Biffwhipster: Welcome future CPA!
I get excited, in a very nerdy way, about future accountants (very broad term, since it applies to all the different things people do as CPAs). Just remember that there is tax, audit, internal audit, accounting/financial reporting, consulting, transactions/M&A, and even finance that CPAs end up doing.
I can't help with the 2nd time around in school stuff, but I am a former auditor, so here's what I can share.
I'll just add that pbkmain gave a great summary of the Big 4 possibilities. Same with other large national firms where the path is very structured, but over time you can have a very above average salary... although you will work very very hard for it. After a few years, many people decide they want more balance and go out to do different things.
To give another experience, I joined a big 4 firm in audit after graduating (dual undergrad in finance + accounting). Spent just under 2 yrs, and joined industry (term for some non-public accounting company) in an internal audit rotation program. Been here for about 1.75 yrs and planning a move into a finance role within the company by Sep 2015.
Comp has been great.. I'll admit, but I worked incredibly hard and sought out projects and experiences while at my big 4 firm, and also the current job (which I moved 500 miles away to take) in order to get the biggest advancement available.
Estimates on what is "normal" in the tri-state area:
- associate for 2-3 yrs, probably making mid 50s when you start (high 50s NYC) and mid 60s after your 3rd yr... 5-7% raises each yr, with a bonus ~5% when you're promoted to senior associate after yr 2
- you can leave for industry after the 2-3 yrs and become a sr accountant or internal auditor and realistically and somewhat easily find a position paying ~75k (base plus bonus) with VERY GOOD lifestyle... albeit with slower progression. Some other companies offer much faster progression (ex. General Electric), but the lifestyle is much worse.
- From there, ti's really up to you on what you want and how you progress, but your first 5 years could see you making in the high double digits if you're "average", and more depending on how hard you work to advance
My own personal experience, which may not be typical (southeast region):
- big 4 audit for 1.75 yrs. Left at 54k base, no bonus, 1.5% 401k (~55k all in gross)
- fortune 10 internal audit program, 1.75 yrs today, currently at 82k, 10% bonus, 8% 401k (~95k all in gross)
- progression will not jump by 30% every 2 yrs, and will slow down a lot once reaching the manager level (likely jumps only with promotions or other changes).
The career path can be average or great, depending on how hard you work, network, and move around to advance your career. Timing is also partially luck, but if you work hard enough, you can make your own luck (to some degree).