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Need some honest career advice

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  • Feb 21st, 2015 12:33 am
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Newbie
Feb 18, 2015
5 posts
2 upvotes
Brampton, ON

Need some honest career advice

Hey guys,

I'm here very confused and not sure what to do.

I currently work at a public accounting firm. I have my business management diploma (2years) and currently doing my bCom part time. After graduating college 4 years ago. I worked at brinks in the accounting department for a year and half as an accounting clerk. I was pretty okay in accounting. I had the basic understanding of it but just lacked experience. After brinks, I got hired at my current job, the accounting firm where I've been working for almost 3 years. I was definitely inexperienced but I sold myself at the interview and showed lot of potential. I got hired as a bookkeeper. My pay was $45k. I started doing books for 5 clients. As I worked and gained more experienced, I learned a lot and now I manage over 15 clients. I do their regular books, but I also do other work In the firm. I perform notice to readers, review engagement, and audit engagements. Corporate tax and personal tax is also one of my biggest asset. My boss is a really good guy, he pretty much taught my everything and now I'm at a position where I advise client on the best tax planning move and matters related to their corporation.

My main problem? I earn very little money for what I do and what I know. I have more experience than a cma, cga mainly because I have public accounting experience. Most accountants who work at a private company don't evem know how to do corporate tax or even personal tax.. Mainly because they don't do it on a day to day basis. I am only making $50k now while other staff who has their ca/cpa designation earns around 80k doing the same work.

I have been looking at lot of job postings for senior accountant position at mid size corporation and honestly I feel like it's not a challenge. I can almost take a controller's position. I don't mind applying and going for the senior positions, but I don't know if they will even consider me because I don't have my undergrad yet and I only have a business diploma. I'm working towards my bCom and hopefully get my cpa but that will take at least 6 years before Im done. There is no way I can work for $50k for the next 6 years.

Please give me some advice on what I should do. I pretty much know accounting in and out and deep knowledge of cra regulation and compliance. I'm just afraid that wherever I apply, they won't give me those senior position because I only have a diploma.
23 replies
Deal Addict
Feb 26, 2012
2319 posts
620 upvotes
MISSISSAUGA
Johndoh wrote: Hey guys,

I'm here very confused and not sure what to do.

I currently work at a public accounting firm. I have my business management diploma (2years) and currently doing my bCom part time. After graduating college 4 years ago. I worked at brinks in the accounting department for a year and half as an accounting clerk. I was pretty okay in accounting. I had the basic understanding of it but just lacked experience. After brinks, I got hired at my current job, the accounting firm where I've been working for almost 3 years. I was definitely inexperienced but I sold myself at the interview and showed lot of potential. I got hired as a bookkeeper. My pay was $45k. I started doing books for 5 clients. As I worked and gained more experienced, I learned a lot and now I manage over 15 clients. I do their regular books, but I also do other work In the firm. I perform notice to readers, review engagement, and audit engagements. Corporate tax and personal tax is also one of my biggest asset. My boss is a really good guy, he pretty much taught my everything and now I'm at a position where I advise client on the best tax planning move and matters related to their corporation.

My main problem? I earn very little money for what I do and what I know. I have more experience than a cma, cga mainly because I have public accounting experience. Most accountants who work at a private company don't evem know how to do corporate tax or even personal tax.. Mainly because they don't do it on a day to day basis. I am only making $50k now while other staff who has their ca/cpa designation earns around 80k doing the same work.

I have been looking at lot of job postings for senior accountant position at mid size corporation and honestly I feel like it's not a challenge. I can almost take a controller's position. I don't mind applying and going for the senior positions, but I don't know if they will even consider me because I don't have my undergrad yet and I only have a business diploma. I'm working towards my bCom and hopefully get my cpa but that will take at least 6 years before Im done. There is no way I can work for $50k for the next 6 years.

Please give me some advice on what I should do. I pretty much know accounting in and out and deep knowledge of cra regulation and compliance. I'm just afraid that wherever I apply, they won't give me those senior position because I only have a diploma.
It doesn't hurt to apply! Perhaps look for a more senior position at a smaller company, they are more likely to look past the lack of undergrad as opposed to bigger companies.
Deal Fanatic
Aug 21, 2007
6054 posts
853 upvotes
Markham
honestly, i think the lack of a designation is really going to hurt your salary prospects...you may need to suck it up until you get your degree...and then until you get designated

in the mean time id keep learning...
Deal Fanatic
User avatar
Sep 23, 2009
7081 posts
5209 upvotes
The issue is that the Canadian education system is a farce. Anyone can pass elementary school or Secondary School because failing them would hurt them mentally. Honestly, they ask parents if they want to fail a student. Do you think a parent will say yes? Colleges merely pass students because they want them to pay and take the next course.

So, their is no value in completing High School and very little in College. Universities are slowly becoming like Colleges because of the fact that High School is a joke.

Honestly, Universities requiring an 80% average means nothing when a student who just shows up in High School can basically get a 70%

Ultimately, the education means nothing and your experience is of much more value.

Education is more of a soft requirement. However, education will lead to the Designation which is viewed positively for the time being.
Banned
User avatar
Jun 2, 2009
2738 posts
181 upvotes
Toronto
This is where you have to sell yourself and your experience in an interview, experience trumps degrees and that is a fact in the real world. If you know you're worth more , apply to those positions and make sure your interview skills are flawless.
Idle hands are the devils playthings
Moderator
May 28, 2012
12484 posts
5278 upvotes
Saskatoon
There's no doubt you have valuable skills you have obtained while working these past few years...but for a lot of companies, you won't get past the application stage without the proper credentials. That would be the first thing they would look for in a resume. Is there any way you can expedite your comm degree?
Deal Addict
User avatar
Jun 6, 2013
1082 posts
1667 upvotes
Toronto
You have to get a designation and degree at this point. It's pretty much guaranteed that any company with an HR system will filter you out at the first stage since you don't have the credentials.
Deal Addict
Oct 29, 2010
4475 posts
811 upvotes
How's your LinkedIn profile?
If you were to network with enough recruiters, they will pick up your experience over designation and try to sell you to their clients. Probably the best way to get past HR's filter.
Member
Oct 3, 2009
433 posts
126 upvotes
Use your network to get a job, I know lots of accountants who dont have designations and making great money. Spend 80% of your time working your network and 20% applying to positions.
Newbie
Feb 18, 2015
5 posts
2 upvotes
Brampton, ON
Mars2012 wrote: There's no doubt you have valuable skills you have obtained while working these past few years...but for a lot of companies, you won't get past the application stage without the proper credentials. That would be the first thing they would look for in a resume. Is there any way you can expedite your comm degree?
unfortunately, i can't speed it up. I would drop everything and quit my job and go back to school full time to fast track it, but i have a wife, mortgage and my first baby on the way.

the best that i can do is what someone suggested; get in touch with recruiters who will see me for my experience and not just the education. I mean.. i'm still pursuing my degree.. so that should still count towards something.

like everyone suggested, going to a company which has a HR dep is a no no.. they will ignore my resume, and if they don't, they will low ball me with some entry level position.

thanks to everyone for their inputs. i will continue to work and gain more experience and seek another job. Hopefully someone will overlook the degree aspect..
Deal Addict
User avatar
Sep 16, 2012
3280 posts
489 upvotes
Mississauga
I would just apply for jobs, i do not think you should worry to much about being under-qualified, you never know when you might get an actual interview.
Jr. Member
User avatar
Nov 13, 2004
176 posts
146 upvotes
Toronto, ON
I may have misread, but you only have 3 years of work experience.

If so, I'm surprised at how confident you are in your ability to master the tax and regulatory regime.

Are you allowed to give tax advice? What is the nature of the advice?

You might have excelled because you felt like you had a lot to learn. If you only have 3 years of relevant experience then you still have a lot to learn. Leverage that to get even better.

My advice to you? Be the best bookkeeper/Job title you can be. Get the credentials and move on. Success, progress or whatever else you seek will come.

Otherwise, you sound like a legal assistant who seems to think since she mastered the role of assistant, she can be the lawyer too without further training. I'm operating on three hours sleep over the last two days, so please don't read this as an attempt to be rude :)
Newbie
Feb 18, 2015
5 posts
2 upvotes
Brampton, ON
GDoxta wrote: I may have misread, but you only have 3 years of work experience.

If so, I'm surprised at how confident you are in your ability to master the tax and regulatory regime.

Are you allowed to give tax advice? What is the nature of the advice?

You might have excelled because you felt like you had a lot to learn. If you only have 3 years of relevant experience then you still have a lot to learn. Leverage that to get even better.

My advice to you? Be the best bookkeeper/Job title you can be. Get the credentials and move on. Success, progress or whatever else you seek will come.

Otherwise, you sound like a legal assistant who seems to think since she mastered the role of assistant, she can be the lawyer too without further training. I'm operating on three hours sleep over the last two days, so please don't read this as an attempt to be rude :)
i appreciate your advice and do not take any offense. I know 3 years seems like it's nothing, but you don't know the hours i've put in. No it was not your regular 9-5 but more like 8-9 6 days a week. I deal with companies in different industries and learned how to treat each one of them different than the other.

Yes, i absolutely know there is more to learn, but i just feel that with my experience i can earn more.

As far as the tax advice, it is my job now to look after their company's book and ensure the shareholder takes in as much money possible while paying the least amount of tax. I know i'm in no position to sign off on anything as i don't carry the necessary credentials, but pretty much at this point, i go to my boss and suggest what should be done with client and he looks over the documents and either agrees with disagrees, and most of the time, he goes with what i suggested. So based on that, i say that i have great knowledge of tax and accounting matter. But don't get me wrong, i am sure there is much much more to learn... Till today, my boss still takes professional development courses in tax and other accounting courses.. so learning never ends.
Deal Expert
Oct 7, 2010
15536 posts
5790 upvotes
You guys stop giving the OP bad advice. If he is to move higher, he needs that degree and designation. It's almost like a welder telling he know engineering and design because he designs with his experience without doing the calculations.

Given the fierce competition in any field, the guys with the degree, designation, and experience will trump the OP. He is topping out at 50k, that's all. Accounting is regulated industry, so designation is important.

The wife and kids are eating up your free time and money to become successful that's all. Maybe the kids will take the path you never taken, and make 80k.
Deal Addict
Jul 7, 2013
1514 posts
1401 upvotes
Digital Gulag
Maybe you should look at the credentials your boss has. It should give you a good idea about what kind of certifications you would need to rise up. You can probably ask him for some advice too on progressing your career path, who knows? Maybe he'll have some connection or advice that could be valuable. Maybe he'll suggest that you go back to school for further education / certification.

Experience is good but I feel that especially in your industry, education and certification is equally if not more important... especially nowadays where there's thousands of new grads holding degrees.
Deal Addict
Oct 16, 2013
2409 posts
765 upvotes
New Brunswick
OP, in Canada, you will have to get a designation to move up.
Newbie
Feb 18, 2015
5 posts
2 upvotes
Brampton, ON
xblackrainbow wrote: Maybe you should look at the credentials your boss has. It should give you a good idea about what kind of certifications you would need to rise up. You can probably ask him for some advice too on progressing your career path, who knows? Maybe he'll have some connection or advice that could be valuable. Maybe he'll suggest that you go back to school for further education / certification.

Experience is good but I feel that especially in your industry, education and certification is equally if not more important... especially nowadays where there's thousands of new grads holding degrees.

yes, i am in school now. Doing my bCom part time then CPA. it will take me about 6 years to complete.
Jr. Member
User avatar
Nov 13, 2004
176 posts
146 upvotes
Toronto, ON
Part of the value of a credential is that your employer can say we went with the industry standard. It's a cover your butt type of practice. So even if you have the knowledge, your employer may not be able to defend giving you the extra responsibility to outside observers who don't know the quality of your work. Increased income generally brings an increase in responsibility.

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