<p>Im an Accounting and Finance major at a great school and doing very well with my schoolwork. I really like Finance while Accounting is OK. All my friends are talking about how great the CPA is and how it is better than an MBA. I think working, as a CPA is a bad deal(work is hard,pay is ok). I don't see myself being an accountant for more than a couple years .I want to work in finance .My logic is if one got a very high GMAT score and went to a top ten MBA program for Finance they would be a lot better off than a CPA. A CPA's salary is a slow climb and tops out at 120K and it's very rare to become a partner. Plus the work stinks and the exam stinks. While (Top) MBAs programs start you at 110-120k (at age 28).The key is top MBA. Why do my classmate all still like the CPA?? Would it be a shame or stupid if I got the good MBA in Finance and no CPA and abandoned accounting altogether down the road?</p>
<p>You do what you have to, and what you enjoy doing the most... your friends might just be a little myopic about their own career goals, and the fact that a CPA has much career mobility/transferability. The way you have described being a CPA in your post seems to be focused solely on being a CPA in a big 4 firm... CPA is a professional licensure that leads to multiple career options, and specialization is the key... </p>
<p>You ever heard of a CFO or Director of Finance position? Yea CPA's are preferred for those. Again depends on your goals.</p>
<p>Big 4 accounting partners if they are National Practice Directors can easily make 7 figures per year.</p>
<p>If you prefer finance, then, by all means, go into finance. You and your friends make it sound like there is a "best" route to go in college--and I can promise you that there is no such thing. You should choose the path that fits your particular goals and skills. Many students (including many on this board) seem to believe that there is exists a #1 school and a #1 job and anything short of that is undesirable. Life, unfortunately, is not that simple.</p>
<p>To answer your question, not everyone thinks that the work stinks. A lot of people enjoy the travel and experience you get working as an auditor for a large accounting firm. The experience is very desirable--when you think about it, part of an auditor's job is to dismantle and evaluate an entire firm's operations. After working on a client for a number of year's, you'll know very intimate details about that firm and its industry. Not only will that firm want you to work for them after a period of time (it is very common for auditor's to end up working for a previous client), but so will competitors and other related firms.</p>
<p>The big difference between finance and accounting in terms of salary is risk--accounting is a lot less riskier, and if you know your finance well, that means that accounting does tend to cap at a bit less than finance does. Keep in mind, though, that (again, you should know this if you know your finance) risk goes both ways--even though there are some people who graduate and start making $80k, there are also people who graduate and end up making $20k. If you're halfway competent, an accounting graduate should not be making less than $40k to start.</p>
<p>Also, as mentioned, CPA's aren't limited to accounting. Many end up in management, law and finance. </p>
<p>Again, if you like finance, then pursue that--keep in mind, though, that jobs are competitive and that top MBA programs are not easy to get into (even with a good GMAT and a strong undergrad background).</p>
<p>Go with what your gut tells you. Originally I was an Accounting/Comp Sci major (long time ago)and was crusing along. What got me to rethink my career was Accounting for governmental and non profit agencies... It wasn't the class materials they weren't any different than the others... it was the vibe (sorry hippy generation).</p>
<p>All of a sudden, I couldn't see myself in the career as a CPA and being happy. It wasn't a money thing, it was does my personality fit? Will I feel good about myself in this career? I switched going into my senior year not too many hours away. It's been over 20 years and while there's days I regret my decision (coulda shoulda woulda) I've owned my own business for 20 years working with other companies involving benefits. The accounting background helps, but what is nice for me is the different challenges each situation brings. </p>
<p>Think about your future and what will make you happy, then do it.</p>
<p>Yeah, I agree fully with ryanbis and opie... do what you feel is best for you... but a little hint here... I've been to multiple career forums with the finance club (many accounting students do this club too!) at my school, and a huge majority of the professionals--from investment bankers to security traders to loan officers--have advised that the very best degree for their career path is accounting. For some reason learning how to generate the financial statements makes one a lot more adept at analyzing them and making decisions based on the information.... who'd have thought!</p>
<p>However a TOP MBA starts at $120,000.Just to start... If I went that path I would be 27 years old. Where will the majority on my classmates be at age 27 in an accounting firm with a CPA, maybe around 70,000 if a small firm even less. Five years with a top MBA in Finance and your making 200k and it is more enjoyable.</p>
<p>In one ear and...</p>
<p>Dawgie: name calling really isn't necessary.</p>
<p>No Dawgie my friend, I don't think so. Look at the facts on salaries; real data. Especially on Ivy MBA's;your rich. However, If one didn't have amazing grades than maybe a CPA would make sense because that is all one can aspire too(top MBA is out of the question).</p>
<ol>
<li><p>I don't believe that anyone is disputing the fact that an Ivy MBA gives one a higher earning potential than a CPA's certification.</p></li>
<li><p>It would be short-sighted to assume that becoming rich is everyone's objective.</p></li>
<li><p>It would also be short-sighted to assume that MBA's and CPA's are mutually-exclusive. There's no reason that one can't work in public accounting for several years, leave, get an MBA and work in another field.</p></li>
<li><p>One would have to be rather ignorant to believe that only those who performed poorly in school (or went to a bad school) pursue public accounting.</p></li>
</ol>
<p>What You guys seem to foget is that it is unlikely you will ever be accepted to a top MBA program. You can have a 4.0 GPA all kinds of extracuriculars, and without experience your chances are slim to none.</p>
<p>Here's were becoming a CPA comes in to play. You can get experience and a CPA at the same time. Big 4 experience can get you into a top MBA program, though you would generally need a couple more years than say if you got into an analyst position at a bank.</p>
<p>So then you have a CPA and get accepted to a top MBA program. Now you have a CPA AND an MBA. That's a very markatable combination.</p>
<p>If you can walk into a top MBA program out of school go for it, but if you need experience why would getting a CPA in the meantime be a bad idea?</p>
<p>ryanbis,
1) I happen to like finance more than accounting ,therefore it is logical for me to get an MBA and have a higher earning potential as well. Why do accounting, which is ok, and get paid less.</p>
<p>2)Richis secound to what onw enjoy, I feel accounting is just ok. Maybe working as an auditor in accounting is better than just studying it in school. My friends say work is better.</p>
<p>3) That is true they are not mutually excusive. If I can make more in Finance and I it find interesting ,why not. Why even bother with accounting???I will get the CPA, however MBA is the better deal</p>
<p>4)No way, accounting is the hardest business major, just not the most enjoyable,it is ok. However, real world accounting in the work force is probably more interesting. If a senior in college had a 4.0 GPA I would advise them to study they GMAT first, get a good score, then worry about the CPA. Think about it.</p>
<p>Again, you seem to be missing the point...</p>
<p>1) Not a single person in this thread said that you should pursue accounting.</p>
<p>2) I'm not sure what you're trying to say, here.</p>
<p>3) Again, no one said you should go into accounting. Everyone has said that you should not. You started this thread because you didn't understand why some people choose to go into public accounting and I am trying to explain that to you. As I said in my first post, there is not a one-size-fits-all job, so public accounting is going to be right for some people whereas finance is going to be right for others. Accounting is clearly not right for you, but that doesn't mean that it is not the right choice for others (nor does it mean that those who choose accounting are any less intelligent than those who choose finance, as georgejone seems to believe).</p>
<p>Why do you say that you'll get a CPA? If you're going to work in finance after you graduate, you can't. Even if you could, it wouldn't make sense to.</p>
<p>And the MBA is only a better deal if you go to a top school. If it is your goal to go to a top school, that is fine; however, don't assume that you will be able to get into a top school and remember that you need excellent work experience first (and the jobs that will get you there are extremeley competitive).</p>
<p>4) I would definitely advise someone to get the CPA exam out of the way first, considering the inordinate amount of study involved and the amount of information you have to remember from your undergrad studies.</p>
<p>Dannk,</p>
<p>Here's another factor to consider, the people factor. It's seems that you are assuming the title will automatically generate wealth. Sorry, unless it's dad's company, your people skills will factor in. </p>
<p>What's the better deal? Who the heck really knows? </p>
<p>You won't know till it's done. Then what will you do? </p>
<p>It gets back to my point figure out what will make you happy and follow that path. You don't have to justify or explain it to anybody but yourself. Who cares what someone else thinks? </p>
<p>I can show you happy MBAers and happy CPA's, I can also show you miserable ones. One is not necessarily better than the other, it's what you want out of it. </p>
<p>Right now it sounds like earning power, but what about later? What other considerations do you have as far as choice goes?</p>
<p>My buddy works for at a big four and is not to happy, its good to know that there are other paths out there</p>
<p>"Why do my classmate all still like the CPA??"</p>
<p>How would we know? </p>
<p>It seems dannyk that you're sort of focused on money and prestige, getting your MBA, CPA and on and and on....
That's fine but you need to get a little bit more focused. You're sort of all over the place regarding this issue. Follow what you really want to do and then focus and dedicate yourself to it. The rest will fall into place. And don't focus on money and prestige too much because those aspects alone don't necessarily translate to happiness, unless you're shallow.</p>