HVC--I demand you explain accounting

[Ideologue]

I am neither HVC nor an accountant, but I've managed accountants.

I'd say a legal background might be helpful, especially if you go into auditing. It certainly will be useful when you start reading tax codes.

The math for accounting is not difficult - it's in fact all arithmetic, unless you're doing analysis too, which may involve either statistics or calculus, depending on what you're looking for. The thing that can make accounting difficult is dealing with multiple revenue streams across several accounts; it can get tricky.

Oh, also--

Interestingly enough, while trawling the SC gov jerb berd I ran across a "mortgage examiner" position, which required an accounting/finance background although the duties looked almost entirely compliance/quasi-legal, or even legal-legal, in nature.  I've reckoned there are probably more positions like that, which combine quasi-legal and accounting functions, and which would make a JD quasi-attractive.

[alfred russel]

So Ide, accounting doesn't require any advanced math, but it requires mathematical reasoning. If you were a goober in math class, you probably won't be a good accountant, but if you were good at math but just don't remember any, then you are fine.

There are basically 2 career paths you chose in school: tax or audit. Tax deals with tax compliance and planning, audit deals with financial reporting. They are almost separate career paths when you are talking about working for bigger companies and accounting firms (which are generally the people that make $$$).

I know a lot about financial reporting, less about tax. There really won't be much benefit to having a law degree for financial reporting (there could be tangential benefits that you've picked up on, but imo they aren't material). In tax, there are benefits, but then in some cases the jobs CPAs are applying for are also applied to by JDs.

[Grey Fox]

You should really ask DGuller.

[fhdz]

My understanding is that the math they make you learn for the degree is harder than what you'd be likely to actually use in practice.  This is similar (again, to what I've heard) about other fields.

Yep.

[alfred russel]

Oh, also--

Interestingly enough, while trawling the SC gov jerb berd I ran across a "mortgage examiner" position, which required an accounting/finance background although the duties looked almost entirely compliance/quasi-legal, or even legal-legal, in nature.  I've reckoned there are probably more positions like that, which combine quasi-legal and accounting functions, and which would make a JD quasi-attractive.

How much does it pay?

[Ideologue]

So Ide, accounting doesn't require any advanced math, but it requires mathematical reasoning. If you were a goober in math class, you probably won't be a good accountant, but if you were good at math but just don't remember any, then you are fine.

There are basically 2 career paths you chose in school: tax or audit. Tax deals with tax compliance and planning, audit deals with financial reporting. They are almost separate career paths when you are talking about working for bigger companies and accounting firms (which are generally the people that make $$$).

I know a lot about financial reporting, less about tax. There really won't be much benefit to having a law degree for financial reporting (there could be tangential benefits that you've picked up on, but imo they aren't material). In tax, there are benefits, but then in some cases the jobs CPAs are applying for are also applied to by JDs.

AR, are you an accountant or allied-type?  If so, forgive me for forgetting (see, it pays to bitch and moan constantly about what you do, or don't do--that's how people remember!).

If I were to go into accounting, my goal would be (again) a government job.  As I noted in the other thread, it's practically the only thing that would make financial sense--my SL debt is of a size that, barring a job of $60-70k a year or more in an equivalent COL area to Columbia, I'm in IBR till the law permits me to either discharge or receive forgiveness.  In the private sector, then, I'm stuck for 25 years, and would then be permitted a discharge, the remaining balance of which would be treated as income (see, I know tax already ), which would probably not be satisfied but would be prevented from wiping me out based on the insolvency limit.  In the public sector, either as gov't employee or non-profit employee, Public Service Loan Forgiveness kicks in and after 10 years I am free and clear and the forgiveness is not treated as income (rad, huh?).  This shockingly generous program is probably half the reason every govjob in America is swarmed with applicants (the other half being the apocalyptic ordinary economy), inasmuch as for me it would amount to untaxed extra compensation in excess of $10,000 a year.  (For a bachelorette with the average bachelor debt, though, it may be a wash.  I'd have to run those numbers.)

Also, of course, I'd rather work for the state than private business, all things being equal, anyway.

I imagine the IRS, SEC and other agencies employ both tax and audit people.

How much does it pay?

$31,000-38,000 is the agency range.  Wow, that's garbage considering I get paid substantially more than the maximum (albeit at 50 hours a week) to click buttons largely based on color coding and drawing boxes over confidential information,* whereas this is a pretty technical, "real" job.  (I hate the way SCGov lists their salaries--there's the "state salary range," which is what gets posted on the main board, and this is $31,000 up to $57,000; but there is also the "agency hiring range," which you can miss before investing time in applying, and which is often seriously low in comparison to both the advertised range and what you'd expect the job to pay).

*However, you'd be amazed how many people fail to do this correctly.  I was when I started QCing, and especially when I started QCing QCers.)

[alfred russel]

Ide, I'm not technically an accountant, but I work with it enough I can be considered one.

A few thoughts:
--if your legal situation may be keeping you from getting into the bar, it may also keep you from being a CPA.
--I can't speak to government jobs at all, however, that is absurdly low pay by private industry standards, even for a brand new grad. I don't know how much debt you have, but I suspect you would easily be able to service the loans with the difference.
--You might want to move to a big city. Mom and pop accounting doesn't pay like big companies do, and big companies are in places like Charlotte and Atlanta, not South Carolina.
--I wouldn't count on any benefit to a JD applying to an entry level accounting job. The reality is that most entry level jobs are designed to be doing basic work that is heavily supervised. An entry level accounting job probably won't have a place for innovative JD thinking, and probably won't be supervised by someone who could take advantage of that anyway.
--If you are concerned about working 50 hours per week, accounting may not be for you.

[The Minsky Moment]

  Also, please describe to what degree, if any, a legal background may assist in understanding accounting principles and/or working as an accountant, both in terms of acquiring and performing on a job.

Other way around.  Knowledge of accounting is a critical skill for any commercial attorney.  One of the most common deficiencies in associate skills.
Which is why you should have already taken at least one class in law school . . .

[Ideologue]

As described, conventional debt service is only part of the analysis in a public sector job, or even a private sector job.

It struck me as wackily low.  Admin assistants make within spitting distance of that.  Hell, WAITERS make within spitting distance of that.

Charlotte or Atlanta wouldn't be out of the question.

I have no concerns about working 50 hours a week, I've worked somewhat more than that on average for a year (not counting the past month, when I've been studying for the bar... and honestly I should have started earlier, but between the uncertainty of getting to sit and money, I stayed working as long as I reasonably or even unreasonably could).

As for the record thing, yeah, trying to educate my way out of my criminal record has not been largely successful so far.  My last job application included a plea along the lines of "FUCK'S SAKE, IT WAS ELEVEN YEARS AGO"--figured it couldn't hurt.

A JD need not be an advantage, I was just curious.  Indeed, I've considered leaving the JD off of applications and just formally referring to my work "diligence" or "document review."  Also,

innovative JD thinking

Lollercopter, Inc.  But you're sweet.

[Ideologue]

  Also, please describe to what degree, if any, a legal background may assist in understanding accounting principles and/or working as an accountant, both in terms of acquiring and performing on a job.

Other way around.  Knowledge of accounting is a critical skill for any commercial attorney.  One of the most common deficiencies in associate skills.
Which is why you should have already taken at least one class in law school . . .

I took income taxation, if that's what you mean.  Other than the professor who was a total cunt about his own idiosyncratic view of how time worked (I was once yelled at and thrown out for showing up two minutes... early) but was otherwise a decent dude, as far as law professors go (i.e., higher than sulfur bacteria, lower than algae), I enjoyed it and did above the curve.  I really ought to have focused on that instead of criminal law, given that criminals make bad clients (surpise!).

[alfred russel]

Income taxation really has little to do with financial accounting.

[Ideologue]

Income taxation really has little to do with financial accounting.

I bet it has something to do with tax compliance and planning.

[CountDeMoney]

.9 repeating equals 1

Not true.

If you repeat .9, wouldn't that be 1.8 then?

[Drakken]

1 / 3 = 0.333...
1/3 x 3 = 0.999...
So 0.999... = 1.

[Admiral Yi]

I stand corrected.