you need to record a liability when it is probable you will lose and you have a good estimate.

    ​

    But let's suppose that you don't lose the lawsuit. Should the liability for loss contingency be reversed? And how do I go about doing that?

    ​

    Suppose in 2017 you recorded a liability of $100,000 for a probable loss, but the next year you appealed and it was dropped? What do I record in 2018?

    ​

    Thanks.

    submitted by /u/tyredgurl
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    Good luck next week y’all

    Posted: 06 Apr 2019 08:50 PM PDT

    investment banking

    Posted: 06 Apr 2019 03:42 PM PDT

    Has anyone here, that's been an accountant, gone into investment banking? if so, how different was it and did you enjoy investment banking or accounting more? how were the hours? just curious.

    submitted by /u/memesfornormies
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    EY, PwC office culture

    Posted: 06 Apr 2019 08:34 PM PDT

    Have any of you worked in the EY or PwC Philadelphia office? Wondering which vibe is the right fit for me.

    submitted by /u/alexandertheACCT
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    Basic question

    Posted: 06 Apr 2019 05:48 PM PDT

    what does one look for in the "disclosure of accounting items" in the analysis of the presentation of a financial statement?

    submitted by /u/confused308
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    FDD to Corp Dev - when to leave?

    Posted: 06 Apr 2019 11:56 AM PDT

    Hi all,

    I'm currently a first year associate in FDD at one of the Big 4. I like the work in FDD and the pay/bonuses are pretty good, but eventually I want to leave to go into corporate development, which is what really interests me in the long run.

    I've been getting some looks by some corporates/recruiters looking for corp dev analysts who would be interested in me going through the recruiting process once I hit 1yr in FDD and have my CPA. What I'm wondering is, when is the best time to move over in terms of career/salary advancement? Should I go as soon as I see a good opportunity? At senior? Manager? One thing that concerns me is that if I leave after a year, I might start off at similar pay as I have in FDD, but the pay advancement/bonuses in corporate America will not necessarily keep up, as opposed to making the transition at senior or manager, where I'll be able to negotiate a higher salary.

    Any thoughts and experiences from people who have transitioned from FDD to corp dev are appreciated!!!

    submitted by /u/finnnnance
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    What Pod casts or media do you listen to on the way to work?

    Posted: 06 Apr 2019 04:16 PM PDT

    Recently I have come to the realisation that I was so much time listening to the same playlist every day on my way to work and on my way to classes as well. Because of my busy work school schedule I don't have much time to just relax and watch TV and wanted to know what kinda of stuff you listen to in the car to keep up to date with things? It doesn't have to been accounting related although if I can learn some stuff that will eventually be useful in my future career I'm all ears.

    submitted by /u/slatt95
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    Capstone project or non-accounting volunteer work on resume?

    Posted: 06 Apr 2019 04:16 PM PDT

    For someone who graduated without experience, which one is better? the volunteer work is a little bit over 100 hours and was for another class for a degree unrelated to accounting.

    Capstone project was what I needed to complete in order to graduate.

    Which one is more beneficial on the resume? The volunteer work is on my linkedin but I took it off my resume yesterday and replaced that section with academic projects.... I have been applying with the volunteer work for a long time and a relative told me if I feel that the capstone is more relevant that it would be the better choice.

    ​

    ​

    Edit: Also second question, work awards? leave them off the resume and only put them on linkedin?

    submitted by /u/lostfinancialsoul
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    Is accounting a worthless major?

    Posted: 06 Apr 2019 10:02 PM PDT

    Internship

    Posted: 06 Apr 2019 01:14 PM PDT

    Hello I am an 18 year old who graduted highschool in 2018. My only experience of accounting was a class I took in highscool and I really enjoyed it. I currently work in a restaurant as a bus boy. I have also worked as a cook. I recently applied for an internship that seems desperate for people and I really want to make a good impression. Assuming I get the job what should I expect and what should i research to be fully prepared. Ps. No experience aside from excel was required.

    submitted by /u/jrishappy
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    I am dropping my IT degree, thinking about starting a career in the commerce field. Please help.

    Posted: 06 Apr 2019 09:06 PM PDT

    Before starting i am from Sri Lanka.

    I have gone through some shit lately and thinking about Starting a Commerce career, I did Accounting, Business and Economics during my high school... I pretty much love Accounting and i did well in both Accounting and Business.

    What should i know about before starting a career in accounting? What should i study? I am more into professional courses as a start but recommend me everything there is. I have already wasted 2 years of my life, this is a redemption and i think i have a shot at this. How should i plan it out?

    What do i know? I knew how to do almost every question in this Paper (Click to download)

    Yes i said knew because my memory is shit and i forgot everything in these last 3 years.

    submitted by /u/It_Hertz_When_IP_
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    Performance reviews are very subjective

    Posted: 06 Apr 2019 07:02 AM PDT

    You can ask a performance review from anyone from your recent engagements. I've have had 2 till date- 1 from a HY audit and 1 from a FY. For the first - it was fiddling with an analytic over revenue for the length of the job, working 8 hour days. Second - Typical busy season, took ownership of testing various FSLI, doing walkthroughs with the client, developing testing strategy over complex business processes. I got a substantially higher rating on the HY Audit engagement than the FY one. The difference was that the first senior was a laid back guy who wanted me to close my computer when it hit 5:30. The second one was someone who stayed till 10-1AM saying he had work to do. I'm a very recent grad who wants to move to deals, which I've heard is doable if you're a high performer. How do you get higher ratings if you think you've done good work?

    submitted by /u/igetfourpointos
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    In terms of their undergraduate program for accounting, which is better: University of Washington (Seattle) or Case Western Reserve University?

    Posted: 06 Apr 2019 02:45 PM PDT

    I got into the direct to major program for business administation at UW, but I also got into the masters program for accounting at CWRU. I'd be paying around $5K a year for UW and $12K-$17K a year for CWRU. Since accounting is the field I really want to go to, I thought it would be a good idea to ask on here. Which school should I go to?? Any help would be super great. Thank you!!

    submitted by /u/OldObject
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