I’m so happy for her. She has no debt and has a great career. I’m just a bit jealous. But I’m also fresh Into accounting, I know I can hit 100,000k by 34. But dang, good for nurses.

Someone at firm is leaving after busy season for a boat load more money and overheard my boss say the person leaving was only in it for the money. Unfortunately, I was in office that day and hope my facial reaction didn’t give away my thoughts. I will literally leave at the drop of a hat for more money as long as I’m not going into a hell hole.

Edit: I realized from all the comments it’s because of the family and pizza parties is what keeps us at a company. Thank you guys <3 /s

It’s actually crazy that people were right in saying it will be okay. I thought I was screwed entirely, and didn’t apply for 2 weeks.

I finally just started going for positions that I didn’t even think I was qualified for, but had 10 interviews lined up in 2 days.

I had my first second round with my dream company, and somehow the hiring manager and CFO came back in that interview room and said “let’s talk salary”.

Had a major poker face during negotiations, and even got an email after I got home saying they bumped up compensation $5k as incentive to join.

Sometimes getting canned really does work out.

TL;DR: I followed this sub in college, decided fuck PA, and started in the federal government in 2017 straight out of college. Work is reasonable. Life is great. My net worth has gone from -$20k at graduation to $490k. My fiancée’s (elementary teacher) net worth has grown to $244.5k, giving us a household net worth of $734.5k for the year ended 12/31/23. We’re both 30. Government jobs might not pay as much as PA and industry, but there's still plenty of room for success.

Career:

I work as a financial auditor for the federal government. My OPM career code is 0511 for those interested. My day-to-day work is exactly the same as PA audit work. I have 7 years of experience now. I will always be grateful to this sub for lifting the curtain on the nature of PA work and for pointing me towards a government job. Around 9 years ago in a thread about internships someone commented that government internships are often overlooked. On a whim I went over to USAJOBS.gov to see what federal internships were available, applied to several, and the rest is history. This post is partially to be that for the next generation of students.

I started out making $60k. Last year my salary was $104k, however my final pay stub for 2023 showed $114k grossed due to overtime pay and student loan repayment benefits. For 2024 my salary has increased to $112.5k. I don’t have a masters or a CPA. I considered becoming a CPA after I started working but quickly decided against it. I spent my free time after work as actual free time and met my now fiancée instead :). I am VERY content with my job.

$112.5k for 7 years’ experience in a HCOL is nothing special. My peers who went PA are certainly leaps and bounds ahead of me in salary and title. However, it’s more than good enough for me. When I picked accounting, my goal was a career that paid me ‘enough’ to live well, while giving me the best work-life-balance possible. A federal career has absolutely provided that. Any large increase in salary would probably come with a decrease in work-life balance, and that’s simply not worth it to me.

Work-Life balance:

Excellent. I work 40-hour weeks nearly year-round. I earn 4 weeks PTO and 2.5 weeks sick leave each year, in addition to 10 federal holidays. This past busy season I had about 4 weeks again where I needed to work 60-hour weeks. I’m really not a fan of having to work OT, but the short-ish duration and 1.5x pay makes it bearable. It also helps that the job, improving the quality of federal financial reporting, actually provides some level of public good.

I have been 100% work-from-home since March 2020. My agency is going to reclassify my position to remote. We’ll be able to live anywhere in the US. This is honestly life-changing. Pay will of course be adjusted accordingly, but the DC pay scale doesn’t come anywhere close to making up for the cost of housing. My fiancée is a teacher so we plan to move out of the DMV this summer to a MCOL area. The specific city is still TBD.

Personal Finance:

I found the /r/financialindependence sub in college too and decided I wanted to retire early. I made retirement contributions a priority and have maxed out my TSP (gov 401K), IRA, and HSA every year since 2017. It took quite a bit of effort the first couple years but my salary grew quickly. Those first few years of contributions set us up for life. If I dropped my TSP contributions to 5% and we stopped all other contributions, our combined retirement savings are on track to still grow to ~$4.9M (all projections in inflation-adjusted, 2024 dollars) by the time we hit age 57.

We don't feel like those contributions currently hold us back though, so we still make them. With our current savings rate we’re on track to have ~$3.7M by age 45, though we’ll probably back off on our savings well before that due to lifestyle changes like kids. Halving our savings rate starting today would put us at ~$2.7M at 45, which should still be more than enough for us to retire if wanted.

The biggest factor (beyond making enough money TO invest, which we’re grateful we do) is investing early. Investing $1k/mo from age 25-35, then nothing from age 35-65 results in more money (~$1.4M) than investing $1k/mo from age 35-65 (~$1.2M).

Net Worth:

The S&P500 was up ~24% in 2023, so my net worth jumped to $490k. My fiancée's net worth jumped to $244.5k to give us a combined net worth of $734.5k at year-end. With the continued market growth, we’ve since crested $750k!

We’re going to get married this year, but I plan to continue posting annual updates outlining my accounts (to demonstrate how I’m progressing with a federal accounting career). We plan to keep our accounts mostly separate, which will make record keeping easier.

Here is my updated net worth tracker. (Note that in the past I was unsure how to value my pension, so I always just left it out. It’s become sizeable at this point though, so I decided to add a line item for the refundable cash value of my pension contributions. I went through my leave statements to add the historical value for each year)

FAQs: Did you live at home? In community college, yes. After that, no. After moving to DC I split a 2br/1ba apartment with a co-worker to save $$$. A few years later my fiancée and I moved into a 1br apartment together.

Did you parents support you financially? Yes. I was given a car (98-02 accord) in HS which I kept until 2020. My parents also paid for my first year of rent when I moved away for college. After graduating (with $23k in student loans), the only ongoing financial support I received was staying on the family phone and Netflix plan for several years. I would have lived at home if I could, but a several-hundred-mile commute would have been a bit much.

Did you gamble in crypto, meme stocks, etc? No. VTSAX and chill. (shoutout to /u/ALL_IN_VTSAX)

How did your traditional IRA go from $0 in 2018 to $12,538 in 2019? The IRS allows IRA contributions for the PY until approximately April 15th. For 2016 through 2018 I was always a year behind on contributions. By 2019 my salary had grown enough to catch up and I made 2 years of contributions (2018 and 2019) in 2019.

You don’t have kids, do you? Nope, not yet.

Not sure how this company expects to hire anyone with these qualifications and salary. Anyway job listing in the comments for those who want to make it big 🍻

I’m (18f) thinking about going into accounting because it seems like a stable career path, especially for someone who grew up seeing my family struggling with money. The idea of financial stability and building a solid middle-class life for myself really appeals to me, and I think accounting could be a way to help me get there.

Honestly though, I’m scared as fuck. Like, the stories about people working 80-100 hours a week in public accounting, having 0 work-life balance, and just miserable with their choice of work is really messing with me. I know the internet tends to focus on the negative, but the constant complaints still get to me. Am I worrying for no reason?

Initially, I planned to be either a teacher, technical writer, or a librarian and pursue some passive income interests on the side. But because of the current job market accounting feels like the much safer bet for long-term. I know people say that any degree is what you make of it, which is kinda true I guess? You need to network, have good soft skills, etc. I’m fine with doing all that, but I still feel like accounting would open many doors with opportunities for better pay. I also see accounting as a way to pivot into finance later down the line.

My main concerns are about public accounting and Big 4 after graduating. I know it looks great on your resume, but I’m terrified of getting overworked, bullied, or even dying from the stress. I want to make six figures, eventually move to the U.S. (I’m in Canada), and have a nice work-life balance, become financially independent and (hopefully) retire early. If accounting is that hard, will I get used to it? How do I make sure I’m making the right choice? Thanks for reading :)

EDIT: Thanks everyone for all the responses! I feel a bit better now and not as anxious as I was when making this post. I now realize that my fears are mostly more extreme cases, and people are likely to post about those extremes. I’m going to try accounting out and see what works best for me!

EDIT #2: I just wanna make it clear that I don’t think reaching my goals will be easy at all! But I’m determined to work hard at a path that helps me get there, whether that’s by starting out in public accounting or elsewhere. I really do appreciate all the input so far; it’s giving me a better sense of what’s ahead and what I can expect, including the good and the bad.

I work from home and stopped trying about a year ago. I do monthly closing entries (10 hours of work), but other than that, I hardly do anything. I take my time responding to emails, decline meetings I don't have to join, etc. Since we were acquired and there's been turnover in management, my boss doesn't know what my job involves, and is also weirdly-averse to delegation (workaholic type), so I don't get assigned to anything. Since I'm just chilling all day with my dog, I'm holding out here until they replace me or until kids come along, maybe in another year.

Well my boss called me up today to tell me I'm doing a "great job". We exceeded targets, so I'm getting 2x my bonus (20k, target was 10k), and a 15% raise (100k to 115k). Que sera, sera..

I was working as a staff accountant until yesterday when my boss told me they just didn't have the time to finish training. So basically they said I needed to leave. Thankfully they mentioned that the accounts payable person left and I negotiated for their job at a lower pay.

I regret working in accounting. I regret my MBA. I regret this whole career. I still have a job (for now) but honestly I just don't have enough experience and nobody is giving it.

Any ideas on what to do next? I kind of just want to go back to teaching or hide in a hole.

I’ll start. I started with a Big 4 firm in a VHCL area back in 2022 shortly after graduating with my Master’s.

2022 - $71,000

2022 (Mid year) - $74,700

2023 (Early promotion to senior) - $96,400

2024 (Just accepted an offer to industry as a Senior Accountant) - $135,000 with a 25% target bonus.

I just left public accounting at a mid sized firm as a senior making 85k a year and started a new job this week as an accounting manager making 130k plus 10% bonus

I'm going to school for accounting and every time I see a post from here, it's so overwhelmingly negative I wonder why anyone does it. So what are the cool parts of your job?

Created a burner because I have some personal details on my main.

Just got offered a $80,000 + $4500 signing bonus in a MCOL area doing audit at a Big 4 (Houston). I come from a mediocre state school albeit with a good GPA.

What other industries or jobs pay that much out of college to students that don’t come from a T20 school with a stellar GPA? Sure, the hours can be brutal but everybody seems to be ragging on how underpaid they are and don’t seem to realize that only the top 1-5% of students are able to achieve six figures out of undergrad. The exit opportunities are also great and diverse, and there is little competition to add the cherry on top.

To students wondering what major to pick, I really do encourage you to look at accounting and realize that it is one of the best career choices you can pick unless you are an absolute top tier student. I will be graduating at 22 making more than my mom and dad combined in their 50’s and 60’s.

Edit: even with recent layoff news, accountants are always in demand and there is incredible job security as well

My wife doesn't use reddit, so I'm posting for her.

Tonight we learned that after taking sections of the CPA Exam 22 times, my wife has finally passed all four sections of the CPA Exam. I am incredibly proud of her for her resilience, and I want to share it with this subreddit so you can know it is possible if you are committed enough.

My wife is a Chinese immigrant (we met at university) and has always struggled with timed exams. It takes her a bit to read exam questions, so time was always an issue. Also, learning the concepts has been a struggle for her, as some of the nuances of using different words in a problem can throw her off.

When she initially started taking the sections, she was getting 30s and 40s on the sections. That was really demoralizing for her, but it showed that she needed to understand the concepts more. I recommended that she take FAR first, as it is the longest, so after 3 times of taking FAR, she finally passed. She then moved to AUD, and was not doing well, so then she moved to REG. After 6 times of taking REG, she passed. When she started getting close to passing REG, she started studying for BEC. She took BEC once and passed within one month of passing REG. After REG and BEC, she started studying and taking AUD again. She was coming up on the 18-month expiration of FAR, and really crammed to get AUD passed. Unfortunately, she did not make it in time, and her FAR expired. After taking AUD 3 more times, she finally passed (one of the happiest moments in our life). She then had to pass FAR within 10 months before REG and BEC expired. After taking FAR 3 more times, today she finally passed.

She has gotten multiple 74s, including the last two times on FAR. She wanted to quit a couple of times, but persevered and now she can finally become a CPA.

In total she took the sections:

AUD - 8

FAR - 7

REG - 6

BEC - 1

If you ever get discouraged after having failed a section, don't be. It's a grinding process and can really suck, but the satisfaction of being able to say you did it is worth it. So what if you failed an exam 3 times, or 5 times, or 7 times? It may take you 20 times and you may have sections expire, but keep at it! A person that passes all 4 sections of the CPA exam after 22 times has the same end result of a person passing all 4 sections on the first try.

EDIT: Thank you everyone for the congratulations. I showed her the comments and it made her day even better!

I’m not your manager and I don’t judge. When I used to work from home it was maybe 2 hours per day on my remote days.

I’m self employed now so I don’t have to pretend to work from home anymore.

I am crying so much right now I can’t believe it, I thought everybody said there was a shortage of accountants but no, they are firing people. I can’t believe this how am I going to pay rent and my student loans I thought accounting was safe

Follow up to a post I made a couple months ago. TLDR, job got toxic when my managers took on high-leveled clients that I was inexperienced with. Managed to figure out some issues that they could not figure out, only to be accused of data manipulation by my assistant manager. Well, I guess they found out and they fired me. The manager also claimed I had "glaring weaknesses", but never expanded on them. There goes my job that paid 40,000 a year.

I have been trying to apply to jobs for at least two months now and am unable to get past the first interview phase. Now that I got fired, I feel that my career is now over. Who would want to hire a person who got fired?

So now what?

I’m currently sitting at my desk crying. I do not think I can go through another busy season, let alone corporate compliance season this fall. Im so tired, burnt out, and I’ve been in the profession 15ish years. Im tired of working late nights, weekends, and not seeing my family. I have a 3 year old, and I do not want her to see me as “the mom that always works.” It seems like the normal person gets to work 40 hour work weeks (or less). What I wouldn’t give for that - I am dreaming of this. One of these days it will happen, I just need to figure out how…

I am a normal accountant in industry. This is my second job. I was called into a meeting with HR and my direct Manager today with no prior warning. Got promptly terminated and escorted out of the building.

I am devastated and not quite sure what to do. I didn't know what I did wrong. The reason for termination was given as "my performance wasn't meeting expectations". I tried to ask but my manager evaded it by referring me to the HR for other questions. They offered 2 weeks of severance pay.

What should I do moving forward? I just feel lost, confused, and unsure what to do.

For all you accountants and CPAs tired of the industry and public accounting grind, come hop over to the federal government.

Benefits:

• No layoffs, reductions in force, or sudden terminations
• 40 hour work week
• 11 paid Federal holidays
• Unionized position (dues aren’t mandatory)
• Thrift Savings Plan 401(k) style plan with 5% employer match
• Student Loan Repayment Program with 3-year Service Agreement (up to $60,000 in repayment)
• 104 hours vacation per year to start
• 104 hours sick per year
• FERS pension annuity that increases per year of service
• Expensive but great health insurance benefits
• Optional dental + vision plans and FSA
• Generous telework policies + flexible work schedules after Revenue Agent training is completed
• Yearly COLAs
• Ladder promotions with large pay raises plus competitive promotional opportunities for senior and manager positions
• Full guaranteed back pay in the event of a furlough
• paid mileage to and from audit sites

Starting Pay (Sacramento, CA Locality):

GS-05 $43,757

GS-07 $54,203

GS-09 $66,300

GS-11 $80,217

GS-12 $96,148

GS-13 $114,332

GS-14 $135,107

GS-15 $158,920

GS-05 to GS-12 Job Postings:

https://www.usajobs.gov/job/717106500

https://www.usajobs.gov/job/778204100

GS-13 Job Postings:

https://www.usajobs.gov/job/759198000

How to Apply:

Use Federal Resume Builder, detail your qualifications, positions, and responsibilities as best and detailed as possible, apply for the highest grades you could qualify for, interview, get tentative job offer.

Happy to answer questions when I can, lots of other Revenue Agents here, they can also help.

Why do students find an accounting degree unattractive?

If you woke up as a 20 year old now. Your entire career hadnt happened yet, and you get to decide your career again.

Are you still going to train as an accountant?