So here's the deal currently working as a CPA at "Big 4" accounting firm entering my third year and will prob make about 80k this year. Hours can be pretty brutal for about 6 months out of the year. If I were tO stay in my current career path I'd probably stay until I got promoted to manager in 2 years making a little over 100k by then, and then move over to a hedge fund or private equity firm as VP of finance or something along thise lines and probably be taking home somewhere around 140-175 all in. From there it gets harder to move up to become a CFO or upper management and isn't as linear of an equation so I will stop there.
Thing is I don't particularly enjoy what I do and quite frankly i'm bored out of my mind. I want to be more involved in the day to day business making decision process and pitching clients. I am highly competitive and really thrive under pressure none of which are current in my preset situation. I have a few friends in investment banking and while that seems better than what I currently do it also has alot of the same qualities (I.e. Lots of time in front of a computer screen making numbers look pretty) and it would also require mento get an MBA which is another two yearsand 100k plus opportunity cost of not working, and all this assuming I could get into a top ten school, but for purposes of this discussion let's assume I could (as I'm fairly certain I have the stats). Still though I'm not sure I'd even be satisfied with this career choice.
Which leads me to my main question, would be I crazy/dumb to throw this away and try and become an FA from scratch? If money wasnt a factor this would be my career choice, I love fast paced competitive pressure filled environments and also love to clients. This being said money is a factor how long would it take mento realistically make mid to upper 6figs in this business if at all? How helpful do you think would having a CPA be in this business? (and by that I don't meant it will pick uP the phone and get me clients but for some reason ppl think CPAs know alot about investments and money when it's really not the case. Also would be helpful when discussing things like municipal bonds and taxes as I feel like the label lends some sort of credibility that ppl would buy into? I could provide comprehensive wealthmanagement services?)
Granted there are other factors and every situation is different but if I wanted to do this I'd have a fully paid for BMW a free place to live (initially) and about 40k in savings. I think the savings plus lack of exPenses should help me through the initial period of building my business.
A few other things influencing my decision and I'd like insight into are that I'd like to find a reputable independent b/d to get in with. Any suggestions on where to find Indy b/D's?
Also I have a few friends in the business who have in the past encouraged me to work with them I've always resisted due to the fact ppl say they work at "chopshops" and basically do illegal things of which I'd like no part if that is the case. Is it unrealistic to be 3-4 years out and making 30k A month sometimes?
Please any comments or insights will be greatly appreciated
You are a CPA? I'd try to find a small firm, a 1-2 man shop, and figure out if you can join them as a hybrid CPA / Advisor. You could help them increase their income stream without taking a massive paycut. Plenty of indy shops out there could get you licenced.
Thanks but I have no idea how to find a reputable small shop also what about the other questions I asked earlier in regards to comp?
yellowpages.com ... I assume you are a smart guy. Do some research - you have about 7question marks in your message. Make some phone calls and you'll get alot of good answers that way.
It took me 10 seconds to do a quick internet search.
Call them. Start asking quesitons.
Hahah yea I realize that my original post had a lot things going on there and that I just felt as if this a resource in and of itself.
I do understand that calling them for advice etc. is a good idea but I'm not sure someone would necessarily be to open about talking about compensation of the phone with some random guy, the internet for better or for worse offers a degree of anonymity that comforts ppl in speaking about such things.
Also I have gotten information on these topics elsewhere and I wantto look at all the answers I get in a holistic sense.
Thanks for all the help so far
Stick around until you make manager. Work on your personal network now - not when you're in some stupid training program. When you know 40 people who would give you all their money to manage make the switch. Never cold call when you have a network potential you describe.