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I'm an accountant and have my CPA license. I'm on track to be Controller, or maybe a VP of Accounting/Finance role at some point in my life - that is the road I'm on right now (currently Assistant Controller at a company).
I kind of hate the corporate world and don't really see myself managing people. I just want to do the work - schedules, workpapers, preparing financial statements, keeping the books, etc, etc... I look at job postings that are open that are my logical next step and I'm just not interested in them and don't see myself being happy at any of them.
My dream is to one day have my own bookkeeping company where I do the books for small business clients... almost like an outsourced accountant. Since I'm a CPA, i feel like I could offer more than just basic bookkeeping.
There are a few positions I've come across that would be a great stepping stone to possibly having my dream come true one day. But the problem is that they all pay around $70k... I currently make $105k (i think i may have seen 1 or 2 for like $90k, so it's possible to get close to what I make, but rare).
My other issue is that I've never been in that kind of role so there is a chance that I could hate it and regret switching "paths". Also, would i ever *really* have my own business? it's nice to dream, but is that something that will actually ever happen for me? I mean, I dream of doing a lot of diff things that I know will never happen.... so is this just one of them?
I mean it wouldn't be a total career path change but it would be like taking a different road in the same industry... so maybe it's not as risky of a chance as i think it is?
I guess my question is - has anyone ever taken a pay cut to make a change? did it end up working out or did you regret that decision?
I'm also hoping there are a few accountants here that could maybe offer some advice.
I've never taken a pay cut to change career paths, though I don't think it's unreasonable to do so depending on the situation. If I understand you correctly, you want to have your own CPA firm right? Since you're a CPA I'd think you'd want to advertise that to gain more clients and be able to charge a higher price rather than just offer bookkeeping services. I used to work for a CPA firm though I didn't get my license. I had a coworker who started his own CPA business. I'm not sure how he's doing but he's been in business for many years now so he must be doing okay. The thing is, being a CPA and doing CPA level work is really stressful. Probably even more stressful if you're on your own. That's why the vast majority of people who work for CPA firms don't stay there more than a few years.
What kind of stood out for me with your post is that you said you hate the corporate world. This could kind of be interpreted as saying you don't like the politics and possibly all the business related social interaction that comes with it. If you start your own firm your hardest part would probably be finding and keeping clients, which would require a lot of personal interaction with them.
Running your own business and working in the same business for an employer are two totally different things. There's much more involved and a much higher risk doing the former. Kind of like owning a restaurant and working in a restaurant. Is there any way you could try it out on a part time basis? Kind of like a side business. Try to find a client or two and see how it is doing their financials, tax returns, and whatever else you'd be interested in doing. That way you can kind of ease yourself into having your own business full time and see if you like it. I think you also have to think worst case scenario. Ex. what if you quit your job, start your business, then you hate it or you fail to find clients. Ask yourself if you can survive that worst case scenario. If you can't, think of another plan. Good luck to you whatever you chose.
I took a $16k/year pay cut a few years ago, and don't regret it for a second. I was on a path to be at an executive level. I hated what I did, dreaded coming to work, and was just miserable overall.
Changing career paths was the best decision I made in a long time. If your family's finances are OK with the pay cut, it's 100% worth it for the mental health improvements. Going after a certain career path just because it has an impressive title might boost your ego, but that's not worth it at the expensive of personal happiness.
My advise, talk to people. Call people who are in careers you think you might enjoy and grab coffee/lunch/dinner/drinks with them. Ask them what their day is like, learn what it's really like to work in those careers. Do your research before making a change.
This is where mentoring/networking groups make a big difference.
Do you know anyone personally who owns their own small accounting business? Talking to them would be the first step I would take to see if your idea of what that would be like is accurate.
Then you'll have a better idea about whether a pay cut would be "worth it."
I've never taken a pay cut to change career paths, though I don't think it's unreasonable to do so depending on the situation. If I understand you correctly, you want to have your own CPA firm right? Since you're a CPA I'd think you'd want to advertise that to gain more clients and be able to charge a higher price rather than just offer bookkeeping services. I used to work for a CPA firm though I didn't get my license. I had a coworker who started his own CPA business. I'm not sure how he's doing but he's been in business for many years now so he must be doing okay. The thing is, being a CPA and doing CPA level work is really stressful. Probably even more stressful if you're on your own. That's why the vast majority of people who work for CPA firms don't stay there more than a few years.
What kind of stood out for me with your post is that you said you hate the corporate world. This could kind of be interpreted as saying you don't like the politics and possibly all the business related social interaction that comes with it. If you start your own firm your hardest part would probably be finding and keeping clients, which would require a lot of personal interaction with them.
Running your own business and working in the same business for an employer are two totally different things. There's much more involved and a much higher risk doing the former. Kind of like owning a restaurant and working in a restaurant. Is there any way you could try it out on a part time basis? Kind of like a side business. Try to find a client or two and see how it is doing their financials, tax returns, and whatever else you'd be interested in doing. That way you can kind of ease yourself into having your own business full time and see if you like it. I think you also have to think worst case scenario. Ex. what if you quit your job, start your business, then you hate it or you fail to find clients. Ask yourself if you can survive that worst case scenario. If you can't, think of another plan. Good luck to you whatever you chose.
This was my original plan/idea, but the problem is I lack the confidence to really do it on my own. I feel like I need a supervisor or a boss to just look over my work and say it's okay. I hate the idea of potentially messing up someone's books/records because I did something wrong. I would love to work on the side *for* someone but I can't seem to find those opportunities. I thought there would be someone at a small CPA firm who would need extra help, maybe 10-15 hours per week I could fit into my schedule, that way I could get the experience... heck, i would even do it for free/pennies just to get the experience, but I'm having trouble finding this (that's why I feel like it's switch to full time or give up my dream)... I even put an ad on craigslist lol... but didn't get any responses, I could try again. Otherwise, I will have to network.
Quote:
Originally Posted by Lekrii
I took a $16k/year pay cut a few years ago, and don't regret it for a second. I was on a path to be at an executive level. I hated what I did, dreaded coming to work, and was just miserable overall.
Changing career paths was the best decision I made in a long time. If your family's finances are OK with the pay cut, it's 100% worth it for the mental health improvements. Going after a certain career path just because it has an impressive title might boost your ego, but that's not worth it at the expensive of personal happiness.
My advise, talk to people. Call people who are in careers you think you might enjoy and grab coffee/lunch/dinner/drinks with them. Ask them what their day is like, learn what it's really like to work in those careers. Do your research before making a change.
Quote:
Originally Posted by BirdieBelle
This is where mentoring/networking groups make a big difference.
Do you know anyone personally who owns their own small accounting business? Talking to them would be the first step I would take to see if your idea of what that would be like is accurate.
Then you'll have a better idea about whether a pay cut would be "worth it."
Thanks for this advice, sounds like you are both saying the same thing which is to network. I will have to look around for these events... I know the accounting world has them all the time so it shouldn't be hard. Thanks again!
The big problem is that if you take the pay cut and the self-employed thing doesn't work, it's going to be tough to get back to where you previously were.
The big problem is that if you take the pay cut and the self-employed thing doesn't work, it's going to be tough to get back to where you previously were.
As a CPA possibly not. There’s always going to be a need at a certain level for people with professional certifications and a pay scale for it. Unless OP goes off that track for years and years.
I've taken a "step back" for the right opportunities and it worked out. I've also taken promotions that didn't pan out. In the end, there are a lot of factors and there isn't a single solution to make it work.
You just need to make sure you look at all the risks. Then make a decision and hope for the best.
You will find out the answer to your question by doing the work you want to do as a side job in addition to your corporate work. You can get clients by doing tax work and offering bookkeeping/accounting services as a sideline. I did this when I was an audit manager. I provided accounting services and computer services for a few businesses as a sideline for about 10 years. But unlike the OP I never lacked confidence or felt I needed someone to review my work. That seems like an enormous negative for a person contemplating going into business for themselves.
What I realized after about 10 years was that I never made much money at it compared to my corporate job. Despite high hopes and expectations (pipe dreams), it just was extra money, that's all it turned out to be. I also realized that in a corporate environment a lot of problems were handled for me, namely selling my services and getting paid for them. Doing the work was the easiest part, getting clients and then actually getting paid for the work I did was the hard part of being in business for myself. It sounded good in theory but was much more difficult, and less lucrative than working my corporate day job.
There's no rule that says you have to take the next step at work. It turns out I was a failure as an audit manager. I was a great auditor (was a Certified Internal Auditor) but tended to use my people as my eyes and ears rather than trying to make them self sufficient. After 7 years in that position, with a change in bosses and a new management philosophy, I was demoted. So I took the advice I received at a management conference, that I wasn't suited to be a manager and I should find a niche as a technical individual contributor. Within a couple of years I became an individual contributor as a sys admin and dba for the same company that I had been with for 11 years and had been demoted at. I made less money but I enjoyed the work and freedom much more. After several years of working on my own, essentially being my own boss as long as the systems ran smoothly, I was told I would have to supervise a crew of workers due to budget consolidations. I told them I had been there, done that and would quit before doing it again. My boss dropped it and I continued to have a happy career for another decade until I retired. A year after I retired I got two additional years of work as a contractor due to the skills and experience I had gained as a sys admin and dba.
Quote:
Originally Posted by bell235
I'm an accountant and have my CPA license. I'm on track to be Controller, or maybe a VP of Accounting/Finance role at some point in my life - that is the road I'm on right now (currently Assistant Controller at a company).
I kind of hate the corporate world and don't really see myself managing people. I just want to do the work - schedules, workpapers, preparing financial statements, keeping the books, etc, etc... I look at job postings that are open that are my logical next step and I'm just not interested in them and don't see myself being happy at any of them.
My dream is to one day have my own bookkeeping company where I do the books for small business clients... almost like an outsourced accountant. Since I'm a CPA, i feel like I could offer more than just basic bookkeeping.
There are a few positions I've come across that would be a great stepping stone to possibly having my dream come true one day. But the problem is that they all pay around $70k... I currently make $105k (i think i may have seen 1 or 2 for like $90k, so it's possible to get close to what I make, but rare).
My other issue is that I've never been in that kind of role so there is a chance that I could hate it and regret switching "paths". Also, would i ever *really* have my own business? it's nice to dream, but is that something that will actually ever happen for me? I mean, I dream of doing a lot of diff things that I know will never happen.... so is this just one of them?
I mean it wouldn't be a total career path change but it would be like taking a different road in the same industry... so maybe it's not as risky of a chance as i think it is?
I guess my question is - has anyone ever taken a pay cut to make a change? did it end up working out or did you regret that decision?
I'm also hoping there are a few accountants here that could maybe offer some advice.
Last edited by bobspez; 10-16-2019 at 01:47 PM..
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