Deleted
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Post by Deleted on Jul 9, 2012 23:09:44 GMT -5
A bit of a history and explaining my dilemma. I have a bachelors in accounting but last time I worked in accounting was in 2008. The closest thing I do to accounting nowadays is payroll, budget, projections, reading the P&L, etc. I have been toying with going back for my MBA next year and wondering if I should pick a program that prepares you to seat for the CPA exam or if at this point a CPA would be useless. I love retail management but I don't know what the future hold or where I may end up. Up till now, 90% or more of store managers/co managers did not have a degree, you worked your way up to that position. I even believe that some Zone Directors, Regional Vice Presidents lacked bachelors in the past... something that will be unheard of now. Nowadays my company is hiring co-managers right out of college and putting them through a 18 months training program to teach them the business, so a decade or more from now as the old folks retires and younger folks move up, I see the opposite happening 90% of store managers/co-managers will have a bachelors or more. Heck some of my department managers now have bachelors or an associate. Some of my co-managers/store managers I have met have degrees in finance, marketing, political science, history, education and the weirdest I encountered is meteorology. Long story short... you don't need a specific bachelors; just a bachelors. Anyway back to the topic... while I want to put myself in a situation where I am a better candidate for future promotions (store manager or other positions at the corporate level) I also want to remain marketable to outsiders/other companies. Yes this is a great/amazing company to work for but I don't want to put my eggs in just one basket; my name is not on the building... so I can be here today and gone tomorrow. Merchandising/Marketing sounds good but have my doubts; should I just get a simple MBA? Or still plan on taking the CPA to have other options? But how do I maintain my skills? General Finance? Any good ideas? Urghhh, this is a situation where a mentor would be useful. Goal: move up and one day be a Zone Director or Regional Vice President with my company ... heck let's shoot for the Moon; I say VP. I can see how a degree in Finance/Business will be helpful but seems everyone have them (MBA that is); but I am also willing and looking into trying out different departments (Loss Prevention, Internal Audit, Business Intelligence, Real Estate, Safety Specialist, Merchandising, Category manager, Buyer, Analysts to name a few, etc) which might give me an edge compared to others I might be up against 10-15 years down the road. Am I thinking this too much? Basically I don't see myself being a co-manager 5 years down the road or store manager 20 years down the road... no offense to those that are and they get paid good money (current store manager makes 125k/year and co-manager make 62k/year). I just tend to get bored and love to try new things... but also don't want to make a switch that get me stuck or lead to a dead end. Am I confusing? HELP!!!!
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hoops902
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Post by hoops902 on Jul 9, 2012 23:16:48 GMT -5
Do you want to do accounting? If not then don't worry about the CPA thing. I have bachelor's degrees in accounting and finance. I got my MBA because I see myself moving more down the "people manager" role than I do in an accounting role.
Most of the options you mention are not CPA type jobs, I would think you'd get more out of a general MBA class than you would something geared towards strictly accounting. I'm a little bias though as accounting bores me to tears. You can always take the CPA later if you really decide you want to move down that road, and take a study class to prepare yourself. I wouldn't spend the time, money, or energy on a CPA preparation unless I knew that's what I was going to be doing.
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hoops902
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Post by hoops902 on Jul 9, 2012 23:20:14 GMT -5
Also, you're not really remaining "marketable" to outside companies by saying "I work in retail, but I took a course to help me prepare for the CPA". Places that care, care if you have your CPA, they don't care that you got some schooling in preparation for it. And last I checked you can't actually even get your full CPA until you've been practicing a couple years (which has been a while, so maybe that's out) which makes it even less valuable if you aren't going to jump into an actual CPA type job.
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msventoux
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Post by msventoux on Jul 9, 2012 23:29:28 GMT -5
I would agree that if you're not looking into going into public accounting to not necessarily focus your efforts on the CPA thing, I think you'd probably be better served in your aspirations by getting the MBA. You generally do have to have a certain amount of attestation hours working under a CPA to get licensed, and once you get the thing there are continuing education requirements to keep it. And as someone trying to get the designation I can attest that the exam totally sucks! If you think it would be useful later you could always sit for the exam, but I don't know that it would be that useful to you in the near term.
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Post by Deleted on Jul 9, 2012 23:31:33 GMT -5
I got my MBA because I see myself moving more down the "people manager" role than I do in an accounting role. . Thank you, I believe you just answered my question. I find myself in the same situation as you; as I see myself moving more down the "people manager" role vs an accounting role. I guess I was wondering if a CPA would maybe help or become option B later on at some point. Besides an MBA, what else can someone do to remain on top of their game? remain sharp? Conventions? extra training? accreditation's? I am afraid of becoming the old guy in the corner that has been doing the same thing for 20 years, don't care to try new things and becoming stale. My job has a lot of those... been with the company 20-35 years and only know one thing or been doing the same job, maxed out when it comes to salary and if were fired or let go would have to take a major pay cut (ex: full time clerk that has been here 35 years making $18/hr compared to part timer or newer clerk doing the exact same work for $7-9/hr). I want to be marketable in the sense that if I left my company for another I could get the same/comparable pay.
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hoops902
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Post by hoops902 on Jul 9, 2012 23:51:57 GMT -5
Try out other opportunities when they arise.
For me, in a non-retail setting, it's volunteering to do Six Sigma Green Belt training, taking over department new hire training, being well-rounded in general in all areas of the business.
For you I can see it being making sure you understand all aspects of the grocery. Purchasing, HR, cash controls, etc. The same ways you will be marketable to others is being valuable to your own company. You're in retail, knowing cash controls, purchasing, etc is going to help in all retail fields. I wouldn't worry too much about being "marketable", i mean I would, but you're going to get there organically by being valuable to your own business.
You can't be marketable in all ways to all people. You're in retail, the same generic jobs are going to be present with all retailers.
From family/friend experience in retail it seems the best way to stay sharp, and more importantly stay marketable, is being willing to fill in where needed and having expertise in many areas. You want to know as many departments and jobs as possible, so when it comes time to find someone to lead an area, you're the no-brainer choice. Particularly in a chain-store situation. Don't be serviceable in those areas, be exceptional.
Above all, don't be afraid to seek out those opportunities and make it clear that you're not only willing, but wanting, to try out those areas where they need help. Audit, merchandising, etc. You can't just walk into those roles, but you can certainly provide support to those people within your own expertise to the point they want to work with you again. That's how I've worked in completely random roles unrelated to my job within my company. You act as a resource to someone in a completely different field, they want to work with you again, you learn the process, you have things to add, you get more and more involved each time you work together.
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cronewitch
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Post by cronewitch on Jul 9, 2012 23:57:59 GMT -5
CMA instead of CPA would help more. Certified Management Accountant is not for public accounting. You could pass both test but to be a licensed CPA requires public accounting experience almost always.
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2kids10horses
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Post by 2kids10horses on Jul 10, 2012 7:56:55 GMT -5
Carl,
I have an MBA. Double Major, Finance and Accounting. I went to work for Arthur Andersen and Co., back when they were the most conservative of the Big 8 accounting firms. (I was long gone when the Enron thing broke.) But, I worked in the Consulting side of the business, not Auditing. Never got the CPA.
Thes MBA has helped me get jobs during my career, and, I suppose helps me with my analysis of rental houses (although that's pretty easy!)
Here's what I suggest: Companies pay the big salaries to the people responsible for bringing the money into the company. Sales and Marketing. If you get your MBA, get it in Sales and Marketing. Since you have the accounting background, S&M would be adding new skills and education, not just more of what you already have.
You're a bright guy. You work in the grocery store business. (I've noticed you call it retail, good for you for thinking big, but YOUR company is in the grocrery store business.) And that business is one of the lowest margin retail businesses there is. Competition is fierce. All your competition sells the exact same stuff yours does. Your store sells Hormel Chili. So does the competition. Why does a customer buy their Hormel Chili from your store and not the competition?
Sorry, I'm rambling.
My ex-wife was a sales rep for a radio station. She made well over $125,000 twenty years ago as a sales rep. She sold advertizing for a radio station. The LOWEST level sales rep for a second tier radio station made as much or more than the store manager with twenty years experience in your industry.
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wvugurl26
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Post by wvugurl26 on Jul 10, 2012 8:08:55 GMT -5
As much as you move for your job I don't know about a cpa. So far all of your moves have been within NY but since you are looking at a different state now, its something to consider. Having it in another state isn't necessarily a problem but you'd have to keep up with it.
In your current position I'd think you might end up footing the bill for cpe. I need 40 hours a year. I make mine count 3x (MD, WV and AICPA) but if I was paying it'd probably be a minimum of $1500 and likely more.
I'm dual licensed and had to go through the entire license process (ie have the same classes as new applicants) bc I didn't have 5 yrs licensed in another state. States also vary on how much experience and what type you need to get the license.
If your goal is to be VP then I think getting experience in a different business area would be a good thing.
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zibazinski
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Post by zibazinski on Jul 10, 2012 8:12:32 GMT -5
You have a great personality and a great work ethic. Couple that with your drive to succeed and you have a great situation. Get that MBA and in an area that you aren't as strong in to make yourself more rounded. Always think to the future. You may not stay where you are, you may not stay with that company, either.
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Deleted
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Post by Deleted on Jul 10, 2012 8:12:41 GMT -5
I agree with those that say that getting your CPA would probably not be the best use of your time.
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Deleted
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Post by Deleted on Jul 10, 2012 8:18:23 GMT -5
By the way, I wish I had goals and 5/10/15 year plans like you. Just the fact that you think about this stuff is great.
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swamp
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Post by swamp on Jul 10, 2012 8:27:14 GMT -5
By the way, I wish I had goals and 5/10/15 year plans like you. Just the fact that you think about this stuff is great.
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alabamagal
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Post by alabamagal on Jul 10, 2012 11:25:31 GMT -5
Go for the MBA. I think it would be the best if you want to stay with your current company, or go to another company.
And as far as not becoming the "old guy in the corner", that is basically an attitude that you have to maintain. Always look for opportunities, network within and outside your company, and always look for the most challenging opportunities. It is about ambition, which you seem to have. The old guys in the corner are the ones who will be saying "This company never does anything for me" when in reality they haven't done anything for themselves.
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shanendoah
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Post by shanendoah on Jul 10, 2012 12:08:05 GMT -5
Get the MBA and go for the focus that sounds most interesting to you. I work in healthcare but did not get my MBA in healthcare management. It's in Technology & Innovation Management. When applying for jobs that the tech side really matters, I can bring up my focus. Otherwise, I have an MBA.
To me, the important thing is to pick a focus that interests you, so that helps motivate you to do the classwork and do well. I worked full time and went to school full time for 2 years to get my MBA. If I hadn't been interested in what I was studying, my grades would have tanked.
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Deleted
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Post by Deleted on Jul 10, 2012 13:27:58 GMT -5
Thanks everyone. Guess I will apply for a simple MBA and find a focus I will love and be interested in; like sales and marketing Basically I don't want to curtail my expertise to just my industry. I would love to go beyond the stores one day. Example: Our new VP of food Service and Deli came from a restaurant background. Our Safety person use to work for power plants/oil drills etc now work fro retail grocery stores, our food safety director used to be a store manager. I don't want to be the 1 trick guy, like if I leave my company I am doomed to work for another grocery retail store, etc. I want to be able if I want to or the opportunity arise bring my experience to a different business entirely... not be doomed to work in grocery retail forever (not that is a bad thing); but like to keep my options open. Like I said: my name is not on the door, I might be here today and gone tomorrow.
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Deleted
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Post by Deleted on Jul 10, 2012 21:35:52 GMT -5
MBA Finance will give you a broader appeal at the corporate level across industries. Sales/Marketing MBAs have had a tough time over the last few years, but the finance MBAs have been getting jobs + commanding stellar salaries.
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2kids10horses
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Post by 2kids10horses on Jul 11, 2012 11:39:14 GMT -5
Rock It may be right. What I would do is check with the school that your thinking of getting your MBA from, and ask to see their records of where their graduates were placed.
In fact, you probably ought to compare several schools offering MBAs and pick accordingly.
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