[Anonymous]

Hey everyone,

I am about to enter my third year at UT Austin and I was recently notified I didn’t get into the 5 year MAcc/MPA/BBA program here. For those of you that aren’t familiar with the program it allows undergrad students to get their MPA and BBA degrees in 5 years without having to take the GMAT for separate admissions into the traditional MAcc program.

With this I need some guidance. My option only now is getting my BBA in Accounting but I am concerned because I don’t know if its worth it. Moreover I am more concerned about my future prospects. Now that I am denied admission to the program I don’t know if it is even worth to get a MAcc or even sit for the CPA exam since my ultimate goal is to enter corporate finance and possibly law school.

With this I was wondering is an MAcc worth it now considering my career goals and if so how would it work with my current situation? Would I continue my regular recruiting for internships and accept a full time offer or would I have to forge all of that and bank on the fact that I would have to get an MAcc and put all my money into that and risk it?

Any help and guidance would be appreciated

[I just love this]

Would you graduate CPA ready with your BBA? If so, forget grad school and flood the job market. If not, find another MAcc/similar program. Whatever you do, do not go to law school.

REG- Waiting 7/1/13
BEC- Waiting 7/23/13
AUD- Studying 8/12/13
FAR- Signed up 10/1/13
Studying with CPAExcel and Wiley Test Bank.

[P or F.. I think Im gonna BARF]

@American, I also did my undergrad at McCombs and after not getting a 4.0 in the preliminary ACC classes (seems like only a 4.0 would get you into the 5 year program), I realized I wasn't going to get into that program so I changed majors to BBA – Management. Do you for sure want to go into accounting? If so, what area are you interested in – audit, tax, advisory, forensics, etc.?

I worked a couple of years after McCombs, and then went back to school to get my MS in Accounting at UT Dallas. They have a fantastic program if you are interested in Advisory. If you're interested in Tax, I'd recommend getting your GPA/GMAT as high as you can and taking a look at SMU for your MS. Either way, if you want accounting in Texas, you're going to have to get your MS (or MBA) considering the 5 year option is no longer available to you.

B - (08/29/2013) Passed
A - (07/02/2013) Passed
R - (10/17/2013) 73 - Rematch
F - (05/29/2013) Passed

[wizards8507]

I'm curious… If your goal is “corporate finance or possibly law school,” why are you an Accountancy major? One would think Finance or Pre-law would suit your interests. Regardless, plenty of people graduate with a plain old bachelor's degree in accountancy and have successful careers. Masters in Accounting programs are a dime a dozen these days since all states have adopted the 150-hour rule. You should be able to find a part time/online program to get your MAcc/MSA and even work a full time job after you earn your undergrad.

NY CPA

[P or F.. I think Im gonna BARF]

If you're set on becoming a CPA and don't want to do an MS program, why not just double major in accounting and finance? Get enough undergraduate hours to reach the 150 mark, and you'll be set.

B - (08/29/2013) Passed
A - (07/02/2013) Passed
R - (10/17/2013) 73 - Rematch
F - (05/29/2013) Passed

[Anonymous]

Is an MS program just for the sole purpose of reaching the 150 hr mark or are there other benefits?

[mla1169]

Depends on your states requirements. In MA, you can waive the experience requirement (and get whats referred to as a non reporting license) but only with a MS. If you simply have 150 credits without the MS, you need the experience component. But I think as a general rule the MS isn't necessary.

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

Massachusetts CPA (non reporting) since 3/12.

[P or F.. I think Im gonna BARF]

I'm assuming if youre at UT Austin, you plan on staying in Texas? Here, the MS is soley useful for getting the 150 hours. If you find another way of doing it, you should be fine. In all the interviews I've had, I don't think anyone really cared much that I had the MS, just that they knew I was CPA eligible. I agree with other posters though – if you don't want to go into accounting, why do it as a major? You're at McCombs – they have great programs throughout the business school. I'd consider changing majors, and taking some ACC courses as electives… assuming you want to go into corporate finance / law.

B - (08/29/2013) Passed
A - (07/02/2013) Passed
R - (10/17/2013) 73 - Rematch
F - (05/29/2013) Passed

[Anonymous]

CPA License + 1 year of experience > MAcc

It's probably a better investment to just pass the CPA exam and start getting experience. This would make you more employable than if you just did the MAcc instead.

[Anonymous]

For those of you all that asked why Accounting if I wanted to go into Corporate Finance because firstly I enjoyed my accounting classes a little more than my finance classes and secndly Corporate Finance is essentially nitty gritty accounting at Fortune 500 companies. As for the law school idea (still not concrete) I am hoping to become a Tax Attorney eventually, which is why getting a JD is a possible option for me.

I appreciate all your answers by the way! If I decide not to do MAcc and get work experience and take the CPA how manageable is that? I assume its fairly doable? Also another thing I am worried about is the whole recruiting issue. I have a feeling recruiters will favor the student in the Integrated BBA/MPA program who is also in their third year opposed to the regular BBA Accounting student, so as you all can see this is a big decision for me!

[wizards8507]

@americanpsycho

I was in a traditional BBA program and I had job offers from two Fortune 500 (one of them in the top 100) companies by December of senior year. Most of them will give you an on-campus interview with little more than a decent GPA. At that point, it's all about laying on the charm and making them like you as a person. I got my MAcc online and passed all four sections of the CPA exam in exactly one year while working full time for the Fortune 100 company.

VERY smart going into tax law in this market. There are tons of law graduates who think they're going to be big time trial attorneys and they're having trouble finding $50,000 jobs right now. When the economy took its nosedive, grad school enrollment shot up because undergrads weren't getting jobs. Now, those grad school kids are graduating and the market is flooded.

NY CPA

[jelly]

How much work experience, in terms of internships or as a receptionist or any other role, have you had in these areas that you mention, i.e. corporate finance, law firm, tax law group?

There's people in corporate finance who have some combination, maybe not all, of the following: undergrad degree in accounting, Master's in Accounting, MBA, CPA license. It makes it a little easier to get into corporate finance with some or all, but these degrees and licenses are no guarantee of employment or job security.

I would strongly suggest you continue with the internship/recruiting process so you can get a glimpse of the profession(s) you are interested in.

Couldn't pass again!

[Author]

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