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Topics - Undecided0610

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Incoming 1Ls / CPA v. JD; Is it worth it?
« on: December 27, 2010, 10:11:42 PM »

As the time approaches to enter law school, I am plagued with the question of is law school today worth going to.  Before answering this question, please read the situation below as it has become a decision which has bothered me for months now.

I am currently an undergraduate student who studied accounting and have approximately $60K in student loans from my undergratuate degree (due primarily to attending a private college).  I took the LSAT and got into a respectable law school (which I would prefer to not name).  I have read many articles and have family members who went to law school only to find themselves $150-200K in debt in a dismal job market where they work solely to pay back these loans over 30 years.

I am now trying to look at my sitation and decide what would be best for my financial stability between being an accountant beginning in public, obtaining my CPA, and eventually moving into private industry or going to law school to practice corporate law.  As an accountant, my student loan payment is approximately $7,200 annually whereas after law school it would total about $24,000 annually.

In either case, I am not looking to become rich, but rather live a comfortable lifestyle with a family in mind down the road.  I am fearful that with the number of individuals going to law school and a continually declining salary range that for 30 years I will work to pay down these loans ($60K for undergrad, 120K for law school) and make less than I would have as an accountant (essentially worsening my financial situation by going to law school).  Again, this is not about the money, however I am trying to be realistic about the cost of each degree and the quality of life I will be able to have in the future.

I realize no one can predict the future, but can anyone lend advice or opinions as to which career path is better in today's economic climate and into the future, CPA or JD (with student loans and salaries being considered)?

Thank you.

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