Comment on Is a CPA Worth It? by Financial Slacker.
Good points.
The short-term ROI would be even better than you know as I have a number of existing clients that need a CPA to prepare their audited financials. Currently, I have to refer the business to a third-party, but with a CPA, I would pick up that additional revenue.
And even if I don’t want to be an accountant for the next 20 years, it’s a great credential that can open many doors.
Financial Slacker Also Commented
Is a CPA Worth It?
Thanks for commenting, DividendStacker. What you are saying makes good sense.
I actually already have my MBA in Finance. I earned it many years ago and have spent the last 20 years or so working in corporate financial roles (FP&A, treasury, M&A). I also have a CFA, but I am finding that even though the role of a CFO is not just to be an accountant, there are many companies that are requiring the CPA designation even to get in the door.
I also see the CPA as a benefit working freelance. Many times, it’s easier to start with accounting, tax, payroll, even bookkeeping services to develop a relationship. Over time, as the client needs additional financial advisory services, you can fill that need. I’ve found it a little more difficult to sell financial advisory services as a stand-alone service, although more recently, I have had some pretty good success.
Is a CPA Worth It?
Thias,
I have been slowly coming to the same conclusion that the additional knowledge would be beneficial. But the real value is the additional credibility which would help me both getting new private client business as well as getting in the door for corporate CFO roles.
Is a CPA Worth It?
That’s exactly right. I’m not sure I really want to go into accounting, but having the credential can open doors.
I feel confident that I can learn the material and pass the test. I self-studied for all three levels of the CFA and passed those.
It looks like the quickest and most flexible way to get through the required classes is online, but it may also be the most expensive. I’m researching other online options that might get me there in the same timeframe for less money.
But to be honest, I think timeliness may be more important than cost at this stage.
Recent Comments by Financial Slacker
Buying a Business Requires Life Changes
Thanks for commenting and the compliment, Mr. Prairie FIRE.
In my experience with small business owners, most are welcome to hearing purchase proposals so long as they are legitimate. But while they are open to hearing what you have to say, they are also hesitant to admit they would consider selling if they think word could get out to their employees, customers, vendors, or others.
One approach is to begin building a relationship with the owner. Start using the company on a regular basis. Strike up a conversation with the owner. Ask questions about the business. How did they get started? How long have they been in business? What are some of the challenges they face – getting customers, keeping staff, etc?
This approach may not yield immediate results, but in relatively short time, you should be able to introduce the idea of a sale and get a feel for whether the owner is interested. And even if they’re not interested at the moment, they may be in the near future.
Thanks again for commenting and please let me know how it goes.
Creating a Better Life By Spending Less Not Earning More
Thanks for stopping by and commenting, ZJ.
It has taken me 20 years to get to that point where I only take on the business that I choose. In additon to getting to a financial place where I can be selective, I’ve spent a large portion of that time figuring out what it is I want to do and what type of client I want to work with.
I wish you the best in your journey.
Confidence Can Be Learned
Thanks for stopping by and commenting, Sam. I always love your perspective and your words tend to get me thinking.
I haven’t been away from the corporate world quite as long, but after over two years away, I am starting to gain confidence in this new lifestyle. It has taken me a while as the corporate life was what I knew for 20 years. And in that world, your schedule and priorities are mostly dictated by the company you work for.
But when you’re on your own, you start realizing that the best person to rely on is yourself.
Thanks again.
Creating a Better Life By Spending Less Not Earning More
That’s the decision we all make whether it’s intentional or not. Freedom in the future or discretionary spending today.
Avoid the Home Warranty Repair Scam
My only other appliance repair was actually a dishwasher that I tried to repair myself. Unfortunately, after ordering and installing the wrong part, I did finally get the correct part installed. But the new part didn’t fix the problem.
I’ve been working around the issue but at some point, I’ll probably need to bring in someone to actually repair it.
And I still don’t think it will cost $500 to repair.
