Hello, I just joined here and wanted to get some insight/tips from others that may have been in my shoes or can just give general advice on this topic. I know this is a forum strictly for CFAs but I wasn’t able to find any active accounting forums out there so thought I’d give this a chance here. A little about me, graduated with a Bachelors in Finance. I have been working in the fund services industry for the past 7 years. Throughout my career I have worked on mutual funds, hedge funds, and private equity/real estate funds doing the day to day accounting along with month end closes/reporting. With that being said, I’ve been looking to get an MS in Accounting for a few reasons. I enjoy the accounting I have been doing but want to expand my knowledge within other areas of accounting rather than just knowing investment accounting. I know an MS in Accounting sets you up to take the CPA exam but I’m really not looking to go this route. At my current age, I personally don’t have the drive or as much time for studying. I’m also looking to get this degree to perhaps enhance my qualifications and add something more to my resume. My main question here is it beneficial for me to get this degree to help boost my resume for future endeavors and to just have a better knowledge of accounting that I can maybe talk about in interviews down the line? Or is it pointless to get this degree without getting the CPA after?
Sorry for long post but any advice is appreciated Thanks
*paging greenie* though I’m sure he’ll say something similar to me
I’m speaking as somebody who used to work for a Big 4 firm and passed the CPA exams. Quite frankly, from a resume perspective, nobody cares if you have a Masters in Accounting. Most people who have that degree only have it because following that path is the easiest way to get the credit hours required to sit for the CPA exam. If you don’t believe me, go look at job postings and they’ll say CPA required, not MS in Accounting required/desired.
Honestly, I’d say getting your CPA is less painful than dealing with getting a Masters. Unfortunately you might not meet the requirements in your state with just a batchlors. In Texas (and many other states) it’s 150 credit hours of university classes and a certain number of business and accounting hours. I’d start by checking the requirements in your state to get the CPA. If you don’t meet them, find the fastest and cheapest way to acquire the credits and get your CPA. It will be a better bang for buck and also be better professionally than wasting time getting a Masters in Accounting.
Thanks for the quick reply. And yes I agree I have seen that on job descriptions. With that being said, how about the CMA.
Does the CMA hold any weight? I really don’t want to sit for 4 different exams for the CPA.
As it is I get very stressed out while studying and especially during the exam itself. So no matter how well I know the material, my anxiety usually takes over and causes me to choke up. I speak from experience from previous standard exams I’ve taken.
I figure I MIGHT be able tomake it through with the CMA but again this is just a thought right now.
You don’t want to sit for four exams for CPA, but you want to do a Masters in Accounting? If you want to be an accountant, you’ll need CPA or you’ll be condemned to second rate roles for your whole career.
Couldn’t agree more with the other two guys. Any other certification is a waste of your time. CFA is acknowledged as the gold standard in the investment industry and CPA is acknolwedged as the gold standard for accounting. I have worked for Deloitte and PwC, and the CPA is priority #1. If you don’t have it, you stick out like a sore thumb. An MS in accounting can be useful in three ways 1) the MS covers unique topics that aren’t covered in depth at the undergrad level and goes in depth with more common topics, 2) the MS differentiates you from other accounting folks and in this day and age you should have a grad degree of some kind, and 3) the MS would help someone get the 150 credits required to sit for the CPA exams and meet the necessary requirements. That’s about it. In short, get the CPA. You will be thanking us 20 yrs from now.
Thanks guys, as stated I’m not going to go for CPA thats for sure. I’m about to be 30 and yes that might not seem old to some but I personally just don’t have that drive anymore and let alone haven’t touched a book or studied last since 22.
Based on what I’m hearing here and what I’ve heard in general I guess I should just save my money and not waste time for MS in Accounting even though I personally thought it would be better than just having a bachelors from a no name unverisity haha.
I think my best bet is to just focus on keeping my network big and builidng with new contacts as I’m hoping/assuming that’s anotherway to advance in a career without gradaute degrees/certificates/MBA?