Columbia - 11-21-2022 | Clear Admit ApplyWire

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November 21, 2022 5:36am ET

Applying: Columbia, Harvard Business School, Michigan / Ross, MIT Sloan, Northwestern / Kellogg, NYU Stern, U. Chicago Booth, UPenn / Wharton, Yale SOM

Intake Year: 2023

Pre-MBA Career: CPA - Owner of Firm

Post-MBA Target Industry: Entrepreneurship

GRE: 324

GPA: 3.86

Years of Work Experience: 10

Location: New York

Post MBA Location: Same - Scale firm much larger

Notes:

I have been a practicing cpa for ten years. Seven years were spent as a trust and estate tax specialist aT a couple of the larger public accounting firms in NYC . I graduated from undergrad in 2012 with a bachelors in accounting and a 3.86. Got my masters in accounting and a designation as a CPA.

Three years ago, I created a remote cpa firm which has exploded. Gross income went from $650,000 in the first full year to $930,000 in the second. 2023 is projected at 1.2mil, net compensation will be around 900K. Net comp for 2021was 700K.

Will the business be considered as an impressive factor in an application?

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Show Comments (9) Last: November 29, 2022

dmbeckcpa Likes Earned: 7 As a follow up - my purpose for the MBA and goal is to scale my CPA firm into a large professional services firm, eventually providing wealth management and legal services, as well. In public accounting, I rose to senior manager in six years, a role typically reserved for those with at least 8-10 years. (0)

alexbr4 Verified User. Likes Earned: 1676 Yes, it should. What is your plan for your firm, while you’re in business school? Are you targeting all these programs in Round 2? Are you also involved in activities outside of your work? You’re going to be a slightly older entrepreneur, so showing fit, for each program you apply, will also be important. Are there other metrics for your growth, net compensation is impressive, and works if it’s for the firm, rather than you? (0)

dmbeckcpa Likes Earned: 7 I’m targeting a combination of EMBA and MBA programs. The 700K is for the firm and for me, I am the sole owner. The net is after expenses for two tax preparers and every other business expense. Other metrics - approx. seven hundred clients throughout the nation, hailing from every state. Hundreds of google reviews online. For an MBA program, I would hire an individual to assume my responsibilities while I was in school. All of these programs would be targeted in round 2. I have very little involvement outside of the firm - honestly all my time is spent building and working in the practice. (0)

dmbeckcpa Likes Earned: 7 But yes - the bet comp all comes from the firm, no outside source of income (0)

alexbr4 Verified User. Likes Earned: 1676 Interesting. So you’d hire someone, and remove your engagement completely, or would you maintain some involvement. Just want to clarify, as it sounds like this may distract you, a little, from the full time MBA experiences. But it might also be a good thing, just important to address that balance? (0)

dmbeckcpa Likes Earned: 7 Well believe it or not, the nature of the business frees me up for most of the year, it’s just very busy in tax season. But yes, I would hire someone to handle most of the responsibilities so I could focus on the program. I’ve planned for it! (1)

alexbr4 Verified User. Likes Earned: 1676 More details on this candidacy in this episode of Wire Taps: https://www.clearadmit.com/2022/11/mba-wire-taps-263/ (0)

dmbeckcpa Likes Earned: 7 Thanks so much for discussing this on your podcast, it was really interesting to hear your advice! It sounds like I may be a better fit for the EMBA but I applied to both as either would be great! I would love to be involved on campus full time again though. My applications have focused on explaining to schools that I hope to gain formal management education in order to come back and scale my firm. Hopefully these schools find my situation to be unique and interesting! (1)

alexbr4 Verified User. Likes Earned: 1676 Best of luck! (0)