Hello,
I think there is more to actually think about on this topic, here's what I can tell you after thinking about this for 5 months prior to my graduation in May:
I am on the same boat as you do, except I am in NYS. I just graduate from college in May, not too long ago. I start working full time since the beginning of the year. By the way, just to let you know, NYS and NJS share the same exam requirement (120 sitting rule). My job is 40-45 hours per week and 15 mile away from home!
So the question is: Should I take the exam or go to school first?
Unless you are in a very good master degree, chances are, you won't learn anything too useful in regard to the CPA exam during your master program. I have friends in master program, which I agree they learn important and useful stuff, but those materials are too deep for the exam that it will NOT appear on your test paper. Also, if you are thinking about going to Big 4, especially E&Y and Deloitte (in both NYS and NYJ branch), I can tell you that you take in the CPA exam “kinda” help you but the stuff you learn in your master “really” helps you (especially accounting communication). At least that's what I learn from my master degree auditors & friends, as well as friends & auditors working in the Big 4. Personally, I do not work for the Big 4, but I see the Big 4 people every month and I work for some other Big 4.
Personally, I think I can only do one thing at a time, considering that working and paying my rent is a must! (And for tuition too). Now I can only do 1) Work + School or 2) Work + exam.
What's the benefit of working and studying the exam. I don't really know. But I think if I have to compare, I think the exam is more difficult than taking a master. So! Since I only have certain amount of brain cells, and that my brain cells die out as I get older, I should take the more difficult one first. Also, what's the point of taking a master in accounting when I can't pass the exam? There is really no point. Let say if I take my master but I can't pass the CPA exam, I am as good as a Bachelor. But let say if I figure I can't pass my exam, I can also choice to take a master in something else to enrich myself.
The next point is: 150 credits. Let say you have 122 credits, you need 28 credits more. There is really a lot of option, 1) If you really want to get the 28 credits in one year, you can take a MS in accounting. A lot of school offer MS in accounting to make up the 150 credits requirement in NYS and NJS. 2) You can choose to take individual class, you should download the 150 credit requirements from NJS and brings it to your desire school. Take the missing class exactly on the list only and then you send in your transcript. It's not necessary to take a master degree to do the 150 credits. (According to the NYS coordinator I speak with on the phone). The website say: “Completed a bachelor’s or higher degree AND a minimum of 150 semester (225 quarter) hours in college level education to include the following.” So that really means, feel free to go back to college and take single classes.
I think you should really think about it, especially if you want to go for Big 4. With a master and no exam you are just a normal person, but with exam and no master, you look special and might actually get an interview on the master school career fair to work as interns and then hook up to a position. I think the truth is: Since I want to get a MBA in a good school, I think having the EXAM on my resume and my cover letter certainly will get me into the competitive program easily! (And maybe get me school scholarship too!)
Hope that helps!
New York - NYC
Passed CPA Exam (11/2014)
In search for a position in NYC that will fulfills the license requirement.
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