The Financier/Accountant Thread

[4444]

Originally Posted by tiger_handheld

All that with a BBA?

some ppl get job titles that aren't reflective of their salary and duties, and it goes to their heads

in the end of the day, ppl who try to use their 'position' as a point to impress ppl are insecure.

[4444]

Originally Posted by mas604

I was wondering for all you experts. How does one gain experience in the accounting field for someone with just an accounting diploma? Many places seem to require some experience. I'm guessing volunteering is the way to go? and How did all you guys get your first experience?

from where? is this like a book keeping diploma? then get a book keeping job.

If it's like UBC's DAP program, then that's a great program for getting a CPA.

I have heard good things about the BCIT program, but can't speak to it

don't volunteer (well, do, it's good for society), but don't do it to get a job, get a job to get a job

[waddy41]

You can try applying for an internship.

After I finished my diploma at BCIT it took me 3 weeks to land my first job. With that experience under your belt you can get hired within 1-2 weeks. After working for a few years, with various companies, my advice is to take your time to look for a good company to work for. Otherwise you'll hate your job and life...

[j3welz]

Articled at a Big 4 and just switched to industry a month ago with a mid-cap company looking to go public in a couple years. Loving it so far, got a 30% pay increase and a more consistent schedule.

I find it's pretty difficult to get into industry directly from public practice in Vancouver. You need a lead time of about 6-9 months to land something good. All the recruiters I've spoken to say the economy is pretty shit right now and there is an abundance of CAs. Pretty much everyone is designated these days. I'd say about 40% of the peers in my year went to either New York or San Fran.

[4444]

Originally Posted by j3welz

Articled at a Big 4 and just switched to industry a month ago with a mid-cap company looking to go public in a couple years. Loving it so far, got a 30% pay increase and a more consistent schedule.

I find it's pretty difficult to get into industry directly from public practice in Vancouver. You need a lead time of about 6-9 months to land something good. All the recruiters I've spoken to say the economy is pretty shit right now and there is an abundance of CAs. Pretty much everyone is designated these days. I'd say about 40% of the peers in my year went to either New York or San Fran.

Been like that for years. Vancouver is a joke for good jobs.

Recruiters are also the biggest slim bags around, don't trust a word they say, and be thankful u enjoy ur job/have ur job!

Congrats, just make sure u don't get in a rut (can happen once u switch to industry, there aren't the regular promotions as there are in public practise)

[Splmash]

Originally Posted by 4444

some ppl get job titles that aren't reflective of their salary and duties, and it goes to their heads

in the end of the day, ppl who try to use their 'position' as a point to impress ppl are insecure.

I hope you're not referring to me. Just trying to contribute my $0.02.

[f.]

I'm currently working at a Big 4 Firm and am going to be writing one of the last UFE's in 2 weeks (excited I still get to call myself a CA).

Through the 2 years of experience I have, I can't see myself working in public practice for longer than I need to. I'm really looking forward to going in to industry at some point and was wondering if anyone hand any international experience? Any insight would be much appreciated!

Also if anyone has questions about any of the recruiting process or any other questions, ask away

[Purely]

Originally Posted by 4444

from where? is this like a book keeping diploma? then get a book keeping job.

If it's like UBC's DAP program, then that's a great program for getting a CPA.

I have heard good things about the BCIT program, but can't speak to it

don't volunteer (well, do, it's good for society), but don't do it to get a job, get a job to get a job

Can you expand on the volunteering part? Do firms actually care?

[4444]

Originally Posted by Splmash

I hope you're not referring to me. Just trying to contribute my $0.02.

no, just a general comment. i don't know you or what you do to make a direct comment

though you haven't answered my qu's

[4444]

Originally Posted by gYU

Can you expand on the volunteering part? Do firms actually care?

firms care about different things.

anyone can volunteer, literally, the bar to go and volunteer is just above grass height, the bar to being a person that has worked hard (whether extracurricular, or actually working for money) and being interesting, and having interpersonal skills, etc. that's what firms care about.

if you just fit in with the crowd of asian kids that study hard, get As/Bs, but have nothing else interesting other than some BS volunteering, well, you're not standing out - for me, i worked during my undergrad to pay for it, got straight As, had interesting hobbies/interests, and can talk to anyone about anything without losing their interest (i.e. i'm a normal outgoing person, even though i hate people) - that guarantees you being 'remembered' - being remembered is your goal.

in recruiting, no joke, they sit around a table and look at your resume/cacee (if they still have the cacee), if they no one can remember talking to this person, even if the resume is an 8/10 or 9/10, chances are low you'll get any further.

mind you, recruiting for CA firms is also about fit (as BS as that sounds), for me, i only got 1 big 4 offer, in the second interviews with another, i was so done with it bc i wouldn't have wanted to work there (with no other offers i would have been forced but it didn't come to that thankfully), i basically stopped trying - we both knew the fit didn't work.

i got what i wanted, got what i wanted from them over 4 years, and then left. got what i wanted from vnacouver, then left that too...

i know that was long, but i hope that helps for those coming up to recruiting time - pm me if anyone wants any specific advice, i can't hook anyone up with ppl anymore as i'm old and removed from my ex big 4 and know none of you personally so wouldn't be willing to muddy my name if you're a fuck up, but i'll give advice where wanted - i know i'd have appreciated it back in the day

[4444]

Originally Posted by f.

Through the 2 years of experience I have, I can't see myself working in public practice for longer than I need to. I'm really looking forward to going in to industry at some point and was wondering if anyone hand any international experience? Any insight would be much appreciated!

what do you want to know? (i recently moved back to Europe)

where are you looking?

you need to be 'special' to be recruited internationally (outside canada/US) - being just a CA from big 4 may not be enough, you also need to be broad in your knowledge (more than just a CA) - why would you get internationally recruited for a regular accounting role? accountants are a dime a dozen. As you may know, CAs in vancouver are a dime a dozen - not knocking, i am one, just stating a fact, and a reason for the shit pay

[LaidbacK]

Aspiring accounting student here. I'm finishing my 2nd year at Langara in hopes of transferring and graduating with a BCom in accounting. If I don't get into UBC my backup plan is to either finish my BBA at Langara or transfer to BCIT for BTech.

@waddy

how was your overall experience at BCIT? Was their co-op program helpful in landing you an accounting job? Are you working towards your designation?

[waddy41]

BCIT was a lot of work but it's good.. employers respect BCIT

Are you going for your designation?

[LaidbacK]

Yes I am, but first I need my bachelor's

[waddy41]

Did you check if your credits can transfer into BTech?

Since I've graduated, they've made a BTech option FT, so after finishing your diploma, you can get your degree in 1 year, 3 terms (fall, winter, summer)

Also, BCIT full time is the best bang for the buck

[Valour]

Took me 4 years to finish a 2 yr accounting Diploma at Langara/BCIT/Kwantlen. Had to transfer all my credits together to get that damn diploma

Did a bunch of correspondence and night classes and finally got my CGA designation after 7 years. Now I'm just as good as those cocky CA's! suck it cunts!

worked in construction accounting for 5 years then said fuck it I'm going to Vegas.
Got lucky
took a year off and did jack shit.
got another accounting job in construction, got fired after a year cuz I was mad surfing porn.
Started my own private lending firm. pay my brother to do my books cuz I can't remember shit.

Ask me anything.

[Euro7r]

Bumping this thread.

I am at cross road in where I am not sure if I even wanna do the CPA. I took the Core 1 and failed it twice already.

I've looked around at jobs lately and noticed the minimum requirements, such as experience + designation, the compensation is somewhat garbage. E.g. $45K-$55K job asking for CPA....Like what kinda of person with a designation would even want to do such a job. Sure the market is over saturated with accountants in Vancouver, but that bad...?

I am not even a senior level staff accountant without designation and making more than the above, which makes me wonder of this path.

[Gerbs]

Also bumping this thread.

I just finished my diploma of accounting at BCIT and taking the Accounting Degree this upcoming semester. I will be taking CFA level 1 this December and have spent most of summer completing 2/3rd of the readings. Most of it is just a review of what I learned in the diploma. I also accepted an offer at a retail banking position at RBC, so I can work and go to school full-time.

Those of you already in the industry, what should I do to better myself for a position in equity research post-grad? Is there hope for non-target schools?

Originally Posted by Euro7r

Bumping this thread.
I am at cross road in where I am not sure if I even wanna do the CPA. I took the Core 1 and failed it twice already.

I was planning to do the CPA if I don't manage to break into the finance industry. I have all the PEP courses completed. I have done some research on how to obtain the CPA. Yet I am still a bit confused from their website. From what I understand it's 6 modules. Core 1- 2, ,capstone 1-2, electives 1 - 2. Then one final exam to receive the designation?

[lowside67]

As a datapoint - I obtained my CMA (completed 2014) after working in family business for several years. When I went to look at "accounting" jobs close to graduation, I came to the same conclusion as Euro7r - the "average" staff accountant job is an absolutely embarrassing level of pay considering you need a designation to do it. No doubt that senior FP&A roles in larger companies can have a reasonable pay, but even roles that I was severely underqualified for (aspirational roles) were often $100k or less.

I ended up with an opportunity to pivot into commercial banking as a relationship manager. This is a "many hats" job that may not be a good fit for all accountant types, but for me was a great opportunity to combine my strengths and CMA toolkit of financial analysis with being client facing in a sales and relationship capacity. The upside to this is since there is a sales side to the job, it had significantly more upward potential in terms of compensation.

I have now been doing this job for close to 3 years and am enjoying it and making likely double what I would have if I had have started as an intermediate accountant and been promoted to a senior accountant in 2 years. I also am pleased as there is a lot of upward trajectory both within the bank (can move through to corporate finance, move into leadership roles, move into something more technical like capital markets) or lots of applicable uses outside the bank.

Hope that is helpful,
Mark

[Euro7r]

Current situation is I have worked in the private sector for 6 years in an intermediate role in the consulting industry. My experience of focus is financial reporting. I have been looking around for other intermediate/senior level jobs. Priority being higher job compensation and diversified experience in other private industries.

I have seen many jobs asking a shit load of experience requirements along with designation, but the pay is absolute shit considering the amount of work required to be done.

I am also interested in an financial analyst role as that seems quite interesting to get into compared to the regular staff accountant work. How do people get experience in that area and also get into it? Not sure how I can branch out my current experience and try other "accounting/finance" areas.

[dat_steve]

At the end of the day, FP&A is also reporting. Having been a professional for 6 years, you probably have decent exposure to modelling and analysis, so I don't see it being much of stretch to move into a FA type role? I guess my point is that unless you've been pigeon holed into tasks that are so reporting specific, you probably have more experience than you realize. Add "exposure to..." and "worked with..." to your resume, then fake it till you make it, bruv.

financial reporting is a soul sucking endeavor imo

[Euro7r]

Originally Posted by dat_steve

At the end of the day, FP&A is also reporting. Having been a professional for 6 years, you probably have decent exposure to modelling and analysis, so I don't see it being much of stretch to move into a FA type role? I guess my point is that unless you've been pigeon holed into tasks that are so reporting specific, you probably have more experience than you realize. Add "exposure to..." and "worked with..." to your resume, then fake it till you make it, bruv.

financial reporting is a soul sucking endeavor imo

Yeah you are right. I started off as A/P and 3rd month into the job, promoted to financial reporting. Typically people don't jump that quick, not that I have personally heard/known of; therefore, I have plenty of experience and exposure.

Accounting is quite repetitive, day to day operation and month end, repeating again 12 x each year.

Without my designation, I can only move up to a senior accountant role and that will be the ceiling point. Just trying to see what other options I can move into without a designation. I am at the point in life where I don't want to study anymore as it does put a lot of strain on my body health, not because I am lazy. Designation does open up plenty more opportunities...Sighhhhh

[EDawg]

currently a financial planner with a big bank (the blue one). I have my CFP, and I've passed level 1 of the CFA program. I've been in banking/investments since 2010, always at the retail/mass affluent level.

looking to get into the non-sales side of investments now (more analyst type work). i've looked into equity research, investment banking, and portfolio management jobs. there aren't really any jobs (in vancouver anyway) that would be suitable for someone with my experience/skill set.

long term plan is to eventually get my CFA letters. my goal is to find a career-type non-sales job in the industry that will allow me to make a good living. I've been in sales for a while now and the money is good, so ideally I don't want to take a pay cut to try something new.

just wondering if there's anyone here that followed a similar career path that has any advice for me? TIA

[DaFonz]

Originally Posted by Gerbs

Also bumping this thread.

Those of you already in the industry, what should I do to better myself for a position in equity research post-grad? Is there hope for non-target schools?

1) Move to Toronto. Equity research in Vancouver is AWFUL. Market hours on the west coast is AWFUL. My worst day was company reporting pre-market and then a west coast company reporting end of business day on west coast time. I absolutely hated it.

2) Get to know analysts. They have ultimate say in who their associates are. Often times the jobs are never posted and just referred through people.

[Gh0st]

Have a family member and several friends in the accounting field. They did the standard diploma / bba in Accounting / Finance then went on to article while they work on their designations in public practice mainly.

Pretty surprised at how many people aspire to be accountants. Long fucking hours. Brutal office politics. Working in a firm with 50-200 people (depending on size) with everyone competing with you to move up from staff accountant to accountant to senior accountant, ect.

All the unpaid travel hours and unpaid overtime paired with not being able to take time off in December because of year end, and not until at least May because of tax season is absolutely crazy.

Ya'll work hard. I respect the grind and work ethic. I noticed many people spending all of their pay cheques at indochino on budget suits since the pay is so incredibly shit. No one ever talks about how shit the pay is.

Starting 36k, after 1 year get like 42k and after 2 years maybe get 44 max? Then you get your CPA designation and like someone posted above earn anywhere between 45-55k.

You don't really get ROI until you are at least 10+ years deep in the game. By then you'll just have only paid off your massive student loans. The accounting field is prestigious and you learn amazing things from the industry that you can apply to your own life... but will you even have a life after the insane amount of hours you're working.

Every accountant I know is in a state of burn out and misery. It's sad. I wish the best for all accountants out there. Keep up the grind and pray for the best.

I went into a different area of business.. with the spare time I have I am able to start a business of my own.. doing 100k at the age of 25.

I have one buddy who made smart plays in his career, went into internal accounting for a mid size firm in downtown. He's about 6 years in the game and after much strategizing and playing his cards right he's now at 70-80k salary working like a dog. Literally doing coke and drinking every weekend to unwind.

Sorry I just felt the need to write about this as I'm sure many seasoned accountants here can probably attest to most of my points.