Hello, I am junior of Rutgers University, majoring in Accounting and Minoring in Spanish, and I am expecting to graduate in 2016. I’ve had 10 months internship experience in my Sophomore year in Tax department of a company. That’s where I learned that I want to pursuit taxation and eventually shoot for a position in IRS.
Here is my concern though,
I am planning on doing Masters degree in Taxation in Rutgers Business. Majority of tuition will be via student loan but I think it is a worth-while investment. I will also need to start preparing for CPA exam right out of graduate school if possible.
My biggest problem is timing and a requirement to take CPA exam. You are required 1 year of work experience in a public accounting firm to be able to take CPA exam. My original plan was to not work after undergrad, do a full time grad school for a year while preparing for CPA exam, then get a position in a public accounting firm.
Do you recommend working WHILE doing attending part-time master’s degree? I can manage to find a company that will partially pay for my graduate school but the amount is really not a big problem in my opinion. This will drag on my graduate school term longer but fulfills my requirement to sit in CPA exam… but I have a feeling this will overwhelm me horribly.
Or should I keep my original plan and do a full time graduate school and work later? will my starting salary any different if i start out with Master’s degree vs Bachelor’s?
Do you suggest any helpful tips in become an IRS agent? I am planning on working in a public accounting firm for about 5 years before I actually look into IRS. I appreciate your time and answers in advance!
Rutgers is in New Jersey so I assume that if you were to file for a license, it would be in the state of New Jersey. First of all, you do not need to have 1 year of work experience to take the CPA exams. You need the experience for the license, but not to actually take the test. You don’t even need a Master’s to take the tests. I will provide a link below where you can find all the information required for license and to be able to sit for the exam in New Jersey.
To be honest, based on what I have seen around the web, people only recommend going for the Master’s in accounting if it is a Master of Science in Taxation. Master’s of accounting or Master in Assurance are thought to be a repetition of undergrad and not worth the time or money. A Master in Taxation however, will provide technical knowledge and will expose you to research methods that are not learned on the job. It is not advised to work full-time in Public Accounting and go to Graduate School or study for the CPA exam. Public Accounting can be quite demanding. With that said, however, most public accounting firms do offer tuition reimbursement for graduates or pay up for you study materials for the CPA exams. Check with your school to see if the graduate program must be completed within a time frame or be enrolled full-time. If not, then go for it, and take courses according to your schedule needs.
Here’s the link that contains the information for license and exam sit-in in the state of New Jersey. Again, you do not need work experience for the exam, only for the license. For the exam, you only need a Bachelor with 24 hours in Accounting, 6 hours in business law, 6 hours in economics, 6 hours in finance, and 18 hours in business courses. For the license you do need 150 credits, which must include 15 hours at the graduate level, and the 1 year work experience. You might also be asked to pass an ethics exam, depending on the state, but it should be very simple.
You need one year of experience to become a CPA, but you can take/pass the exam before you start work. Many students take the CPA exam at the same time as doing their masters degree.