<p>So I'm about to graduate with a major in psychology and a minor in business administration. After a semester of taking 3 accounting courses, I have discovered that not only am I good at it, but I enjoy it as well. Would it be worth it to stay back a year or so more to obtain a second major in this field (keep in mind that it would cost me an extra 10-15k and I don't come from a rich family)? I've done some research regarding salaries and such, but I would like to hear first-hand from an accounting major if they think it would be worth it in my case. </p>
<p>My adviser told me that I should just get the credits necessary to get into grad school to pursue a MS in Accounting instead of a second bachelors, but I would definitely like a second opinion. My goal, if I do get the second degree (BA or MS), would be to get a CPA.</p>
<p>I think your adviser is right. It will be much better if you get an MS in accounting than go back to spend a year to get another major in accounting. Salary wise, you will be better off with an MS. And I am talking as a graduate/ex-employee from KPMG 20-30 years ago, but the stats are still very relevant.</p>
<p>If you do go back and study accounting with the goal of passing the CPA exam you will need, in most states, at least 150 college credits to sit for the exam as one of the requirements (in some states you also need a few years of experience working with a CPA). It doesn’t have to be a BS and MS in accounting it just needs to be 150 credits in any field. </p>
<p>My advice is this: do not study accounting or pursue a CPA license unless you want to be an accountant for sure. I have a BS and MS in accounting and I had a CPA license for 11 years before I stopped renewing it. I hated my years in accounting. I quit. I walked away. I now teach accounting and I don’t lie to my students about why I quit the profession: I didn’t enjoy being in an office all day, I didn’t like the endless work and long hours. It wasn’t for me. I really didn’t know what accountants did professionally when I choose it as my major. Teaching is something I do enjoy. I don’t dissuade people from entereing the profession but I do caution them to check it out first. </p>
<p>You will work your back side off to get an MS in accounting and then you will double your work to review the whole curriculum to pass the CPA exam. You will not have an easy time getting an MS in accounting if you don’t have a BS in accounting. Everyone else in the room will have a BS in accounting except you. Good luck competing with them. You said you’ve had three classes in accounting and enjoyed it … that was the baby stuff. It gets harder. A lot harder. </p>
<p>Just check it out before you committ your future to it.</p>
<p>I was told that accounting majors are very in demand, not only for the position of being an accountant, but for many other branches of business as well. For example, my finance prof told me that most people who excel in accounting will also do well in finance or econ related fields because of their strong understanding of business. Would you suggest getting a major in finance or econ instead?</p>
<p>And yes, I do know that I would probably be the only one without a bachelors in accounting if I pursued an MS. That’s why I was thinking about just sucking it up and getting the bachelors, which I just discovered I might be able to do back home for much cheaper. I know that was the baby stuff, but I definitely felt as if I enjoyed it more than the average person.</p>
<p>I am a CPA and I also agree with your adviser. I’d get the MS rather than a second bachelors. While you can get a job at a CPA firm coming out with either degree, as you move on in you career, having a MS degree may prove to be a useful credential. With the new 150 credit requirement, I think that it will be more and more common for a non-accounting major to get a MS and go into the field. As long as you meet the requirements to sit for the CPA, you will be fine. If you are paying to go to school, you might as well get a master’s degree. But if it is much cheaper to get the second BS then I guess that is a consideration as well.</p>
<p>I recommend you NOT go back to school right away. Instead, get a job where you get exposure to accounting and what accountants do. Maybe you start with an unpaid internship for a few months to build up some skills and then transition into a paid job, either at that firm or by looking elsewhere. I’ll echo what others have said, many people enter careers (of all kinds) with little real understanding of what it actually means day-to-day. After a year or so of working if you still like it <em>then</em> go back to get the MS.</p>
<p>They (teachers) told us the exact same thing about accountants being able to do well in other fields such as Finance or Economics. It is called BS so don’t slip on it or fall for it. Let me give you straight up, honest, objective, neutral advice. </p>
<p>Go look up what one needs to get a Chartered Financial Analyst (CFA) designation. It is easy to Google. It is ofered by the CFA Institute. That is what people in the finance industry are now expected to learn to gain entry into the profession. Yeah, you can work as a bank teller without all that but if you really want to work in financial services you are competing with people who have that body of knowledge. </p>
<p>Now compare that to what people learn in a MS in accounting curriculum. You will discover they are two different bodies of knowledge. That is because accountants have to know a bunch of accounting rules. Finance people just need to know hos to use accounting information they do not need to know the details of how those numbers got onto the reports or audit standards or tax regs, etc. </p>
<p>What teachers are telling you is basically true because accountants to move up through organizations and become CFO and CEO’s but the truth is that information fields like accounting and finance are becoming so much more specialized that you have to choose. You can’t just snap your fingers and decide you want to switch after college. I will tell exactly what will happen if you try. You won’t get called into interview for any job unless it relates to accounting. They aren’t going to train you. That is too expensive. That is what college is for. So decide before hand is my advice. </p>
<p>I think FIN and ECON are great degrees. ECON scares me a little because it isn’t called “the dismal science” for nothing. FIN is turning into higher math which is a little off putting. I am going through all this right now trying to help my sons figure out what to do with their lives. It is scary but you are not alone trying to figure it out. Just don’t fall for the BS that accountants can walk on water and do everything else with ease and grace. If you study accounting you are positioning yourself for accounting work that MIGHT later lead to management positions but IMHO finance is a different animal. </p>
<p>The advice about waiting and doing an internship is good advice. Good luck.</p>
<p>Yes, the demand for accountants is strong and should be on into the next 50 years. Students are considering it more nowadays because it leads to an actual job which is suddenly cool again. </p>
<p>I am not trying to turn you off of the accounting profession. </p>
<p>Just know what you are signing up for. I didn’t. That is why I now make my living teaching. I still meet real accountants and I am amazed at all the things that have to know to stay current (e.g. Sar-Ox regs). I can honestly say 80% of the people I worked with or know in accounting, if they are beig honest, do not enjoy it. They do it. They have mortgages. I hope you get what I am saying. </p>
<p>There are some, however, you do love it. </p>
<p>It is desk work. You travel when you audit or do consulting. Otherwise, it is desk work using software to keep records and/or prepare reports or verify that numbers are right.</p>
<p>Excellent responses guys, you are really making me think hard about this one. </p>
<p>-mikemac-</p>
<p>I would love to do this, but how hard would it be to obtain a position like this (even an unpaid internship) without any prior experience in the field? Remember that my major is psychology and minor is biz administration. Pair that with the fact that I’ve never worked with accountants or anything similar. Will companies recruit an individual for a position like that without any applicable experience? That is what my concern is, and that’s why I was thinking that it was essential to go back to school.</p>
<p>-ACCecil-</p>
<p>I’m very glad to hear advice coming from someone with extensive knowledge on the subject such as yourself. I don’t think I’d enjoy working at a desk for the rest of my life, and maybe I am looking at accounting for the wrong reasons. I really want to work in the financial sector of a business, but like I said to mikemac, wouldn’t it be extremely tough obtaining a position if I have no prior experience? I feel like even an unpaid internship would be out of my reach because I’m not qualified.</p>
<p>I’m a CPA and I’m married to a CPA and I’ve had a very different experience from ACCecil – I worked as a auditor for a few years, then I was able to move into the consulting arm of the firm (then a big 8 firm, now part of the big 4), and from there into bond finance where I’ve stayed most of my career. My husband is CFO of a company and focuses on strategic business decisions/acquisitions etc… In both of our cases an accounting background allowed us to move into careers we enjoy (most days at least!).</p>
<p>Yes, it is tough getting an internship in the field of accounting with no accounting academic training or experience. The last poster said she and her husband both started in accounting and then moced into consulting (that is normal and makes sense) but she mentioned she went into bond finance. Ask her what credential, licenses, etc she needed to make that switch because that is essential information. </p>
<p>For example, I had a friend in college who studied finance and later got a series 7 license. I had never even heard of that license in my curriculum. </p>
<p>Ask th eother accountants here if CPA work is desk work or not. As I said, auditing and consulting can involved travel. Most other accounting services do not. Check out other opinions as much as you can. Accountants do lots of things. There are anecdotes either way but for MOST accountants you will work in accounting and know SOME finance but finance has its own core curriculum and work expectations so please be careful thinking you can study accounting and then switch later.</p>
<p>Glad to hear about your many successes in the field of accounting. I guess everyone has a different story to tell. But like ACCecil pointed out, would you mind sharing your credentials, licenses, etc that you needed to make that switch?</p>
<p>-ACCecil-</p>
<p>It seems as if you really regret choosing accounting as your field. If you had a choice to go back and redo it all, what do you think you would have chosen? I want to make sure I have all the pros and cons of all these fields sorted out before I start making decisions.</p>