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RG786
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Joined: 19 Apr 2012
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Posted: 17 Aug 2012 at 12:09 \| IP Logged

Hi there,

I'll try to keep it short.

I got a degree in Japanese. I wanted to do accounting as well.
Due to class availability and number of credits, after graduating from my Japanese degree, it's taking 3 years to do all the accounting work (2 years undergrad and 1 year MACC)

I've been working at a Public Accounting Firm this summer in my hometown. I've really enjoyed it.

I may or may not want to do Big 4- (Recruitment starts this fall in school)

I think I would also enjoy working in the private industry. But as for now, I'm not entirely sure.

I'm wondering how useful a masters in accountancy really is?

I just found out I'll have enough credits by the end of next semester to take the CPA exam (and all credit requirements)

So this means I can

1. Try to get an internship for next summer, spend another year doing the MaCC, and then the following summer taking the CPA exam.

or

2. Finish up school this year (Not sure if I could ALSO get a bach in accounting- Maybe since I'll have taken all the accounting undergrad classes...?) and then study on my own, take the CPA exam this next summer, and start working a year earlier somewhere.

So
is the masters really worth it? It seems like I get so many mixed responses.
I definitely don't want to limit my upward mobility or ability to work in the private industry or for the Big 4.

The cost of that extra year will be -1 of working pay, and -$10,000 if I don't get a G.A position (In-state school)

So what do you think? What's the better option? The Pros and Cons?
I know having my degree in something "different" (Such as Japanese) already makes me a bit more valuable...and I know the MaCC doesn't have much real substance (compared to real job experience)other than credit-hour purposes.....but do HR people really know that? Do people hiring in private industry know that?

Thank you for the advice.

RG786
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Posted: 17 Aug 2012 at 12:11 \| IP Logged

P.S I just finished up my first internship (as of today!), and have enjoyed it. Though it may not be in the City I'd like to live in...it may very well be a good career start (and wonderful office with wonderful people. Not that "cold corporate" stories I hear of big 4.
Of course, the downside (socially) is, I'm like, one of 3 or 4 people under 30 (I'm 23) out of 40+ people around.

ebitda
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Joined: 28 Jan 2010
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Posted: 18 Aug 2012 at 16:27 \| IP Logged

A MAcc serves 3 main purposes, as I'm sure you already know:

1.) If your degree was in something else, now you can study accounting for a career change. The good thing about most MAcc programs is that you can start from scratch as if it were just a second bachelors, not like other "advanced" masters degrees in other disciplines. However, some programs do have stricter prereqs and function more like advanced accounting degrees, though I say there is no real point to an advanced version as long as you are CPA-eligible. And recruiters won't care because at the end of the day, both are still masters degrees!
2.) It gets you the credits you need to sit for the CPA exams. This point goes hand in hand with point 1 above.
3.) It allows you to participate in campus recruiting, which often is the only sure way into the Big Four at the entry level. The campus recruiting aspect is what separates MAcc degree programs from non-degree community college coursework. You're paying for the degree and the recruiting opportunities, not the coursework per se, which you can do through community college and effectively learn the same thing while fulfilling points 1 and 2 above. Keep in mind that going through a MAcc program vs. community college may also involve timing considerations. What I mean is you may have to take time studying for the GMAT, schedule the GMAT, make sure your score is adequate, get recommendation letters, fill out the application, get in, accept the offer, and start in the right semester/quarter. So you must time all of the above so that you fit a certain application period, which makes MAcc programs more conditional than signing up for community college, which is for anyone as long as they want to pay haha. It's just something to think about.

In light of these facts, going for a MAcc can be worth it if people want to work for a larger corporation or want to enter public accounting, especially if their undergrad degree was not in accounting and they have little to no relevant experience. Then the MAcc program will put them on the right track, or at least make it easier for them to do so. It sounds like you already have relevant experience, which is a great start. You may not even need it, though it will help you get into a larger company if that's what you want, especially if you want to do audit for larger clients (e.g., publicly traded SEC registrants). A lot of MAcc recruiting is done regionally, so if you want to work at a Big Four in a certain city, it's best to go to school near there. Based on what I read in your post, it sounds like $10,000 is the tuition. That's actually not bad at all, and I would highly consider the MAcc if I were you.

I was in a similar position as you (though my undergrad degree was still business-related, so it's a bit different). I decided I didn't want to pay MAcc tuition or go through the application process, which would have delayed me another year or so. So I went with an extension program to get a Certificate in Accounting to become CPA-eligible. In substance, it was pretty much the community college route, though at least I got to walk away with a tangible certificate and got to be associated with a larger school name. I had to network and find the opportunities myself because unlike a MAcc program, I didn't get resources. It all worked ok in the end, and now I'm working for a leading media company in LA surrounded by people with a MAcc haha. I also have only one section of the CPA left. (By the way, don't count on a MAcc to help you through the exam in a practical way; just use a review course for those purposes.) So it's not impossible to work for a major company even without a MAcc. I even made final rounds with a Big Four. But I will tell you a MAcc makes the job hunt much easier. Then consider the opposite as well: Even with a MAcc, it doesn't guarantee a top accounting job, so nobody should feel like killing himself even if he went through all of that, only to find himself back at square one. It happens, even with good investments like education. Just think about those 3 points above to decide if you think it's going to be worth it. I know it's a long post, but in short, a MAcc is most worth it for point 3 and not so much for points 1 and 2.

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jemje2006
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Posted: 24 Aug 2012 at 17:58 \| IP Logged

in this poor economy, CPA exams really dont help much if you have zero or little experience in public accounting. however, you should work for any big 4 firm if you can. i heard that busy season is pretty tough, but the salary is going to be a lot higher after 3 years compared to those people who start in small/median firms.

one of my close my friends recently lost his job in a public firm although he passed CPA exams while working there. he told me that no one appreciated his effort so far.

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