Quote:
Originally Posted by tophcfa
There’s another big difference between the two professions, which is pay. That’s why I decided to get my MBA in Finance and Economics rather than accounting. Bean counters are a dime a dozen and are required to think systematically, not creatively. Therefore their earnings upside is capped. Finance professionals are constantly challenged to find undiscovered ways to creatively add value and earnings potential is almost unlimited if they are good at what they do.
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Your comment is self-important about finance degrees, I got my accounting degree a long time ago. I've been the CFO of two public companies and the President of a cruise line. I got the jobs by thinking outside of the box using my background.
I've been in private practice as a CPA for 31 years now. Most "bean counters" as you call us are keyed upon giving the best tax advice we can but also consult and advise on matters of sales, expansion, pricing, equipment acquisition , mergers and acquisitions, buy sell agreements, retirement planning, etc. Not just "bean counters"!
On the subject the original poster brought up the problem Fidelity has and the other investments advisors have is they are waiting on information from the companies you invest in as to how "dividends" are broken up - into ordinary dividends, qualified dividends, Sec 1231 dividends, return of capital, non taxable dividends. This breakdown can change depending their own year end financial statements which aren't completed until months after 12/31/xx. They're a pain because returns are prepared based upon broker's preliminary tax statements and the returns cannot be filed because we have to wait and see if there are revisions. In years before 2021 we got two revisions to some of the original statements.