[Anonymous]

Hello all. I will be finishing up with my Bachelors (Accounting) soon and will be entering a Masters program to fulfill the 150 credit hour requirement to sit for the CPA exam. However, my school offers two Accounting related Masters Programs. Accounting and Forensic Accounting.

Any thoughts on which I should go far?

[Minimorty]

I know a lot of people don't want to admit this, but a Masters degree really is becoming the new bachelors degree. Most job applicants in the financial services industry have a masters degree. Because the economy has been so bad these last several years, a ton of people went back to school because they couldnt find the job they wanted. The market is flooded with candidates with masters. Professional designations set you apart from the crowd. I can tell you from first hand experience that we generally hire candidates with professional designations over candidates with masters degrees. Academia only goes so far. Real world, on the job experience goes much further.

[Peanut]

@Minimorty, I couldn't agree more.

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[Anonymous]

@minimorty- obviously holding a CFF credential will open more doors than a graduate degree. But you also have to get IN the doors in order to obtain the credential. A graduate degree takes a year and did you look at the eligibility requirements for a CFF?? It's not as though you can get that in a short period. It would be great to have it- but it's not as if it is really an alternative to graduate school (especially if you are trying to go to grad school to earn 150 hours)

[Anonymous]

@Minimorty – Thats even more reason to get a Masters degree. If a Masters is the new Bachelors, then the Bachelors is the new Associates. You don't want to be the person with just an associates so you better get a Masters.

[Minimorty]

@cole – I think too many people are far too short-sighted. Everyone is looking for the quick fix. The quick degree, the quick designation. Being successful doesnt happen overnight. You have to put in the time and effort. If a degree or designation was easy to obtain, it would not be worth very much.

It seems that people think they can go to school, get a couple degrees, maybe pass the CPA exam and expect to be making 100k. YOU NEED REAL EXPERIENCE. You need on the job training and you need to be able to apply what you have learned in an actual, real life setting. There is nothing wrong with taking an entry level job and working your way up after a couple of years. Work experience leads to experience and designations. Designations lead to more opportunities, more experience, and more money. Quick fixes solve nothing.

[Minimorty]

@Buffalo – I agree to a certain extent and I disagree to a certain extent. While the masters is the new bachelors, I think that not having a masters is easily overcome by work experience and professional designations. Your time is MUCH better spent WORKING for two years than enrolling in a masters program. During those two years of work experience, you are gaining valuable, real work experience. you are actually applying what you have learned in the past. Who is more valuable to an employer after two years: someone who has two years of experience doing the job or a potential employee who learned some stuff about that job during his masters program?

[Peanut]

I think having your CPA is MUCH more beneficial than having a Masters in Accounting.

AUD 81 (X4) Previous scores 59, 72, 72
REG 80 (X3) Previous scores 59, 60
FAR 75 (X2) Previous score 67
BEC 79 (X2) Previous score 58

[jeff]

Getting a Masters in Accounting is redundant if you have a CPA Certificate.

CPA > MAcc anyway.

I would go the MBA route *if* it's an either/or option.

With that said, you won't get as much out of an MBA straight out of school vs if you waited 5 years or so in the real world.

I needed 11 hours … worked full time for an accounting firm … went to night classes … did my 11 hours and bailed.

You can always start a business and get a “Street MBA”. 🙂

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[Anonymous]

The truth is that you don't need a Forensic Accounting Degree to do Forensic Accounting work. As long as you have accounting knowledge and CPA, they will train you to do the work.

[Anonymous]

@Minimorty – You also have to remember that I need 150 credits to be able to sit for the CPA. Therefore, I need an extra 30 credit hours anyway. So I could get the Graduate Degree with the extra 30 or just take a bunch of electives.

I feel that my time would be better spent with the masters. The question is Accounting or Forensic. And I will probably go after the designation as well when that time comes.

[Anonymous]

@Peanut – of course it is! But I cant sit for the CPA Exam without 150 credits….

[Anonymous]

@Jeff – Thanks for the info. It's AMAZING the amount of information you need just to make pre-career decisions.

[Minimorty]

@Buffalo – What is the degree costing you? Just wondering. I have a bachelors degree and needed 24 units of accounting to sit for the exam. I took a bunch of community college classes, mostly online, and knocked everything out of the way quickly. You have to weight the cost/benefit.

Do you WANT to make a career out of forensic accounting? A few people have pointed out that a Bachelors in accounting, a MAcc, and the CPA license would be really redundant. That being said, if you have no interest in forensics or dont want to pursue that as a career path, it doesnt make sense to get a degree in forensics.

[Anonymous]

@Minimorty – Bachelors cost about $35,000 … the Masters will cost an additional $15,000.

But remember I need 150 credits. My bachelors degree is 120 credits. Therefore I need an additional 30 credits some way, shape or form. Whether thats through a graduate degree, a double major, or random electives.

With that in mind, I assumed that getting a Graduate degree would be my best course of action given my options. If I could simply take my bachelors and get a CPA, I would do it! But I cant.

[Minimorty]

Right, but instead of spending an additional $15,000 on a grad degree, you could spend closer to $1,000 to just take additional courses at a community college. I'm just saying that it is an option to consider, I'm not suggesting you do it.

Are you borrowing this money? Paying out of pocket? Help from parents? These all need to be considered. For example, if you are taking on $50k in debt to get your undergrad and masters and you are expecting to land a sweet gig with no work experience, you may want to reconsider. Just make sure you consider all your options, you understand the job market, and you have some sense of what your career focus will be. Again, if you arent interested in forensics or dont want to do that for your career, it doesnt make sense to get a degree in forensics. If you are interested and want to pursue it, thats a different story.

[Author]

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