Considering accepting EJ offer

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Jan 14, 2012 2:49 pm

Hey everyone,

I am having a very difficult time deciding whether to accept an offer from Jones. I have worked in accounting the last few years, have my CPA but just don't feel like the industry is for me - not enough relationship building and not very competitive in the nature of the work. I am making 70k and have a very good job in the accounting industry - Is it worth making the transition?

Thanks for the input!

Jan 15, 2012 12:12 pm

Yes it is.

No it is not.

How would strangers on an internet forum know what is right for your personal situation? You need to share your age, family, monthly expenses, career objectives.  How can someone base a life changing career change based on your current salary alone. FWIW - 70K is not a "very good" salary in the accounting industry.

Jan 16, 2012 5:54 pm

I was asking for input.  An accounting position that is a year or 2 away from being an exec, 3 years out of school, a true 40 hrs a week and living in an area with a low cost of living is a good job - next time take my word for it

Jan 16, 2012 9:36 pm

[quote=reasbbstar]

I was asking for input.  An accounting position that is a year or 2 away from being an exec, 3 years out of school, a true 40 hrs a week and living in an area with a low cost of living is a good job - next time take my word for it

[/quote]

Wrong question. The question you should ask yourself is do I want to become a full-time cold call/cold-walk 60 hour a week guy with an 80% chance of failure or do I want to make $70K a year and wait a year or two to become a partner?

Having a CPA is an excellent entre into all kinds of leadership positions in business as well as government.

Do you want to become a sales person? That is what an FA is for many years. Then....if....you are one of the 20% who make it you can spend a great deal of your time advising. Between your start date  and gathering lots of assets it is really about product. You simply do not have the time to be putting together custom portfolios if you are solo and not inheriting north of $50MM in assets.

Would you quit what you are doing and become a sales person selling CCH or RIA's tax-service? If you want to sell these are IMO better options. Much better chance to make a career. Lots of freedom of movement. Protected territory...

If you do not want to work for CCH or RIA, ask yourself why not. If it is because you do not want to become a sales person with all its realities then the answer is no; do not become an FA.

And, this is not an EdJ rant. It is an industry reality.

Jan 17, 2012 7:58 pm

Suggestion: Do the survey activity that EJ requires. Dress business professional. Go in a neighborhood you never heard of and commit to at least 15 contacts. If you really want to know what it is like, then do it on a weekday (no holidays). If your first day went well, then do it again b/c you probably cheated...you really need to experience what a bad day feels like.

If I were Managing Parter and Compliance would approve, I would  require all applicants to do the survey activity for a week and pay minimum wage.  It would save the firm on turnover and applicants would think twice about joining. 

Then again I would probably be removed as MP for not meeting high growth goals.

Jan 19, 2012 11:06 am

@ ZwingDing - you are spot on in your first paragraph. That is exactly what the job seems to be the first few years.  I have always been interested in sales and felt that developing relationships is one of my strengths. However, I honestly have no idea how thick of skin I would have going door to door on daily basis.  I did the survey part of the interview on a saturday and sunday - took me a good 6 hours to knock on 120 doors and get 30 contact #'s.  I didnt mind talking to people on their doorstep, I just felt like an idiot walking around neighborhoods with a clipboard in my hand. I'm not going to lie, it was pretty uncomfortable and I have no idea if it gets easier with time...

Throughout the interview process, the advisors and recruiters I spoke with promised me the world - saying it is such a great situation, great time to do it and not to worry about the success rate because if you do the work in the model, you will be successfull. I just didn't feel like I could pass up on this other opportunity for something I can always go back to (btw I took the other job).

Interesting idea with CCH - I honestly feel like individual returns are going to be obsolete for CPA's 5 years from now (with exception to complex returns) with turbo tax and other online programs.  However, its great software that I have used firsthand and wouldn't have a problem believing in what I sold.

Jan 19, 2012 11:09 am

@cdangerz - I did the surveys on a weekend and got 30 in about 6 hours.  During my first couple hours, I was seriously questioning whether I wanted to do this. After it was done, I felt a bit more comfortable but that isnt saying much because it was still pretty miserable.  I agree with your take on making candidates go through this for a week