Is Getting a CPA Worth It? An Accountant Shows You 2,000,000 Reasons It Is

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  • เผยแพร่เมื่อ 6 มิ.ย. 2024
  • I measured how much my CPA license contributes to my income over the years and the results are so awesome I wanted to share them with you!
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ความคิดเห็น • 251

  • @virgnthermostat5928
    @virgnthermostat5928 2 ปีที่แล้ว +99

    I am finishing college a little later in my life (early 30s) but I'm 75% done with my bachelor's degree in finance and accounting. My dream is to open my own CPA and investment firm. Thank you for the information.

    • @TheFinancialController
      @TheFinancialController  2 ปีที่แล้ว +16

      Good luck brother

    • @100AcreWoodz1
      @100AcreWoodz1 2 ปีที่แล้ว +19

      Don't let it stop you. I graduated in accounting at 31. Been working in public since January remotely.
      I'm learning crazy amounts and loving it

    • @virgnthermostat5928
      @virgnthermostat5928 2 ปีที่แล้ว +4

      @@100AcreWoodz1 thanks for the support

    • @NorthernCold
      @NorthernCold 2 ปีที่แล้ว +4

      @@virgnthermostat5928 good job bud! You can do it! Look at Meyer Lansky, he didn't have a CPA & was the Mob's Accountant.

    • @ayaakhair523
      @ayaakhair523 2 ปีที่แล้ว +1

      It’s possible to be intrapreneur as an accountant !!!!!! because what you wrote you just surprise me because I’m accountant to and I’m a graduate about 2 years ago and I still hesitate if I want to stay as accountant or just change my field

  • @francismazanet2769
    @francismazanet2769 ปีที่แล้ว +49

    Self employed CPA. I make a little less than $500K a year. My minimum annual fee is $15K per client. I have one client who pays me $60K, another $30K. I only do books for businesses making over $2 million a year in sales. I do not do personal tax returns unless they are the business owners of the companies I am the CPA. I am not unique. I developed a strategy of seeking higher paying clients and then letting go of lower paying clients as I go along. I work about 70 hrs a month. My success, and yours, is be based on recognizing who has the bucks, not businesses making less than $1 million and certainly not regular personal tax returns. My time is valuable. If I am not making between $400-$700 an hours, I am not interested. Now, you may not be able to start with that mindset, but it should be your goal. Remember: Don't do work for people who complain about money; always look to find wealthier clients and let go of the poorer clients as you go along to free up your time to service wealthier clients. It may take 5 years, but if you stick with that philosophy, you too can make almost $500K a year as a CPA. One last thing: I DO NOT charge per hour. I charge on a fix fee. You will find as you go along, the more you knew the client's books, the less time you take. Hence the fixed fee gives me more money per hour as I get faster on doing the client's books. And I always raise my fees 10% minimum each year on existing clients. If you build trust and your client feels they cannot live w/o you, you can raise your rates 10%+ per year. One client I charge an extra $1,000 a month for every new store they open. Be creative with how you make money from your fees.

    • @TheFinancialController
      @TheFinancialController  ปีที่แล้ว +1

      Thank you for a valuable post!

    • @tiramisu2717
      @tiramisu2717 4 หลายเดือนก่อน

      This is gold, thank you for sharing!

    • @Chillingisbae
      @Chillingisbae 3 หลายเดือนก่อน

      Wow, that’s impressive 👏🏼

    • @ohyesohyes8804
      @ohyesohyes8804 2 หลายเดือนก่อน

      This was very informative to read. Can you tell us how your career was like leading up this point of your life (making a firm)

    • @mohammedosman88
      @mohammedosman88 หลายเดือนก่อน

      wow amazing mindset! Loved this!

  • @boney2235
    @boney2235 2 ปีที่แล้ว +17

    You are an inspiration Sir, thanks for sharing such information especially your career path. It helps guide final year accounting students like myself who dream of such a career. Much love from Ghana🇬🇭.

  • @AlexJDuer
    @AlexJDuer 6 หลายเดือนก่อน +11

    Just sent my CPA application into my state board yesterday! It was a grind (early 30’s with family) but I’m very excited about the opportunities that should open up.

  • @ManofSteele
    @ManofSteele 2 ปีที่แล้ว +6

    Thank you for the video. I'll be graduating with my Master's in Accountancy in less than a month. Thanks for the inspiration!

  • @jaimeponce2758
    @jaimeponce2758 2 ปีที่แล้ว +2

    Thank you for the video! I just graduated college and am studying for FAR before I start full-time in PA

  • @01michellehall
    @01michellehall 2 ปีที่แล้ว +1

    Thank you for your videos. You and your wife are truly awesome and encouraging!

  • @walterbutler8698
    @walterbutler8698 6 หลายเดือนก่อน +9

    Im 36 and decide to go back to school for accounting and in the future get my CPA.

    • @Siegefya
      @Siegefya หลายเดือนก่อน

      Considering it as well, 35. Probably going to enroll at WGU online for it.

  • @NATSCOTT
    @NATSCOTT 2 ปีที่แล้ว +6

    This video has completely lit the fire underneath my behind. Starting at 30 years old. Thank you

  • @yeshuagonzalez3631
    @yeshuagonzalez3631 2 ปีที่แล้ว +1

    Great video, thank you!

  • @Greenham1988
    @Greenham1988 2 ปีที่แล้ว +105

    Coming from a Controller; accounting is not difficult. It's a little tricky when you first start (as with most things), but it is very practical. Once you TRULY understand that what you do to one side, MUST be done to another, and you understand the impact to your CORE financials you're pretty much functioning at a senior level at this point ( earning 60K-90K).
    I'm not a CPA, sitting at $123K (31yo) and my wife who is a CPA makes $77k (31yo). (we don't live in an area of high incomes, so we are in a pretty good income bracket)
    The CPA lets managers know that you understand primary principles of accounting. If you work for a company and are able to prove this knowledge in your work, the CPA will be less important in the beginning of your career. And as you climb the ladder, you will be compared more with CPA candidates, now if you understand the business inside out. If you understand the strategic direction the business most go to grow and you can lead that initiative, you will be a CFO rather you have a CPA or not (That is primarily function of the CFO, but a CPA always helps)
    One thing that helped me out-earn my CPA peers, is that I really try to understand the flow of the companies activities and how it effects my financials, this is important because I've been apart of a couple ERP/EPM (accounting systems) projects and those assignments need people that really understand how accounting should flow through out a system and how to set-up a system to do so.
    For example, my wife can tell you how receiving inventory, will flow from your docks, to your books (balance sheet) and when it should show up on your P&L based on your manufacturing/assembly process and she can give a pretty good explanation of your Cash Flow impact during this process. All while making sure you holding accurate records to stay compliant. That is what the CPA license tells management you can do.
    I can do that as well, but I really like accounting systems, so I can take that information, and set-up your accounting system to reflect it - that is where my premium comes in the market, even though I'm not a CPA. I've set-up Chart of Accounts for companies, and implemented accounting systems that flows their operations in a manner that compliant and accurate.
    Accounting is so great, because there are so many routes you can take with it. And if your primary goal is to make $100k+, that is not an unreasonable request from this field.
    My main point, is rather you have the CPA or not as long as you know your stuff, you can earn a good living in this field, and this material is not difficult. (and I agree the CPA is 100% worth it - if my wife could set-up systems I'm sure she would be earnings more than me $140K+)

    • @juniorrosario9275
      @juniorrosario9275 2 ปีที่แล้ว +7

      Thank you so much for sharing, definitely learned something new

    • @ravitej2010
      @ravitej2010 2 ปีที่แล้ว +6

      CPA opens up the world of opportunities to you. Without CPA your options become limited. Companies competing to recruit a CPA are far more than the non CPA.

    • @EpsteinDidntKillHimself.
      @EpsteinDidntKillHimself. 2 ปีที่แล้ว +1

      CPA carry’s a lot of weight but I agree that truly understanding financials, their impact, etc is how you best provide value to clients and in turn, how you maximize your pay. Sounds like you could easily pass the cpa exam with a little studying though and that license never got anybody paid any less 🤣 great post!

    • @EpsteinDidntKillHimself.
      @EpsteinDidntKillHimself. 2 ปีที่แล้ว +1

      @@ravitej2010 companies competing to hire anybody right now with experience. I have a few years experience and am a senior with no CPA (passed a couple parts, finished masters in December while working full time the past few years). CPA exam just gives you more favor in the interview process, but if you know your stuff then you know your stuff, they’ll hire you.

    • @ravitej2010
      @ravitej2010 2 ปีที่แล้ว

      @@EpsteinDidntKillHimself. Yes I completely agree with your statement. CPA adds that extra weight which will make it easier to get picked for an interview from hundreds of profiles.

  • @zuriacuna
    @zuriacuna 4 หลายเดือนก่อน +4

    Thank you for this. I am getting my bachelors in accounting in my early 30s this is definitely motivational!

  • @Greenham1988
    @Greenham1988 2 ปีที่แล้ว +1

    We are blowing this man's video up - TFC has to be watching this video thinking who would have know this would be this popular lol. I think this is one his most popular videos (in relation to how fast he has accumulated views).
    Great video man, Thanks for sharing!

    • @TheFinancialController
      @TheFinancialController  2 ปีที่แล้ว +1

      Hahaha. When I was shooting this video I was thinking man nobody’s gonna watch this, but when I was typing its title, I was thinking man this is gonna blow up

    • @Greenham1988
      @Greenham1988 2 ปีที่แล้ว

      @@TheFinancialController Yeah you sure added the right trigger "numbers" to bring the finance majors running!

  • @aparnap5636
    @aparnap5636 2 ปีที่แล้ว +1

    I wanted to thank you ❤️.
    I watched your video for interview preparation and i got the same questions for the interview. Also you explain concepts well.

  • @poonamtambe6605
    @poonamtambe6605 ปีที่แล้ว

    Thank you for sharing your smart Ideas and strategies for successful financial career 😊

  • @lunamorris2091
    @lunamorris2091 7 หลายเดือนก่อน

    Your videos are very useful and provide lots of information. I have received lots of help after watching this post, please continue to share this kind of information. Thank you.

  • @paul-gt1gy
    @paul-gt1gy 2 ปีที่แล้ว +7

    And you see CPA's leaving Accounting and becoming recruiters ,something doesn't add

  • @efnfamilyadventuretv3129
    @efnfamilyadventuretv3129 2 ปีที่แล้ว +1

    Very nice I’m working for my CPA

  • @aparnap5636
    @aparnap5636 2 ปีที่แล้ว +2

    Hi, thankyou for sharing, really liked the video. Monetary factor is the most important factor when looking for any jobs or for doing the course.
    I am interested to do CPA in future. I also wanted to know your suggestion, the job as being cpa will it be stressful. Also would like to know the negative aspects aswell. As everything as pros and cons.

  • @efnfamilyadventuretv3129
    @efnfamilyadventuretv3129 2 ปีที่แล้ว +2

    Hello I doing my CPA hope i can pass exciting even in your 50’s you can still achieve those numbers in your model

  • @HeartwarmingStories
    @HeartwarmingStories 4 หลายเดือนก่อน +2

    I hope I can get there. I took an accounting class when I was 19 and I dropped out because it was hard. Now I’m 44 and looking for a career change and I’m going to go for a cpa. Going to get bachelors and hopefully masters, and I’m hoping within 5 years I’ll get there, because I have to make it work. Thanks for your encouraging videos.

  • @vincentmasaka991
    @vincentmasaka991 2 ปีที่แล้ว

    Very insightfull.

  • @vikingredsonja
    @vikingredsonja 2 ปีที่แล้ว +5

    This is a good video, however a lot of places won’t promote you past senior until you have your CPA.

  • @kyv2431
    @kyv2431 2 ปีที่แล้ว +21

    These are very conservative estimates which I appreciate as inflating expectations can lead to disappointments. I currently work at one of the Big 4 and soon to become an audit manager. I've seen cases where my fellow colleagues at the manager level leaving for 160K+ jobs at the age of 30-31. So know that you can most certainly jumpstart this timeline table depending on where you start your career and how you play your cards. I would say though the compensation levels for VP and CAO are bit higher on the spectrum as those amounts tend to be applicable for larger public companies and not private institutions.

    • @purpleleague5244
      @purpleleague5244 2 ปีที่แล้ว +1

      Correct, most CFOs at Mid-Smaller sized companies wont make more than $250k-$325k much less some of the amounts listed above. I would assume these are blue chip companies.

  • @fmarystella6925
    @fmarystella6925 2 ปีที่แล้ว +1

    Well explained

  • @tscoms5472
    @tscoms5472 2 ปีที่แล้ว +34

    All of those months of studying and grinding, I’m glad it’s completely worth it. I’m still not a CPA yet as I need to get the work experience but I’m so glad to be done with the exams

    • @TheFinancialController
      @TheFinancialController  2 ปีที่แล้ว

      Nice job passing the exams

    • @shankare2286
      @shankare2286 2 ปีที่แล้ว +4

      I wish some day I can add a similar comment 😂

    • @giridharklp911
      @giridharklp911 2 ปีที่แล้ว

      How many years does it take to get cPA license

    • @victoriagiordano
      @victoriagiordano หลายเดือนก่อน

      Did you end up getting your experience?

    • @HellenRose-dk1pw
      @HellenRose-dk1pw หลายเดือนก่อน

      Yes i did Thomas helped me pass my exam

  • @velveder2
    @velveder2 2 ปีที่แล้ว +1

    This is great.

  • @laiph
    @laiph 2 ปีที่แล้ว +2

    Wondering what your thoughts are on the CMA?

  • @joegevorkyan7308
    @joegevorkyan7308 2 ปีที่แล้ว

    Awesome video- studying now for FAR, a ton of information. Would you be kind and give a link to your spreadsheet?

  • @konstantinradu4399
    @konstantinradu4399 2 ปีที่แล้ว +12

    Thank you very much, I remembered the first time when I compiled my first real balance sheet when I was 17 and now for my accountant which has a sort of CPA, in Italy we have the section "b" for accounting after 3 years of bachelor and section "a" after 5 years which is master degree.
    I'm transitioning to business intelligence/ data analysis using accounting data especially things like full costing, direct costing, abc method and budgeting. While cashflow indirect and direct method weren't my strongest point and didn't like it so much.
    Did you find any difference between business analyst and CPA/Accounting roles? I found accounting to be old school while business analysis being like a new school but less regulated, hence using tools from data analysis business intelligence might be a good things for us.

  • @adamounjikam881
    @adamounjikam881 2 ปีที่แล้ว

    Thank you

  • @davidhulsey6046
    @davidhulsey6046 2 ปีที่แล้ว +7

    I think your numbers towards the higher end are a bit high. I know Fortune 500 VPs who make less than $250k base. Most of their income comes from bonus and equity. I also know fortune 100 CAOs who make less than $400k base, again most of their income is tied to equity and bonus. Secondly, probably not going to see a 20% increase every time you switch companies even in this climate. My wife is a CPA and I was a recruiter for a national accounting and finance staffing company. I will say you will definitely make $2MM more with your CPA because I see those paychecks every two weeks.

  • @JustinWojo
    @JustinWojo 2 ปีที่แล้ว +13

    First year in college going to bachelors in accounting, still finding out what I want to do in the field of accounting. I did a tax internship at a smaller firm and did not enjoy it that much, but will try other internships to see where I'm best fitted
    Great Video, gave me some inspiration to push through for the long haul

    • @musicholic903
      @musicholic903 2 ปีที่แล้ว

      It's a trap. You make decent amount of money working 65+ hours on average without overtime. During the peak, you often work 90-110 hours a week.

    • @Daniel-ii6ju
      @Daniel-ii6ju 2 ปีที่แล้ว

      Even if a CPA was worth 3 million, I wouldn’t get it😂. Accounting is literally one of the worst fields, I’ve contracted at multiple big 4s to help on various projects and engagements and projects, and the staff always seem so miserable. Imagine working that much for that little, CPAs literally need to make videos about the worth of the CPA cause unless you’re c suite, even 120k isn’t enough to stay in accounting. That’s like basic tech pay

  • @user-tj5sh3dg1s
    @user-tj5sh3dg1s 2 ปีที่แล้ว

    We should do good deeds that touch people s
    hearts throughout our lives.
    Only by setting a good example for others
    will we become strong.

  • @tuannguyen-zk3lv
    @tuannguyen-zk3lv 2 ปีที่แล้ว +3

    My goal to getting CPA is to open my own tax, bookkeeping firm. I currently have Enrolled Agent designation. I will take my first BEC exam next week, cross my finger.

    • @zakford6291
      @zakford6291 2 ปีที่แล้ว +2

      How did it go? Which exam did you take first?

  • @zurinarctus1329
    @zurinarctus1329 ปีที่แล้ว +4

    Non-CPA people in Audit later switch out to finances. They make way more than average people sticking with accounting and pursuing a CPA. Even if you later become a Controller with CPA, then high-end people in finance are still edging you out, and most Controllers plus Finance VP are non-CPA. If you even think to use CPA to set up your practices, then your major stream of revenues will be helping people to file tax forms. Enrolled Agents are already cornering the market against CPAs badly, so it's not even that good anymore. Good luck with running independent Audit practices, national firms and the Big 4 will eat you alive. If you stick to being a corporate slave at national firms and Big 4, the path of getting promoted to Partner is treacherous, and most people later switch to finance instead of sticking around.
    My friend originally stayed at Audit for a year, and later spent time grinding leet codes and getting a job in SWE. He is now making more than your average Audit manager at Big 4. AICPA is making things worse with their Evolution 2024, and the CPA shortage will even get worse. Our salary in Accounting is not getting any better on the eve of the 2020 Great Depression.
    Spending more time networking to get a financial job or a tech job >>> Passing the CPA.

  • @dangelocarias4796
    @dangelocarias4796 6 หลายเดือนก่อน +2

    I know this video is older but you can almost double the starting pay for an auditor in NY and SF which is currently at $90K.

  • @michaelizzo4125
    @michaelizzo4125 9 หลายเดือนก่อน +2

    Doubled my salary and moved up two levels after becoming a CPA in Colorado in 5 years time (2019-2023) - just do it…especially now that they did away with the 18 month window and made it 36 months

  • @deexero
    @deexero 2 ปีที่แล้ว

    Looks like government salary without CPA in the Financial services sector though im in SoCal (High COL area).

  • @SuperLukelucas
    @SuperLukelucas 4 หลายเดือนก่อน

    Very thought provoking video. However unless I missed it, I think there are two issues with the methodology: 1) you aren’t considering after tax differences in salary which would be less and 2) when you get to the point where cpas are getting promotions and non-CPAs aren’t, you’re still giving the same % raise to non-CPAs.

  • @marqzho
    @marqzho 2 ปีที่แล้ว +5

    this is interesting.....but there is a small bug. On your model, you intended to assume one without CPA couldn't make VP and CAO. The assumption is ok but your 40% pay increase for VP / CAO is still reflected in the non-CPA salary.

    • @TheFinancialController
      @TheFinancialController  2 ปีที่แล้ว

      Fair point but the model is not exact and is meant to show directionally that CPA can indeed be with multiple 7 figures if you push hard enough

  • @jamadandi_veeresh9915
    @jamadandi_veeresh9915 2 ปีที่แล้ว

    Hi sir , I am from India ..can you please suggest me that which course is better CPA or EA for an average student 😊

  • @michaelschweitzer6718
    @michaelschweitzer6718 ปีที่แล้ว +1

    My question is, is a CPA license worth it if I do not have any intentions of starting my own practice or returning to public accounting? I currently work in manufacturing accounting and want to remain in that sector.

  • @PC-ds6zk
    @PC-ds6zk ปีที่แล้ว +1

    I qualified as ACCA accountant in 2019 at age 27, but i never recieved a raise. I became doubtful of my understanding of accounting when all ive recieved was negative criticism in my past jobs in public practice. My last 2 jobs were contracts the highest salary ive been on was £31000 and now im unemployed and i dont know what i should do as my next move

    • @stoic007
      @stoic007 7 หลายเดือนก่อน +1

      Hey, how is it going man? Did you got the job? I am at the P Level prepping for ATX from India.

  • @soumyakau
    @soumyakau 2 ปีที่แล้ว +1

    It’s not much difference. As I have passed my exams way back but took license. And to take license I have to take a lot continuing education credits. Which is an investment. So I’m debating if I should take up data analytics or business analytics rather than taking cpe credits. Thanks for comparative review.

    • @Artisticvisionstoliveby
      @Artisticvisionstoliveby 6 หลายเดือนก่อน

      Im almost done with my a ca and im starting data science and ai next year. I understand that for a lot of people chartered accounting is money making but for me it closed every single door for my life plans.

  • @spire259
    @spire259 2 ปีที่แล้ว +5

    I'm graduating with my masters in accounting this month and am starting at Deloitte this upcoming fall. I'm excited but nervous because of the typical, long hours and intense busy seasons.

    • @TheFinancialController
      @TheFinancialController  2 ปีที่แล้ว +1

      Best of luck

    • @EpsteinDidntKillHimself.
      @EpsteinDidntKillHimself. 2 ปีที่แล้ว +4

      It’s going to be 65-75 hours a week from February to April 15th. Just get ready! I personally think working for a big 4 is a waste of time - they look at you as a number instead of a person and it’s harder to have a mentor. Your biggest asset in your first few years of experience is finding smarter CPA’s you can learn from. I did this through small firms where I was always around the partner I worked for. Best of luck to you though - after a couple years at a big 4 you can step into senior level roles at smaller firms for 85-100k with a cpa license. It’s a trade off for those first two years at the big four that will be grueling

    • @spire259
      @spire259 2 ปีที่แล้ว +1

      @@EpsteinDidntKillHimself. thanks for the advice. I interned at a small firm and a national firm and definitely got different vibes about mentorship. The small firm was sweet cuz you work so closely with the partners and get a lot of good insight from them.

    • @EpsteinDidntKillHimself.
      @EpsteinDidntKillHimself. 2 ปีที่แล้ว +1

      @@spire259 that’s why I love the smaller firms. And it’s so much easier to ascend to partner level. But the big 4 gives you resume weight other firms wouldnt and you’ll see the benefits after you leave, not while you’re there. Either way, your success in this industry is ultimately up to you. If you work hard, learn as much as you can from your superiors, and apply it, you’ll ascend up the ranks and be paid accordingly. Best of luck to you!! Busy season sucks but the summers are nice!

    • @nolongeractive1998
      @nolongeractive1998 2 ปีที่แล้ว +1

      hey goodluck! busy season is crazy. I work at another Big 4. And I don't believe the CPA license gives you a pay bump. They just give a one-time bonus.

  • @connietsang3264
    @connietsang3264 2 ปีที่แล้ว

    What about the costs of maintaining the CPA license? Should also consider all those continuous learning course, ethics course, and the CPA license fee.

  • @srirachainthebowl
    @srirachainthebowl 2 ปีที่แล้ว +1

    Unrelated question,
    Which is the better career financial analyst or credit analyst in term of career growth?

  • @lohithp8262
    @lohithp8262 2 ปีที่แล้ว

    My cenior told cpa is just an certification course it's not an professional course like ca ,she also told as an cpa you will not be eligible to sign the audit reports unlike CA is that true

  • @blanktitle198
    @blanktitle198 2 ปีที่แล้ว +2

    Thank you for this video. One question though. Do you get to choose when to retire? In one tax class, I was surprised to hear that 70 is the proposed retirement age. I’d like to retire at 50 but 70? 🥴

    • @TheFinancialController
      @TheFinancialController  2 ปีที่แล้ว

      Yes you can decide to retire at any age. It’s just that the tax system in the US is more favorable to those over 59.5

    • @shaynebrown131
      @shaynebrown131 2 ปีที่แล้ว +1

      retirement is a financial state, not an age.

  • @baohiep978
    @baohiep978 2 ปีที่แล้ว

    The model is wrong? You can't make 2x 40% increase if you don't move up off the controller role (no CPA)

  • @sufailsayed4811
    @sufailsayed4811 2 ปีที่แล้ว

    I am a ACCA aspirant. Now i am working as a trainee accountant in a Uk accounting firm. To get into finance profession, what should i do? Please advice. Thanks in advance.

  • @muktadir83
    @muktadir83 2 ปีที่แล้ว

    How i can get CPA certification from Bangladesh

  • @RyanMeyers-vq3tt
    @RyanMeyers-vq3tt 10 หลายเดือนก่อน +2

    now imagine investing that money and watching it compound.

  • @ryanlinda6398
    @ryanlinda6398 2 ปีที่แล้ว +1

    I have registered for CPA exam. How I can get CPA coaching in person?

  • @celiag.2127
    @celiag.2127 2 ปีที่แล้ว +1

    Can someone with MBA - General Business transition to this field? I already work for an accounting CPA consulting firm for over a year now. My status is considered an Associate. I have been considering an attempt for the CPA, but feel I would need to attend classes for audit and tax classes. Will the prep for CPA exam cover these areas? At this point, contemplating the worth of getting a CPA rather than just doing an accounting job. Definitely want to have a career trend and earn more money, but not sure if I can enter this field fully without too much time in additional school and money in prepping for the exam.

    • @TheFinancialController
      @TheFinancialController  2 ปีที่แล้ว

      Yes you can transition. Also your state requirement for CPA credits will be a determining factor of how much more school. Review courses cover the exam materials in decent details. I like Rogers and Gliem

    • @celiag.2127
      @celiag.2127 2 ปีที่แล้ว

      @@TheFinancialController would I know these requirements by first applying to the state for the exam? Basically, is this my starting point to know my next move?

    • @TheFinancialController
      @TheFinancialController  2 ปีที่แล้ว

      You can look your state requirements before you apply

    • @biggbaddgirlc9438
      @biggbaddgirlc9438 2 ปีที่แล้ว

      I’m starting as an associate at a small CPA firm the last week of this month and very excited! My goal is to eventually sit for the CPA I have a few more semesters to go to complete my 150

  • @uzairawan6418
    @uzairawan6418 2 ปีที่แล้ว

    I'm doing ACCA

  • @mugito5541
    @mugito5541 2 ปีที่แล้ว +1

    Hey bill, I’ve decided to pursue my bachelors in accounting then a cpa! I’ve been accepted to a large well known university and a smaller state school. The smaller state school is significantly cheaper. Do you think school choice in undergrad makes a big difference when trying to go B4? Thanks for the videos, they are all great!

    • @TheFinancialController
      @TheFinancialController  2 ปีที่แล้ว +1

      Yes larger school matters. Unless you go into the small state one and work hard to get a GPA above 3.5 which is another way

    • @mugito5541
      @mugito5541 2 ปีที่แล้ว +1

      @@TheFinancialController Awesome! Thank you for your reply and all of your videos, I have been binge watching them haha

  • @Johnperson133
    @Johnperson133 5 หลายเดือนก่อน

    The starting numbers are way off, b4 pays audit and tax 70k in a mcol area

  • @MA-zj7rj
    @MA-zj7rj 2 ปีที่แล้ว

    What is the worth of a CTP?

  • @pugalenthimagendran9419
    @pugalenthimagendran9419 2 ปีที่แล้ว

    Is this CPA Australia or USA ?

  • @mohamedeassa
    @mohamedeassa 2 ปีที่แล้ว

    Interesting

  • @Dr.Demigod
    @Dr.Demigod ปีที่แล้ว

    Why you don't prefer a public practice own accounting firm

  • @apollo1464
    @apollo1464 2 ปีที่แล้ว +9

    I’m a CPA. I have had my own practice since 1987. Definitely better than working for IRS, which I did for 9 years. Practice will be sold in next few years. BTW. CPA stands for Can’t Pass Again. 😂

    • @TheFinancialController
      @TheFinancialController  2 ปีที่แล้ว +2

      Cannot pass again is real

    • @flowstateentertainment8395
      @flowstateentertainment8395 2 ปีที่แล้ว

      What’s your average gross income each year since owning your own practice?

    • @ryderwashington4199
      @ryderwashington4199 ปีที่แล้ว

      @@flowstateentertainment8395 Interested too, also what type of services this person provides.

    • @michaelizzo4125
      @michaelizzo4125 9 หลายเดือนก่อน +2

      Copy Paste Attach 😉

  • @CPATuttle
    @CPATuttle 2 หลายเดือนก่อน +3

    I’ve been a CPA for 5 years. Accountant for 10 years. From my observation, if you get a big 4 audit job out of college. It’s worth it. If not, you’re better off choosing another path

    • @TheFinancialController
      @TheFinancialController  2 หลายเดือนก่อน +2

      Thank you! I slightly disagree here. Though I started at big 4, some of my most successful friends started at smaller firms, or at private industry, so though big 4 is amazing, it's more about the hard work and dedication

  • @dennisvisser6286
    @dennisvisser6286 2 ปีที่แล้ว

    Why don’t you pay taxes on the increased salary or investment income?

  • @SatnamSingh-rz6fq
    @SatnamSingh-rz6fq 2 ปีที่แล้ว

    Do tax accountants get paid slightly higher in salary than auditors in regards to starting salary?

    • @yimb8437
      @yimb8437 25 วันที่ผ่านมา

      Audit and Tax tend to pay a bit higher than financial accounting overall (and to start).

  • @LASTEEZLYFE
    @LASTEEZLYFE 2 ปีที่แล้ว

    I would give the video a qualified or except for opinion due to the complexity and unpredictability of calculations, but overall, id say there is reasonable validity to the video's assertion

  • @WW-lm5ji
    @WW-lm5ji 2 หลายเดือนก่อน +1

    Your formula doesn't include tax due on the difference in salary so $5000 in a year might only be 2/3rd or half of that amount.

  • @404TRUCKERTV
    @404TRUCKERTV 2 ปีที่แล้ว +4

    Its a no brainer, given your company will pay for it lol.

  • @rundrish8740
    @rundrish8740 2 ปีที่แล้ว +6

    I don't think a CPA is worth anything anymore. The ethics of CPA Canada are horrible. I am a CEO of a manufacturing firm in Southern Ontario, and my CFO and Controller are both undesignated, and it does not hurt their pay at all. I really like not having to pay for lame PD training and unethical ethics courses. CPA is dead.

    • @financenumber2953
      @financenumber2953 2 ปีที่แล้ว +4

      There are very few people like you who don’t care if their Controller or CFO are designated or not. But almost 90% of Companies and HR want to hire Managers/Controllers who are designated. So, based on what the market wants, I can confidently say that CPA is worth it.

    • @padresoscar
      @padresoscar ปีที่แล้ว

      Lol, u crazy canadian

  • @ujwalkashyap9073
    @ujwalkashyap9073 2 ปีที่แล้ว +1

    Hey Bill,
    Thank you for your knowledgeble videos. They've been quite useful to me.
    I'm from India and I've completed my Bachelor's and I'm currently pursuing CPA. I'm also planning to do Masters of Accountancy with Business Analytics (MAcc) from the USA.
    They said that I can get anywhere between $60k-$90k after completing the Masters program and with CPA they said I can get from $90k to $120k. These numbers are big and I would like to know if this is actually true or not.
    Your help on this would mean a lot. Thank you.

    • @maxmerritt3106
      @maxmerritt3106 2 ปีที่แล้ว

      Definitely sounds right. I go to Oklahoma state and our masters of business and data analytics students make on average $94,000 in their first year post graduation

    • @ujwalkashyap9073
      @ujwalkashyap9073 2 ปีที่แล้ว

      @@maxmerritt3106 Oh that's great. Thank you for the response.

    • @maxmerritt3106
      @maxmerritt3106 2 ปีที่แล้ว

      @@ujwalkashyap9073 best of luck my friend

    • @ujwalkashyap9073
      @ujwalkashyap9073 2 ปีที่แล้ว

      @@maxmerritt3106 Cheers, brother.

    • @Neo-11
      @Neo-11 2 ปีที่แล้ว

      @@ujwalkashyap9073 hey Ujwal ,have you started with cpa journey?

  • @prodig1389
    @prodig1389 ปีที่แล้ว

    How is growth of CPA in india

  • @jacobg8640
    @jacobg8640 2 ปีที่แล้ว +1

    I'm so close. Finished my 150 last year and passed the exam a half a year after that thanks to being able to study full time. Now I just have to pretend I know what I'm doing avoid getting fired for another half a year and I'll have the experience.

    • @TheFinancialController
      @TheFinancialController  2 ปีที่แล้ว +2

      Give it a good five years with good work ethic and you won’t have to pretend anymore

  • @Driving4bangers
    @Driving4bangers 2 ปีที่แล้ว +2

    I want money

  • @McJamEs209
    @McJamEs209 4 หลายเดือนก่อน

    Can you make one with getting the American Dream lol

  • @dennisreiss8748
    @dennisreiss8748 2 ปีที่แล้ว +1

    Lol you need a math formula to explain how $26 an hour makes sense. He's not discounting how each level requires more of your mental energy. Costs more than a $2m artificial number.

  • @timothysmith4343
    @timothysmith4343 2 ปีที่แล้ว +3

    Companies often have a 401k match which will make a lot more over the years. Also, if you choose, why wouldn't you, dividend paying stocks along with the dividend increases annually, that can be reinvested or outside of a 401k be used to increase current income and have a higher standard of living currently. Actually, it is likely to reinvest the dividends in a 401k and simply add less in contributions. Finally, investing more in the early years that will have more compounding time can allow for less contributions in later years. Once established, obviously options and opportunities can be more flexible.

  • @michaelgartman4320
    @michaelgartman4320 2 ปีที่แล้ว +2

    I am a 60 year old CPA in a small firm and I can assure you that I am not making as much as you think. Low 6 figures.

    • @dgribble556
      @dgribble556 2 ปีที่แล้ว +3

      Yeah I lost him after 150k. Possible but unlikely

    • @rafaelantonio7128
      @rafaelantonio7128 2 ปีที่แล้ว +1

      He mentioned that he works in a big metropolis where salaries are higher than national average

  • @kcluu9390
    @kcluu9390 2 ปีที่แล้ว +2

    A starting CPA only makes 55k? You'd make more money becoming an officer in the military since it starts at 70k, part of your pay is not taxable, plus your medical stuff is free. Then you get an MBA and leave.

    • @flowstateentertainment8395
      @flowstateentertainment8395 2 ปีที่แล้ว

      You’re wrong. I don’t have a cpa and I’m making more than my brother who’s a major in the military. You must consider years after the starting line.

    • @badart3204
      @badart3204 3 หลายเดือนก่อน

      They make more. His data is just very outdated

    • @clutching_pearls
      @clutching_pearls 10 วันที่ผ่านมา

      The 50K salary was his starting pay over ten years ago. I'm starting out making almost 80K as an accountant in 2024

  • @jameshusentoff2953
    @jameshusentoff2953 2 ปีที่แล้ว

    No raise for getting CPA in public just a bonus lol.

  • @davidsejour4718
    @davidsejour4718 2 ปีที่แล้ว

    That's for working salary CPA. If you set up your own company and make millions out of your CPA, no need to do that calculation.

  • @freshplayz2709
    @freshplayz2709 2 ปีที่แล้ว +2

    Hello sir, do you think accounting is very difficult to learn or somewhere in between easy and hard? I’m planning to major in accounting/finance with the goal of making at least 100k, I want to be a financial controller and I’m going to take accounting classes next year in high school. Please reply as to what you think the best path would be to reach my goal. :)

    • @jctributaris5709
      @jctributaris5709 2 ปีที่แล้ว

      I think it's easy, being a finance manager myself, My wifes job as an engineer always seemed more complicated than mine, fewer hours too..

    • @freshplayz2709
      @freshplayz2709 2 ปีที่แล้ว

      @@jctributaris5709 do you make at least 100k? I want to be financially stable and 100k is perfectly fine for anyone, also how long did it take you to reach your position? Did you get a CPA? Do you have a masters degree?

    • @jctributaris5709
      @jctributaris5709 2 ปีที่แล้ว

      @@freshplayz2709 i'm not located in the US, so we don't have those kind of salaries around here, but im a high earner in My country, no doubt about it.

    • @ImranKhan-nu2lx
      @ImranKhan-nu2lx 2 ปีที่แล้ว

      @@jctributaris5709 ok can you please tell me which country are you from and how much salary does accountants get on an average

    • @jctributaris5709
      @jctributaris5709 2 ปีที่แล้ว

      México, around $60k for an accounting or finance JR manager

  • @Legacy-Talks
    @Legacy-Talks 2 ปีที่แล้ว

    I really wish I went for my CPA. I'm 31 now and it's starting to feel like it's too late.

    • @nolongeractive1998
      @nolongeractive1998 2 ปีที่แล้ว

      I don't think it's ever too late! and 31 is still young! Finishing the CPA exams typically takes 1 year. You can do it~

    • @TheFinancialController
      @TheFinancialController  2 ปีที่แล้ว +8

      I did mine at 32 so go for it

    • @apaddy5390
      @apaddy5390 2 ปีที่แล้ว +2

      Not too late, got it at 38, with three years of studying.

    • @randellnaquin6367
      @randellnaquin6367 2 ปีที่แล้ว +2

      I was 45 when I got mine and it is worth the effort.

    • @Legacy-Talks
      @Legacy-Talks 8 หลายเดือนก่อน

      Thanks for the encouragement all. I actually went for it and I'm happy to say I'm a cpa now. Came back to this video cause it really motivated me seeing the break down of the gains in income. It wasn't easy and I think the experience made me a more disciplined confident person

  • @Sam-xx4kw
    @Sam-xx4kw 2 ปีที่แล้ว +1

    Numbers are massively inflated. Average CPA with 25-30 years is not making $600-700k.

    • @TheFinancialController
      @TheFinancialController  2 ปีที่แล้ว

      Sam the numbers can vary widely, that's why this calc is not meant to be exact, but more so show the potential.

  • @gumnaam6559
    @gumnaam6559 2 ปีที่แล้ว +1

    But if you start a business at the age of 25 with out wasting money on CPA program. You would be millionaire before retirement age 😁

  • @pratippatel1271
    @pratippatel1271 2 ปีที่แล้ว +4

    CPA is not lucrative career I believe. It’s better to pursue law and to practice law. Law is far more better than accounting money wise.

    • @flowstateentertainment8395
      @flowstateentertainment8395 2 ปีที่แล้ว +1

      Completely different personality types

    • @omegaslayer_gaming5668
      @omegaslayer_gaming5668 ปีที่แล้ว

      @@flowstateentertainment8395 yeah those two definitely shouldn’t be compared😂

    • @CPATuttle
      @CPATuttle 2 หลายเดือนก่อน +1

      Definitely not law

  • @dennisreiss8748
    @dennisreiss8748 2 ปีที่แล้ว +1

    Would you pay $2m for your freedom?

    • @TheFinancialController
      @TheFinancialController  2 ปีที่แล้ว

      Dennis you bring a valid point about freedom. But it's a balance of securing a comfortable future and not killing yourself in the process. It's a not an exact science but I totally get your point

    • @flowstateentertainment8395
      @flowstateentertainment8395 2 ปีที่แล้ว

      I won’t be as nice as him. This is a dumbass question. There is no free money.

  • @anantpanwar6685
    @anantpanwar6685 ปีที่แล้ว

    Does partners in Big4’s earn a compensation in millions?

    • @TheFinancialController
      @TheFinancialController  ปีที่แล้ว +1

      Not new partners. But senior partners yes

    • @anantpanwar6685
      @anantpanwar6685 ปีที่แล้ว

      @@TheFinancialController thanks for the reply, it gave me a boost now to clear exams ASAP!

  • @anupamchatterjee5215
    @anupamchatterjee5215 2 ปีที่แล้ว +1

    Hi...do u conduct CPA classes? I am from India and am planning on pursuing the US CPA. If yes, pls dm me ur email and we can have a detailed discussion. Thank you.

  • @McJamEs209
    @McJamEs209 4 หลายเดือนก่อน

    Taxes 🥲🥲