College Student Section

If you are like most college students, you probably are wondering what you are going to do with the rest of your life. It’s a difficult question to answer, especially when you are struggling just to choose a major that you hope will be interesting and challenging, not to mention the foundation for the next 40 years of your career. There are a lot of options out there, and I suspect that you are getting a lot of different advice about what you should do, so I don’t wish to add to the confusion. I’m not in the business of college counseling, but, as president of the nation’s oldest and largest state accounting organization, I would like to make a case for accounting as your major and the CPA profession as your chosen career path.

A major in accounting is tough, there is no getting around that. The course of study is less flexible than other majors and these days most CPA candidates need a fifth year of study or an advanced degree. Passing the CPA exam is also a real challenge and those who do usually study very hard. However, hard work has its advantages. Majoring in accounting impresses corporate recruiters and executives. Lawyers and business professionals have even told me they wish they had majored in accounting because of the useful knowledge and discipline it imparts. Accounting is the language of business.

One obvious career path for an accounting major is public accounting, so let’s start there. It may surprise you to know that many of today’s public accounting firms have a very youthful atmosphere. I’m a partner in a Big Four firm and like other large firms, we employ thousands of professionals, two-thirds of whom are under 30. Many smaller firms have similar profiles. When people leave public accounting, it’s the close camaraderie amongst the staff that they usually say they miss the most.

Though the first year of most jobs can be dull at times, public accounting usually gives even the newest staff members a chance to work with different businesses and industries and to move around to different client locations. But what you’ll learn goes well beyond accounting; you’ll get to see how a business actually runs and you’ll also work with different teams of people so you have a variety of interaction and a fair amount of independence right from the start. You say you want early responsibility. In most accounting positions you get as much as you can handle as soon as you can handle it.

Perhaps most important, being an accountant is a tremendously gratifying vocation. Next to their health and family, most people care a great deal about their money. As a CPA, you will discover that you are really helping people accomplish their financial objectives and realize their dreams for the future.

It is hard for me to imagine any profession that offers more diverse career opportunities than accounting. You can specialize in financial statement preparation and analysis, taxation or auditing, and there are numerous subspecialties within each area. You can concentrate on providing services to a particular industry such as the media and entertainment or serving small businesses. Most public accounting firms also provide personal financial planning services for their clients. Many firms are international and offer temporary assignments in various overseas locations including London, Paris and Tokyo, to name a few. Rotations through specialty areas like mergers and acquisition consulting are often available, too. And, in the event that down the road you want to do something different, some firms even offer CPAs the possibility of moving into other areas of the business such as personnel or marketing.

Because we need to keep providing value to our clients, all of the public accounting firms provide mandatory continuing education. Some of these seminars may be conducted for a week at a time at off-site locations. This gives young staff from all around the world an opportunity to exchange ideas and experiences and to bond with each other. Many firms pay for part-time graduate school study as well.

Besides public accounting, the CPA profession offers terrific career opportunities in industry, government and academia. Many CFOs and even some CEOs are CPAs. Our skills are critical in law enforcement and at the Internal Revenue Service and the Securities and Exchange Commission. CPAs who pursue Ph.D.s are in great demand as college professors, too.

When you work in accounting, you are regarded with a tremendous amount of respect by your clients and your co-workers. They know that most CPAs are smart individuals with proven academic and extracurricular accomplishments. They also know that CPAs receive great training and have diverse job experiences. As a result, the demand for your services will be strong throughout your career. In case the message isn’t clear, a career in accounting gives you a number of options to pursue to figure out exactly what you want to do, and it also will ensure that you always remain a highly sought after member of the workforce.

And there’s more. Certain large accounting firms have recently been selected by Fortune magazine as among the best 100 places to work in America. Part of the reason for their inclusion is the number of programs that they have set up to help working parents. Many small- and mid-sized firms also provide similar benefits. These could include part-time programs, flex-time programs, opportunities to work at home and emergency day care. Many staff members, including partners, have taken advantage of these benefits. I, myself, work with two women partners who currently work part time with the intention of coming back full time when they finish raising their children. Some firms have even begun extending child care benefits, such as paternity leave, to fathers as well.

Speaking of part time, because of the technical training that you receive, accounting is an excellent vehicle for moving to a part-time job near your home, or to work for yourself if you decide to go in that direction.

Before I forget, have I mentioned money? The starting salary is good and getting better all the time. Your annual raises and promotions are based on your performance and can be as much as 20 percent per year.

There is no doubt that you will earn your money. Most CPAs work long hours and you will often feel that your time is not your own, but most accounting positions don’t have a “sweat shop” atmosphere or the heavy travel schedule that exists in many large law firms, management consulting firms and investment banking firms.

Getting back to college, you may have noticed that, despite a slow job market, accounting firms are practically tripping over themselves to recruit accounting majors. Many offer internship positions in the summer or during the school year. If you perform well, you may get a full-time job offer by the end of the internship. You will know where you will be working when you graduate. That takes a lot of pressure off so that you can enjoy your last months of school and graduation.

I’m sorry this column got a little long, but I feel strongly about the profession to which I’ve devoted almost 30 years. If you want to know more about it, I encourage you to contact your career counseling office or talk to any CPA. Choosing a major and a career is a tough decision, but I know that you will make the right one for you, and that’s what is most important.

Jeffrey R. Hoops, NYSSCPA President
Partner, Ernst & Young LLP