<p>Which is better for someone who wants to become an accountant then onto a CPA and then onto a CFO. I see people say the MBA is more general but its also more versatile, while others say the MS in accounting is specific it doesn't make it better than the MBA. I am confused as to which will allow an individual to advance in the job market. I am aware that there are other requirements that will determine how fast you will advance such as experience, but I want to know about capabilities of these two degrees as well.</p>
<p>The two different degrees serve different purposes. </p>
<p>The MSA/MAcc/MPA is designed to qualify you to sit for the CPA and therefore has no “work experience” requirement prior to admission. Virtually every state now (with the remaining few states sunsetting in the next year or so) requires 150 hours to get your CPA. In addition, many states have significantly raised the number of accounting hours over the number obtained in BS/BBA programs. Other requirements have also been added in several states regarding ethics classes, business communication, accounting research and extra business law classes. You need to carefully check the requirements of your state, or the state where you want to live after graduation to make sure you will meet the requirements to sit for the examination. </p>
<p>While a MSA/MAcc/MPA is not absolutely required, if you live in a state with these types of requirements, (such as NY, IL, FL) even with extra classes/AP credit, it will likely take you a full semester of extra classes to meet the new requirements - so you might as well go two semesters and pick up a masters degree. This “takes the pressure” off of “having” to get an MBA later on. </p>
<p>The MBA is a degree is more business generalist degree and to many people has more cache. However, almost any MBA worth having requires applicants to have a minimum of several years work experience post-graduation to be accepted. (A few schools have 3/2 programs, but not many - and also some people “look down” on people who get MBA’s without work experience.) Many people who work at the big accounting firms go on for an MBA after working several years - some of whom already have their MSA/MAcc/MPA.</p>
<p>The MBA will be helpful to take the last step - from CPA to CFO</p>
<p>@ChicagoBear I thought attaining a MBA early on would be a interesting feat. Also I thought that a MBA would teach you the leadership skills necessary to become a CFO. Wouldn’t a MBA with a accounting concentration offer more benefits even if its attained early on or would it just be something not noteworthy to companies.</p>
<p>Thirty years ago, when I was in college, many students stayed in school after graduation and picked up an MBA immediately after their bachelors. Only Harvard and similarly elite schools had a work experience requirement. Eventually the overwhelming opinion of the hiring businesses was that MBAs without work experience were not worth the price. (Who needs a high-priced kid who doesn’t even know how to unclog the copier?) B-schools listened and quality programs now require a minimum of 2 - 5 years of work experience - if you don’t have it you are told not to apply. (The more elite programs tend to have higher work experience requirements.) </p>
<p>So back to your post: can you find an MBA program that does not have a work experience requirement - yes. It will likely be an on-line or low-tier program. Can you get an MBA with an accounting concentration - yes. However, you need to be aware that just because you get an MBA, there is no guarantee that you will meet the specific requirements to sit for the CPA in a particular state. In my state (IL), if you get an AACSB accredited MAcc/MSA/MPA, you are automatically approved to sit for the CPA. However, if you get an MBA, even from an accredited school, each course from your graduate and undergraduate programs will be evaluated to determine if you meet the standards to sit. Rather than go to a low tier MBA program, why not wait a few years after graduation, gather some work experience, and go to the best MBA program you can get into (and afford)? </p>
<p>Don’t get me wrong, an MBA is a wonderful degree, but obtaining it early is not going to somehow boost your career versus obtaining it 4 or 5 years down the road. Also, don’t assume that every CFO has an MBA, while it is fairly common, it is not absolutely required. I know many CFOs - some have CPAs, some have MBAs, many have both and few have neither. </p>
<p>One of the greatest benefits of an MBA is that in good programs you are forced to work on numerous team projects in different business disciplines. This is how you learn team building, negotiation, conflict resolution, leadership etc. - not by reading a book! Schools want the members of those teams to have several years of experience in the “real world” so that they can bring their experience and perspective to the class and their classmates and contribute to the learning process. If they let in kids right out of school with no work experience, what are they bringing to the table?</p>
<p>If funds are tight and your dream is get an MBA, then you need to become very good friends with your accounting advisor. You will have to work closely with them to check how you can fulfill your state’s requirements to sit for the CPA with AP credit, extra classes, community college credits etc. for the least cost, since you will not be getting a MAcc/MSA/MPA.</p>
<p>FYI - The reason I am answering this thread is that my son is a senior at a top 20 accounting program, so we have just gone through the decision process with him. He will enroll in a MAcc/MSA/MPA program next fall since the new CPA requirements in IL would take a full semester to fulfill over and above his BBA. He already has an internship with a Big 4 firm, so barring a disaster, he should have a position with them after graduating from the masters program. After he works a few years, he is planning to apply to the Booth and Kellogg MBA programs. However, if “life gets in the way” of his dreams of an MBA, he will already have a masters and so that “masters degree required” box can be checked for the rest of his life.</p>
<p>Artisty - after reading my response again this morning, I want to stress to you that any advise that you receive needs to be evaluated in light of your own situation.</p>
<p>I believe my comments above are sound for someone looking to work in the Chicago area since it reflects the realities of the new CPA requirements in Illinois. It also takes into account the fact that the Chicago area has numerous MBA programs available ranging from world class, to good, to not so hot. In Chicago, the only programs you can go to without work experience are the not so hot ones. </p>
<p>However, if in your location, the CPA requirements are not as strict, and if the MBA program you are thinking of is well respected and has a good placement record in the city you want to live - then it might make sense for you. Only you, your family and advisors can make that call.</p>
<p>ChicagoBear - Thanks I think I understand what you are saying about a MBA, it is like a person getting a black belt while they only have white belt experience in combat. It does make sense if companies will see it that way not to pursue it early on. But why is it that the same can’t be said for a MSA do companies/employers value them more? From your post it seems as though you’re son is going for his MSA as soon as he graduates. Also I know that a MBA is not a requirement for attaining the title of CFO because from some stats I’ve seen for the job so far it’s about 50% bachelor’s degree and 50% masters, but I want to know more about the career advancements that are offered with a MSA because I haven’t read much on MSA degrees most people say its just if you really love accounting, which I do, but I can’t anything about whether it teaches management/leadership skills.</p>
<p>A MAcc probably won’t teach you much in the way of management skills. You may have to do some group projects, probably in tax, but that wouldn’t teach you any more about leadership than any other group project you undergo in school.</p>
<p>Basically, MAcc is designed to get you enough hours to sit for the CPA exam. You’ll take more advanced accounting classes. There may be some CPA review included, but that would depend on the program. An MBA is a terminal degree. The reason why MBA programs prefer experience is twofold: (1) the students have something by which to apply the concepts and theory learned in the classroom, and (2) the students have experience with ideas being taught so that they can participate in classroom discussions.</p>
<p>Artistry - Wailing pretty much nailed it. Companies know why the MAcc exists.</p>
<p>The first MAcc’s were developed @ 30 years ago when I was in school. When I was a junior we heard of the first states passing the 150 rule. Prior to that, masters in accounting degrees were aimed at people who had non-accounting or non-business degrees who wanted to become CPAs. The classes mirrored the undergrad accounting requirements. The one year Macc came into existence only to get the minimum number of hours to sit.</p>
<p>What I have found in researching programs with my son, is that some programs are much more flexible than others. Some programs dictate every course and are almost all accounting. Some only require enough accounting to meet the new stricter accounting hours requirement and allow you by on take the rest of the hours in other graduate business classes. Some are in between.</p>
<p>If you want management classes you can look for a MAcc with flexibility, but it will probably not be the same as am MBA.</p>
<p>I understand it a little better now. I know that now CPA is a requirement for a number of accounting positions including CFOs, but would one be able to learn enough of the leadership skills through jobs instead of getting a MBA. I know that at least 15 years of experience are needed to at the very least be considered for the candidacy of CFO.</p>
<p>Artistry, degrees do not make leaders. I know plenty of people who have MBAs and no leadership skills. I also know people with GEDs who are natural leaders. You can certainly learn to lead on the job.</p>