I am moving towards considering accounting because I think I can get more job opportunity with it. I am strongly considering Loyola university Chicago as my safety. I was looking at their 5 year bba/ms accountancy program and I had a few questions. Is a masters worth the extra year? Is Loyola’s accounting program any good? Are there any other similar schools that offer a comparable program?
Thanks!
To become a CPA you now need 150 credits which usually means one extra year so many are choosing to go for a one year master’s in accounting. It is worth the extra year.
I’m not personally familiar with Loyola-Chicago but my S went to a different Jesuit school for accounting and was very happy with his education and experience.
Thanks but does anyone know if accounting can give a wider range of job opportunity than say finance or business?
I’d say not a wider range, but I think accounting is a major where it is relatively easy to find a good job (assuming good grades etc.).
In the universe of business majors, accounting is the one with the clearest career path (generally speaking).
Get your degree(s), take the CPA exam, work for a couple years in public accounting to get licensed (depending on the state) and then on to the next (or stay in public).
Would a minor in management help with career advancement into a management position because I really want to be able to have a lot of advancement opportunity
My $.02 (after 25+ years in public accounting):
There are plenty of good career opportunities without a minor. If there is another subject matter that really interests you, then minoring is fine. As you take your core business classes, see if anything else catches your interest.
I’d say your biggest priority is getting great grades. That will open the most doors.
Is a cpa required for just about any accounting job? What if I went straight into a private firm?
A CPA is not required, but will be extremely beneficial for most jobs.
Agreed, CPA will always serve you well. I would strongly encourage all recent accounting grads to works towards their CPA license.
Even if you go into industry instead of public, they will likely prefer to hire CPAs (other than entry level), but it may not be required. At some point, you may end up explaining why you don’t have a CPA license and you’ll be competing for jobs against those who do.
Terminology stuff (just FYI):
Accounting firm = public accounting (could be PWC, Deloitte, BDO, all the way on down to Bill Smith, CPA)
Industry = private or corporate = working for the accounting department of a company (could be a Fortune 500 with a giant accounting department or a small company with 3 people in the accounting dept.). Also, note your company could publicly traded or closely held, but you still say “I work in private.”
A CPA is not necessary to work in many private companies, but keep in mind that most CPAs do eventually transition from public accounting into private companies so you will eventually be competing for promotions etc. with people with that widely respected credential.
My D got her accounting degree at another college in Chicago and has worked for a Big 4 firm in Chicago ever since. She also has a minor in management (I think) but she says it’s kind of useless - the CPA matters much more and is required for advancement if she stays at her current firm.
In most jobs, future advancement depends more on the quality (and amount) of work you do for your employer and not what your undergrad minor was.
Work hard, get good grades in college (especially if you want to intern for a Big Four company - grades are really important), and then pass the CPA.