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    Accounting The disparity in background of some of these zoom calls :(

    January 29, 2021

    Accounting The disparity in background of some of these zoom calls :(

    The disparity in background of some of these zoom calls :(

    Posted: 29 Jan 2021 05:24 PM PST

    The man behind the GME surge has an accounting degree. I’m so proud ����

    Posted: 29 Jan 2021 08:17 AM PST

    If you're struggling just remember

    Posted: 29 Jan 2021 05:50 AM PST

    If you are struggling this busy season; trying to stay under budget, cant figure out something you need to learn, or having a full on emotional collapse remember you didn't just lose billions of dollars to a bunch of bored kids on the internet.

    That is all, stay strong

    submitted by /u/CC-5052
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    Uncle Sam's gonna get his cut

    Posted: 29 Jan 2021 09:31 AM PST

    how I feel in my busy season internship

    Posted: 29 Jan 2021 11:21 AM PST

    u/deepfuckingvalue IS ONE OF US!!!

    Posted: 29 Jan 2021 08:07 AM PST

    WSJ reported that Mr. Gill, the guy behind r/wallstreetbet's u/deepfuckingvalue, graduated from Stonehill College with a major in accounting.

    Truly will go down as one of the best accountants of our lifetime.

    submitted by /u/mart1373
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    What’s the worst that can happen?

    Posted: 29 Jan 2021 05:56 PM PST

    For any of the auditors currently in busy season, I wanted to share a gem that always helped me mentally during stressful times when I was an auditor. It was my third busy season, and I was stressed. We added so many new tests that year and of course our timeline was tight. My experienced senior looked at me and said, "What's the worst that can happen? They could fire you and you could get another job that pays you more where you work less. Don't stress." Friends, somehow that took all the pressure off.

    Oh and I did end up leaving eventually for a higher paying job where I never work weekends, so she wasn't wrong.

    submitted by /u/kadavids23
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    Dreaded indeed

    Posted: 29 Jan 2021 04:06 PM PST

    A new foe has appears:

    Posted: 29 Jan 2021 08:13 PM PST

    Fucking incredible

    Posted: 29 Jan 2021 12:35 PM PST

    Busy season is almost over right guys... right?

    Posted: 29 Jan 2021 09:07 AM PST

    Hope this isn’t a re-post, I have no one else to share this with! ��

    Posted: 29 Jan 2021 04:49 PM PST

    Please pay attention in ethics classes: Former China Huarong chairman executed after bribery conviction

    Posted: 29 Jan 2021 09:26 PM PST

    Great work, team!

    Posted: 29 Jan 2021 04:49 PM PST

    A decade perspective in the Accounting/Finance Industry (From 2.7GPA to VP at IB)

    Posted: 29 Jan 2021 08:11 AM PST

    Hello,

    I posted here quite a long time ago, and had incredibly positive feedback, especially from recent grads who may have not have the most success in school but wanted a path forward. It's been 5 years since that post, and I felt like I wanted to provide an update about my track since then. I don't know if anyone would benefit from the ups and downs I experienced, but I hope this is insightful to you coming from someone who's worked for 10 years and "made it"

    The original post: https://www.reddit.com/r/Accounting/comments/3ex6bl/losing_my_accounting_firm_offer_because_of_low/

    It is 2011, and I am currently skipping out on intermediate accounting and tax at my public university and pulling all nighters playing 2k11 on my friends xbox down the hall in the dorms. I would end the semester with 2 Fs, enter into a Grant Thornton internship without them knowing I had sunk my GPA below 3.0, and also lose out on obtaining an accounting degree because I failed too many classes to repeat necessary courses to graduate. I eeked out a 3.0 in senior year in the fall of 2011, got a Finance degree, and upon my disclosure about my grades, got my full time offer at GT reneged. It was a salary of 53k a year, definitely respectable in the accounting world and as a recent grad.

    I really lost my way for a few years. If you read my TLDR from 5 years, you can kind of see my mindset back in those years before I figured things out.

    Fast forward to 2016, I transferred to the Deloitte group in NYC to work in banking, hoping to pivot, making about 66k as a consultant. This place was a sweatshop. I really could not keep up with my colleagues, and getting hired off cycle meant missing the intro courses to do my work. Did not realize after 2 years of advisory and talking up clients I went to a place where it was all number crunching. After multiple all nighters doing 80 hour weeks, I bombed out and got fired October 2016, after just 6 months of work.

    I sheepishly go back home, maybe looking to do federal work. I wanted really badly to succeed in banking, but found a federal job paying 75k. I took it, and they were waiting to task me on a project, which stretched weeks into nearly a month. In that time, I found a finance job back in NYC at a recent IPO making 65k. I took the 10k discount and went back to NYC.

    6 months later of work, and an international bank calls me up and hires me. My comp would double in 2017 to 125k all-in and though the work was about 65-70 hours a week, I loved it and loved the people.

    Comp got stagnant, and while I was doing very well for myself, I felt like my market rate was still low for banking and for the hours I put in. I got a minimal bonus in 2019 (but promoted from analyst to associate), and felt the need to leave. A large, U.S. bulge bracket bank wanted someone to do similar work in the aviation group, and in a desperate attempt to really play with the big boys, I accepted. My base dropped from 105k to 95k as I was given a demotion to move to this group, but I was told I would ramp up to Associate in six months at 150k and around 100% bonus if I did well.

    The hours were going to be brutal, the directors there said "we do 9-5 here, as in 9am to 5am, haha" verbatim. I told my MD I got an offer, but would love to stay if they changed my comp. They tried but couldnt, and despite this, I still reneged my BB offer literally the day before I was set to start. I had to navigate carefully after that, but still got back into the good graces of my team and bounced back. Bonus was much better the year after.

    Late last year, I was approached by a strong european bank with a VP spot that was just shy of 300k all in. I took it, and the work so far has been great and looking forward to helping build out the group. It's been 10 years since dicking around at my friends dorm, but in almost every metric of my professional aspirations, I had made it.

    It's a rough time for a lot of people right now, and I count myself incredibly privileged to have been able to obtain the opportunities I got, and succeeding despite all the ways I shot myself in the foot. Recent grads are entering into one of the worst markets in recent memory, and there are a lot of questions that frankly, few have answers to about the economy moving forward. I have spent some more time mentoring kids at my alma mater (resume/interview tips and prep), and I take the time to answer every Linkedin message from an eager analyst/college grad I get.

    I can't say that the market and opps will tip in your favor like it did mine, but I still believe that people who work hard will maximize your chances. If people on this sub are interested, I'm happy to do an improptu AMA or if you want to DM me I will answer anyone who does.

    TLDR: 2.7GPA in 2011 + success + failure +success + failure = VP at IB in 2021

    submitted by /u/jzplayinggames
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    Their equivalent of a pizza party ��

    Posted: 29 Jan 2021 12:49 PM PST

    Sick of Audit & Remote Work

    Posted: 29 Jan 2021 11:09 AM PST

    Just started as a senior for a new firm working remotely, and my first audit is a brand new client the firm has never audited before. I haven't done a full FS audit in like 4 months.. Even at my old firm first year audits were always a mess and difficult for experienced people. I try to ask for help, and I just get told it's supposed to be an easy audit because it's a small client (so small idk why they even need an audit). I've probably already blown the budget out of the water. I'm sitting here at work trying to figure out what to do next on this bullshit, and this is where I ended up because I'm that lost. idk.

    submitted by /u/ceezyyy
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    Fuck num lock

    Posted: 29 Jan 2021 11:20 AM PST

    Expiring IMA Membership

    Posted: 29 Jan 2021 08:08 PM PST

    Hi. I graduated from uni in 2019, passed the CMA Exams in December 2020, and will pursue further studies in September 2021. My student membership is expiring on February this year and after that, I need to renew as a Professional. I contacted IMA if they can let me renew as a Student again, but they said I am only eligible for that if I am currently enrolled in a college or uni. It wouldn't be worth it to renew under the professional category and pay more if I'm going to enroll in college again in August, and I don't have the required work experience yet.

    My question is, what happens if I just let my IMA Membership expire and only renew my membership after gaining the required 2-year work experience? Is this possible?

    Thank you.

    submitted by /u/stargirl_19
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    I’m 5 months in and I still feel like I don’t know a thing about auditing. Anyone else feel the same way?

    Posted: 29 Jan 2021 06:36 AM PST

    Am I the worst client or is my accountant an accuntant?

    Posted: 29 Jan 2021 03:58 PM PST

    Long story short: I own a nail salon and it's tax season.

    Short Story Long: I own a nail salon and I am not a tax accountant. But why do I have to ask my accountant about my quarterly filings and if there's anything that needs to be done there? Why do I have to ask him about the small business credits that he said I didn't qualify for? Suprise, I did and it was the difference of several thousand dollars?

    Where do I find an accountant who actually wants to be proud of the work they did for my business. All my records are digital and kept as well as can be, short of not being an accountant. Want them stored in a more efficient manner accountant? Sure! What makes it easiest for you because it doesn't matter to me. I use gusto, xero and my POS feeds into them without issue. Why do I feel like I need to know more than my accountant to get the basics done? And where do I find the accountant that does more than check the boxes? Serious question.

    submitted by /u/ghostoutlaw
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    Switching from HR to Accounting

    Posted: 29 Jan 2021 08:26 PM PST

    Hi all,

    I am nearing the end of my HRM masters? I am not entirely sure if this is the field for me. I have considered accounting in the past. I actually took a course from my masters in accounting and enjoyed it.

    Does anyone know what would be the best route to obtain a CPA if you already have a Master's? Would any my credits in HRM be transferrable to the CPA requirement?

    submitted by /u/donoghue005
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