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LSUCIA program questions
Posted on 2/2/12 at 9:45 pm
Posted on 2/2/12 at 9:45 pm
I'm currently enrolled in the CIA program (in the first class).
I was just wondering if any of you are alumni who could give me your thoughts/views on the program and if it benefited starting your career?
And also, do a lot of companies like hiring early twenty-somethings with both their CPA and CIA tests completed/passed (since you don't technically get the certificate until working for 2 years or so)?
I was just wondering if any of you are alumni who could give me your thoughts/views on the program and if it benefited starting your career?
And also, do a lot of companies like hiring early twenty-somethings with both their CPA and CIA tests completed/passed (since you don't technically get the certificate until working for 2 years or so)?
10
Posted on 2/2/12 at 9:51 pm to ladytiger118
I would say it absolutely benefits your career. The extra work may sometimes suck, but it can certainly open many career opportunities for you right out of college.
As far as CPA/CIA goes, if you have already passed the exams but don't have the experience yet that is certainly a plus for you. Most companies would probably be expecting you to begin taking those tests when you start working, as opposed to having them completed already. The experience really is almost just a formality - passing the test is the major hurdle.
As far as CPA/CIA goes, if you have already passed the exams but don't have the experience yet that is certainly a plus for you. Most companies would probably be expecting you to begin taking those tests when you start working, as opposed to having them completed already. The experience really is almost just a formality - passing the test is the major hurdle.
Posted on 2/2/12 at 10:15 pm to ladytiger118
Do you want to be an internal auditor?
Posted on 2/2/12 at 10:31 pm to kfizzle85
Not sure yet. I'm applying for internships anyway through the program but a lot of people who do CIA do "Risk/Advisory" and not straight-up Internal Auditing work.
I definitely want to get my CPA but I do feel like I'm bored at times being an Accounting major...the financial accounting and intermediates are miserable for me in terms of subject matter/difficultly. Not sure if I'd pursue Tax or External Auditing. But yeah, the actual classwork for my Accounting classes is very dry. I'd definitely say I'm better at Managerial and Cost Accounting.
I definitely want to get my CPA but I do feel like I'm bored at times being an Accounting major...the financial accounting and intermediates are miserable for me in terms of subject matter/difficultly. Not sure if I'd pursue Tax or External Auditing. But yeah, the actual classwork for my Accounting classes is very dry. I'd definitely say I'm better at Managerial and Cost Accounting.
Posted on 2/2/12 at 10:45 pm to ladytiger118
I think if your goal is to stay in-house, its a good path to follow and a good thing to have. You can get into a corporate position and do your thing and at the very least put it on the resume. As long as that's what you're aiming for, managerial/cost stuff. I'd get the CPA just because, but to be perfectly honest, its much less important in a corp environment unless you're fixing to become a high-level controller/cao/cfo at some point (which you'll need an MBA for anyway).
I'm only saying that because almost every one I know that went through it went through it to try and do something else (like advisory) and while that might have worked 5 years ago, in my estimation that well has dried up as SOX implementation has slowed and IA positions are in less demand (I graduated in 08/MS 09) and B4 advisory jobs have largely been downsized as they're very cyclical. LSU pitches the CIA program like law schools pitch law school, but neither is a golden key to do whatever you want to do. Take the best internship you can get out of it then leverage the shite out of it if/when you figure out where you want to land.
I'm only saying that because almost every one I know that went through it went through it to try and do something else (like advisory) and while that might have worked 5 years ago, in my estimation that well has dried up as SOX implementation has slowed and IA positions are in less demand (I graduated in 08/MS 09) and B4 advisory jobs have largely been downsized as they're very cyclical. LSU pitches the CIA program like law schools pitch law school, but neither is a golden key to do whatever you want to do. Take the best internship you can get out of it then leverage the shite out of it if/when you figure out where you want to land.
Posted on 2/2/12 at 10:46 pm to ladytiger118
CIA is more tuned towards industry where as financial is more audit in terms of big 4. Internal audit is getting more and more important due to sox, but I feel like internal auditing would be miserably boring. Also cost is usually an easier class than intermediate because it covers less material and where as intermediate is much more what the actual accounting degree is about.
ETA: kfizzle is right as in the consulting/audit firms have already made most of these companies sox ready. I just think the CIA program is overrated, and people would be better off just getting an accounting degree and becoming a CPA and then working internal audit. But I don't know much as I am a student as well. Also to become a controller you 99% of time need a CPA. (which is from personal experience in which my father could not move up because he didn't have his CPA)
ETA: kfizzle is right as in the consulting/audit firms have already made most of these companies sox ready. I just think the CIA program is overrated, and people would be better off just getting an accounting degree and becoming a CPA and then working internal audit. But I don't know much as I am a student as well. Also to become a controller you 99% of time need a CPA. (which is from personal experience in which my father could not move up because he didn't have his CPA)
This post was edited on 2/3/12 at 1:30 am
Posted on 2/3/12 at 1:32 pm to reb13
I definitely still plan on getting my CPA but I'm going to get my CIA as well. I just find the Accounting classes themselves to be 
and don't want to be a bean counter/crunch numbers all day. Sure as hell not going to be a bookkeeper.
and don't want to be a bean counter/crunch numbers all day. Sure as hell not going to be a bookkeeper.Posted on 2/3/12 at 1:50 pm to ladytiger118
Well, if you don't like financial accounting but you also don't want to be a bookkeeper/beancounter, I'm not sure you understand what managerial/cost accounting or IA is from a job POV. If you dislike the classes that much I would truthfully re-consider your options. Nothing worse than being stuck in a career that you hate, but if you're still in Intermediate I you've at least figured that out well early enough to do something about it and save yourself some misery.
This post was edited on 2/3/12 at 1:51 pm
Posted on 2/3/12 at 2:18 pm to kfizzle85
After intermediate accounting it was amazing to me how much more enjoyable and interesting finance classes were. Accounting was about as interesting as contemplating eating soft tofu the rest of my life, washed down by Busch Light, and I didn't like it any better in grad school, either. Whoaaaaa, hoss. 
Posted on 2/4/12 at 9:01 am to ladytiger118
quote:
your thoughts/views on the program and if it benefited starting your career?
I enrolled in the CIA program just for the internship and went the Big 4 route. I personally think starting your career in the Big 4 is incredibly valuable. I would ask where you plan to live/work. I interned and live in Atlanta, so there are tons of job opportunities to transition into. If you plan to stay anywhere in LA, your options will be limited. After 2 years at Pdub, I joined a large company's IA department and after a couple more years I transitioned into a Finance position.
Definitely focus on your CPA first. CIA does nothing for you outside of internal audit.
Posted on 2/4/12 at 9:20 am to 2pumpchump
The CIA program is a great one to take, IMO. It will give you much more options on the job front than not taking it. If you dislike the true accounting stuff, use the internship to see how much you may or may not like internal auditing- go industry, not big 4. I've spent my entire 10+ years in IA and I thoroughly dislike accounting. Other than general understanding of it, you don't do a whole lot of accounting work in many industry jobs. I have no clue where I'd be today without that program, and I'd venture to guess the other 1000+ LSUCIAers here in H-town would say the same.
Posted on 2/5/12 at 12:15 am to ladytiger118
quote:
I'm currently enrolled in the CIA program (in the first class).
I was just wondering if any of you are alumni who could give me your thoughts/views on the program and if it benefited starting your career?
And also, do a lot of companies like hiring early twenty-somethings with both their CPA and CIA tests completed/passed (since you don't technically get the certificate until working for 2 years or so)?
I was a finance major who did the full LSUCIA program. I thought it was a great program and it certainly benefited me at the start of my career.
Ironically I do not have my CIA nor am I doing internal audit. I chose the LSUCIA program because I saw it as my best shot at getting a job in NYC as many companies who otherwise don't recruit in Louisiana were recruiting for LSUCIA grads. I'm not sure if this is still the case since the financial crisis.
I interned in the internal audit dept.of CIT, but turned down my full time offer with them. I chose to go full time with Ernst & Young's Business Advisor Program (BAP). The BAP is apart of the Financial Services (FSO) advisory service line for EY. I chose the BAP because it was a semi-rotational program or staffing pool that allowed me to move around the first 3 years of my career between service lines in the advisory practices before deciding on my specialty.
Techncially internal audit falls under advisory and as such the LSUCIA program greatly opened the door for me to get hired into this program that otherwise may have kept me from being competitive to be hired.
I ended up not liking internal audit and went more into compliance consulting. Currently I am apart of EY's Regulatory Compliance and Anti-Money Laundering service line. The closest thing to audit or internal audit I do these days are when we conduct mock regulatory exams for clients.
I like what I do now much more than I did IA/audit as it is consultative and generally allows for more interaction with the client (although somedays I'm not sure if more client interaction is a good thing
) . Posted on 2/5/12 at 12:23 am to kfizzle85
quote:
B4 advisory jobs have largely been downsized as they're very cyclical
This couldn't be farther from the truth. The advisory practices for the B4 have been hiring like crazy. At least that is the case at EY. I may agree that IA is MUCH slower, but the advisory practices are MUCH bigger than just IA.
Doing the LSUCIA program was a big in for me to get into EY's advisory practice.
Admittedly, though, the LSUCIA might not have the same kind of clout to get into EY's BAP program as it did back in 2007. Frick I'm getting old.
This post was edited on 2/5/12 at 12:24 am
Posted on 2/5/12 at 12:35 am to MStant1
Hey ladytiger, are you in section 1 or are you in the first section time-wise? I'm in the CIA program as well this year.
Awesome information. Keep it coming. Do you plan on transitioning to industry any time soon?
quote:
MStant1
Awesome information. Keep it coming. Do you plan on transitioning to industry any time soon?
This post was edited on 2/5/12 at 12:36 am
Posted on 2/5/12 at 12:54 am to MStant1
I was just talking strictly about IA stuff. I've had headhunters from EY, PWC and GT hit me up about valuation jobs all in the last month.
Posted on 2/5/12 at 2:11 am to kfizzle85
quote:
I was just talking strictly about IA stuff. I've had headhunters from EY, PWC and GT hit me up about valuation jobs all in the last month.
MStant definitely providing some solid information. I find Advisory hiring practices to be pretty random. I can never understand what schools we target and why -- it is MUCH less structured than the Audit and Tax side.
But, the hiring continues at an increasing rate because Advisory is where the growth exists.
While I enjoy financial analysis, I have learned that I would not have enjoyed doing internal audit, audit, or tax work. It is a person by person thing though.
This post was edited on 2/5/12 at 2:13 am
Posted on 2/5/12 at 10:01 am to lynxcat
quote:
But, the hiring continues at an increasing rate because Advisory is where the growth exists.
Audit and tax are the bed rock but advisory is where they make all of the money.
Posted on 2/5/12 at 11:06 am to acgeaux129
quote:
Awesome information. Keep it coming. Do you plan on transitioning to industry any time soon?
Not really, but not for lack of opportunity. For what I do I feel I'm better off sticking with EY at the moment. I'm up for manager promotion in a little over a year so my main goal right now is to get that.
Over half my starting class at EY, though, has left for other jobs. The job opportunities created while in the Big 4 are real and not just a marketing gimmick. I know I could leave for industry right now and easily get a 25-30% pay bump, but I think for right now given my long term goals I'm better staying where I am.
Currently with EY I have more opportunities for higher level work whereas if I were to go into industry I might be relegated to being a low level analyst for a couple years. If I'm going to leave I'd rather leave for a mangerial position or compliane officer type of position.
If you have any questions about the program or IA let me know. I did quite a bit of IA and SOX work my first year as well as a financial audit rotation during busy season.
Posted on 2/5/12 at 11:10 am to kfizzle85
quote:
I was just talking strictly about IA stuff.
Figured; just wanted to make sure.
quote:
I've had headhunters from EY, PWC and GT hit me up about valuation jobs all in the last month.
Get that GT crap out of here they aren't big 4.
Yeah EY has pretty decent structured finance group. While nowhere near as "hot" as it was back in 05-07 (obviously), it's picked up some in the past year or so.
Posted on 2/5/12 at 11:23 am to lynxcat
quote:
I find Advisory hiring practices to be pretty random. I can never understand what schools we target and why -- it is MUCH less structured than the Audit and Tax side.
See I would say here in NYC it's just as structured as the audit and tax side. We tend to hit the same schools from year to year. I could see how it would vary from office to office though.
quote:
While I enjoy financial analysis, I have learned that I would not have enjoyed doing internal audit, audit, or tax work. It is a person by person thing though
Agreed. I know plenty of people who wouldn't like true advisory work as it would be too unstructured for them. A lot of advisory projects have highly moving targets/goals that might frustrate a typical/stereotypical accounting person who enjoys structure and pre-defined rules.
The thing with audit/IA/Tax is you typically know what you are going to do from day to day and what you'll be doing 2 months from now. In advisory (unless it's more of of loan staff project) half the time I'm not 100% sure what the task will be from day to day because you are basically baby sitting the client's whims. In advisory you know what the end goal is supposed to be, but how you get there can be a maze at times. You have to be willing to be flexible with frequent change.
This is not to say that all accountants will hate advisory or consulting work. I work with PLENTY of CPAs. It varies greatly by person on whether you would like audit/IA/tax or broad advisory.
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