[rhodycpa]

Hello everyone, I’m just finishing up my B.S. Business Administration/Accounting degree, I have around 180 credits (the financial aid cut off, yikes!) and around $53,000 in student loan debt.

This is because I originally went to culinary school for Baking & Pastry arts (random?) which cost a LOT of money, and then when I graduated in 2007 the economy tanked and I couldn’t even find a $7.40/hr job in my field.

After all the dust has settled, I remember something on of my professors once said: never borrow more in student loans than your first year’s salary.

I’m not sure where he came up with that figure, but it seems pretty wise! So, my question to you is, is it really worth it to get my MAcc if I’m already planning on getting my CPA? I already have more than enough credits to sit, and I made sure I squeezed in some extra classes to fulfill the education requirements for RI.

Thanks in advance!

Enrolled Agent - August 2012

AUD - 01/05/13 (waiting)
REG - 01/26/13
BEC - 02/16/13
FAR - 04/20/13

[Anonymous]

Hey rhody,

Personally, I don't think a MAcc is necessary if you have the hours to sit for the exam. Most people get a MAcc just so they can become eligible for the exam. I'm skipping the masters program and taking more undergrad classes to become eligible for the exam because I personally think it's a waste of money to pay graduate tuition for something that most likely won't increase your earning power. If I were to get a masters in anything, I'd get an MBA further down the road rather than a MAcc.

As far as employers go, even the big 4 firms don't care if you have your masters. They just want you to have your CPA. In my interviews, they would usually ask “when will you be eligible to sit for the exam?” How you get that is irrelevant to them (at least the ones I talked to). I'm not sure if you want to go the public accounting route, but if accounting firms don't even care if you have your MAcc or not, I doubt many other employers do.

[Anonymous]

I have a couple friends in big 4. If you are planning to do audit, I wouldn't bother getting an MAcc. I have heard that a specialized tax focus MAcc can increase your marketability if you plan on making a career out of tax.

[Anonymous]

And just an FYI, a good friend of mine is graduating with her masters in Tax in June. She got a position with E&Y and her starting Salary is $58k (this is Seattle).

If you can find a masters program for $6k, go for it!… lol

[Mayo]

IMO, there are only two reasons to specifically get a Macc,

1.) you need the credits to take the CPA exam (150 hr requirement)

or

2.) You want to get access to campus recruiting.

Like akh89 mentioned, big 4 don't care how you get qualified for your CPA exam as long as you are able to get it done. However, a Macc might be worth the loans if you need access to recruiting and the program you are in is moderately recruited.

Otherwise, if you just care about your CPA exam, just get a certificate or the hours needed from a community college or online classes from a brick and mortar university (don't do U of Phoenix for pete's sake). That option is probably ideal for someone who has an accounting job and just wants to take the CPA exam to progress in their career.

Mayo, BBA, Macc

[Anonymous]

If you decide to go for a Masters, remember these two key factors.

Top school or cheap

Top school – like Ivy League or top 10 schools – the more prestigious the better.

cheap – defined as lowest out of pocket cost, so this counts if your employer pays tuition or you get scholarships, fellowships, TA-ships, RA-ships, or a dorm RA

Avoid student loans like the plague. Unless you got into a top school.

And if you're paying for it all out of pocket (student loans, etc) – then just go to the cheapest tuition school, none of this Devry, Cappella, etc. which cost a lot but are not highly ranked.

[Anonymous]

Hmm, this is interesting…CPA is definitely the ultimate goal…if you have the credits, a MAcc isn't do or die. I personally did go for the MAcc at a top 25 school, but I also needed the additional credits to be licensed. I will say this, I did find SOME of the classes I took in the Master's program to be value added, but not all. If I hadn't gotten scholarships, it would have cost me upwards of 40k, so being in debt only about 10k is a fair compromise for me. You have to evaluate all your money saving options (e.g. scholarships, grants, etc) and then make the final decision. Bobkorz is right though, don't go to some B.S. p.o.s. “school” (I use that term loosely) like Devry or University of Phx…they are a complete joke. Long-winded answer to your question: no, I don't think you need to pursue a MAcc degree if you already have the necessary credits.

[makinthemagic]

Don't worry about a MAcc if you have the hours and sufficient educational background to have a reasonable chance to pass.

Bec 4/11/11 91
Aud 7/11/11 75
Reg 8/31/11 80
Far 5/24/11 86
Ethics - 98
California Licensed CPA
Illinois Registered CPA

[rhodycpa]

Thank you everyone for your wonderful answers.

I don't know how I forgot about this, but at my new job (Accounts Receivable for a Union in RI) we get tuition reimbursement up to $6,000 a year for related approved programs. I'm printing out the information for the MAcc to see if it will get approved, so I can go part time and have it completely paid for.

Otherwise, if it's not approved, I'm just going to pursue my CPA. I appreciate all of the valuable advice from people who have done this before, it helps to put things into perspective.

Enrolled Agent - August 2012

AUD - 01/05/13 (waiting)
REG - 01/26/13
BEC - 02/16/13
FAR - 04/20/13

[Tootsie]

I got a MAcc for the knowledge and because I needed the extra 30 hours. You gotta think – will I benefit from having an MAcc AND a CPA. To me, hell yes! I have more loan debt than you. I know that in the long run that having a MAcc, a CPA, and big 4 experience will open A LOT of doors for me. Investing in a MAcc and CPA is worth it to me.

FAR - 76
AUD - 88!!! DONE!!!!!!!!
BEC - 76
REG - 77

never, never, never give up

[jelly]

Completely agree with Mayo. Don't get into anymore debt if you don't have to. Just pass those parts and get licensed. Heck, even if it will be paid for, just chill out and skip on the extra degree.

And don't bet your bucks on an MBA either – I've seen way too many become even more indebted and more involuntarily unemployed than ever.

Couldn't pass again!

[PunchedInTheGut]

I was a finance major in undergrad so when I decided to get my CPA I needed more accounting credits and was living somewhere (FL Keys) with absolutely no schools nearby. Decided to try Univ of Pheonix…..lasted 2 weeks. It was awful and way overpriced, I would never recommend. Ended up moving back up to VA area shortly after and paid about $18k for an MSA at a state school….I initially wished I hadn't spent the money and had just racked up the additional 20 credits I needed at the local Junior College. However I was able to land my coveted job with only 1 section of the CPA under my belt. I think that was partially due to the MSA. The extra salary that I made by getting the better job sooner than expected paid for the degree so I am not as anti grad school as I initially was. To DHAMILTONS point above, if you are looking at getting into tax I think make sense to get the masters in Tax. If you want to go into audit or corporate….not neccessary.

FAR 85
BEC 85
REG 70, 72, 84
AUD 74, 74, 94

[Author]

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