150 Credits for CPA

College Majors Business Major
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<p>I will finish all my accounting and graduation requirements on time with 135 credits. However, I need 150 in order to become a CPA. I have 3 options that I am considering:</p>

<p>1) Stay in undergrad an extra semester and pick up a finance minor/take a bunch of business electives that interest me. This is the most inexpensive option, but I won't be learning much about accounting. I'd probably take 1 accounting class since I will have taken all the others that my school offers by this point.</p>

<p>2) My school (unranked) has a year long MBA program that students can enroll in straight out of undergrad. I've heard it is better to get your MBA after gaining work experience, but I've also heard that it could come in handy later in my career anyway.</p>

<p>3) Attend a year long masters of accounting program. This is good because I can learn a lot more about accounting and become better prepared for the CPA exam, but it is by far the most expensive. I've read that receiving this degree can increase your earning power though so this might be a good investment.</p>

<p>Any advice is appreciated and I am open to new suggestions as well.</p>

<p>Thanks in advance.</p>

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<p>I’m not an accountant, but my $0.02 would be to do the masters of accounting.</p>

<p>There’s no point in taking a bunch of undergrad electives, IMO, since I’m guessing you already took a bunch and have taken a general business core.</p>

<p>MBA with no work experience, especially from an unranked school is also useless.</p>

<p>The masters of accounting will prepare you for the CPA exam. Damn near every accounting student I know going into public accounting is staying for their masters, FWIW. I was under the impression that sometimes the firm will pay for the masters degree if you’ve been offered a job, but I might be wrong about that.</p>

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<p>TheSpartan: </p>

<p>"MBA with no work experience, especially from an unranked school is also useless.</p>

<p>The masters of accounting will prepare you for the CPA exam. Damn near every accounting student I know going into public accounting is staying for their masters, FWIW. I was under the impression that sometimes the firm will pay for the masters degree if you’ve been offered a job, but I might be wrong about that."</p>

<p>I’m sorry but this isn’t good advice at all lol. The days of the “ranked only MBA” is over unless your plan is to use the exclusive network of the brand named institution to get a position. If your plan is to go into the generic job search after graduation, ranked or non ranked, no longer matters just as long as your MBA comes from a regionally accredited institution with a solid (respectful) standing in the marketplace. </p>

<p>I do not think the Master’s of Accounting should be pursued because the MBA on the resume is more marketable than the Master’s of Accounting. In addition, the Master’s of Accounting would not replace a quality CPA Exam Review course from Becker or CPA Excel to properly prepare for the CPA Exam. </p>

<p>I would choose the MBA all the way.</p>

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<p>Maryland - I do not believe there is a “universal” answer to your question due to the varying requirements to sit for the CPA. I speak as a CPA and the father of a senior accounting major - we have just gone through this decision process ourselves. </p>

<p>While the final holdout states are adopting the 150 hour requirement in the next couple years, most states have specific sub-requirements that are in no way uniform. Many states only require 24 hours of accounting (your standard BBA accounting program); however, some of the largest states have adopted, or in the process of adopting, more stringent requirements. For example: some states require 30, 33 or 36 accounting hours. Some count business law classes as meeting accounting hours, most don’t. At least one state requires 6 hours of business law irregardless of whether you have a masters or not. In addition to increased accounting hours, my state has also implemented specific requirements regarding accounting research, ethics and business communication. Most states also have a minimum number of non-accounting business classes that are required. </p>

<p>The differences don’t stop there. Some states will allow you to take the exam with only a bachelors degree, but won’t give you a certificate until you have 150 hours. Some states will give special permission to sit for the exam during your final semester to earn 150 hours, as long as your transcripts are received promptly thereafter. Other states will not let you sit until the hours are earned and a transcript received. </p>

<p>You need to determine, with the assistance of your accounting advisor, or guidance from your state board, exactly what you need to do to qualify for the CPA exam in your state (or target destination state). In my son’s case, the new requirements in our state require at least one full semester to complete - even if you have graduated from a ranked accounting program with extra credits. As a result, a masters is only one extra semester over this bare minimum, so the majority of kids from our state will go for the masters. However, some of his friends who reside in a neighboring state that doesn’t have those requirements, will cobble together extra classes or community college credits to reach 150 hours. Of course, the decision to go for the masters is much easier if your parents are willing to support you and/or you have good grades and can get a scholarship/TA position.</p>

<p>As far as the “worth” of an MBA with no experience requirement, it can also vary by location. In our city (I bet you can guess from my screen name), there are a couple of “world class” programs, several very well regarded programs, and a couple of “stinkers”. Here, the only MBA programs you can get into without at least a couple years of work experience are the stinkers - and the hiring managers know it. It’s one thing if you are a mid-career executive going to the “more flexible” program because you are just “checking the box” for a masters degree, but as a young person with your whole career ahead of you, I wouldn’t recommend settling for such a program. Now, if you are in an area where the top local schools let in students with no experience - that’s another story.</p>

<p>Just my thoughts…</p>

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<p>I am currently preparing to sit for the CPA Exam for the non-reporting licensure out of MA, which doesn’t require a residency and I can work anywhere while still using the CPA title behind my name. The non-reporting license allows you to do everything except sign off on financial statements, but you are still an actual CPA and not just a “CPA certificate holder”. MA and CO have these types of loopholes in their CPA licensure which basically waive the experience component, this is mainly for individuals such as myself who work in Commercial Finance for example, and are just obtaining the CPA title for marketing/branding without actually working in a direct accounting role. </p>

<p>For the OP, it will depend upon his/her career plan, but I can tell you that the “brand name MBA” label has lost its value over the last 15-20 years due to the higher number of MBA programs in the country, the higher amount of MBAs produced a year, and also for the simple fact that the MBA degree in and of itself is still a “generic” degree without a specific form of specialization. </p>

<p>I have an MBA from a non-ranked institution that’s regionally accredited and with a good standing in the marketplace, along with three bachelor’s degrees. I’m 30 years old. </p>

<p>Taking some time to research the current standing of the MBA degree in and of itself will allow you to see that the ONLY remaining value of the branded MBA is the exclusive hiring network of the Alumni group, that’s it. The branded MBA degree in and of itself in the generic market doesn’t make you more qualified for a position over another individual with a non-ranked MBA, especially if that person has more experience and performance reports to vouch for their competency.</p>

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<p>I don’t disagree that the “value” of the high-end programs is not there for many people - it’s hard to justify $80,000 +/- per year, unless your employer is picking up most/all of the tab. And I also agree that if a regionally accredited, but unranked program is well respected in the city where you want to work, and it doesn’t have a work experience requirement - go for it. </p>

<p>However, at least in Chicago, and I would assume in most other metropolitan areas where there are numerous available MBA programs, there is a definite pecking order and varying brand value. Rest assured that the HR recruiters and hiring managers know good programs from the not so good programs. I’m not saying that going to lesser program means you won’t get a good job, but you will likely have a harder time getting one.</p>

<p>With regards to the OP’s question, for example here in Chicago, there is a regionally accredited (directional state university), but unranked MBA program (also not AACSB accredited), that will allow recent graduates to go directly into their MBA program. Their admission standards are a 2.75 GPA and a 450 GMAT - but if you don’t have those stats, you can get provisional admission! There are a couple other of these essentially “open enrollment” type MBA’s. My point to the OP was not to strive for these types of schools just to get an MBA right away. (Unless this type of school is the “best” in his city.)</p>

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<p>jotucker83:</p>

<p>Interesting take on the MBA. I suppose one of the main benefits is the alumni network that stems from the program so that is something I will have to look into. It sounds like a good option would be to get the MBA while reviewing for the CPA exam on the side.</p>

<p>ChicagoBear:</p>

<p>Thanks for bringing all those requirements to my attention. I need to do some research and see if I satisfy everything through my undergraduate classes. If I don’t then I will have no choice but to enroll in a MAcc program to complete the remaining requirements (assuming the MAcc offers the needed classes).</p>

<p>I’m not sure how sought-after the MBA grads are here. Maybe I should go for the MAcc and get the MBA later at a school with better employment opportunities in a better location. I can get the MBA if I want to make a career change/get a promotion and who knows, maybe an employer will help fund it. </p>

<p>Like you said, there is no universal answer and ultimately it comes down to what I think is best. I will spend some time researching my state’s CPA requirements as well as various MBA and MAcc programs.</p>