Conflicted Should I Major in Accounting or Real Estate Finance

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Conflicted Should I Major in Accounting or Real Estate Finance

Daniel Bronstein
Member since 2018 · 5 posts · 3 votes

Hello Bigger Pockets community my name is Daniel and I am currently an Accounting Major at Baruch College. To get straight to the point I want to pursue a career in REI, but I don't have sufficient funds to do so. I would love to be studying the Real Estate Finance course at my college as I believe it will help me in my future REI endeavors, but as for getting a job out of school the odds will be highly against me. On the contrary if I stick with Accounting job opportunities are highly available especially in New York. So, do I stick with the major that isn't my passion and hope to have enough money to pursue REI in the future or go head first into the Real Estate Finance major learn in depth about all aspect of Real Estate and figure the rest out funding later. I hope some of you understand my dilemma and any input I will greatly appreciate.

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Matt Leber
Rental Property Investor · Orlando, FL · Member since 2015 · 353 posts · 269 votes
7y

@Daniel Bronstein I'll probably be the only one to say this but if you like them both equally, accounting. You'll have almost a guaranteed job and a good one at that. One of the biggest assets for funding your REI will be your personal savings from your career. You can do all the REI math you want without a major in real estate finance. You cannot do all the accounting you want without your CPA. Plus, your accounting degree should teach you tons of useful things for when you get into REI. Maybe you can specialize your career. Tons of investors on here are always looking for a CPA with real estate experience.

I majored in finance and minored in real estate. I learned tons in my two real estate classes and it grew my interest. And the classes overlapped and counted for my major. Are you able to minor?

Of course if your passion for real estate finance is so strong it consumes you, you should go for it. Good luck! Sounds like you can’t go wrong either way!

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  • Matt Leber
    Rental Property Investor · Orlando, FL · Member since 2015 · 353 posts · 269 votes
    7y

    @Daniel Bronstein I'll probably be the only one to say this but if you like them both equally, accounting. You'll have almost a guaranteed job and a good one at that. One of the biggest assets for funding your REI will be your personal savings from your career. You can do all the REI math you want without a major in real estate finance. You cannot do all the accounting you want without your CPA. Plus, your accounting degree should teach you tons of useful things for when you get into REI. Maybe you can specialize your career. Tons of investors on here are always looking for a CPA with real estate experience.

    I majored in finance and minored in real estate. I learned tons in my two real estate classes and it grew my interest. And the classes overlapped and counted for my major. Are you able to minor?

    Of course if your passion for real estate finance is so strong it consumes you, you should go for it. Good luck! Sounds like you can’t go wrong either way!

    3Reply
  • Eric Veronica
    Lender · Cleveland, OH · Member since 2011 · 588 posts · 439 votes
    7y

    @Daniel Bronstein accounting @Matt Leber phrased it perfectly “You can do all the REI math you want without a major in real estate finance. You cannot do all the accounting you want without your CPA”

    1Reply
  • Eric Carr
    Real Estate Broker · Los Angeles, CA · Member since 2017 · 658 posts · 293 votes
    7y

    There's no answer I can give other than to pick one and make it work. Each road offers it's own challenges. Let me ask you, what made you decide to pursue a CPA track? What are your goals as far as real estate investing? I want to help you figure this out rather than give you my own opinion - I have one about this isn't about me!

    1Reply
  • Ravi P.
    Investor · Schaumburg, IL · Member since 2015 · 219 posts · 104 votes
    7y

    @Daniel Bronstein

    I was in the same boat your were in.

    I originally went to school for Accounting and changed it to Finance with a minor in Econ. At that time I-banking is what everyone was talking about. So after graduation 2008 came around and shot hit the fan. Most of the people I new that were in Accounting were fine. The Finance Majors were hit pretty hard.

    Accounting is stable. You can earn a respectable wage but nothing lucrative. Finance you can earn a lot more money but is not as stable.

    If you pursue accounting it is absolutely a must to get your CPA. And dont wait sit for it as soon as possible.

    After graduating in Finance I went back to school during the recession to become eligible to sit for the CPA. So I am a CPA candidate but it's difficult to get back into study mode once you have been out of school for some time.

    2Reply
  • Nancy Bachety
    Rental Property Investor · North Fork, NY · Member since 2016 · 1k+ posts · 631 votes
    7y

    Accounting gives you the foundation and career opportunities even without the CPA. Employers know that acct. majors are smart and can learn. You will take your money and experience and parlay that into RE. My daughter is in NYC like you, was an acct. major and has worked for a major private company in fin tech since they hired her out of college nearly 6 years ago, making a boatload of money and seeking our advice on how to "get into RE". 

    Baruch has an awesome curriculum for both majors but you do not need to major in RE to take their RE courses, at any age. 

    1Reply
  • Daniel Bronstein
    OP
    Member since 2018 · 5 posts · 3 votes
    7y
    0Reply
  • Daniel Bronstein
    OP
    Member since 2018 · 5 posts · 3 votes
    7y
    Eric thanks for the quick feedback. As for why I've chosen the path of becoming a CPA is purely for the early job security it can bring and I hope after a couple of years I will have enough capital to venture out and do REI full time. As for my goals with REI, I want to house hack in the beginning instead of renting an apartment, and then eventually do the BRRR method. Hopefully if those two steps work out I will sell those properties do a 1031 exchange and get into a single building with 10+ units.
    Originally posted by @Eric Carr:

    There's no answer I can give other than to pick one and make it work. Each road offers it's own challenges. Let me ask you, what made you decide to pursue a CPA track? What are your goals as far as real estate investing? I want to help you figure this out rather than give you my own opinion - I have one about this isn't about me!

    0Reply
  • Daniel Bronstein
    OP
    Member since 2018 · 5 posts · 3 votes
    7y

    @Nancy Bachety Thanks for the response also, its nice to see a fellow Long Islander. If you don't mind me asking has your daughter taken any steps to her REI goal? Also I am thinking about investing in New York for the long term. I know the barrier of entry is much harder and the CAP rates are at pretty much all time lows no matter where you go in NYC do you have an suggestions or areas maybe out on the Island that I could begin to research.

    0Reply
  • Nancy Bachety
    Rental Property Investor · North Fork, NY · Member since 2016 · 1k+ posts · 631 votes
    7y

    @Daniel Bronstein The steps she has taken is literally, asking us to find a property for her to invest in, in Charleston to start them off! They like "the area", as do we, for several reasons, beyond investing.

    We own two on LI, one is a fantastic 2/2 rental that has been vacant maybe 6 months in 30 years and one is our primary that we airbnb a separate part of, because we can. It gave us the skills to buy three more to short-term rent from afar and self manage. And two more LTR in Jacksonville because the return is great and the entry is easy. All cash flow great. My point being, invest where the numbers work and where your comfort level is. If you don't want to invest outside of your locale, then don't but recognize the numbers can work better for you elsewhere. Emphasis on can. That said, there are numerous successful investors on LI and NY who you can connect with. We meet on the first Wednesday of every month at the Great South Brewery. Lots of REI to connect with with various projects, skills etc. @Kevin Myhre will be happy to chat about it.

    1Reply
  • Daniel Bronstein
    OP
    Member since 2018 · 5 posts · 3 votes
    7y

    @Nancy Bachety Your daughter is very fortunate to have a mother who already has skin in the game of Real Estate. And I will be sure to check out your meetings I've been thinking about (a.k.a procrastinating) about going to a local REIA meeting.

    2Reply
  • Arlan Potter
    Investor/Accountant/Builder · Meno, OK · Member since 2014 · 1k+ posts · 918 votes
    7y

    @Daniel Bronstein  Watch on utube  Monty Python's   "The Lion Tamer"   All Accounting students should watch it. 

    Accounting is a great business background education. For whatever you want to do. I started out as a computer science major but found I had an aptitude for Accounting. Got a degree, then became a CPA. Worked in industry as an accountant, Manager, Controller, CFO. Then fell into REI. If you love Accounting, do it.

    1Reply
  • Eric Carr
    Real Estate Broker · Los Angeles, CA · Member since 2017 · 658 posts · 293 votes
    7y
    Originally posted by @Daniel Bronstein:
    Eric thanks for the quick feedback. As for why I've chosen the path of becoming a CPA is purely for the early job security it can bring and I hope after a couple of years I will have enough capital to venture out and do REI full time. As for my goals with REI, I want to house hack in the beginning instead of renting an apartment, and then eventually do the BRRR method. Hopefully if those two steps work out I will sell those properties do a 1031 exchange and get into a single building with 10+ units.
    Originally posted by @Eric Carr:

    There's no answer I can give other than to pick one and make it work. Each road offers it's own challenges. Let me ask you, what made you decide to pursue a CPA track? What are your goals as far as real estate investing? I want to help you figure this out rather than give you my own opinion - I have one about this isn't about me!

    I would hate to give you advice to do something you hate, but if you like it - though not your passion, consider proceeding with the CAP route. Focus on RE accounting and tax law, this will help you down the line. The truth is, not everyone gets to pivot and do what they want. Work in involved and this might be the work you need to do. Whatever it is, you have to become valuable. You can become a CPA and focus on RE, and you can study finance on your own. Only you will know.

    1Reply
  • Stanley Bronstein
    Attorney, CPA, Broker & Author · Scottsdale, AZ · Member since 2018 · 532 posts · 488 votes
    7y

    Dual major. If you have to pick one, I would pick accounting and become a CPA. Tough test, but the rewards are great.

    1Reply
  • Brian Ploszay
    Investor · Chicago, IL · Member since 2009 · 1k+ posts · 1k+ votes
    7y

    Real estate finance is good, but it does not provide as clear of a career path.  Most use it as a key to join up in various development / brokerage / management companies.   You have to ask yourself if you want to do accounting for a career.  If the job opportunities are good, go with the accounting degree.

    1Reply
  • Frank Jiang
    Investor · San Diego, CA · Member since 2014 · 592 posts · 765 votes
    7y

    You should major in accounting and spend your side time focusing on Microsoft excel, logic, modeling, and general finance.  This will give you a more than a solid foothold.  Real Estate finance is really not that complicated. Honestly, I am an employer in the corporate finance space and I look at even a real estate master's degrees as a junk degree (I view MS Finance, MBA, and BS Mathematics as superior degrees if you are pursuing a corporate role).  Everything you need to learn about real estate finance you can learn in your spare time.

    0Reply
  • Basit SiddiqiBusiness Member
    Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
    7y

    @Daniel Bronstein

    I graduated Baruch college 10 years ago with a BBA in public accounting/MS in taxation. I am currently a CPA and real estate investor.

    Good to see a fellow Baruch student on the website.

    Picking a degree doesn't stick you to one profession for the rest of your life but it is a big decision. 
    Most of what I was going to say was said already.
    I just wanted to say hi.

    [email protected]917-280-8544
    Basit Siddiqi CPA4.880 Reviews
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    1Reply
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