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| *Ostroff, Fair and Company>>>Financial Services |
CPA vs. MBA? |
Hi, I am a recent college graduate and am in the process of deciding which track would be the best for me to take. I would like to work in the accounting field, either for government agency or for Big 4 accounting firms in the future. I am inclined to work toward obtaining CPA but many people around me think MBA in accounting is also beneficial, if not more. Which track should I choose to work toward? Does it take a lot of money and time to work toward both? I am 25 yr old already. Thanks in advance for any insights. If you want to advance and do well in Accounting, I suggest you go for the CPA license. Without the CPA designation, you will quickly hit that "glass ceiling," no matter how good of an Accountant you are. It IS possible to go for a Master's degree as well without too much additional trouble. Most states require a fifth year of education to sit for the CPA exam (the 150 hour requirement). That fifth year is just a few classes shy of a Masters degree anyway, so getting the Master's degree is not a lot to add on to the quest for the CPA license IF you're in a state with the 5th year requirement. But even if your state does not require the 5th year of education, a Masters with a concentration in Accounting will better prepare you for the exam anyway, so it's not a waste of time or money. I went back to school when I was 25 faced with the same dillemma you are. I researched the requirements of each and I opted to go for the Master's degree b/c it required only 3 more classes on top of the classes I would need to fulfill the 150 hour requirement to sit for the exam. The Master's program (at FSU) is very good and boasts a FIRST time pass rate on the CPA exam of greater than 80% for it's graduates (much higher than the 10-15% national average!). And I am proud to say that it paid off :) It took 5 years b/c I could not give up my full time job thanks to the 2 kids (now 3, I had another while in school) and a stay at home husband, but I passed all 4 sections of the exam - on the first try - within 6 months of graduating. If I had not done it, I would easily be making $15,000 less than I do now. It was well worth it! And for the record...the information on the CPA exam is not hard. There's just a LOT of it...which makes it hard to study. When you get there, stay focused. With the ability to take each section separately, there is no excuse for taking more than 18 months to pass all sections other than laziness. Just stay focused! Source(s): I am a (recently licensed) CPA with 7 years of experience in corporate accounting and 1.5 yrs in governmental accounting. Even with the 7 years of experience, I found myself "stuck" without the CPA license. All jobs wanted a CPA or at least someone "eligible to sit" for exam. My salary jumped by $15,000 in the last 2 years - one big jump when I became elgible to sit for exam, and another big jump when I passed. WELL worth it!! Get the CPA, it gives you the most credibility in the accounting field. You can always go back to get the MBA. I'm a non-MBA CPA If you want to do accounting, a CPA is a necessary credential. If you want to work in business but not as an accountant, an MBA is a good credential. If you are already a college graduate, go back to your college career placement office and have them help you sort out your career goals and interests. My husband is studying for the 3rd part of the CPA exam. He takes the test on Tuesday. It is so involved. He has been working on it for years. Has to pass all 4 parts of the computerized test, have some crazy amount of credit hours that is more than just a BA degree, and work under a CPA for 2 years. When it is all done we will be set. I will be able to have a baby and be a stay at home mom and we can live off his $. With plenty to spare. But it has been a long road to get there. I suggest it over a MBA for accounting work. Just make sure you know what you are getting into and you are up for it. And for the record he is 27 and I am 25. lol my bro is 22 and he is a CPA. he is already making big bucks |
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