So I am going to graduate soon with my Bachelor of Science in accounting. I am literally all over the place with where I want to go to grad school and half of my options a pretty pricey. So here is what I was thinking:
I am going to take the CPA Exam and I know that work experience is required in order to obtain the license. Sooo, I was thinking about working at a local accounting firm for a year (thus taking a year off of school), saving money, and then applying for grad school. This will give me time to study for the GMAT, get work experience, save money in order to make those pricey schools feasible, etc. Second option:
Go to grad school after I graduate (enroll in Fall 2017) with the hopes of interning with an accounting firm in between that time, take the CPA Exam while in grad school, and finish up the rest of my hours requirement after grad school.
Other (possiby?) relevant info:
No student loans after undergrad
Option to live with parents for small rent pmt (if I take a year off before grad school)
You may also want to post this in the Business Major sub-forum – it’s not really busy but there are working accountants who post there. Their advice is solid and is based on the realities of today’s workplace.
Do you have enough college credits NOW to sit for the CPA exam? My D is a CPA with a Big 4 firm, and she took her CPA exam right after graduation (and right after taking a review course), since she wanted to get it over with.
However, I believe that the requirements for the exam have changed such that many people need a masters in accounting in order to have enough credits to take the exam.
What kind of grad school are you considering - an MBA or a MS in accounting? Your advice will be different depending on which one you choose.
Masters in accounting? From the accounting grads I know, many have gotten jobs with big accounting firms with just the bachelors. One did a summer internship after she graduated and then started the job in January after taking 2 CPA tests. Or do you need the masters to get the CPA? I understand there is just an additional number of credits, not necessarily accounting credits (but taking some classes would help).
I would highly recommend working for a year or two before getting your masters if possible. It will really help you figure out what kind of work you want to do and where to focus for grad school.
@mom2and@Ballerina016 In order to become a CPA one now needs 150 credits. A typical BS degree is 120 credits to now many many people go on for a one year MS in Accounting to get the requisite number of credits.
To the OP, do you have any plans in place now? a job? does your school have a MS in Accounting program that you can get admitted to (many don’t require GMATs)? It seems that you left decisions to the last minute and now it is hard to make a good plan for moving forward.
Both plans could work. Your Plan A could work if you can find a good job – maybe they will pay for your CPA review course and maybe even grad school if you go part-time. Plan B (going straight through) could work if you can get into a grad program without taking the GMATs.
My S is a recent CPA and he went straight through (but we were able to help with his fifth year).
My son has a Bachelor of Arts in Accounting. He got a job as a financial analyst straight out of undergrad. Almost immediately, he started a Master of Arts in Accounting program online through a reputable university. His grad school tuition was paid for by his employer. Two years after UG graduation he had his MAA and his CPA. (Because he worked directly under a CPA, his “work experience” counted towards his CPA work requirements; he never had to actually work in Public Accounting.) Now that he’s almost 5 years out of undergrad and has been working for all those years, he’s doing his MBA online through a reputable university, again paid by his employer.
Some companies pay for the MBA. That is how I and my H. obtained ours, on the employer’s dime, while we did not need it at all and the only reason to get it was that it was free. GMAT is also a very easy test.
However, it does appear to be possible (at least in some states) to meet the 150 credit prerequisite without a master’s degree, though there is specific course work (not necessarily graduate level) that is required to be included.
Since you’re thinking about pursuing a career in business, I would recommend working in public accounting for a couple of years. You’ll be exposed to a number of different businesses in different industries, and it might help you clarify what you want next. If you choose finance as a field, having a CPA cannot hurt. While CPAs are a rarity in banking and hedge funds, many companies only hire CFOs who have a CPA. I am a strong advocate of working before getting an MBA – you’ll get more out of the program if you have a context for it.
@ucbalumnus I never said that one needs to get a MS degree and if my answer gave that impression I apologize. I said “many many people go on for a one year MS in Accounting” which is not to say that all do or that it is a requirement. My S is a recent CPA (and I’m a CPA as well) and he said that most people in his starting class at a Big 4 firm did get a Master’s degree but he does know people who started with him that got the 150 credits with no MS using a combination of APs, summer classes etc.