[Anonymous]

Considering enrolling in an MBA in accounting program. I’m 45, male. The program takes a little more than a year to complete and would cost me over 60K in student debt. Interested in entering forensic accounting, don’t care too much about the MBA. No real career that I currently have.

Waste of time and money?

[mla1169]

Entering accounting at 45-yes!

Taking on 60k of student debt at our age (ok, so I'm only 44 but close enough) absolutely no way!!! I'd seek a job with tuition reimbursement, stretch the program out over a couple of years and pay cash for each class OR look for a less expensive program.

I'm no Dave Ramsey but I wouldn't recommend entering into that much debt when we are supposed to be building our retirement savings……..

FAR- 77
AUD -49, 71, 84
REG -56,75!
BEC -75

Massachusetts CPA (non reporting) since 3/12.

[mla1169]

Entering accounting at 45-yes!

Taking on 60k of student debt at our age (ok, so I'm only 44 but close enough) absolutely no way!!! I'd seek a job with tuition reimbursement, stretch the program out over a couple of years and pay cash for each class OR look for a less expensive program.

I'm no Dave Ramsey but I wouldn't recommend entering into that much debt when we are supposed to be building our retirement savings……..

FAR- 77
AUD -49, 71, 84
REG -56,75!
BEC -75

Massachusetts CPA (non reporting) since 3/12.

[Anonymous]

Without the experience, I would say an MBA is not worth it. I would suggest either a Bachelors or Masters in Accounting.

[Anonymous]

Without the experience, I would say an MBA is not worth it. I would suggest either a Bachelors or Masters in Accounting.

[Anonymous]

The debt part of this is the real killer. The program is attractive to me because, once its completed in 14 months, it would allow me to fulfill all the course requirements to sit for the CPA. Short program. There's also supposed to be the possibility of securing an internship mid-program, which would cover most of the costs for tuition for one semester (actually, for one “trimester”, of which there are four). However, there's only the “possibility” of securing that internship, no guarantee, and of course there's still three other trimesters to cover.

[Anonymous]

The debt part of this is the real killer. The program is attractive to me because, once its completed in 14 months, it would allow me to fulfill all the course requirements to sit for the CPA. Short program. There's also supposed to be the possibility of securing an internship mid-program, which would cover most of the costs for tuition for one semester (actually, for one “trimester”, of which there are four). However, there's only the “possibility” of securing that internship, no guarantee, and of course there's still three other trimesters to cover.

[acamp]

What is your bachelors degree in?

I'm with the others, $60K in debt is not the way to go. Generally speaking, you can land a pretty good job in accounting without a high dollar degree. I have a bachelors and masters from a state school, cost me around $15K all in for both and still landed a Big4 gig.

I would look into what it would take to make your current degree “accounting ready.” That is, CPA requirements are generally, any bachelors degree, handful of accounting courses, handful of business courses and maybe some ethics.

The school I went to charged around $300/unit to take extra courses (that is, anyone off the street could sign up for a class without being enrolled–not sure if you can enroll in undergrad with a degree or that you would even want to). So, pretending that you need 60 units, at that rate it would run you $18,000. However, a third of those units could be taken at a community college (Accounting 1, Accounting 2, Economics, etc) that would meet the requirements for accounting and business classes. So assuming 20 units at maybe $50/ea at community college + 40 units at a state school, you're at $13,000.

It might not be the most glamorous way to get there, but it sure beats a $60,000 beast of a loan. And with a more manageable costs, the odds of you being able to cash flow (pay as you go) the education is much higher. Further, are you certain the 1-year program they offer will fully meet all the CPA requirements?

Ninja + Wiley Test Bank: [FAR - 81] [REG - 76] [BEC - 88] [AUD - 73](doh!)

Becker Videos: [AUD - 82]

California CPA

[acamp]

What is your bachelors degree in?

I'm with the others, $60K in debt is not the way to go. Generally speaking, you can land a pretty good job in accounting without a high dollar degree. I have a bachelors and masters from a state school, cost me around $15K all in for both and still landed a Big4 gig.

I would look into what it would take to make your current degree “accounting ready.” That is, CPA requirements are generally, any bachelors degree, handful of accounting courses, handful of business courses and maybe some ethics.

The school I went to charged around $300/unit to take extra courses (that is, anyone off the street could sign up for a class without being enrolled–not sure if you can enroll in undergrad with a degree or that you would even want to). So, pretending that you need 60 units, at that rate it would run you $18,000. However, a third of those units could be taken at a community college (Accounting 1, Accounting 2, Economics, etc) that would meet the requirements for accounting and business classes. So assuming 20 units at maybe $50/ea at community college + 40 units at a state school, you're at $13,000.

It might not be the most glamorous way to get there, but it sure beats a $60,000 beast of a loan. And with a more manageable costs, the odds of you being able to cash flow (pay as you go) the education is much higher. Further, are you certain the 1-year program they offer will fully meet all the CPA requirements?

Ninja + Wiley Test Bank: [FAR - 81] [REG - 76] [BEC - 88] [AUD - 73](doh!)

Becker Videos: [AUD - 82]

California CPA

[Anonymous]

I would definitely vote against the 60K MBA program. The folks above gave some very helpful alternatives to save you on the cost. You can probably look at state or city schools which are slightly cheaper than private schools. I would probably go with an MS degree instead. You get the same exposure to on campus recruiting as MBA students. But if you didn't have an accounting background, then I guess MBA would be the only route.

For instance, I had a business degree from a Non-AACSB school but went for an MS in accounting because I didn't feel that I needed an MBA. Also, not to discourage you but from undergoing OCR, I learned from a slightly older colleague that recruiters do prefer younger folks(a recruiter actually told him that he was a bit too old to apply for an audit position). I think it's totally ridiculous to age discriminate but hopefully, your location would be different.

[Anonymous]

I would definitely vote against the 60K MBA program. The folks above gave some very helpful alternatives to save you on the cost. You can probably look at state or city schools which are slightly cheaper than private schools. I would probably go with an MS degree instead. You get the same exposure to on campus recruiting as MBA students. But if you didn't have an accounting background, then I guess MBA would be the only route.

For instance, I had a business degree from a Non-AACSB school but went for an MS in accounting because I didn't feel that I needed an MBA. Also, not to discourage you but from undergoing OCR, I learned from a slightly older colleague that recruiters do prefer younger folks(a recruiter actually told him that he was a bit too old to apply for an audit position). I think it's totally ridiculous to age discriminate but hopefully, your location would be different.

[mena je twa]

Blue Ocean –

I would not do a MBA, after completing it and putting it on your resume, rcruiters will frequently tell you that you are over qualified for the job with no real accounting hands-on experience. Dont do a degree and be debt ridden if you cant even land a job or worse, not even put it on your resume.

I would do an undergrad in accounitng, take like accounting course Intermediate I & Inter II, Cost Acctg, Audit etc and then apply for an internship or a staff acctg position and go from there….

You can show to the future employers that you are attaining a degree in Acctg and working your way up……

Hope this helps and let me know if you have further questions.

Licensed CPA, Texas - 2012

[mena je twa]

Blue Ocean –

I would not do a MBA, after completing it and putting it on your resume, rcruiters will frequently tell you that you are over qualified for the job with no real accounting hands-on experience. Dont do a degree and be debt ridden if you cant even land a job or worse, not even put it on your resume.

I would do an undergrad in accounitng, take like accounting course Intermediate I & Inter II, Cost Acctg, Audit etc and then apply for an internship or a staff acctg position and go from there….

You can show to the future employers that you are attaining a degree in Acctg and working your way up……

Hope this helps and let me know if you have further questions.

Licensed CPA, Texas - 2012

[nicole2035]

not worth it, that much money for a year of classes? Then in 6 months you'll be paying it back. Not trying to put a damper what you want to do career wise but you do need experience for the CPA to work for you, so having the masters and license won't do that much for you early on. You very well could walk into a place and make no more than 40k. Then at cpa firms they hire an influx of new graduates, who very well may have more experience.

Many community colleges have certificate accounting programs, and I promise you what you will learn in almost every undergraduate accounting course is the same no matter what school. All textbooks will cover the same key points, so I don't think there's much value in trying to get a masters without experience to make your resume look better with that 60k price tag

[nicole2035]

not worth it, that much money for a year of classes? Then in 6 months you'll be paying it back. Not trying to put a damper what you want to do career wise but you do need experience for the CPA to work for you, so having the masters and license won't do that much for you early on. You very well could walk into a place and make no more than 40k. Then at cpa firms they hire an influx of new graduates, who very well may have more experience.

Many community colleges have certificate accounting programs, and I promise you what you will learn in almost every undergraduate accounting course is the same no matter what school. All textbooks will cover the same key points, so I don't think there's much value in trying to get a masters without experience to make your resume look better with that 60k price tag

[CPA50]

Hi blueocean,

email me at laho@ahoandassociates.com

I am a fraud examiner/forensic accountant and got started about your age. I probably have some personal advice that I can share off-forum.

AUD 88 (expired), 80 retake
FAR 64,69,67,73,67,73,73,73, August 3
REG 75 (expired) September 7
BEC 72, 77

The adventure continues...

[Author]

Replies