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I would like to major in finance, but the schools I'm applying for offer specific Finance and Business Admin with a concentration in Finance. This is for my undergrad and I am unsure of what path to take. Should I get my BA in Finance then precede to getting my MBA in finance afterwards? This is really stressing me out and I feel like a failure. Any advice/help would be appreciated. Thanks in advance.
Or would it be best to major in Accounting for my BS, get my CPA, then get my MBA in finance if necessary?
If I were to go that route, would getting my CPA be a bit overkill? I am willing to work in auditing and etc, but rather aim for executive positions in the finance department.
Last question. There's a new major in my class called accounting/finance I believe it's 80% + 80% in both fields of study and takes an extra year to complete. Would this be something I should consider? I just have a feeling that the finance part wont even come in play at work untill after grad school.
If I were to go that route, would getting my CPA be a bit overkill? I am willing to work in auditing and etc, but rather aim for executive positions in the finance department.
You will have a better shot at an executive position in a finance department with a CPA. Your actual undergrad major isn't all that important. Take enough classes to allow you to pass the CPA exam if you don't want to go with an accounting degree (which are a dime a dozen I think). Majoring in finance or business admin with a concentration in finance really isn't all that different but the bus admin with a concentration in finance might look more impressive on a resume then just "finance" or "accounting".
If there is a way you can get the CPA ahead of the MBA (have the employer pay for it) that would be the best route to go. A double major of accounting and finance as an undergrad. could also be an option.
You will have a better shot at an executive position in a finance department with a CPA. Your actual undergrad major isn't all that important. Take enough classes to allow you to pass the CPA exam if you don't want to go with an accounting degree (which are a dime a dozen I think). Majoring in finance or business admin with a concentration in finance really isn't all that different but the bus admin with a concentration in finance might look more impressive on a resume then just "finance" or "accounting".
Actually in my experience it's the other way around. Employers seem to prefer a degree in accounting or fianance vs. business admin w/ a concentration in finance (I assume we're talking about undergrad). I think for some reason employers feel that the finance portion (or accounting, HR, whatever) of the business admin degree is just an add-on at the end of a college career when that person figured out they weren't going to be able to find a job with "just" an admin degree. I also wonder if they think there is less rigor in that combination than there is in a "pure" accounting or finance degree. This is ancedotal experience though.
To the original OP, having a CPA certainly won't hurt you in getting an executive position. You just need to be wary of acting too much like people's perception of an accountant. By that I mean don't just sit at your desk and do "accounting stuff" become involved in the company's process improvement initiatives, try to get yourself into the corporate strategy sessions, etc.
Finally, from a pragmatic perspective (and the reason I went with an accounting degree and not a finance degree) is that accountants can do finance jobs... finance grads generally cannot do accounting jobs. So by getting the accounting degree you effectively double your employment opportunities. This is within reason of course a high level finance consulting firm or PE firm is not going to hire an accounting grad but they won't be hiring a finance grad from State U either. If you're going to Harvard, Stanford, or something to that effect sure go for the finance degree otherwise I'd always recommend the accounting degree and just take a bunch of finance electives (or get the MBA in Finance like you mentioned).
Last edited by mezman; 05-12-2010 at 08:53 PM..
Reason: Clarity
Actually in my experience it's the other way around. Employers seem to prefer a degree in accounting or fianance vs. business admin w/ a concentration in finance (I assume we're talking about undergrad). I think for some reason employers feel that the finance portion (or accounting, HR, whatever) of the business admin degree is just an add-on at the end of a college career when that person figured out they weren't going to be able to find a job with "just" an admin degree. I also wonder if they think there is less rigor in that combination than there is in a "pure" accounting or finance degree. This is ancedotal experience though.
To the original OP, having a CPA certainly won't hurt you in getting an executive position. You just need to be wary of acting too much like people's perception of an accountant. By that I mean don't just sit at your desk and do "accounting stuff" become involved in the company's process improvement initiatives, try to get yourself into the corporate strategy sessions, etc.
Finally, from a pragmatic perspective (and the reason I went with an accounting degree and not a finance degree) is that accountants can do finance jobs... finance grads generally cannot do accounting jobs. So by getting the accounting degree you effectively double your employment opportunities. This is within reason of course a high level finance consulting firm or PE firm is not going to hire an accounting grad but they won't be hiring a finance grad from State U either. If you're going to Harvard, Stanford, or something to that effect sure go for the finance degree otherwise I'd always recommend the accounting degree and just take a bunch of finance electives (or get the MBA in Finance like you mentioned).
That is no where near true. There are plenty of people in high level finance that did not go to Ivy caliber schools and even graduated from State U's. I can name several Fortune 500 companies in our state where the President, Controllers, CFO's, etc. all graduated from State School (3M, Medtronic, Schwan's).
That is no where near true. There are plenty of people in high level finance that did not go to Ivy caliber schools and even graduated from State U's. I can name several Fortune 500 companies in our state where the President, Controllers, CFO's, etc. all graduated from State School (3M, Medtronic, Schwan's).
I never said anything about about not becoming a top executive at a large company coming from State U. It also depends on what your definition of a top executive is, are we talking about the CEO of General Electric or CEO of one of its smaller subdivisions? Either way it can be done but one is 1 in a million the other is a little more likely. At any rate, what I'm talking about are top hedge funds, Private Equity, Venture Capital, Investment Banking, etc. These firms generally do not recruit State U (maybe the University of Michigan or something but in general no). I'm sure there are examples of State U grads who go into these types of careers... I'm just saying don't count on it by any means. If it happens great, but people really should have a back-up plan.
I never said anything about about not becoming a top executive at a large company coming from State U. It also depends on what your definition of a top executive is, are we talking about the CEO of General Electric or CEO of one of its smaller subdivisions? Either way it can be done but one is 1 in a million the other is a little more likely. At any rate, what I'm talking about are top hedge funds, Private Equity, Venture Capital, Investment Banking, etc. These firms generally do not recruit State U (maybe the University of Michigan or something but in general no). I'm sure there are examples of State U grads who go into these types of careers... I'm just saying don't count on it by any means. If it happens great, but people really should have a back-up plan.
I am still going to disagree with you knowing several top level people at various mutual fund companies and investment firms-many of them are NOT Ivy League grads and many did some from state universities or smaller liberal arts schools but I am sure there are a fair share of Ivy League grads as well. As far as the level of corporate exec-how about the President and CFO of Schwan's, CFO of Medtronic, the Controller for 3M. They are all personal friends of ours and graduated from places like Moorhead State in MN, the University of Minnesota and Iowa State.
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