Two CPAs in a Challenging City Seeking Perspectives
Hey everyone,
I’m reaching out to gather some insights about the Accounting industry in different parts of the U.S. My wife and I are both accountants, and we’re struggling to assess our prospects here in our city. We’re feeling quite pessimistic about our future and have been holding out hope that newer opportunities could lead to better outcomes. However, I’ve started to worry that our city might not be the best environment for accountants overall. If any of you have faced similar situations or have valuable insights, I’d greatly appreciate your input—maybe I’m just feeling overwhelmed and relocating wouldn’t change much.
Here’s a bit about us:
My Background:
– I recently passed my CPA exam and hold a Master’s degree.
– I interned at a medium-sized local firm where I was offered a starting salary of $55k. After discussing with some seniors and managers, I discovered that senior accountants earned around $62k, and managers made up to the mid-$70k range. After weighing the long hours (averaging 60-70 a week) against the benefits of pursuing the CPA, I decided to take a break after my Master’s to focus on studying instead of jumping into a demanding work schedule.
– My experience at the firm revealed that many “larger” local businesses were severely understaffed and overwhelmed, with employees frequently logging 70+ hours a week.
My Wife’s Background:
– She’s been a CPA for the last five years and has worked in the industry for a decade.
– Her first job was in reinsurance Accounting, where she quickly climbed the ranks to a six-figure salary but faced burnout due to working 80+ hours weekly. She left that position to pursue her CPA.
– In her second role, she was promised minimal overtime at $72k a year, but quickly discovered that the management was disorganized, leading her to leave after a short stint.
– Her third job was at a local bank offering $65k, but the workload escalated to 70+ hours each week, pushing her to move on after two years.
– Her fourth job in government provided a $62k salary. While the pay cut was a welcome change from the previous burnout, she found herself facing over 60 hours of actual work on top of her regular hours, with minimal managerial support.
We’ve held onto hope in our city, which has a population of around 300k in the Midwest. While not too large, it’s not exactly small either. Unfortunately, the same 50-60 Accounting job listings have been cycling on job boards for the past five years.
Is this the new normal for accountants, or should we consider spreading our wings and leaving? We have no real ties to this city, but if conditions are similar elsewhere, what’s the point of relocating? If anyone has experienced a similar situation or has any advice to share, I’d be grateful to hear from you. Just getting this off my chest feels good. Thank you all for taking the time to read this, and I apologize for the lengthy post.
One response
It sounds like both you and your wife have been through a really challenging journey in your Accounting careers. It’s understandable to feel overwhelmed, especially when the industry experience you’ve had in your city seems consistently frustrating.
From what you’ve shared, it appears that your experiences aren’t uncommon in the field, particularly in smaller markets. Many accountants deal with intense workloads and high expectations, especially in public Accounting and certain sectors. That said, not all areas and firms have the same culture or workload expectations, so it’s worth considering a move if you feel stuck.
Here are a few suggestions and considerations for your situation:
Industry vs. Location: Different cities have different job markets for accountants. Larger cities often have more firms and more diverse opportunities, but they can also be more competitive. You might find more reasonable workloads, better pay, or more career growth opportunities in a bigger city or a more industry-diverse area.
Networking: Connect with other accountants outside your immediate area through LinkedIn or professional organizations. This could provide insights into firms and opportunities in different markets. They might share that their experiences vary widely, even within the same profession.
Look at Different Sectors: Consider exploring industries that might offer better work-life balance. Government positions, non-profits, or certain private companies sometimes have different expectations regarding hours worked and can be more manageable.
Remote Work Opportunities: The rise of remote work can open up positions in cities that aren’t local to you. Many organizations are hiring remotely and might offer better conditions than what you’ve experienced locally. This allows you to apply your skills in a larger market without the need for physical relocation.
Evaluate Firm Culture: If you decide to explore new positions, delve into the company culture during the interview process. Ask tough questions about work-life balance, overtime expectations, and employee retention. Look for firms known for employee wellbeing.
Further Training and Specialization: Depending on your interests, consider pursuing additional certifications or specializations. Fields like forensic Accounting, tax, compliance, data analytics, or financial planning can offer different opportunities and potentially less burnout.
Quality of Life: Ultimately, consider where you and your wife want to be. If you’re both open to relocation and believe it could lead to a more satisfying career and lifestyle, it might be worth taking a leap of faith.
Remember that you’re not alone in feeling this way, and many accountants face similar hurdles. Ultimately, prioritizing your health and wellbeing is crucial, so don’t hesitate to explore new paths that might lead to a better work-life balance. Good luck!