AccountingBLOCK - Tax and Accounting Forums

Hi,

So here's my story:

Basically, I've done absolutely nothing my freshman year. I started at an out of state school, but had to transfer once back instate (because it was too expensive), and now I need to transfer again, because for one, I absolutely hate it at this school, and two, I feel the other instate school has a better program. So already, I've transferred twice, which isn't by any means a good thing. This leads me to my next point. You know how in investment banking people keep talking about going to a target school? Well guess what? I DON'T. I (will) go to a school that's anything but Wharton (University of Oregon), so that already puts me at a huge disadvantage.

Here's the kicker though: I have terrible grades! I started off in pre-med, and have only now switched to business, so my freshman GPA is absolutely horrendous. Plus, even in the intro business class, I haven't been doing as great as I wanted (probably will end up with a B+), and this term has still been a struggle. Part of the problem, I think, is that I have only NOW, 3 terms in, realized just how hard I'm going to have to bust my ass in college to get good grades.

So here's my point I suppose. I am really looking at trying to get into a Big 4 firm (at least to start out) and eventually become partner of a firm (whether it's in the Big 4 or at a smaller company) or go into consulting. However, I go to a "non-target", and will probably finish my freshman year with a 3.1-3.2 GPA. Should I just give up now, because, from what I hear, Big 4 firms only want people with a 3.5+, and that is probably from "target" schools, meaning I basically need a 3.9+? I have family in India that will try and set me up with an internship during the summer at an Indian bank, but is there anything else, besides internships (btw, how much weight do they carry) that can make up for my low IQ?

thanks

Balderdash.

1. I never review academic grades from applicants. The time required to
interpret incompetAnt academic ASCII style reports: *%#@!

Enroll at local C.C., reorientate and reduce expenditures, 6-9 units per quarter
with goldfish. Prepare for the coming economic war. Big 5 - Pathetic. 10,000
job losses per year. Emphasize Private, not Public Accounting.

2. Stop reading US News & Report College Surveys or Yahoo Finance.

Apply for a $12 p/hour 20 hour p/wk job at a small accounting firm. Impress them
with your personal holding company (define: search IRC) organized
in LLC form*:
99% shares to a (grantor or nongrantor trust [key: google]) you created
1% shares to an LLC you created in OR ($50 p/yr) appoint yourself as as Managing
Member to avoid SET & FICA. Attempt to negotiate nonemployee contract worker
status. Accounting Wimps fade over nonemployee structures. Be prepared for
questions regarding status of employee v nonemployee (not employee v I.C.).

Discuss the concept of the trust changing situs from state to state (or country) and
the resulting tax consequences, if any.

* a personal holding company LLC with multiple members? Is that possible? If you
want to swim with sharks, tuna makes excellent forage. Note: Competency requires
understanding of S Corp shareholder rules and LLC options to ANCIENT S-Corp restrictions.

Don't give up. You have all the time in the world to get your GPA back up. I myself failed out of engineering here at Georgia Tech during my first semester and I've just finished my second year with a cumulative GPA of 3.2. You can do it, just keep up the hard work!

I also completely messed up my first year at uni and made it up later - it is hard work but worth the effort in the long run.

Can I ask - why the emphasis on the Big4? Smaller firms can provide you with just as good if not better experience?

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"Do the hard jobs in accountancy first, and the accountancy jobs will take care of themselves." - Careers Jobs