<p>I am a bit confused on the best way to sit for the CPA exam. I am an accounting major. I know it requires 150 credit hour in most states. What is the best route to get there? I've known people who continued their 5th year as an undergrad to satisfy the 150 credit hour. Also, others apply to a MSA/MAcc program during their senior year to satisfy the other 30 credits to get a total of 150. My question is wouldn't getting a BSBA/BBA and a MSA/MAcc better in the long run than just doing a 5th year and getting only a BSBA/BBA even though both routes would satisfy the 150 hour requirement to sit for the CPA exam? </p>
<p>People have also told me an MBA is not the best way to in satisfying the 150 credit hour because you need experience before applying to a MBA program. People who usually aim in getting the CPA wants to take the CPA exam right after their studies than waiting a few year and having a full time job. But aren't there MBA programs that specialize in Accounting? Like Wharton and Columbia? Can't you use the MBA in Accounting to satisfy the 150 requirement as well? But yet these school, when applying to the MBA programs want some experience. What is the difference then between a MSA/MAcc to the MBA in Accounting? </p>
<p>And one more thing, say you got your CPA, how useful and helpful is it to go back and pursue the MBA? Should you get your MBA in something else or stick with getting a MBA in Accounting after you are certified? Is it just too extraneous and not required especially when you are working in an accounting firm like the Big 4? Do people with CPA and MBA get higher paid than just a MBA or just a CPA? Or do the firms just scorn on it, suggesting you might not be loyal to the firm since getting a MBA means changing paths other than accounting and moving up?</p>
<p>I know these are very specific questions and the usual answers to these are depended on what your goals and what you want to accomplish and do. But I would like some suggestions and personal experiences of accountants or people who know accountants or are pursuing the accounting field themselves. I would really appreciate any answers. I've been researching and nothing has completely addressed these issues and it's very frustrating.
Please respond and not leave me on a dead end.</p>
<p>Ok, I am a 25 year CPA and have been a Big Eighter in the day, in private practice and a public company CFO. In today's business environment, I would recommend getting the MBA. Do sit for the exam as soon as you can as it is more difficult once you separate from the subject matter for a while. Makes studying more time consuming. Take a review course. The exam was more about taking a test than knowing the material, at lease for me as I passed all 4 parts in one sitting. The MBA/CPA combo give you more options. You could also go into the consulting side. The accounting side of the big firms is so compliance driven, it tends to be a bit routine. And the tax side is a whole different animal...boring. I completed about half of the MBA coursed and regret not finishing. It would have given me more options to step into more interesting postions such as capital market units in larger financial institutions. The cap market positions are mostly occupied by good B-school MBAs. Also, the MBA with a focus in accounting along with an undergraduate accounting degree makes you a fairly hardcore accounting type and would probably push you to being a technical type in a big 4 firm. Also depends on your personality as you have to be able to smooze the clients too. So good smoozers tend to get to partner level quicker over the pure technical accountants. Obviously, if you have both and the MBA in finance you would be a hot property and be able to move within the firm to various practices. Plus, your options outside of the CPA firm would be greater as the broader education makes you perfect for a public company CFO.</p>
<p>Anita, let me give you another opinion. I don't think that an MBA would be that important to you. One of my sons majored in business and started an MBA program to find out that much of the information was repetitive with his undergraduate program. Once he got his MS in accounting, however, people were beating down the doors to interview him.</p>
<p>Personally, I think you will be much, much better off getting a masters in some speciality such as forensics, financial planning, auditing, tax, etc.</p>
<p>As for tax, I also don't agree with Msjeff. I have rarely gotten the same tax issue twice. It is a very challenging and intriguing area;however, tax does take some different skills that your typical accountant and even lawyer may not have. Yes, I don't do compliance anymore but that is what makes tax so interesting: there are a lot of routes to take besides strictly doing tax returns.</p>
<p>People don't go to top MBA programs to become accountants. CPAs may attend top MBA programs, but they generally do so to switch careers (out of accounting). If you want to do accounting, there is no need for an MBA. I don't know if it is all that important to get a Masters either (perhaps it is for recruiting opportunities?) as long as you have enough hours to sit for the exam.</p>
<p>Accounting is the language of buisness. Of course, MBA programs offer both accounting courses and concentrations. However, that is not what was being asked by the OP.</p>
<p>Why would MBA programs offer accounting concentrations if not to attract accountants? There are many types of MBA programs out there for many different people. That includes people who want to be CPAs, CFOs or controllers.</p>
<p>^ I just haven't met anyone from a top school that is interested in going into accounting. I'm sure those who are concentrating in accounting (of which there are very few in comparison to other concentrations) are primarily interested in IBanking, Corporate Finance, and/or Private Equity.</p>
<p>I'm sure at some unranked schools people do an mba to become a CPA. However, I would think the only students at top schools aspiring to become CPAs would be those who had an epiphany during business school and realized they have a great love for accounting.</p>
<p>VectorWega notes,"I would think the only students at top schools aspiring to become CPAs would be those who had an epiphany during business school and realized they have a great love for accounting"</p>
<p>Response: AND who realized that they want to get a good paying job quickly!</p>
<p>Also, the reason many kids at top school don't consider accounting is four fold:
1. Most top universities don't offer the accounting major as an undergrad,
2. High Schools don't emphasize accounting as a career. Lets face it, you take 4 years of math and science in case you go into engineering or science. Few take accounting. If they did, you probably would have considered them non- college material or slackers.
3. Accounting is considered ( incorrectly) as being too "vocational" by both high schools and by many kids or not challenging enough as a career.
4. The accounting profession as a whole has done a poor job of educating kids on the benefits of the profession and being a CPA.</p>
<p>VW, I'm just saying there's a number of MBA options out there and many motivations for why people seek out a MBA. Recruitment, as you suggest, is a huge part of it, but just as important are the lessons and contacts. It can help future accountants and marketers as well as hedge fund managers.</p>
<p>FWIW, Fordham and Loyola Maryland (hardly unranked or obscure business schools) offer MBA programs with accounting concentrations and market them to undergraduates to meet CPA requirements.</p>
<p>^ both of those schools ARE unranked. In fact, looking through Loyola's information pamphlet, they don't even list average starting salary (warning sign). They also waive the GMAT altogether if you had a 3.25 undergrad GPA and 5 years of experience (warning sign #2).</p>
<p>Fordham looks better, and does have an avg salary of $80k (still much lower than top schools)..but then you consider that Fordham is in NYC and suddenly 80k does not sound all that great.</p>
<p>Actually Fordham is ranked by Wall Street Journal's rankings. Of the Business Week's top 50, a few schools offer MBA-Accounting yet no MS Accounting programs. It would seem possible to attend one of these schools not to be in high finance, but a CPA.</p>
<p>^ WSJ rankings are based on a flawed methodology and should not be used. They have Wharton ranked #11, Harvard, #14, and Stanford #19. Nuff said about that.</p>
<p>I'm sure it is possible to attend a top program to become a CPA, but I think it would be somewhat foolish to do so, as most entry level jobs in accounting are not at the same compensation level as typical MBA jobs. Also, receiving a Masters in Accounting first will give you the option of going back to get your MBA later if you decide to switch careers.</p>
<p>For getting a Masters in Accounting, what are the best schools?
What GMAT would I need to get into the best schools?
Assuming around a 3.5 GPA from Duke..</p>
<p>Here are the rankings for accounting programs at the undergraduate, graduate, and doctoral levels. I don't know about the GMAT scores, but you can look those up on the school's websites.</p>
<p>PLEASE, PLEASE read the thread found at the top of this forum entitled, "Everything you wanted to know or should know about accounting."</p>
<p>As I have stated, as long as a school is accredited, it doesn't matter which school you attend since the curriculum is the same.</p>
<p>However, partners at firms tend to interview in schools located in their state. Also if you go to a school in the state that you want to practice in, you can be assured that the school's requirements meet the educationial requirements of that state. </p>
<p>I mention this because each state has a slightly different educational requirement for taking the CPA. Generally, most bachelors in accounting will meet all state's requirements;however, there are sometimes a few odd differences. If you go to an accredited school in the state that you want to work, you will, in all probability, meet that state's requirements.</p>
<p>But obviously there's some difference right?
You admitted your own son moved an AACSB accredited school in Maryland (that would be recruited by DC, Baltimore and poss. Philadelphia offices and the national tax offices of each Big 4) to a more reputable AACSB school in Rhode Island (where he has firms beating down his door despite his non-stellar undergrad stats). So there must be some value to seeking out programs beyond where you want to work.</p>