[NYaccountingstudent]

In September I will be applying for my school Master of Science in either Accounting or Taxation.

What are the advantages and disadvantages of each?

This is my first port ever on another71.com but i have been lurking for the past few weeks

[gans555]

I just graduated undergraduate in accounting and I am doing a one year MACC program starting in the fall. I did a tax internship in this recent spring semester. So I think I can honestly say I've seen both parts, and I've come to this conclusion. What do you want to do? If you wanna have a nice little CPA firm and do bookkeeping and tax returns for local businesses, go the tax route. However, I just straight wanna get a job with the big 4 (wanna be a partner someday). The MACC program I am going to sets me up perfectly for that. Classes include SEC filings, Fraud Examination, and an advanced auditing class. So in conclusion, it's really what you wanna do. However, there really is no wrong answer. Your getting a master's degree, I'm sure the payoff is gonna be huge.

By the way, what school are you going to go to?

[bighitter56]

Like Gans555 said, it is about what you want to do. If you want to work in auditing go with Accounting, and if you want to work in tax go with taxation.

Additionally, if you would like to get into consulting or corporate accounting (as a controller or in some other corporate finance job) one day, I would consider an MBA if your UGPA and GMAT scores are high enough to get into a good school. Also, the return on investment of such a program isn't a sure thing. No matter which school you choose, some students will experience excellent returns on investment, while others simply do not. You should consider the cost of the program, the length of the program, the schools reputation, and the school's placement office.

BEC- 86
AUD- 96
REG- 83
FAR- soon hopefully

Using Wiley CPA Review Books and 2012 Wiley Online Test Bank
MBA in Finance & Strategy

[HFinn]

If you're wanting to get some exposure to something related to your eventual career choice, the above advice is pretty good. It also gives you a way to talka bout your desire for one route versus another. For example, “Well, I decided to get my Masters in Tax because I'm very interested in the field and wanted to get as much exposure as possible. That's why I think the tax associate position would be a good fit for….” blah blah blah.

I will say that from the perspective of most recruiters/firms, it usually doesn't really make a difference. Most states require 150 hours for the CPA exam, and that's the main reason many people go for their Master's in Accounting. So in the end, they're concerned with your GPA, extracurriculars, CPA exam eligibility, and fit with the firm.

So unless there's a real interest to go one route versus another, you have the option of just taking whatever sounds interesting, taking easy classes, or taking classes that will strategically help you with the CPA exam (Nonprofit/Governmental Accounting).

[NYaccountingstudent]

thanks for all the lengthy responses. i go to Hofstra University on Long Island.

it's not really a waste of money because the Masters program is accelerated (you start graduate level classes in your senior year) so it will be a total of 5 years, which I need to sit for the CPA exam in my state (NY)

So even if i didnt want to get my MS i would still need to go for a fith year and double major or minor in something to get my 150 credits.

[Anonymous]

What is your undergrad degree in? Mine is in Accounting and I decided to go for an M.S. in Tax. I did so (as opposed to M.S. in Accounting) for several reasons, among them are:

I was advised to do something more specific than an M.S. in Accounting, since my bachelor's degree is in Accounting

I work in tax in a small firm, and if I move to a larger firm, the M.S. in Tax would (probably) be more beneficial

I have considered teaching on the college level, and I feel that the M.S. in Tax may give me more options

It depends what your undergrad degree is in, and what your reasons would be for going for an M.S. in Accounting vs. Tax.

[JakeO]

In the end, having a CPA will trump any degree you have. Most people go for just a good old masters of accountancy. Those who have a master's in tax typically have already worked in that industry and have decided its right for them, so they want to expand their knowledge of the area. Like another poster said, an MBA isn't a bad choice either, especially if you have an undergraduate accounting degree, and if you can get into a good program. If the program you get into isn't great and doesn't offer a lot of recruitment, then i think a masters of accountancy is the way to go.

AUD-Failed (Waiting for Score)
BEC-PASSED (First try)
REG-Failed (Retake February 2013)
FAR-Failed (Retake January 2013)

[Author]

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