So my son is in a Master's program at a top accounting school and was told that if he wanted to he could add a JD in for an additional 2 years. Money is not a concern at this time. The question is whether he would benefit from the JD in his career or not.
As his father, I encouraged him to get the JD as it can only open opportunities, even unforeseen ones. He is leaning that way. However most of the people in his MAC program are advising that the JD is not necessary at all. I told him that I would agree if he was 100% certain that he knew what type of work he wanted (audit, etc.), but where he still hasn't decided that part and cannot foresee his future interests/desires, now is the time to get that JD.
I'm looking to help him consider opportunities that might be available to him as a result of having both the J.D. and the MAC. I'm turning to BBI for some insight into those opportunities.
He is a reader on BBI but I don't think he ever posts here yet. There is no greater Giants fan at his age. Give him your best advice here. Thanks in advance!
I went CPA route, then financial services and I've been a CFO and COO in asset management for 20 years.
My wife also the CPA route, then Corporate accounting and she is now a CFO of a public company.
My buddy from school got his JD and CPA and is now a tax attorney in a mid sized law firm.
All three of us have had success in our careers, yet all took different paths. I'm sure it's clear as mud for you.
The students were all accountants and they all talked about how complicated the laws were when it came to transfer pricing. I suspect a law degree would go a long way in that field as long as you also knew the accounting side.
I wouldn't spend two more years in college simply to maybe open doors I don't know if I even want to walk through.
but some people love school, so if your son does and doesn't have any great interest or need in starting his career ASAP then why not.
My college roommate has an accounting degree, an MBA, and a JD and is a partner in a small law firm and does real estate closings all day, in between playing golf.
I went CPA route, then financial services and I've been a CFO and COO in asset management for 20 years.
My wife also the CPA route, then Corporate accounting and she is now a CFO of a public company.
My buddy from school got his JD and CPA and is now a tax attorney in a mid sized law firm.
All three of us have had success in our careers, yet all took different paths. I'm sure it's clear as mud for you.
Respect to both you and your wife my friend. That CPA exam is no joke.
I say that money isn't really an issue because he's able to work on the side at decent pay and his expenses are very low. Tuition, for example, isn't a factor at all for him. Also his wife is graduating in a month and has offers already out there for her as well.
I know he mentioned that he thought forensic accounting was very interesting, but he really doesn't have enough to compare it with. I have a friend who is a cartel hunter for the DEA and loves it - he says financial transactions are the key to his job. I thought a law degree combined with the accounting background could open some interesting options in law enforcement.
He kind of needs to decide soon because they will be working his schedule out if he chooses the JD.
I know he'd prefer to be done, but he understands that it's easier to get his education done now than any other point in his life.
Thanks everyone for your advice and thoughts. If any others out there want to share, please do so.
However that's not the question. Whether he wants to go the law school or not - especially since $ isn't the issue - should be based on what he wants to do now. i.e. he's not a kid who should worry about his future, he would well served by going where ever his interests take him. He's lucky
However that's not the question. Whether he wants to go the law school or not - especially since $ isn't the issue - should be based on what he wants to do now. i.e. he's not a kid who should worry about his future, he would well served by going where ever his interests take him. He's lucky
Some luck combined with preparation from his hard work, dedication and sacrifice.
To be honest he's been thinking accounting since H.S., but not for a specific career, just knowing it was a good thing to study to open many doors. He never thought about law. When he learned about the opportunity to add the JD in two years is when he started wondering about it. I think he's not 100% decided on what he wants to do, so we're looking for ideas of what he could do if he got the law degree to go with the MAC.
A JD will get you exposed to people at higher levels of corporations. I've known engineers that practiced patent law, and transitioned in house to product counsel, corporate acquisitions, etc. On the other hand, I know one guy with top engineering and law credentials (think Princeton, Stanford, Harvard) who is now a realtor.
A JD will get you exposed to people at higher levels of corporations. I've known engineers that practiced patent law, and transitioned in house to product counsel, corporate acquisitions, etc. On the other hand, I know one guy with top engineering and law credentials (think Princeton, Stanford, Harvard) who is now a realtor.
Thanks - I shared the same thought about the JD opening doors at high levels in corporations. Your other hand illustrates that you have to earn those jobs still - the degree will not guarantee anything.
That's what I was thinking as well. Could be a very interesting career. Might not pay as well.
My friend in the DEA is living outside the U.S. at present, has free housing, transportation and security, and earns >$200K international (tax advantaged). Pretty good take home. On the other hand, it takes a while to build that salary up, and one can always wonder how much more could be made in private practice.
If that's cool with your son, and it may be, then it could be a desirable location. I know there is a lot of glamour to some young men and women with the FBI, CIA, etc. Most of the field is not glamorous.
I did well in accounting in high school and also in college as a business major, so when it came time to pick a major as a slacker college student I picked accounting as the path of least resistance.
I could never imagine a career in accounting. and Tax accounting is even worse. much much worse.
I had an internship my senior year in college with a local CPA firm - very hard to get, they stuck me in a conference room with boxes of tax returns and said "check these for accuracy"
holy shit, it was one of those days where the clock went backwards. I made it through maybe 45 minutes, got up and walked out. Never spent another minute in accounting in my life. other than using Turbo Tax for my taxes if you count that as accounting.
I know because that is what I did. Never regretted a minute of it.
I would note that now would be the best time to get any advanced degrees before the babies start coming.
Once parenthood arrives free time disappears.
Having a JD on your resume can't hurt
I knew a guy a couple of years ago at he depth of the financial crisis who obtained a law degree from the University of Chicago and ended up working for DEA as a research analyst because that was all that was open to him. He enjoyed the work but was grossly overqualified. He ended up obtaining a job as Chief Counsel for ATF in one of their large District offices.
He could move on from their without difficulty.
Good luck with the choices that are made
No regrets is one life philosophy to go with
He's a great student who has earned only good grades. I know he will take his path seriously from an academic standpoint.
Keep it coming if you have advice please...
Thanks. I'm equally proud of my other kids who have chosen different paths (police officer, teaching).
He hasn't had to borrow because he's paid his own way between scholarships and summer jobs. I believe that's the best way for college to be funded. When he told me that he was considering the JD I offered to help financially if he needs it but he's already learned how to pay his own way.
Thanks again...
Thanks, good to read and gives a lot to think about.
Agree with this. Myobservations are that lawyers at the big national firms are mostly miserable and many wish they took a different road.
Wealthiest? Maybe. Happiest? That I'm not sure about because trusts and estates is an INCREDIBLY dry field.
Quote:
The wealthiest, happy, people I know are in estate planning at big banks. It's a niche field in some respects. It's certainly corporate, financial etc., but customer focused too.
Wealthiest? Maybe. Happiest? That I'm not sure about because trusts and estates is an INCREDIBLY dry field.
Disagree - I worked for the nations largest bank (at the time) in the private bank. Being a personal wealth manager of clients with a minimum of $25MM in assets with the bank means spending your days hanging out on the ski slopes and lodge all winter long, and poolside at the club during the summer. At least in my position. I wasn't the estate planner but they had equal access to the finest luxuries in life paid for by the bank.
I'm not a skier, but the guy who I replaced spent >80% of his time on the slopes. He was one happy guy.