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I am about to finish the accountant certificate program and ready to sit for the CPA exam. My advisor suggested me to do the MS accounting. I am confused. Could someone give me advice? CPA or MS?
A CPA license actually gives you the opportunity to practice as a CPA. An MS Accounting does not.
MS Accounting is useful if you want to go into a Big 4 or second tier accounting firm. But, even there, you will be expected to pass your CPA license.
You've kind of got the right idea. The CPA thing is very important. However, the other key is campus recruiting. Be sure to enter a program that firms recruit out of, if you're looking to work in public accounting. This was pointed out in one of your quotes above, that mentions that "As long as you can get your foot in the door with a big 4 firm, just take the necessary hours." The way you get your foot in the door is through campus recruiting.
This is a good comment. The majority of entry level into the Big4 do not have their CPA when they join. They usually have an accounting degree of maybe a masters in accounting. However, they are expected to get their CPA while they are associates and it is usually a pre-requisite for promotion to senior associate.
Also worth noting that the Big4 do not recruit from all schools. They have their "priority schools" which is where they concentrate their recruitment efforts.
So again, the route a perspective candidate chooses should be highly dependent upon career goals as an accountant within the private sector, public accounting firms, government, and if state has 150-credit hour education requirement to be licensed. Also one should consider the tangible benefits of networking opportunity opportunities and internships. Within the last two years, the BIG 4 has recruited nearly exclusively out of internship candidates and college recruiting candidates for entry level positions.
I do not want seem like I am debating but I think the person should clearly weigh the pros and cons of both options.
This is absolutely the case. Doing an internship with a Big4 is often the best way of getting in. In many cases, a successful intern goes home with a job offer in his/her pocket.
It's funny to read this, I had an English bachelors and ended up getting the MS in accounting. I did end up going Big 4, but wound up being let go after the first year. Thankfully, this was enough to get my CPA license, but I have yet to find another job. I probably would not do it if I could go back, I was a poor fit for the Big 4 and I think I would have been happier just getting some kind of certificate and doing bookkeeper/AR work. I've sort of painted myself into a corner now where the majority of the work seems to involve lower level jobs, but I'm overqualified for those.
Just a few thoughts:
It is correct that almost all of Big 4 new hires haven't finished the CPA exam. They pay a substantial bonus if you finish it during your first year there. New hires who are busy right away often don't end up getting it finished for a few years. I knew several seniors who were still trying to pass it, and one poor guy was an acting manager but wasn't officially promoted until he passed the exam. The only good thing about not being busy is that you have a lot of time to study and pass the exam.
People who don't intern before they start full time are at a huge disadvantage. Networking is everything, and former interns start out already knowing people and usually can count on being attached to projects right away. The goal for the firm is to have all the interns committed as full time hires by the end of the internship, unless the intern does something extremely stupid [often this involves alcohol at some firm sponsored party or event.] Interns get treated really well, the firm usually makes sure that they have good work assignments, etc.
I helped a little with recruiting, and can tell you that there are enough potential recruits through the various college pipelines to where they don't bother to look elsewhere.
Most people who go Big 4 end up leaving within 2-3 years, one way or the other. My starting class had the misfortune of beginning their careers just as the recession started, so we had a harder time of it.
Hardly any of my group were able to finish their second year. Many of us were pretty unhappy while we were there, we had a hard time finding work and it was obvious our time there was not going to be very long.
Someone who is looking at government jobs such as the IRS would probably want to get a graduate degree, they can start out at a substantially higher pay grade than someone who only has a bachelor's.
That is my primary career objective at this point, but unfortunately the competition is very tight. All the people who have been let go from public accounting over the past couple of years are trying to get into the IRS.
I would look at where I wanted to live, see what the best options were for that location, and make a decision according to that. Also be warned that the job market for accounting is pretty rough.
A CPA license actually gives you the opportunity to practice as a CPA. An MS Accounting does not.
MS Accounting is useful if you want to go into a Big 4 or second tier accounting firm. But, even there, you will be expected to pass your CPA license.
So, it depends on what you want to do.
I know this post is old, but I think it needs some clarification. A CPA license (or certificate, reqistration, or whatever your state calls it or requires) is only typically required to do one of three things: 1) sign an audit opinion, 2) call yourself a "CPA,", and 3) represent clients before the IRS on matters where you did not prepare the underlying tax return (Enrolled Agents and Lawyers can do so as well).
The job as an "accountant" is very broad and includes anything from bookkeeping, outside auditor, internal auditor, financial reporting, budgeting, cost accounting, compliance officer, tax accountant, etc. None of those things require a CPA unless you want to do one of the three things above.
I have met partners at accounting firms and controllers/CFO's at Fortune 500 without CPAs. So you can go very far in accounting without a CPA if you have the ambition and talent.
That being said, a CPA is a strong signal of your competence and will make you much more attractive of a candidate.
Very true, I had a classmate in my grad program who had a great job working as a staff accountant for a local company and wasn't even interested in taking the CPA exam. His logic was that no one at his workplace was a CPA, therefore if he remained there [as he planned to] he could never actually get a CPA license. His work experience was good enough to where that would have been his primary selling point were he to end up changing jobs. So it didn't really make sense for him to even mess with taking the exam.
I would recommend the community college route. Employers know that UCLA Extension isn't UCLA. It's overpriced community college and it's not worth the money. Santa Monica City College has a Professional Accountant Certificate program that is for students with a bachelor's degree that want to take the CPA exam. The course offerings are what you'd expect to find at any four year business school: intermediate accounting, advanced accounting, auditing, cost accounting, income tax, corporate tax etc... Classes are only $20 a unit and they're all offered online. I am currently enrolled in this program and it is no cakewalk just because it's community college. I took accounting classes at Tulane and these are just as difficult if not more so. Hope this helps. Good luck.
Hi guys, so I am finishing up a psych undergrad degree but I was debating whether to switch majors or to just get a certificate. I am interested in the Santa Monica City College one that is mentioned above- and in other threads on this site. Does any one have any info on it? I am in need of some advice. I don't live in the santa monica area but if it's offered online then I shouldn't have to worry, I assume. Thanks in advance!
I am currently working in Saudi Arabia. I am MBA Finance from OU wants to know which will be the best certification course for me to work as an Accountant and going forward Finance manager.
ACCA/CAP/CMA/ACA..............or any other best.
Thanks for your suggestion.
Hi Mtaylo24,
I was frustrating over a year unable to decide which route should I go to(Masters, or second Bachelor) until I saw your comments, It was a big relief to figure what is the best for me.
Man, you are an angel who sent from sky lol.
In brief, I have a Bachelor Degree in Accounting from overseas;However, it has been about9 years since I graduated.
I didn't work in ACCT at all, neither have experience in business.( I forget everything about Accounting)
When I asked many advisers from different schools "what will be the best for me to get career in Accounting," they gave me a different answers(One of them suggests that I should go for Associate degree in ACCTG) Weird lol.
Although some advisers suggested Post BACC Certificate in Accounting , I wasn't content with this program.
Master is tough Since I have to study hard for GMAT because my low GPA , I just figured that Master could cost me long period of time and cost me a lot of money.
Anyway, I loved your suggestion which is finish Post BACC Certificate, get your CPA, and if you wish get your MBA.
Again, thanks man I appreciate your advise
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