I just recently got accepted into my schools iMAcc program in which I graduate after my 4th year and go to graduate school for one year where I come out with a Master’s of Accountancy. While this seems great I still do not 100% know what I would like to do with accounting but know I want to go into it and this program forces you to choose a specialty (Audit, Tax, Etc.) and Im worried I will regret my choice but be to far to go back. I have also considered Double Majoring in Finance and Accounting because I am also interested in the field of Finance. Both options I will be able to sit for the CPA exam so that is not a problem. I was wondering what anyone’s thoughts are on which would maybe be more beneficial for me.
Can you afford to double major if it takes more than 4 years?
If you have your CPA license, you can always get into finance. You might: consider for your degree choosing the audit specialty and taking a few tax courses; get into a Big 4 firm (hopefully); and do some tax work in the Big 4 firm to see which area you like best.
If you aren’t sure what path to take I don’t think anyone here (who never met you, who has no idea of your interests & aptitudes) should tell you.
And I’ve never heard of double majoring in a one year Masters program…are you sure that is possible?
EJJohnson9 - you need to ask yourself what are your career goals. If one of your goals is to get your CPA, depending on your money situation for school, I would not bother with the Masters of Accountancy if you are really undecided. The CPA speaks more than the masters degree from what I have seen in my personal life. If you are taking out loans for school already and will need to take out another 10-30k for your masters, I would not do it. Don’t add more debt if you do not need to. I would get the additional credit hours from a community college and pay 1/10 the cost and move on with your life. I did this personally and not having a masters has never stopped me from getting multiple job offers and multiple jobs at Fortune 500 companies. Start working, get some experience, and get your CPA if that is a goal. The work experience will let you know what you like and don’t like. School can only tell you so much from my experience.
The CPA and even just the accounting degree can open doors into the finance field. UCBUSCalum is right that you can always get into finance. It is easier to transition from accounting to finance than it is from finance to accounting.
While not required (one can use AP credits, CC classes as you noted) to get to 150 credits to become a CPA it is more and more common for recent CPAs to have a MS degree. If affordable to the OP getting a MS is a reasonable way to go.
After getting their CPA licenses, a handful of my colleagues from the Big 8 (now Big 4) accounting firm I was with, went on to get MBA’s from Harvard, Stanford, Chicago or Penn. They are all in some high level positions in finance, investment banking or managing directors in equity investments. My next door neighbor, the same thing (CPA from E&Y, a Univ. of Chicago MBA, now head of equity investments for a major investment firm).