<p>taxguy, when I said “by default” I meant the computer definition…i.e. “default setting”, not the post-failure option. Internet Explorer is the “default browser” on most new machines and not because the Firefox installation failed. Students who don’t have a positive desire to be salesmen or stock brokers or do supply chain management or anything else are generally pushed into accounting because of the opportunities. If the economy rebounds the fear that pushes them into accounting will lessen.</p>
<p>I’m in Intermediate II right now, I know that lots of people can’t hack it and switch majors. My point about lots of people taking the major now isn’t that there’s going to be a surge in people who end up as CPA’s. My point is that I don’t know who else can go into the accounting major who will actually succeed. We’ve already got everyone who wants to be an accountant plus everyone who doesn’t really care what they are but wants to get a good job. We’ve even got lots of people who don’t like accounting at all but do it anyway because they want a paycheck. Of course lots of people fail right now. That’s why supply of accountants has been low forever. If you start shoving people that REALLY hate accounting into accounting programs that’s not going to affect supply cause they won’t pass. They could pass some new laws(Sarbox II: The Revenge) and that wouldn’t change the number of H-1B’s(probably) or automatically generate a new pool of smart finance majors willing to switch. If we were talking about the CFA market I could absolutely imagine that repealing Sarbox might flood the Finance major with refugees from accounting. </p>
<p>Of course Ivy League types can always slum it in state schools and get an Masters in Accountancy. I doubt many do and I don’t think many ever will. The Texas CPA market is well defended against such people since it requires 30 hours of upper level accounting and 24 hours of business related courses(only 6 can come from any one field, so econ majors still need 18 more). Besides, I think the Ivies and the money oriented graduates they produce will always be focused on banking and lawyering.</p>
<p>“Of course Ivy League types can always slum it in state schools and get an Masters in Accountancy”</p>
<p>While many schools offering graduate level accounting programs are state schools, there are many private institutions that also offer these types of programs that allow students to reach requirements needed for the CPA. BYU and Notre Dame have always ranked highly for their programs.</p>
<p>What is the job outlook for those without the CPA certification? I understand that most states require at least 150 credits to even take it. I’m afraid about continuing to take out student loans. I have read that some smaller firms pay for your education to take the CPA, if true, how common is this? I’m only taking my GE classes at the moment but I always like to look into the future.</p>
<p>I dunno about paying for you to get another 30 hours. Lots of firms will pay for you to take the Becker CPA review course(or something like it, $3000…) But paying for a year of extra college or grad school? I dunno about that. You could always get the 30 extra hours on blowoff online classes at a community college or something like that, assuming you have all the accounting hours you need. Should be relatively cheap to do that.</p>
<p>Side Question: If I major in Accounting and pass the CPA exam at X School, can I expect my future employer to help me through Grad school for an MBA? </p>
<p>Audioslavery, I know of no CPA firm that pays for either grad school or an MBA. Sometimes, you might…just might… get a consulting firm to pay for it and might get a corporation to pay for these things. However, in today’s economy, I would be surprised if even consulting firms and corporations pay for graduate studies.</p>
<p>Thanks Taxguy, let me just send another THANKS for answering all these questions. I’ve really figured out a ton of things today (such as, USC tuition really isn’t necessary for Accounting Major, I can stick it to a state school+high gpa and succeed!)</p>
<p>Question: Can I double major with accounting? Any practical majors to combine with it? If we need to take 150 credit hours then wouldn’t more accounting majors do a double major? Or am I just completely missing something? </p>
<p>Thanks again, apologies if these have been answered before but I’ve been googling and searching these boards for questions like this for a while.</p>
<p>You can certainly do a double major. Doubling with finance works well since many of the classes overlap to a certain extent. The main thing to remember though is to keep your overall and accounting gpa high and not let the double major bring either of these down. If you are just entering college studies, you might want to also consider looking at a 5 year masters program in accounting. This way you get your masters and fulfill requirements to sit for the CPA.</p>
<p>I agree. However, with the budget cuts at UC & CSU in california now, one thing I worry is how long will take DD (HS senior) to graduate with a accounting degree in a state school.</p>
<p>Is there any way to graduate with a bachelor’s in Accounting in under 5 years?? I was really hoping to keep my undergrad at 4 years… Why is 5 years reccomended/required for taking the CPA? I’m just now looking into an accounting major, so I’m really unsure about how everything works…
Also, after getting your undergrad degree, do most accounting majors work for a few years then go to MBA?</p>
<p>Sorry for how uniformed I am. Any sites/readings reccomended so that I can become familiar with an accounting major?</p>
<p>You need 150 credits to sit for the CPA exam and of those a certian number of business and accounting credits. It is up to you if you want to take 4 or 5 years to do this. Typically most 4 year degrees are between 120-130 credits so you are taking a full extra “year” of courses. </p>
<p>As for an MBA, this might be helpful if you are working in industry,however, if you are working in public accounting I don’t really see the use. It would be more beneficial for you to pursue a grad degree in accounting (i.e a specialization in tax such as a masters in business taxation or similar)</p>
<p>Please elaborate, I’ve essentially gathered that if I maintain a 3.6-3.7 at a state school (SDSU) I still end up interning at a decent firm? I can still make it into USC probably but the high tuition just seems to deter me. Should I stick out a USC for the better connections or can I work myself towards the top from a state school still?</p>
<p>Both school are AACSB accreditted but will I greatly limit my grad school options if I go to state school? (assuming I can attain a higher GPA at a state school here).</p>
<p>Back to part one of my post: What is the job outlook for those without the CPA certification? Is it necessary to move up in the “career ladder”? I do plan to eventually get the CPA tag but I’ll want to settle into the job after 2-3 years.</p>
<p>You want to take the CPA as soon as possible while you got some of the stuff stuck in your head. Also, it’s easier to study in college mode. It’s also easier to pass in your earlier years when you have less responsibilities. Believe me, I’m taking my last section tomorrow.</p>
<p>Take the CPA as soon as possible. The answer to your question, in public accounting at least, is yes, not having the CPA will hinder your ability to climb the “career ladder.” Many firms will give you passing bonuses, some will pay for review courses even.</p>
<p>Should I be sending out a cover letter every time I apply to an internship through eRecruiting? I am not too sure how much the bigger firms like Deloitte care for a cover letter. </p>
<p>Also, would it be a bad thing to apply to multiple internships posted by the same firm?</p>
<p>Thanks for the quick response Dawgie. That’s great to hear, although I may still do one. I don’t want that to be the difference between getting an interview or not. Do you think it would be a bad thing to apply to two internships for the same firm (audit and forensics)?</p>