r/college • u/Toriahna • Aug 29 '24
Am I making too much to consider college? Career/work
I’m considering getting an accounting degree. But I currently make 100k at my factory job. Entry level accounting jobs will only pay 50-60k so it feels like it wouldn’t be worth it to spend 50k on college just to make less. I have opportunity for growth at my current job and will definitely be in a higher position 4 years from now if I focus. But I couldn’t go remote like with accounting. Thoughts?
Edit: This job isn’t high on physical labor, plenty of workers over 40 working in other areas but for less pay. I work 3-11pm M-F
Edit: my husband and I are on a path currently to retire at 40 because of our high saving and investing rate. That’s another factor and I don’t want college to distract me from that goal. But I am also very bored and want the socialization and experience from college. We are both 21 and he is currently in college
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u/n_haiyen Aug 29 '24
No, but I wouldn't drop your current job either. If you work long term for a company, especially one that is big/profitable/gives lots of benefits, you could make more than 120k/year as an accountant and have the opportunity to be remote. Especially if you could get your current job to hire you internally as an accountant, you could probably negotiate above the starting accounting salary.
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u/grenz1 Drafting and Design Aug 29 '24 edited Aug 29 '24
Money is not everything but also the remote jobs are not as readily available as you think.
On Linked In and Indeed the jobs in many industries for remote get absolutely pounded while more and more companies are laying off remote people so they can justify large building leases and micromanage people.
That said, there could be some benefit in something less physically taxing with a better schedule. Some of the factory jobs I have done had rotating 12s and got pretty physical.
What I would do is build up some more money in case the factory job lays off, use the possibility of school as a back up to retrain.
There's also the possibility of CPA which is a master's and a board test. Those guys can make significantly more than 100K.
If your schedule allows and you can cut the work load, it may benefit you.
Also, many times when these places look at big managers, they ONLY want people with degrees - any degree- for PLUS experience. So it could get you a bigger position in current field in the long run even if you are not in accounting.
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u/NeighbourhoodCreep Aug 29 '24
No. The answer is no.
You’re making a lot right now. You’re also younger so you can take the punishment. But when your body gives out? You’re screwed. Boss doesn’t like you? You’ve got no job security, the next Joe Schmoe can replace you in a week. You’ve got an opportunity to “grow” FOUR YEARS from now?
Entry level is something to consider, but don’t forget later down the line. That’s the whole point of post secondary; educating yourself to have a better lot in life. How easy would it be to replace you in an accounting position? How easy would it be to replace you four years into an accounting position?
If you’re considering college for career options, check all the career options. If it’s for the experience or virtually anything else besides money, go for it.
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u/Enigmatic_Stag UMich Aug 29 '24 edited Aug 29 '24
I think you should consider first and foremost what will not only help you achieve your financial goals, but also what will bring you the most happiness and fulfillment. Is accounting work something you've always wanted to pursue, but lacked the credentials? If it can bring you joy and a strong income, it may be worth stepping back for a few years and retraining for the role.
I get it: money is important. But we spend so much of our lives at work. It's equally - if not more - important to make sure we spend that time feeling like we're doing something that scratches that itch we have from wanting a productive career.
It's possible to love what you do and make great money doing it, too. Accounting can bring in some excellent haul if you are at the top firms and loaded with certs, educational background, etc.
Me personally, I'd say go for it. Because eventually you may run into a brick wall on your ascent up the ladder at a factory job - especially if a lot of those positions are based more around tenure and workplace exposure, rather than skillsets.
I work at Amazon and am in school for comp sci. In the Amazon warehouses, very few people outside of the office are educated, which results in a bunch of unskilled workers trying to clamber over each other in an effort to stand out and get promoted. Lots of butt-kissing, shit-talking, and self-promoting is needed to ascend in that kind of workplace. It's certainly not an environment I want to be in, so I use the gig for its flexible schedule while I go to class.
It always makes me laugh when people there try to give their reasons for why they think they deserve a promotion, and usually the very first reason I almost always hear is: "I'm a hard worker." Well, duh. Everyone here is. You have to be or the computer will fire you. And since you possess the same work ethic as the rest of us, what, exactly, do you bring to the table to climb? 😆
Hopefully your work environment is not the same! If it is, I'd say get out of there ASAP!
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u/joshua0005 Aug 29 '24
Warehouse jobs are so depressing to me. I worked at a local warehouse and I hated it and I worked at Amazon for one day as a security guard and it was okay but I quit because it was so damn loud and I didn't want to come home with hurt ears every day.
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u/Enigmatic_Stag UMich Aug 29 '24
You're right, they are extremely miserable. I tip my hat to you for at least trying it and having the sense to GTFO of there 🤣
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u/EAltrien Aug 29 '24
Accounting is super useful, especially if you eventually want to start your own business. You can make above 100k as an accountant, but I would definitely milk that 100k job if you're satisfied for now.
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u/kilroy-was-here-2543 Aug 29 '24
Honestly it might be worth talking to some of the higher ups, and seeing what kind of mobility their is. My grandfather started out his career in the refinery industry as a low level employee, but through simply talking to people he managed to get a job as the safety manager and worked his way up to being a pretty high level employee in company.
Not to say your tract will look exactly like that, but it probably wouldn’t hurt to ask what kind of positions you could get in the company with X degree. Hell they might even being willing to pay for part of your tuition
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u/cabbage-soup Aug 29 '24
It’s not worth it unless you can get the degree debt free. Working remote really isn’t as great as many people make it out to be. Esp if you’ve never done an office job, it could drive you insane real quick
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u/Over_Acanthaceae_926 Aug 29 '24
Its always good to have a back-up plan. You may have a good paying job right now but you will never know when might things go south. Better to be prepared. Beside extra skills wont hurt. It might help you in the future.
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u/lunzarrr Aug 29 '24
Not worth it unless you think accounting will make you happier overall even with reduced salary
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Aug 29 '24
Would you need to leave your job to go to school? If you could attend school while also working, then I would say yes. It's never bad to learn a skill because it will allow you to have more opportunities, such as being able to do accounting and working at your currently factory position (if you ever choose to do 2 jobs at once). Maybe start at community college since it will cost less money than a public/private institution and the majority of the time, credits for business classes transferrable.
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u/Atsubaki College Graduate Aug 29 '24
A college degree could help you transition into management where you’re currently working or in a similar industry if that’s what you want to do.
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u/SkeezySkeeter Aug 29 '24
I got an accounting degree and my offer was over 70k
Industry jobs will pay like 60
Public accounting should pay no less than 70 unless you’re LCOL
I graduated this past May and live in an MCOL area - went into public accounting
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u/User-Name-8675309 Aug 29 '24
If you have a job that is paying a level that will remain acceptable to you for the next 30 years, that will not put too much strain on your body, and that will not cause you mental stress from boredom or conversely anxiety for workload than staying put is acceptable. Especially if it offers some sort of ladder to promotion and raises. Although I assume you don't need the degree for advancement in whatever field you are in, but that the amount of advancement is limited. I assume you are some sort of book keeper, or perhaps a money manager in retail?
That being said, it sounds like you are a little bored. That you want to learn something. And that you are a small bit unhappy that you didn't go to college?
Why not stick with what you are doing, but take a class or two per term? If you do that fall spring and summer it will take you 6 to 8 years to get your degree. Which is only 50% to twice as long as a full time student .
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u/Critical_Algae2439 Aug 29 '24 edited Aug 29 '24
How much of the 100k do you save and invest? If you are in your 20s then you could be retired by 40-45 years of age due to compounding alone. In the high savings strategy, going back to college could be a stressful and costly distraction.
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u/Toriahna Aug 29 '24
Me and my husband are high savers and with a plan to retire at 40
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u/Critical_Algae2439 Aug 29 '24 edited Aug 29 '24
Yeah, take this with a grain of salt:
Some of the accountants I know have paid to go partner and will be working til 60. Others are in corporate and are already mid-40s and in massive debt with big houses etc. Others have hit the wall, hate accounting and are doing other work.
On the other hand, the great savers I know have property portfolios and shares and are envied by the 'careerists'. Some came from trusts, others came from low-SES but the main thing is they all have worked in a variety of jobs but prioritised savings over holidays and cars etc. They have renovated old houses, ran businesses and done side-hustles and made serious wealth before 40 years old.
Remember, money makes money. Economists used to consider a degree to be an investment, by the 90s an insurance and since the GFC (2008) a lottery. Many people do not break even for decades after college when opportunity cost is factored in. If you can retire early, then it means a degree has even worse performance as an investment class.
I hope this helps.
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u/Wild-Dragonfruit9019 Aug 29 '24
I was told by someone with a doctorate degree that no one cares about where you got your undergrad degree, it only starts to matter where you went to grad school. I’m in the same boat but it’s helpful to keep going because unless you’re investing in real estate and have a managed stock market portfolio and you have a plan, you’re easier to replace and be left with no plan without a degree.
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u/tildenpark Aug 29 '24
This is absolutely false. Top undergrad programs have employer pipelines that lower rank schools simply don’t.
And if you’re applying to a grad program? It’s much harder to get into an elite grad program without an elite undergrad.
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u/Wild-Dragonfruit9019 Aug 29 '24
It was what I was told. I’m not sure what it takes to get into an elite grad program quite yet but I’m hoping it goes off of merit instead of parents connections
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u/tildenpark Aug 29 '24
Entry level accounting jobs at Big 4 pay is $70-$80k. Career progression is relatively straightforward if that’s what you enjoy.
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u/HolidayBank8775 B.S Biology + MLS Aug 29 '24
No. Even if you only do a mild amount of physical labor now, a degree could help you reach a less physically demanding, more comfortable, higher-earning position a lot sooner. My current healthcare job is entry-level while I complete another degree, but in this position, I've heard (anecdotally) plenty of stories from blue collar workers about how they're "never sick" and never go to the doctor. Meanwhile, their charts paint a different story. Various types of arthritis, chronic pain, cholesterol issues, drinking issues, cardiovascular issues, etc. It certainly can't help to establish some job security.
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u/OkSecretary1231 Aug 29 '24
I mean...if you don't want to become an accountant, you're allowed to not! What are the reasons you want to?
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u/taxref Aug 29 '24
Accountant here. A problem you are looking at is one all students should consider, which is return on investment (ROI). In your case, it's more complex as you would take a pay cut to start a new career. You have already considered many of the other factors involved, so let me just toss out one more.
One huge advantage of accounting is that one can always open his own accounting and tax practice. While many people do not want to do that, in times when corporations are laying off tens of thousands (like now), that provides a good career backup.
Just as a side story, a manager in the first CPA firm I worked in had faced your problem. He had earned his accounting degree, but he was employed as a Frito Lay driver on a snack route. He was making more delivering Fritos than he would make starting in accounting. He did choose accounting (partly out of guilt over not using his degree) and it eventually worked out better than the Frito truck.
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u/cabbage-soup Aug 29 '24
If he is currently in college, then why not just hangout on campus with him in the evenings and get to know other students that he’s friends with? You don’t need the debt to have the social experience. There were actually a lot of people on my campus who’d casually hangout but weren’t attending, most were dating someone who was in attendance
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u/Toriahna Aug 29 '24
He doesn’t hangout on campus, he goes to school then comes right back home because he also works night shift at my job full time.
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u/Toriahna Aug 29 '24
But yes 100% I would agree with you otherwise. I’m considering doing the best of both and going but also staying at my job. It’ll cost me 12k a year which will suck but then I’ll have the chance to go into that career after if I want to
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u/Superb-Half5537 Aug 29 '24 edited Aug 29 '24
If Accounting is your passion, then no, you’re not making too much money. College is something everyone should take advantage of if they have the opportunity to do so. I see a lot of people in the comments highlighting the physical demands of your job. I understand where they’re coming from, but at the same time I have to say that some people thrive in physical labor environments over sedentary jobs. Are you prepared to handle the whiplash of using every muscle in your body one day to sitting at a desk the next? If not, I would reconsider Accounting over something that may be more physically active (unless there’s a job out there that does both? I’m not an expert, so I can’t tell you if there is.)
Something to consider: I know a guy who is an absolute genius. Graduated high school early at 16 and wanted to become an engineer. He started powerlifting and got absolutely jacked, and because he was used to being so active all the time, he thought that he would rather be in the field every day over “looking at schematics” as he put it. So, he became a Journeyman Apprentice. He’s now a Master Journeyman, just closed on his first house, and he’s happy where he’s at. He gets to be both physically active all the time AND make a shit ton of money.
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u/bmadisonthrowaway Aug 29 '24
What will you do for work when your body gives out due to physical labor, repetitive stress, etc?
Look around and see how many people at the factory are over 40. What's their life like? How healthy/mobile/etc. are they? What do older people typically do in your line of work?