150: MBA, MAcc, vs Random classes?

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  • July 9, 2014 at 3:45 am #186842
    Kls238
    Member

    I’m struggling a bit to find a public accounting position, so I emailed my former professor to seek their opinion. One thing he said was that even though I passed a portion of the exam, I’m not going to get hired because I don’t have 150 credits. Since I’m only a few credits shy, he suggested that I take any classes I can receive credits for even if it’s gym, basket weaving, etc. I’ve actually had my career counselor at school tell me this, too. She said they’d rather have me have the 150 than “working toward 150 through MBA/MAcc..”

    Is this true? I would have no problem with going for easy classes to get the 150, but I’d hoping to pursue my MBA or MAcc once I pass the exam. My current job doesn’t pay well enough to pay for these exams, random classes just to get 150, then grad school, especially since there’s no guarantee I’ll immediately get a job in public accounting if I do take random classes and get the 150.

    Has anyone been in this position? Or have any input?

    Passed all sections.

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  • July 9, 2014 at 3:59 am #579673
    Anonymous
    Inactive

    The MAcc always seemed like a bit of a useless degree to me, created as a barrier to entry in the accounting field and of little other value. If you can get away with random courses, and it'll be significantly cheaper and significantly faster to do that, I don't think it is at all worth it to pursue the grad degree other than wanting more letters on your resume. Unless it's an MST, I guess, that seems like a cool degree to have for tax people.

    MBA is a different story, I don't know much about it, but from what I have read here and other forums, it's really not a, “I just finished undergraduate, time to get my MBA” kind of degree. It's more a, “I've been a working professional for 5-10 years and now I need additional credentials to move up in my company (and they'll probably pay my tuition to boot)” type of thing.

    In the end, a CPA trumps a MAcc and that's why I don't think it's very worthwhile. The faster you're eligible to be a CPA, the more attractive you are to hire. The CPA is harder, more prestigious, and is actually useful, whereas the MAcc just shows you could pass a few more classes that happen to be 5000 and 6000 instead of 3000 and 4000. Of course, if you have 120 credits and your choices are 30 random credits or 30 graduate credits and they're similarly priced, sure, go for the MAcc. If your state requires more accounting classes, yeah, get the grad degree. But if you're 6 credits from 150 due to to a double major or something and have nothing stopping you from taking underwater basket weaving I and II at the local community college for <$1000? You'd be throwing away money to get the master's. Both in actual money and in opportunity cost. Every year you work without being a CPA is less money than you could've made. And a 30 credit grad program will certainly take more time.

    July 9, 2014 at 4:21 am #579674
    fuzyfro89
    Participant

    Yes, most public accounting firms want you to be CPA eligible (150 hours) except for the experience requirement. Check your state website to see if they have specific requirements for accounting credits.

    It stinks, but they are able to find enough people who are able to meet that requirement.

    Why do you want to get your MBA/Macc *after* passing the exam? The MBA is useless without work experience, and a Macc is a pointless degree because it was only created to help people get to 150 credits, unless you come across a job that requires it (haven't seen many that do). Am I misreading your question?

    July 9, 2014 at 4:39 am #579675
    Kls238
    Member

    Thanks for the input, @dragnets. You brought up several points that I initially didn't think about.

    @fuzyfro89, what I meant by “MBA after the CPA” is that I would like to pass all the CPA exams, then get another degree (MBA, MAcc, etc). I have several health problems, so working, CPA, and MBA would be a challenge. Ideally, I'd like to get my MBA after in public accounting for awhile, but if employers won't hire me unless I have 150 then I was considering enrolling as soon as I complete the exam. I that explains it better.

    I'll probably just find cheap random classes, then get my MBA later. It might be the best option since an employer might pay for the MBA like @dragnets said.

    Passed all sections.

    July 9, 2014 at 1:22 pm #579676
    Anonymous
    Inactive

    Look into CLEP tests. They cost around $100. My school gave 4 credits for most tests. All I did was read a review book in the morning, and take the test in the afternoon. I passed every test I took that way.

    July 9, 2014 at 4:59 pm #579677
    fuzyfro89
    Participant

    Ah, yes, that makes more sense.

    I stand by what I said though. If you can get the required education credits some other way, then a Macc is pointless (unless it's a Masters in Tax.. which some specialized tax fields prefer).

    Same with an MBA. It's just not that helpful unless you get into a decent program. Not all of us want to work at Mckinsey, but I'd say anything outside of a top 30 MBA starts becoming decreasingly helpful to your career.

    Public accounting doesn't really value an MBA.

    The exception is if you do it part-time while working, or your employer helps pay for it, or however it works out it comes out to be inexpensive out of pocket, then go for it if it makes you happy, but the numbers probably won't help much, and you'd be better off just working harder and getting promoted for 3 years then all the work you'd put into your MBA.

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