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Okay guys.. I'm sure you've heard this one before! I've seen all sorts of answers, but I want this to be a little more personal, since it's for me. I'm still two and a half years from even graduating, but I've been thinking a lot lately about what I'm doing after college, and I just want some feedback. Which is better an MS in Accounting or a MBA at a reputable school (University of Chicago)? A lot of people say it's not worth going to a small program for a MBA, but U of C is ranked pretty highly.. number 1 in BusinessWeek, etc. I also understand that the MBA is a more general-purpose degree, but doesn't that open up my options in the future? or does it actually close them because I'm not as specialized in Accounting? I intend to become CPA licensed regardless of which I choose. Any input would be great; thanks!
I wasn't sure whether to post this here, or in the Education forum, but I figure a lot of you have already went through a similar process, or know somewhat of it, being in the field or similar fields.
Last edited by analyticalkeys; 09-13-2008 at 07:34 PM..
Accounting is boring, but a CPA license and a couple of years at a Big 4 accounting firm is a good stepping stone. Then get an MBA and start a hedge fund!
Accounting is boring, but a CPA license and a couple of years at a Big 4 accounting firm is a good stepping stone. Then get an MBA and start a hedge fund!
Yes, I believe that an MBA is more useful after several years of experience, not directly out of undergraduate school.
Furthermore, in my state at least, in terms of the requirements for even applying to take the CPA exam, you are more secure with courses in a specific accounting degree than in an MBA or other degree, but check the requirements for taking the test in your state.
Yes, I believe that an MBA is more useful after several years of experience, not directly out of undergraduate school.
Furthermore, in my state at least, in terms of the requirements for even applying to take the CPA exam, you are more secure with courses in a specific accounting degree than in an MBA or other degree, but check the requirements for taking the test in your state.
Well, it's either 150 credits, and a year of experience.. OR 120 credits and two years of experience.. so yes, I'll need to do some fieldwork either way. I'm definitely going to take the review course, because from my understanding, the CPA is by no means an easy test.
My other question is.. how willing are companies to let you go off and get an MBA? I won't be able to work for them during that time, so isn't that a downside.. they're letting someone leave for two years to get a degree?
My other question is.. how willing are companies to let you go off and get an MBA? I won't be able to work for them during that time, so isn't that a downside.. they're letting someone leave for two years to get a degree?
The question is too open-ended, I'm sure policies change by company and according to circumstances.
Overall, though, I think you take your chances if you leave a company for two years because circumstances will most likely have changed.
The real issue is the value of your skills and your experience, but all the more reason to delay an MBA until after several years of experience. If you have confidence on that basis, I wouldn't worry about it.
By the way, a great career is assistant/consultant then manager/partner at one of the top international accounting/audit firms. If you can, add a foreign language or two to your set of skills and maybe an experience abroad.
The MBA isn't a degree that has any merit beyond the people the program helps you meet. A degree in economics, or accounting, or mathematics, or teaching... Whatever it is, those degrees ground you with solid skills for work requiring them.
The MBA is a generic degree that covers undergraduate level courses so that you can leech onto your professors and have them place you. Specifically the MBA is only worth much in the northeast, where Harvard and Yale and schools of those ilk need a basic qualification program for the children of the people who donate a lot of money. They then go to work for the government. Or Daddy's Hedge Fund
I don't say this to discourage you from getting an MBA, but the idea that it's worth anything is very outdated. If you enter into the program, know that you are doing so to meet people and have them place you into a good, solid paying profession. No one who takes basic accounting or business econ courses again should be thinking of that path as anything other than what it is.
The one area in which the MBA is truly worth something is management. Or, like, administration In that case it helps to have general knowledge of many different fields, so that you can enter a managerial position and, well, manage people. Pardon the repetition.
EDIT:
The MS in Accounting is something people usually use to study for the CPA. For what it is, it's an excellent tool. Accounting firms care about GAAP and the IRC; masters degrees to them are only means to ensure they hire people who have covered the basics and can file a 1065 without trouble. It's the Masters of Tax that really helps you if you're an accountant. Nothing wrong with either degree, but they too are strictly limited in utility.
The MBA isn't a degree that has any merit beyond the people the program helps you meet. A degree in economics, or accounting, or mathematics, or teaching... Whatever it is, those degrees ground you with solid skills for work requiring them.
The MBA is a generic degree that covers undergraduate level courses so that you can leech onto your professors and have them place you. Specifically the MBA is only worth much in the northeast, where Harvard and Yale and schools of those ilk need a basic qualification program for the children of the people who donate a lot of money. They then go to work for the government. Or Daddy's Hedge Fund
I don't say this to discourage you from getting an MBA, but the idea that it's worth anything is very outdated. If you enter into the program, know that you are doing so to meet people and have them place you into a good, solid paying profession. No one who takes basic accounting or business econ courses again should be thinking of that path as anything other than what it is.
The one area in which the MBA is truly worth something is management. Or, like, administration In that case it helps to have general knowledge of many different fields, so that you can enter a managerial position and, well, manage people. Pardon the repetition.
EDIT:
The MS in Accounting is something people usually use to study for the CPA. For what it is, it's an excellent tool. Accounting firms care about GAAP and the IRC; masters degrees to them are only means to ensure they hire people who have covered the basics and can file a 1065 without trouble. It's the Masters of Tax that really helps you if you're an accountant. Nothing wrong with either degree, but they too are strictly limited in utility.
I appreciate your post, and it definitely puts some perspective on things. That being said; what can I do to increase my chances of being recruited by a Big Four company?
Which program you choose really depends on what you are interested in. Graduate school is TOUGH! So if the material is extremely boring and uninteresting to you, it will make it even harder.
To answer your question about being recruited by a Big Four company - most graduate colleges have job placement programs and the Big Four companies will usually be a part of the recruiting. This would be something to ask about when choosing a college.
If you are planning to sit for the CPA exam then I would recommend an MSA since the material on the exam will be part of your classes. You don't necessarily need a review course (well unless it's part of your college program). I have heard that the review class is over-priced and very boring, and you still had to study 20 hrs/week outside of class.
I have an MSA (class of '00 - UNC Wilmington). Their program had 100% job placement unless you stayed in Wilmington (just b/c the coastal city of Wilmington doesn't have a good job market). All of the Big Four hired students from our class (at the time it was the Big Five). UNC Wilmington didn't have a good CPA exam pass rate though. To pass the CPA exam I bought a $650 computer study program a few yrs after graduation. For 3 months I studied 30/hrs per week in addition to my 30 hr per week job as an accountant. I took the test when it was still the paper & pencil exam, and passed all 4 parts in my 1st try.
I appreciate your post, and it definitely puts some perspective on things. That being said; what can I do to increase my chances of being recruited by a Big Four company?
Not a whole lot. Get good grades. Be willing to move. It would help a lot if you've already passed the CPA. Know that no accounting firm will hire you unless you have 150 credits. Despite the government's intention to leverage that on accountants as a means to get them to learn more, the profession as a whole has refused to deal with it... Rendering it completely useless.
Big professional firms have massive turnover. You should know this before going in. The majority of people working there expect to leave (want to leave) within two years of getting their certification. Turnover is high for a key reason, and you should have had an internship as an undergrad to really point out why.
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