Ultimately I would like to become the CFO of an auto group/dealership. I live in the NY/NJ area and would like to work here and live here.
I plan on being single, so I will not have to worry about supporting anyone else, or save up 200k+ for college. This could change, so I am trying to go to the CPA route which will provide me a good income to boot. I am pretty sure I want to stay single though.
What are my goals?
Honestly, I expect to make around 50k out of college by working in NYC which seems like a very realistic goal.
I want to be able to afford a nice house by the time I am 34-35.
Ultimate long term goals?
I want to become a corporate controller and then a CFO by the time I am in my 40’s or 50’s. Both of these positions command six figure salaries.
I am not concerned with making huge sums of money. I just want to eventually be able to live in a nice development, drive a Mercedes, and live comfortable on a low six figure income.
—
My dad is 50 and has no big4 experience and has told me that even now it is not necessary. The only advice he has given me is to get a degree in accounting, get an internship, graduate, work, study, take the CPA exam, get the boost in salary and really just start my career from there.
I told him my concern with starting a family, driving a nice car, etc. and he has said not to worry about ANY of that. He basically said to do my job well and I will be able to get that controller position in my 30’s.
Is this true? As long as I do what I need to NOW, and show my boss that I can do my job well, the 100-200k a year will eventually follow? I do not even expect to make that much. All I really EXPECT, is 120k a year. If I can find a company willing to compensate me higher, great. All I expect to even make with a CPA under my belt in a corporate controller position is 120k.
Is this a realistic goal?
My dad is a CFO by the way.
Incoming search terms for the article:
- cpa six figure income
- Can CPAs make six figures
- can cpa\s make six figures
- mercedes benz accountants
- do cpas make six figures
- how to become a corporate controller
- how to earn six figures as a certified public accountant
- do cpa make six figures
- make a six figure income with accounting
- make six figures as accountant
April 6th, 2011 at 8:12 pm
yes its true.. 50k for a ba or more… for a controller position 70 -90k you need at least 5-10 yrs of experience… and cfo, need a cpa. for over 100k… mba.. is 150k-200k or more…
April 6th, 2011 at 9:06 pm
Your goals are realistic, but you need to focus on your short term goal right now. Take it in steps and get your BA first with the intent of a MBA to follow. If you still want to focus on accounting, then go to work and study for your CPA. The MBA will be a great addition to your resume for leadership positions at prestegious firms. I am sure that with your assumed ambitions, intelligence and career path, you will make much more than the 120k you expect.
April 6th, 2011 at 9:32 pm
Boy you are organized and eager, aren’t you??
I am not sure you can plan your life quite that precisely or exact.
However, you father is correct. Put first things first. Get the education asap.
If you work hard (and I have no doubts you will) there are unlimited possibilities like starting your own accounting firm.
Good luck - you sound very smart!!
April 6th, 2011 at 10:29 pm
It’s true, very realistic. It’s not easy, but it is that simple. You’re lucky to have a CFO dad who can give you all of this information.
April 6th, 2011 at 10:39 pm
What you describe is quite realistic. I went a similar route. I worked for a Big4 firm out of college and got my CPA. I left after four years to take a Corporate Controller position and was promited to CFO four years later and was in a very comfortable position by the time I was 30. I would highly recommend going the Big4 route as you will have many more opportunities. As you probably know from your Dad, we work long hours and have a lot of stress in this industry. It is not for everyone, but it can be very interesting and lucrative.