As a sophomore at Stern University, NYU, I am currently studying CPA accounting and finance as my major and computer science as my minor. The purpose of this memo is to inform fellow students about different job industries and explain the reasons behind my decision to specialize in accounting. When I first came to NYU, investment banking was the popular career choice that everyone talked about. It was seen as the ultimate profession that all students wanted to pursue. However, I was drawn towards accounting because of certain positive and negative factors. Unlike investment banking which focused on banking principles, data analysis intrigued me more.
If I were to specify my job preference further, I would choose to work in the Big 4 segment of the corporate accounting field. There are specific reasons for this choice that
...I will explain in detail in a memo. Ultimately, my goal after college is to secure a highly lucrative position that allows me to explore various sectors and advance quickly in my career so that I can retire early.
Here is an outline of the accounting industry and why I aspire to be a part of it. When people think about accounting, they immediately associate it with the Big 4 firms (KPMG, PriceWaterHouseCoopers, Ernst and Young, Deloitte and Touche) as well as their counterparts.
However, the Big 4 firms are just one aspect of the larger accounting industry. My major is CPA accounting as I aim to become a certified public accountant. This certification will enable me to start my own accounting business or join a small firm and handle public accounting, unlike regular accountants who lack these opportunities. The CP
title holds considerable prestige and is essential for advancing in the "accounting job ladder" and becoming a partner.
Accountants will always be needed in the United States as the Government continues to charge taxes to fund the American budget. This guarantees job opportunities in the accounting industry. The industry can be divided into two major segments, corporate accounting and public accounting. Although these segments share similarities, they also have distinct differences when it comes to job prospects. Let's begin by discussing the corporate accounting industry, which is primarily dominated by the Big 4 firms and other smaller companies.
Obtaining a CPA certification is essential in the public accounting sector as it is mandatory for all roles within this industry. This certification offers individuals the opportunity to establish their own "firm" immediately after completing college and engage in public accounting, providing them with flexibility post-graduation. With this license, they have the freedom to determine their own schedule, set fees, and maintain complete control over their work choices and decisions. However, starting a business from scratch presents its challenges such as locating and leasing an office space, hiring staff, and establishing a small business—tasks that are not easily accomplished.
Even though the general belief is that about 90% of start-up businesses fail, setting up and operating your own private accounting firm can offer valuable insight and experience in contrast to working in corporate accounting. Assuming the responsibility and undertaking the challenge of starting a business or joining a partnership can significantly expedite personal and professional development by ten to fifteen years.
Despite my age of twenty-two, I have decided against the gamble of launching my own accounting firm and facing the
possibility of failure. Instead, in 2006, as I enter the job market, I will join a considerable number of college students across the globe who are also on the hunt for employment. This collective encompasses those presently without work or those desiring a career transition. The majority among them will be college students originating from diverse universities with backgrounds in business, economics, and politics.
The most sought-after candidates are those who have completed their education at renowned colleges like Harvard, Wharton, and other Ivy League institutions. These individuals boast internships and previous work experience—a vital requirement in today's world. Additionally, they possess exceptional academic achievements and a broad spectrum of experiences that make them highly attractive to any company. Throughout interviews, they exhibit professionalism by wearing flawless attire and presenting impressive resumes. Their ultimate ambition is to achieve substantial success in their careers.
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