<p>Hi everyone, I need your advise. Currently, I'm getting my BBA in accounting and I have two options to fulfil 150 hours of education. The first one is to get a masters in Taxation and the other one is to get a double major in accounting and finance. I know that these two options will satisfy the educational requirement for the CPA exam, but how do you think what will be a better choice. I do not want to pursue an MBA degree, but I might want to switch to another field, such as Finance. Any suggestions will be appreciated. So how do you think which is the best combo, double major accounting/finance or bachelors in accounting + MS in Taxation ?
I do not consider just taking extra classes to satisfy the requirement, for I think that it is useless and it is much better to get a double major or a masters degree instead. The reason why i chose the double major in accounting/finance because it is related and I will be able to compleate it during an extra year or less. MS in Taxation will take me two years part time and one year full time. I can not decide where to go myself YET, I NEED YOUR ADVICE!!!!!!<br>
For me, there are some cons in getting MS in Taxation. I know that it is much harder than a double major and more expensive. I will have to work full time and study part time and prepare for the CPA exam simultaneously. I think that it will be very hard!!! Thats why I'm thinking about a double major. Also, I might switch to Finance field eventually and I don't know whether MS in Taxation will be a wise choice.
However, if it gives me more opportunities in future, I might go for it. I think that many students have this question in mind, whether to pursue a double major or a masters degree. So, please someone help us with your response. Informative answers are welcomed :)</p>
<p>I’ll state the abvious, if you work as a tax accountant, the taxation will help more. </p>
<p>I think that the finance would be more useful if you work in finance, then a taxation degree for tax accounting. I’m no expert, if you’re lucky mabye someone with more knowledge will jump in.</p>
<p>I myself will be getting a masters in taxation; I don’t really want to work in finance, but its an interesting subject to learn, so I’ll take a few finance courses (ie investment, portfolio management). Just for my own personal assets.</p>
<p>masters in taxation.</p>
<p>There are a number of MS options for those that want an extra 30 credits, are one of which would be good options.</p>
<p>You can get an MS in forensic accounting, or tax, or accounting, or computer science with an emphasis on internal controls, computer science or even financial planning. I even wonder whether law school qualifies for the extra 30 credits. I even knew someone who got a masters in sign language in order to attract hearing impaired clients.</p>
<p>The key is that the state boards of accounting don’t mandate any particular curriculum for the extra 30 credits.</p>
<p>MS in sign language is really amazing. I didn’t even heard of someone getting it, thanks for an extra information, Taxguy. So, if you started talking about masters degrees, did you mean that MS degree is the way to go?
By the way, I know that these 30 credits could be in anything or any degree. I decided for myself that either MS in Taxation or a double major in accounting/finance would be good, but I don’t know which way to choose, in which situation.
86Reasons, you said that MS in Taxation is better, but you didn’t explain why, and when. It is what interests me the most :)</p>
<p>I generally prefer getting a masters in something over getting an extra thirty credits as an undergrad. However, I might change my mind depending on the major.</p>
<p>I also heard that soon, in 2014, every single state will require 150 hours of education for the<br>
CPA exam. Did you guys hear something about that? And after that, it will be even restricted to the masters degree. I, personally, live in New York and NY state recently, in August 2009, supported 150 hour rule.</p>
<p>I mentioned that in another thread Tosh, and I only meant it to be in California. </p>
<p>Most states already require 150 units, so does CA, but CA has a second option for getting your cpa. That second option will end 2014 due to a bill signed by Governor Terminator.</p>
<p>Read this - [Capitol</a> Beat: Legislative Success](<a href=“http://www.calcpa.org/content/25721.aspx]Capitol”>http://www.calcpa.org/content/25721.aspx)</p>
<p>"After 33 years, California is no longer the problem child when it comes to CPA licensing. Gov. Schwarzenegger signed SB 819 into law, which will require all California CPAs licensed after 2014 to have 150 hours of college education prior to licensing. CPAs licensed prior to 2014 will be grandfathered in as substantially equivalent.</p>
<p>California should now be considered a substantially equivalent state, likely easing mobility for California CPAs providing services in other states that have adopted the new mobility provisions consistent with the Uniform Accountancy Act. Those provisions allow out-of-state CPAs to provide temporary services in those states without notifying the board of accountancy or paying a fee. This is a really big step for California CPAs.</p>
<p>“While some of the details of the bill remain to be worked out, the passage of this legislation is historic and at long-last puts California CPAs on a level playing field with CPAs from other states who have been considered substantially equivalent for years,” says CalCPA CEO Loretta Doon. "We owe a tremendous debt of gratitude to our government relations team lead by Bruce Allen and Jeannie Tindel, and Paul Regan, our Government Relations Committee chair.”</p>
<p>Doon also praised the multitude of members from students to seasoned partners who participated in CalCPA’s grassroots efforts. Those members met with legislators in their district offices, and in the Capitol, to discuss the importance of substantial equivalency and other key legislation.</p>
<p>Additionally, the governor signed AB 138, which requires mandatory peer review for CPA firms. The peer review requirement will start in 2010, but firms don’t have to provide their peer reviews until the 2011 renewal for firms with the last digits 1-33. The new law will use a phased in implementation over a three-year period.</p>
<p>Also signed into law were AB 117, which requires license status disclosure for inactive CPAs, and AB 129, which reinstates a taxpayer privilege provision.</p>
<p>Guys, recently I have received one good advice from one accountant, Shen, from my other forum at Yahoo answers and I want to share it with you. Maybe someone is also deciding between MS in Taxation and other degrees. Any comments are welcomed because I’m still undecided.</p>
<p>Shen notes:</p>
<p>" I am finishing up my Master’s in taxation at the University of TN and concurrently sitting for the CPA exam. I believe a grad degree in tax accounting is much more prestigious and will help prepare you for the work environment as well as the CPA exam far better then a double major in finance. (Yes there is some finance on the CPA exam, but nothing beyond what I learned in my intro finance class in undergrad). As far as which will help you in regards to a potential career change… I would not let that be a huge factor in your decision. Both degrees will be helpful for any tax or finance related field, and you will learn a lot on the job. A Master’s in tax will make it easier to get a job I think… undergraduate degrees in finance and accounting are a dime a dozen.</p>
<p>If paying for school is an issue, look into getting a graduate assistantship. I have one, and it pays for all my tuition, gives me a stipend, and gives me free health insurance. Look around at different schools and find out how easy it is to get one and what it pays for. (Every school will not offer the exact same benefit package as mine).</p>
<p>I am very happy with my choice. I have a job in public accounting in tax waiting for me when I graduate. The program takes only 10 months to complete, and I have already taken 2 parts of the CPA exam while in school (I will have it all done by the time I graduate). It’s a tough degree to get, and we definitely work harder than the students doing the audit track, but it’s well worth it. I am learning material so far beyond what I did in undergraduate, and not all the classes are tax. I’ve taken a couple financial reporting classes, and a couple general business classes as well, so I feel that I’m getting a well-rounded education.</p>
<p>I really hope my perspective is helpful. Don’t let cost of education be an issue - there are ways around that, and once you get a job, it will pay for itself. Good luck! 
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