CPA Career Advice

Dear Ann, I like your ambition and forward thinking but it sounds like you should focus on the work experience you will obtain once you finish school. (The Big 4 does have tuition reimbursement programs but you'll need to prove yourself in a competitive environment to be sponsored.)

If you've already taken your GMAT to get the MS that is a positive since the scores are good for a few years. If you don't think the score represents your best effort, you might want to work on getting the best result you can. Once you've spent years in the workforce, have a family, etc. going back to take the exam will be onerous.

It's hard to offer advice at your current career stage. Just a few years into working at your Big 4 firm, you might decide you'd like to go in a completely different direction career-wise. I would lay the groundwork for the test aspect of the MBA while you are in "student-mode" but otherwise enjoy collecting some life experiences. (not to presume you do not have rich life experiences already, but surely you will have more).

My comments here are from my perspective so I definitely recommend talking to your mentor(s) or career coach(es) once you start working, not to mention continue to seek professional and personal mentors as your career progresses. I started at the Big 4, stayed for 4.5 years and have since been the accounting manager, then controller, then VP at a small to midsized business. I think it depends on what your career goals are. If you're going to stay in public accounting (e.g. the partner track), an MBA may be helpful but is probably not necessary as I do not recall many partners having an MBA when I was in public. Since leaving public, I can see more value to having an MBA especially if you want to expand outside of accounting. My boss (CFO and now COO) and our Director of FP&A both have MBAs from Kellogg (Northwestern), which helped them make the leap from accounting into finance and strategy roles. I think most if not all of the better MBA schools require work experience so I would recommend waiting a few years to pursue your MBA. It will give you time to figure out what you want out of your career so it will be a more meaningful and valuable experience at that point. it's great that you're already thinking about your career goals so keep this up. Good luck!

Get the MBA because you want it not because you think it will increase your value to others.

Do you buy a specific brand and model of car because you want to impress your neighbors? Or, do you buy that particular auto because it is something you truly value despite what others think?

Following the first option will likely disappoint you over the long run. The second one will reward you no matter the long term outcome.

A couple of thoughts. Why would you want to study for an MS in accounting then do an MBA. What is the point of having both ? An MBA is definitely more desirable and highly regarded as a passport to a future CFO position if that is your goal. Another option would be to gain a few years work experience (in the profession) and do your MBA later. With real work experience under your belt the MBA will "come to life" so to speak and you will be able to relate the studies to real life experiences. In other words you will discover that the MBA provides some of the tools you will need later in your career.

Hi, Ann! I have to agree with Philip that having two masters degrees might be superfluous, and I also agree with him about having work experience before you start an MBA program. The MSA is fine to do right out of undergrad, especially since many people need the additional credits to sit for the CPA exam. Is that your main objective for getting an MSA? My program only had two business "electives", and the rest of the courses were straight accounting; I would say that it greatly increased my knowledge and skill in accounting, but it did not prepare me at all for a more strategic finance/CFO role, so evaluate carefully what your career goals are before you invest time and money into another degree! Best of luck!

I think that your first priority would be to sit for the CPA exam, which I am sure that the big four would pay for. I would then concentrate on getting an MBA which it would best if you want to grow into a CFO role.

Don't pursue the MBA, unless you feel you do not have a good broad business education. Do it only if you feel you need the technical training. As a hiring manager, I am only interested in the Masters. The MBA certainly wouldn't influence someone hiring you, if you already have a Masters. With a CPA certificate and a Masters, you have the tools that employers are searching for. It's up to you to prove yourself in the marketplace at this point. MBA programs are often reimbursed, but typically have a maximum they will pay.

Hi Ann, I took my MBA when I was in my 40's. I can tell you that I got a LOT more out of the material than the 22 year olds in the program who had no prior business experience. Having 5 to 10 years of actual business experience provides you with a business "point of reference" from which to interpret and absorb the MBA material; i.e. it's a much richer, more meaningful learning experience. I also agree that in general, the CPA with an MBA would serve you well. I'd skip the MS in accounting until I had maybe 5 years of accounting work under my belt. At that point, if you're head over heals in love with accounting, then maybe get the MS instead of the MBA. Good luck to you.

I would not make this decision now since this is one of those instances where time will improve your decision. At this point you don't know whether you want 1) a career in public accounting, 2) a career focused on accounting (perhaps in the private/not for profit/government sectors), 3) a broader finance career, or 4) something different.

After starting with your big 4 firm and gaining experience, you will be able to answer questions #1 and #2. You also will see what value your firm would put on an MBA. Additionally, you will be able to focus on passing the CPA exams and getting those behind you.

If you do pursue an MBA, I would recommend going full-time, if at all possible. My observation of those going part-time is 1) they have very little time left for the rest of their lives, 2) their compensation is often not adjusted to MBA levels because their employers "don't notice a difference on the day they graduate", 3) they lose the chance to evaluate a firm or industry during a summer internship, and 4) people notice if you begin taking "personal days" towards the end of your program.

Congrats Ann, that is a great honor to be lined up with a position at a Big 4 firm before you graduate, especially in this still tough economy. I followed a like path back in the early 90's but was in audit, not tax, at C&L. I lasted less than 2 years, as I found looking at historical numbers was not my bag. Instead, helping businesses look forward is what excites me to this day and thus I sought out growing responsibility in the private sector, moving up the ranks to accounting manager, controller, director and CFO roles.

While I was in public accounting I found little time to even study for the CPA exam, so I would be hesitant to suggest going for a MBA after starting with the firm. I agree with others - when the time is right, do it for you, not someone else.

In my career the resume experience of public accounting has opened many doors - interviews and initial opportunities, so do your best work, with a smile at your firm.

I am an unlicensed CPA and do get questions from time to time on "do you have your CPA"?, but it mainly comes from folks at tax time... I don't get the MBA question very often, but have helped many friends with enough of their coursework, so feel like I should have an "honorary degree" :)

If you find that you like tax work after being at the firm, I would stick with your CPA. Investment banking - position yourself to get into a program after a couple years, but before you get into a family mode. If you want to be a controller or CFO, get into the audit or consulting group at your firm for more accounting experience and then lateral over to private industry and keep moving up.

In the end what has driven the most success is (1) experience and (2) positive/can do attitude; that in my mind is what employers are ALWAYS looking for. Best of luck to you!