School Dilemma

[Guest Distribution Diva]

I read this board a lot, though I've only posted once or twice. I'm looking for a little objective advice/criticism and the posters here seem to have varied types and amounts of experience.

Here's my background:

I have three years of experience in the retirement field (TPA, specifically). I work for a small TPA and I've pretty much done "a little bit of everything". I hold a couple of ASPPA designations. As much as I hate to admit it, I really do enjoy working in the field and would like to continue to do so. I specifically enjoy the compliance and plan design aspects and would be thrilled if I never had to process another distribution (wouldn't we all?).

I work full-time and have no intention of working less than full time. My employer is *somewhat* flexible, but not infinitely so. I can vary my schedule by an hour or so either way, but it is substantially an 8-to-5 job.

And now we've come to my dilemma:

I will shortly complete my two-year degree and transfer to a four-year university. I am considering two options. Option 1 is a major in accounting. Option two is simply a BS in Business Administration (possibly with an economics minor). The accounting degree program is at a local state school. All of my classes would be in the evenings (no weekend options) and it will take me about 6 million years to complete my degree (OK, 3-4 years, actually). The BS in Business Admin program is a distance learning program from a very well known accredited state school (NOT some fly-by-night-get-your-degree-in-eight-weeks kind of place). I can finish within 2 years, since all of the classes are online.

I've taken a mixture of online and on campus classes for my AA degree, so I'm very familiar with how online classes work. In some ways, I prefer them. I'm very much a "book learner", so while there are definite positives to in-class time, I find that I learn equally well without it. Also, it's nice when you don't need to commute an hour from work to school (no exaggeration in my area!) and then sit in class for three hours, 3 or 4 days a week.

So, basically, I'm trying to figure out what advantage an accounting degree might give me for my chosen career path, and if the advantage is worth it.

Any thoughts, ideas or suggestions would be welcome.

Thanks!

[Belgarath]

I don't know that either is necessarily "better" than the other - particularly in the TPA field. As you know, so much of the job must be learned on the job that the specific prior training isn't all that important.

I'd be more inclined to look at the degrees first in terms of which interests you more, and then as to which you might believe is more valuable to other possible careers, in case you move away from the TPA arena.

If you've got a brain and a work ethic, which you obviously do, you can do anything! Except politics, where a brain is a liability. Good luck.

[david rigby]

If it were me hiring, I would be looking at experience, knowledge, work ethic, enthusiasm, integrity, etc. (not necessarily in that order).

Perhaps it is my deficiency, when it comes to evaluating an education background, my opinion of online study is less than traditional classroom.

[Guest TrustMe401k]

I agree with Belgarath in that you should pick the degree based on which may be of more use later on if you leave the field. Although I will say that the time to get the degree is a factor as well.

I agree with pax too. I have a Politcal Science degree and now I own a small tpa firm. Great use of my degree huh?

Good luck

[Belgarath]

Oh, I don't know.... A PolySci degree should be good training for the Machiavellianism that is alive and well in the world of attorneys, accountants, Congress, insurance agents, business owners, and qualified plans in general. Notice that I exclude TPA's from this listing, as everyone knows we are fair, virtuous, objective, and pure in spirit.

[Guest TrustMe401k]

Well then let me add that not only do I have the PoliSci degree, I am also insurance and securities licensed which only adds to the levels to whcih i might sink. Except for the fact that as a tpa, I am , as you say, fair, virtuous, objective, and pure in spirit.

[R. Butler]

As the others have noted there really issn't a right answer. I will say that I have a handful of designations, but the CPA designation has been the most beneficial to me thus far. If you do go the accounting route, I highly recommend going ahead & getting your CPA designation. It should help you not only get interviews, but it should also help you attract clients for your employer.

[Lame Duck]

both degrees are useful and neither has a direct impact on your advancement in your chosen career(?). However, I agree with R. Butler that the accounting degree with the CPA designation will be more beneficial if you do change career paths in the future or in opening doors in this field.

Jehmig, I feel for you for I am in essentially the same boat. I have a degree in government (essentially the same thing as poly sci) and am Series 7 licensed. However, I have gone one step further into the abyss. I am also an attorney.

[R. Butler]

However, I have gone one step further into the abyss. I am also an attorney.

Hey what do you know I stepped into abyss too. At this point at this point that has done me little good. I like to stay with ERISA, but it has been difficult to find ERISA attorney jobs where we are currently living & we are really trying not to relocate.

[Guest TrustMe401k]

Lame Duck - at least you're not chasing any ambulances...and you're not a Government lawyer

"I'm from the government and I'm here to help...oh, yea, I'm also a lawyer!" That line would keep them running until the hit the ocean. (No slam intended to you wonderful, upstanding, honest, ethical, attorneys in the audience)

[GBurns]

One thing about being a lawyer ( aside from claiming to be an attorney instead) is that you do not have to worry about going into the ocean. It is quite safe for lawyers.

Distribution Diva,

To help you make your decision, look around and see who gets the easy jobs and the big money in the industries in which you might work. You might notice a lot of Consultants. Many, if not most will be CPAs. Many if not most will be doing jobs that have nothing to do with the course of study of a CPA. In fact many have very little knowledge about that which they are consulting on, BUT they got the assignment because they have a CPA designation. CPA will open more doors than anything else.

[SoCalActuary]

If you really like math, also consider other options including actuary, financial planning, insurance classes, applied statistics, economics.

If you really like customer services, consider business courses in HR, business administration, psychology, marketing.

The accounting work is helpful in many ways, especially multiple courses in taxation, since it will help you be a resource to the accountants you work with. Knowing their language and concerns is very useful.

However, while pursuing your career goals, don't miss out on the social aspects of college. The future business contacts, potential dates, concerts and other options on campus should not be dismissed lightly. Joining on-campus organization such as clubs, frat's, sports boosters, charities, etc. will also enrich your life with unexpected joys.

[GBurns]

I had forgotten how valuable the things pointed out by SoCalActuary are, especially those in the last paragraph. How easy it is to forget the things that really got many of us to where we are. Take the advice very seriously.

This just came to my notice and goes along with SoCalActuary's other paragraphs.

http://www.webcpa.com/article.cfm?articleid=10169

[Belgarath]

Of course, if you REALLY want to get rich, become a plumber!

[GBurns]

Some people seem to think that CPAs can do anything even plug leaks ( of information), repair drains (to cash flow), remove clogs (HR consulting) etc.

Remember the Vision 2000 project that considered changing what CPA stood for, I wonder if anyone had submitted Certified Plumbing Artist?

[david rigby]

Actuaries use a different phrase for the acronym CPA (and no, I won't post it).