While we're on the topic, I figured I'd tell you somethings I've experienced.

My undergrad GPA was not very impressive and my accounting GPA was worse.  Everytime we had those job fairs I'd approach a representative of one of the Big 4 firms and they all had 1 thing in common.  Now what I'm about to say only goes from my experiences and what I've heard from others and i do not mean to offend anyone who works at a big 4 firm:  all they care about is your GPA.  If your gpa wasnt above a 3.3 they wont even give you a second look. 

As I would introduce myself to them, I'd give them my resume, we would make small talk blah blah etc. and then they're like "ok so whats your accounting gpa"?  of course i'd reluctantly tell them (my accounting gpa was a 2.6).  And much to my expectations, they would put my resume in the "LOL to wipe my ass with" pile.  This would happen to just about any accounting firm i gave my resume to (not just the big 4).

Fast forward to now, I'm a full time student getting my masters in taxation with 1 more semester to go.  My gpa is only a 2.78 and again, i'm afraid that i will go through the same trouble as i did as an undergrad when trying to find a job.  the only work experience i have is working in technical support for creative solutions (a tax software). 

I feel that getting a cpa is my only real assurance of getting any decent job out there in the tax/accounting field without these accounting firms giving me the middle finger behind my back and I was wondering who would get more respect upon first impression when looking at someones resume?

Would it be a guy who has a MS accounting/tax gpa of lets say, 3.5 but did NOT take the cpa exam or,

Would it be a guy who has a MS accounting/tax gpa of 2.7 (or lower), but DID pass the cpa exam?