Thread: Transitioning from investments to accounting

I've spent the last hour reading various post on this forum. I'm so glad I found it and am happy to see there are some helpful members here. Hopefully you can guys can offer some direction. Here goes:

I graduated in 2000 from a state university with a double major of political science and economics. I went to work immediately as an assistant for a financial advisor. I eventually became a financial advisor and currently oversee 17 million in assets. My clients love me and I love them. However I do not love my career. I have no idea how I lasted this long in sales. Sales and my personality are not made for each other. I think I've lasted because I make decent money and have a flexible schedule.

The problem? I don't see myself wanting to work in this field/environment when I'm 50. I don't want my income to be based on whether or not a client realizes something is to their advantage and decides to buy. Besides that, I'd prefer not to interact with the retail client and refocus solely on business transactions. So I re-enrolled into my old university and am entering my second of four semesters needed to earn my accounting degree. I'm 29 years old. I have a daughter and a stay at home wife. This last semester was tough but do-able. My goal is to provide an solid and steady income for my family. I do not necessarily want to work for a Big 4 firm. I'd be happy with a regional firm. I live in the SF Bay Area.

Here's my question: Given my experience and background in finance/financial services, upon graduation (in general) am I limited to a basic staff accountant role earning a noobie wage? Or are their opportunities for new graduates who are experienced in business?

I actually have a ton more questions that I'll ask later but being that its late I'll begin with that question. :-)

thank you for your replies!

Basically yes, your wage scale will begin at the lower end although you may come in at a slightly higher level or have a faster development track for tax or audit due to your general experience/maturity.

If your prior experience or skills can be utilized to produce a greater revenue stream then you can expect more compensation which in an accounting firm it means selling services (obtaining new clients or new services to existing clients).

Regional accounting firms typically offer more than just write up, tax and audit as they are also into advisory/financial services for executives and pension plans. That may be of interest, if your not completely burnt out on sales, as their clients, products and methods differ from a retail environment. Maybe with your credentials you could do both.

The bottom line is that the technical side is generally less money than a high production sales position, at least at the lower levels, but even on the technical side you will be expected to sell (albeit, differently).

Pat,
That is great information. Thank you for sharing. Its amazing how sales permeates all facets of business yet sales/sales people are looked down upon. I'm guilty of that myself but clearly sales is a vital part of our business model as a society.

One of the things I like about accounting is that unlike investments, there are absolutes. It is so difficult to build confidence and trust when the only thing I can guarantee is that portfolio valuations will go up and down. I'm familiar with advisory services offered by accounting firms. That is something that I wouldn't mind but compensation tied to the decisions of a clients desire to buy or not to buy is not appealing.

Bluewire,
Have you ever considered opening your own shop and offering virtual CFO services? There's a growing market for it as more and more companies outsource this need. You could work to build up your clientele on the side as you transition your education and your career over. Just a thought. Best of luck.

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Daryl James
Accounting/Bookkeeping and Virtual CFO Services