Going for a Masters after earning CPA

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  • #198766
    the LAST Coffee
    Participant

    Hi everyone. Eventually I will have earn my CPA designation, perhaps later next year (June 2016) after I pass REG and earn 2000 hours/12 months work experience.

    I’ve already got my education requirements and everything… Yet I’d like to go back to school anyways. University of Oregon or University of Washington sound really nice or Boise State even. I’ve seen many part-time jobs in the area (Eugene, OR specifically) so it’s just a matter of moving there after passing REG I suppose (and quitting my current job which pays below competitive pay).

    For tax people (I’m in tax), obviously a Masters is a great educational move. But I definitely prefer Auditing. I heard from too many people that you don’t need a Masters if you’re in auditing and doesn’t help your resume much.

    I guess I really miss college (lol). I miss the excitement of making new friends and achieving goals (getting a Masters) that no one in my family had ever achieve.

    Is that really worth the hefty education price though? I’d like to hear thoughts from you guys!

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Viewing 15 replies - 1 through 15 (of 15 total)
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  • #750372
    acamp
    Participant

    Well its a trade off:

    Cost of Education + Forgone Career Progression While in School in exchange for a masters…

    A masters as you mentioned, that is not a requirement and does not give you a bump in the audit world. Not saying that a masters won't help as your career progresses if/when you end up outside of audit, but it won't change much for you now. (most public firms give a slight initial pay bump for a masters, but it erodes after two years or so–you get smaller raises).

    If you don't mind slowing down your career and can pay CASH, and you really really really want a masters, maybe go for it. Otherwise, I definitely wouldn't be getting into student loan debt to chase a dream with no clear return on investment.

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    #750373
    12tang
    Participant

    Most go for a masters so they can qualify for the education requirements to sit for the CPA. It's my understanding (given where the demand and supply lays in the field of Accounting right now) that having your CPA is enough to give you a leg up in terms of being competitive. I really don't think it's worth it to pursue a Masters if you already have your CPA unless you wish to teach. In that case, I'd recommend going for your doctorate instead.

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    #750374
    ocarina
    Member

    You will meet plenty of new people and make tons of friends in a public accounting firm.

    The Masters should be saved for later in your career when the employer pays for it or you want to use an MBA to get out of accounting. Fill your free time up with certifications, learning your job (if applicable) and just investing in your interests.

    I say this as a fellow hopeful CPA here shortly with all my degree credits & work experience already in the bag. A CPA is a Masters degree equivalent and you should let loose a little bit…

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    #750375
    Missy
    Participant

    There's really no ROI for a masters once you have a CPA but if its something you truly want as a personal goal that shouldn't stop you. But do find a job that offers tuition reimbursement and let it be on someone else's dime. There's no reason in the world to work part time while you're in school, get a nice f/t job and do the masters at a slower pace.

    Licensed Massachusetts Non Reporting CPA since 2012
    Finance/Admin/HR Manager

    #750376
    saemandr
    Participant

    As someone who is pursuing the CPA currently, doesn't have a Masters, and is in Audit.. nobody cares about your Masters.. no one even asks if you have one, it's all about the CPA

    As someone who has $150k in student loan debt from undergrad… don't even think about taking out student loans to go back and get a useless Masters, just because you want the fun and perks of college…

    I think everyone goes through a phase where they really miss college, but do what I did.. I went to a medium sized school that is big in football (and also a 22 hour drive away from where I currently live), so I joined the alumni club in my area.. I go back for football games, etc.

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    #750377
    Anonymous
    Inactive

    OP mentioned he prefers audit- i concur with prev posters, no “professional” reason to get a masters in audit.

    had you preferred tax, i would certainly recommend an MST- in industry ive noticed most people have more MST's than CPA's.

    as an anecdote, i went to work for my first CPA firm right after getting a masters in accounting. i thought i was a bigshot out of grad school with a masters degree. my boss quickly put me in my place and i quote “your MSA dont mean shit- go get a CPA if you want to do anything in this field, I cant bill you out at a higher rate just because you have an MSA” i quickly realized i will be pretty much worthless in public accounting (aka plateau after 3 yrs) until/unless I get my CPA.

    #750378
    fuzyfro89
    Participant

    EESTI put it very well… the CPA is meaningful in the accounting fields far more than a Master's, especially as the years pass after graduation. If you are struggling to get hired due to a poor undergrad GPA or non-reputable school in a location without much job prospects, than getting a Master's could be helpful.

    Since you mentioned you prefer audit, a Master's is even less useful. Tax… a bit more, but still the CPA is the gorilla in terms of recognition.

    Normal reasons to get a Masters:
    – to make up for poor undergrad (school or GPA)
    – to get enough credits for license or exam
    – to re-brand and get back into it after some time off or doing somthing different

    Since you seem to just want to return to school, there's no professional reason to do that, but there may be a personal benefit. That's something you have to judge.

    #750379
    Anonymous
    Inactive

    I thought about doing the same. I have 150 and finished the CPA. Technically, probably 4 classes away from officially getting a masters. Will it help my bottom line? No. Will it set me apart from other cpas? No. Will it cause me more stress because now I have to juggle work and school/homework? Yes. Will it cost me more money? Yes. Moral of the story…. Pat yourself on the back for passing one of the hardest exams ever. Find another job that will pay you more money. Get other certificates like the cfa,cisa,or cia if you want something else to study.

    #750380
    taxsage
    Member

    I will play devils advocate and say that a masters have some value. If you have a masters and a CPA it shows that you value education and have accomplished all the major academic hurdles that an accountant can be expected to do.

    That being said the return on investment may not equal the amount you actually paid. Masters in accounting is not considered after you receive the initial job offer; aka in promotions. At best a masters in accounting gives you a “thats nice” moment for a brief second during the resume review process.

    However there is value in the knowledge one can obtain. How much value is an individual thing and is not monetary in nature.

    I would hold off on the extra education personally. Give yourself a few years to determine whether you want to be accountant and see where your career takes you. Most auditors have aspirations to be Controller or even CFO. If you want to eventually get one of these positions an MBA may help. In which case the masters in accounting will soon be over shadowed by the more prestigious degree. Most top tier MBA programs would like to see at a minimum the title Accounting Manager on the application.

    I think leaving your job after 12 months is a huge mistake. I made a simlar mistake and have to say that a person should really stick it out at there first job for a minimum of two years. 1 year of experience is garbage in todays economy and will often not get you in the door for most entry level jobs. You may risk graduating with a masters only to find you cant find work.

    Put another way one year of experience will tell future employers that you have commitment issues and will take the path of least resistance whenever possible. That one year of experience will provide a red flag on your resume that a masters degree will not make up for.

    #750381
    Jason
    Participant

    @cpa8488, you nailed the whole predicament in its head.

    I was quite in a similar situation when I was an undergrad; in contemplation, I knew I needed 150 credits to qualify for the CPA, so I went for the double major in finance rather than the MACC. Although, I had some classmates who went for the MACC and were able to land audit/tax gigs with Pdubs, DT, and local Honolulu CPA firms. Currently, I'm working at a local CPA tax firm with student loans paid off (not having to waste a minute of figuring out to pay it off if I took the MACC route) and on the start of my CPA exam journey coming this January.

    Filled with uncertainty, the treacherous journey has begun.

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    #750382
    Anonymous
    Inactive

    If you ever decide to move into industry, many larger companies actually pay for your masters. In some companies, you get a pay bump with a masters and/or it can make you more qualified for certain promotions. I finished my masters part-time because my company paid for it. It helped me land a promotion and I think it played a part in my salary (not 100% sure because the compensation calculations for my company are confidential).

    However, it sounds like its not a huge deal in public accounting.

    #750383
    funtiks
    Participant

    I plan to enroll into an MBA program so I can participate in campus recruiting and have a shot at the big4/top 15 firms.
    Hopefully I can start full time, but finish the degree later on

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    #750384
    eproulx
    Member

    I actually just graduated with my Masters degree from the University of Oregon. I didn't go there originally for my undergrad, but it was the best year of college for me by far. It is a fantastic program. However, I did just go to get credits to sit for the exam. I went through recruiting with a lot of the local CPA firms in Eugene, but ended up at one of the big 4 in Portland. Oregon does have an amazing recruiting program for students and a big percentage of students get jobs within the first 2 months. I still don't think it is necessary to get a Masters degree and most recruiters don't really care, but you do get priority when it comes to recruiting season. I was coming from CO so I needed an extra year to sit anyway, but I wouldn't take my graduate year back for anything. It was a fantastic experience.

    #750385
    win2bet
    Participant

    bad idea to go for your masters since u already have the CPA. go for an MBA

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    #750386
    Stilgoin
    Participant

    I have an MBA and I feel like I have a broader education about business. Consulting is one of the fastest growing branches in many accounting firms. Having an MBA might be more beneficial than a Macc just because you will be restudying everything you just studied for the CPA in the Macc program. I learned so much in my MBA program, and when I go to an interview or just talk to CPAs, it is very evident that my education about business is much more relevant to today’s business world than people who have only studied accounting.

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