An Open Letter to All Accounting Students

Introduction

The ultimate goal for a college accounting student is to sit for the CPA exam, so there are many classes that must be taken, many factors to be taken into consideration. Which college is accredited with the state, is there a CPA exam track available, etc. But for many of these students, they have no intention of sitting for the CPA exam, they want to work with small business owners and help them with finance, bookkeeping and tax information. If that is your goal, let me tell you as someone who paid for and took all of those classes before getting his Master's degree, YOU DON'T NEED TO PAY THAT MUCH MONEY!

Why? This article will tell you.

1. THE EMPHASIS OF THE COLLEGE COURSES - Because the emphasis of 99% of the colleges use classes that are preparing you for a career with the big accounting firms. If what you want to do is be an accountant for small businesses, the money you invest in the degree will in large part be a waste. As an accountant for small businesses, you will be dealing with QuickBooks, Peachtree (ugh), or some other version of accounting software. You will be dealing with payroll, sales and use taxes, unemployment taxes, and the day to day advice you need to give your clients will not be taught to you in a college classroom.

The emphasis in the college courses will be on hedge funds, advanced accounting, government accounting, and GAAP. You might even wish to specialize in Sarbanes-Oxley compliance, and if so, then so be it, get your Masters and help the 15% of the companies in this country who will need your services. OR, specialize in helping a small business owner make the tough decisions so that they make a profit instead of a loss and won't have to close up shop.

When I completed the courses I did, (and there were many of them) I knew all the facts, but I still didn't know what an accountant did at work! I wasn't taught real world accounting for the small business, and believe me, small business accounting is a completely different animal than what you will learn in the college courses.

2. THE NUMBERS -

a. The Numbers of Positions Available - The numbers don't lie. (Yes I know, the people who USE them do, but that's not important here.) 80% of the people employed in this country (including accountants and bookkeepers) work for small businesses employing less than 100 people. The other 20% work for major corporations, including accounting firms. Your best chances of finding work lie with the small business owner who may not be able to afford a CPA full time, but they could afford YOU!

b. The Numbers of Other Graduates - When you graduate in May you are competing with 99% of the students who have been prepared for work for a big accounting firm. You are one in thousands of resumes being sent to them. These graduates are hoping to find an internship so that when they are able to sit for the CPA exam, they will secure a spot for themselves. These odds are a little better than the odds that you would be in the top 12 on American Idol, but not much better. Why not pursue work in the 80% area rather than in the 20%?

3. THE OPPORTUNITY -

What would you think about the opportunity to own your own accounting business? You would be your own boss, set your own hours, find your own clients, etc. And with the right training you can do this without paying $30,000 for a Master's Degree! You can do this without the CPA exam! Accounting is fully one third of what makes a business successful, you could help the mechanic with the dream of owning his own repair bay. And, you could help the baker with her dream of owning a bakery. The variety in owning your own accounting business is endless. I have worked with a daycare, a travel business, a vacation home business, a lawyer, a restaurant owner, a printer (actually 3 printers), set designers for movies and television, and more! Each business is unique, with unique needs and wants but each must employ the same discipline in accounting as the other.

There are 30 businesses a week that start up in my county alone. And what you can do for them will fight the statistic that half of them close up shop in three years! Most close because of poor accounting decisions and you can help them avoid that mistake!.

Conclusion

So where do I go, you may be asking? There are many fine centers that train professional bookkeepers and a being an employed bookkeeper is better any day than being a Certified, Graduated etc unemployed CPA. Find one, look for a solid history of helping people achieve their goals of becoming accountants. You will have the training those in the expensive college classes don't have, you will have the advantage of the statistics behind you and you will open up to yourself an incredible opportunity for a rewarding career.

Please don't get me wrong. I am grateful I completed my education (all $30,000 of it) but if I knew then what I know now, my decisions would have been completely different. Having a Master's degree can open doors for you, but they will be few and far between. If you truly wish to be a CPA, then by all means, get your degree and sit for the exam, attempt to fight 400 other graduates for the same position, register with all the temp agencies until they find you something. And good luck.

David Roberts, Certified Fraud Examiner, Certified QuickBooks ProAdvisor, MBA, lives in Kissimmee, Florida with his four girls, three dogs, two snakes and one wife. He has been a member of the Association of Certified Fraud Examiners for five years and has been studying fraud for longer than that. He is the owner of Homesoon Accounting Services which specializes in Quickbooks Consultations and Fraud Prevention and Detection.

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