PROFESSIONAL
Business Management: Certified Public Accountant (cpa) • Business Manager • Director Of Entertainment Services
JOB OVERVIEW
These professionals provide music clients with accounting and financial services including royalty accounting and examination, budgets, financial and investment planning, bills payable, purchasing of homes, cars and buses, and tax work.
PREREQUISITES
In these areas, you need a degree in accounting or finance, a knowledge of tax law, and a well-rounded understanding of the music business.
A DAY IN THE LIFE
“We have 50 people that work at this accounting firm and only about 15 of us work in the music area,” says Mike Vaden. “Those who work in other areas can plan their days and tell you what they're going to be doing three months from now. I can't tell you what I'm going to be doing tomorrow. I can be working on anything from financial planning and estate work, to helping people with their divorces, paying bills, royalty work, you name it—buying farms and equipment, bailing someone's kid out of jail.”
POINTERS FOR THE JOB SEARCH
CAREER TIPS
“Get a heavy background in tax work and be ready to work long hours.”
Supplement your education in accounting and taxes with courses in music business to gain a basic knowledge of publishing, record company contracts and royalties, touring, and merchandising. “Find someone who is already doing entertainment accounting and work for them. You just have to come up through the ropes.”
MIKE VADEN, CPA, DIRECTOR OF ENTERTAINMENT SERVICES, CROSSLIN AND VADEN & ASSOCIATES, CPAs
Mike Vaden grew up in Nashville and was already established as a CPA in the audit department at a large accounting firm when one of the firm's partners asked for a volunteer to handle a music client. Everybody but Vaden ran for cover. “I'd grown up listening to The Opry. I enjoyed listening to music, but I never thought accounting was a viable career in the music industry.” Bored with what he was doing and ready for a new challenge, he took on the project, found that he liked the personal interaction, and recognized a need for his services in the music community. Vaden switched his focus from auditing to tax accounting, and built a full-fledged business management service that specializes in the needs of music industry clients. “Accountants are typically boring people. This [music business] makes accounting interesting.” Vaden's specialized services to music professionals include concert tour accounting, royalty examinations, tax planning and compliance, investment analysis, business management assistance, and catalog valuation. www.crosslinvaden.com
THE LEAST FAVORITE THING ABOUT THIS JOB:
“You work a lot of weird hours, but I don't really mind that.”
THE BEST THING ABOUT THIS JOB:
“What I like most are the clients I work with that appreciate what I do in helping them—saving them money on their taxes. It's a personal business. That is why I like it better than working for a big company or conglomerate. I like the interaction with people.”
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Additional topics
Job Descriptions and Careers, Career and Job Opportunities, Career Search, and Career Choices and ProfilesCareers in the Music BusinessPROFESSIONAL - Legal: Attorney • Lawyer • Legal Counsel • Legal Affairs, Business Management: Certified Public Accountant (cpa) • Business Manager • Director Of Entertainment Services