Hope everyone’s having a good holidays.
Basically working in tax throughout college 2017-2019 as an “intern” but it was intensive and pretty dense 1040 work in terms of volume of forms and Sch E/Sch C work.
2019-2022 Tax Accountant – Post graduation with Bachelors. CPA firm essentially the same work type, just larger numbers. Had to do more tax research and got my MST In
2023 – Present Day: Senior Tax Accountant at the same CPA firm – MST in hand, now working on my CPA. Audit exam schedule for 2 weeks out. Current base is 125k + 10% Bonus + Full benefits + 3% salary employee retirement. Based in California for reference.
With this being my background, I’m looking for J2 but not sure what would be feasible with the intense tax season hours.
Also wanted an opinion on a career shift, I’m 28 and I feel like it’s a joke to not reach managerial level and I have made the sacrifices up till this point in terms of my finances where I can either pivot industries or start my own practice without having to worry about money ever coming in for a few years at least.
Thinking the headache I take on at work with the research, 1040/partnership/corporate/trust/estate tax prep, exit interviews and client relations and answering and hand holding during tax planning, is pretty much something I should be compensated for directly which is why I’m teetering between going full time and building my own practice OR shifting industries and climbing the corporate ladder.
Wanted to hear everyone’s thoughts.
Posted by sphsins
2 Comments
Job hopping seems to be the fastest way to get big bumps in pay… that being said, if you have the grit to build your own firm from ground up, it will be more lucrative in the long run. But make sure you have the financial cushion first before you jump in full force. Also consider tapping into seasoned firm owners who have been at it for a while and can mentor you (it’s not cheap but it’s worth it). Also, what system will you put in place to optimize production and staff? There’s a lot of consider when you are a business owner vs. an employee
I would find an older CPA who runs a solo practice and is looking to retire. Become their succession plan and buy their business from them. Most CPAs are unable to sell their client or books these days since no one wants 1040 work. Tons of opportunity for someone like you.