CPA license doesn't seem worth it any more

jo_jo · 2006-01-05T22:51:44+00:00

Mostly a rant....I spent 5 years in public accounting before moving to industry. Inever had the time to study for the twice a year CPA exam due toworking 70 hour weeks in the tax department through April 15th andagain through October 15th (for extensions). That was always theirexcuse for crappy raises and little or no bonuses for the time andeffort I put into the job.I moved to a finance department of a company and no longer do debitsand credits. I deal with public finance (i.e. bonds) and financingstructures, cash flows, etc. However, my employer insisted that I goget my CPA license. So far, I've passed AUD with a 94 and BEC with an84 and am taking the remaining two sections this month and in February. I don't anticipate any problems passing the remaining two as I've beenstudying diligently.My beef is this, my current employer is requiring me to get thelicense, but hasn't stated if there will be a bonus, pay raise,promotion, etc. The CPA license or being a CPA candidate was not arequirement when I took this position. Thus far, I've logged well over350 hours of preparation for these exams, three hours or more a nightand 8 hours on Saturday and another 4 or so on Sunday. Not much of alife other than that. Apparently this method works well. After all issaid and done, I will probably have over 500 hours in this certificate,excluding the ethics exam and the remaining hassle of registration,licensure, etc. And apparently all for nothing. Even a crappy $2,000bonus won't yield much more than $3/hour for my time.In any case, it's caused me to be a little burnt out at work, beingmiserable most of the time, etc. All for a lousy $50,000 salary. Oh,I have an undergraduate degree and a masters in taxation.I am willing to work hard, and my current and prior employers knew this(the former employer took too much advantage of this so I left). Mycurrent employer thinks highly of me and my efforts (and I get alonggreat with him), but, being a CPA, he is a stingy tightwad...

Jan 05, 2006 24 Replies

Rate this thread:

Ron Todd 20 years ago

"What Color is Your Parachute?"

Vote

Ron Todd 20 years ago

...

Yes, isn't socialism grand....

You might want to teach the child how to set up his own business. I understand the cost of the education for most college disciplines has now reached a negative net present value.

Vote

Paul Thomas, CPA 20 years ago

"Ron Todd" wrote

I would not doubt that. The costs can take years to pay back (on top of other living expenses) for those paying student loans (which are only a portion of the total school expenses).

Vote

jo_jo 20 years ago

Thanks, I'll check it out.

Vote

Ron Todd 20 years ago

In a related vein, I understand the government sector has now pumped so much money into the education establishment that they have run out of argueably rational places to stuff it. Several colleges have actually had to raise their president's yearly salaries up to a million USD, and the multitude of vice presidentia accordingly, to consume the excess.

Vote

Join the Discussion

Have something to add? Share your thoughts — no account required.

Didn't find your answer?

Ask the community — no account required