I was planning on getting only a Bachelor’s in Accounting, but I’ve read the enrollment for accounting degrees is at an all time high currently. This leads me to believe those with only a Bachelor’s will have difficulty competing for jobs against MAcc holders. Should I get the Master’s?
Also, since many more students are majoring in accounting today, what effect will this have for jobs in the future? Will the supply be too high and lower accounting wages? Will the field be over-saturated? I just want a job that has job security since I’ll spend 40+ years working
You need 150 credits to become a CPA in most states now and a typical BS degree is about 120 credits. That is why so many are now getting a one year masters in accounting. As more and more people get a masters degree to meet this relatively new requirement it may be good to have, but if you get the credits and become a CPA without a masters degree it should be fine as well. It is a very employable field.
You’ll likely need 150 anyway, so I would plan on getting a masters in accounting or tax. If you’re loaded up on AP credits (perhaps) and could get out in 4 years with 150 units, you could always take the exam and get out into the work force. Then you could circle back for a master and/or MBA in a few years.
Or one more option, if you’re really interested in a related subject matter (say computers/MIS or finance), you could take your extra units in that to get to your 150 hours.
It’s a good field, with lots of employment options.
As a CPA and the father of a current MSA student, all I can add is that later this year the final states will finally be in compliance with the 150 hour rule - the transition will be complete and no more alternative paths. I believe the Virgin Islands will be the only jursidiction left with a grandfather rule. While the USVI finally passed the 150 requirement, it has deferred full implementation for a couple more years for current candidates. FYI - don’t think of going there to get just to get your CPA, since until the new rule is fully effective, the USVI is deemed “Not Equivalent” for purposes of CPA reciprocity by the NASBA and other states.
As far as the 150 rule, yes AP credits count (if posted to a college transcript, in most states) so it can reduce the time and classes needed to get to 150. However, just be aware that many states have also increased the number of required accounting hours in the past few years. Many states now require 30+ hours of accounting classes versus 24 hours which use to be the typical requirement. Many states also have unique requirements concerning, business-related classes, business law classes, ethics etc. Your college advisor should be able to map out a course of undergraduate study and extra classes that will qualify you to sit in your state.
That said, I can only say that if you can afford to attend a top-notch masters program, you will not be disappointed. The quality of the teaching and student body, along with the challenging material can be a huge positive!