[mdrobbin]

What kind of knowledge do you gain from a Masters Degree in Accounting over and above the knowledge gained from obtaining your CPA License? Does anyone have their Masters in Accounting and think it provides extensive accounting knowledge on top of what the CPA process provides? Is it worth it?

I’m looking at it strictly from the perspective of gaining knowledge, not from the credential on a resume perspective. I’m (HOPEFULLY) somewhat close to the end of my CPA journey depending on how much trouble REG gives me. I have started to think what the next step is in further educating myself in my profession of finance/accounting. I’m already buried in debt from undergrad so an MBA is probably too costly.

I don’t know what Masters degrees cost (obviously varies) but I wanted to get some input from fellow A71’ers as to how much value there is to studying for a Masters in Accounting if you already have your CPA.

Thanks for any insight!

FAR - 2012 - PASSED (YAEGER)
AUD - 2012 - PASSED (YAEGER + NINJA NOTES)
BEC - 2012 - PASSED (YAEGER + NINJA NOTES)
REG - 2013 - PASSED (YAEGER + NINJA NOTES + NINJA AUDIO)

ETHICS - 2013 - PASSED

DONE!!! Thank you A71 for all the support! Hiya!!!

[MCLKT]

Most people get their Master's for one of two reasons: Credentials or to Qualify to sit for the CPA.

I've been told if you don't plan to get your CPA, at least get a Master's. However, if you already qualify to be licensed as a CPA, don't bother.

Knowledge wise, I think you will learn more from working/experience than you will get in school.

A:[73]97 F:[74]85 R:86 B:[74]82
*NINJA 10 Pt. COMBO & Yaeger*

[jambueh]

@mdrobbin

I cannot speak for myself because I do not have a MSA. But I do have an MBA; the department chair would not accept me because my GMAT score was a 460 and I had to get a 500 on the GMAT to get into the MSA program at Southern Illinois University Edwardsville. Also with the MBA; I did not have to do a thesis which was kinda nice. But while I was doing my MBA; I took accounting electives and many of my classmates were in the MSA program. One classmate had his MBA, CPA and was now doing the MSA. He said that he definitely learned a lot more from the MSA program than the MBA program.

I am sure that the MSA program is will worth the time and effort especially if you work in public accounting. I have also seen a lot of job postings that also require a MSA. If you live in IL close to St. Louis; I highly recommend SIUE. SIUE has a great accounting program. I would estimate the cost at 20k.

https://www.siue.edu/business/accounting/graduate.shtml

REG 80
BEC 71, 80
FAR 76
AUD 67, 83
I'm done!!

[FlipACoin]

I also have an MBA instead. An MBA focuses more on general business knowledge and since I already had a business undergrad, really didn't learn that much from the standpoint of topics. I did learn to advance my business communication skills (technical writing, presentations, meeting room debates…etc) but otherwise the MBA was just about the credentials. I cannot speak specifically for the Masters in Accountancy, but generally MS programs focus more on higher level theory and technical knowledge. For an area like Accounting, however, I just don't know how much further you can take it beyond what you learn through the CPA process. I imagine it's just a lot more theory and how you would apply that theory in a variety of different situations….

Regarding if you actually need it if you already have a CPA, I don't know if it really would help that much. I have heard that in Tax, the MS degree is a huge money maker, but not sure if the Accountancy equivelant is similar. At the end of the day, if you plan to ever get into corporate accounting, most larger companies begin to require a masters degree of some sort to break manager level, and since you need the 150 anyway for the CPA, I would recommend just picking one and plowing through it….but goddamn try to get your employer to pay for it!

[Anonymous]

Like FlipACoin said, since you need 150 credits to sit for the CPA exam, you might as well get a Master's Degree. That's why I got it.

[Mayo]

I'd say only three or so classes I took in my Masters of Accounting were really worthwhile.

Don't get me wrong. All the classes provide nice context that you can take with you.

However, I'd argue that only three of them contained info that I wouldn't have learned on the job eventually. If it's knowledge you want, get a job in public accounting.

Mayo, BBA, Macc

[Whatdidyou]

I was challenged like crazy in my Masters of Accounting program – waay beyond what I experienced in undergrad or while studying fo the CPA.

It really depends on the quality of the program though.

Most people arent “looking at it [Master's programs] strictly from the perspective of gaining knowledge”. Especially when they are “already buried in debt.” Generally there is another reason (employability, credits) that is pushing people into these programs (and unless you're rich, going just to gain more knowledge doesn't quite cut it).

With that said, applicable knowledgebase would be increased mostly by work experience. Academic/technical accounting knowledgebase by a Master's program.

REG - Passed!!
BEC - Passed
FAR - Passed
AUD - Passed

Study Materials: Becker basic course

[MCLKT]

@Whatdidyou – why did the middle paragraph of your comment give me Good Will Hunting flashbacks?

“…you dropped 150 grand on a f*ckin' education you could have got for a dollar fifty in late charges at the public library” -Will Hunting

https://www.youtube.com/watch?feature=fvwp&v=QnZ0Y4rvz6E&NR=1

-mdrobbin- I don't mean that as a reflection on your question at all. I just thought it was funny. I was considering getting a Master's in Accountancy too, but in the end decided to just go for the CPA. (I already had the 150 credits thanks to all of my undergrad major changes)

A:[73]97 F:[74]85 R:86 B:[74]82
*NINJA 10 Pt. COMBO & Yaeger*

[kayakate24601]

I have a MAcc. I got it so I could sit and because both my parents have their masters so obviously it was expected. I would say if you have your CPA, if the company will pay for it and then pay you more, go for it. If not don't. It's weird having my boss and his #2 both being CPAs and both only having an undergrad….I am one of 5 with an undergrad and only 2 of us have masters. The other lady got an MBA because she did not want to be limited to a MAcc.

B ~ 78 (04.02.12)
A ~ 70 (08.31.12) ~ 77 (10.05.12)
R ~ 81 (04.04.12)
F ~ 65 (11.12.12) ~ 73 (02.28.13) ~ 77 (04.01.13)

[neika822]

I have my MSA. I continued it right after my undergrad to get my 150 credits. I like having my master's degree. Makes me feel special :). Anyway, on the job hunt, I did see a lot of postings prefer candidates have their Master's degree.

Also, in Massachusetts, if you have your Master's, you can get a non-reporting license without any experience, which is to my benefit.

Now I'm weighing getting an MBA after my CPA or not. I have some time to think!

R - *77*(02/'13)-Becker & NINJA
A - 71('11); *87*(04/'13)-Becker & NINJA
F - *76*(08/'13)-Becker & NINJA - "server upgrade" survivor
B - 60('11); *82*(10/'13) -Becker & NINA

DONE, DONE, AND DONE.

CPA in Massachusetts; issued 01/24/14

[jw_83]

I have my MSA but I did it to change careers and be able to sit for the CPA exam. My undergrad was in Graphic Communications. It cost me about $40,000. I feel like studying for the CPA exam is harder than my MSA classes. However, this could be do to lack of time right now. At the accounting firm I work at I am the only one with a masters. So I hope once I pass this exam it will help me work my way up the ladder.

REG - 64, 72, 81!
FAR - 77
AUD - 79
BEC - 72, 79! And Done!

[Anonymous]

I have a Macc. In addition to helping me pass the cpa exam the knowledge gained was of high value.

A few of the professors had great backgrounds and wrote several books that are used throughout academia and in some industry(Forensic, XBRL to name a few). One was high up in the SEC so we had to do a lot of work about PCAOB/COSO and the SEC so those topics was a breeze for me on the exam.

They allowed us to have an indepth first hand working knowledge of applying the information into a working scenario (very extensive). Plus they got some very good speakers to come into the classroom. Furthermore some of those students in the Macc and other MBA students who took some of those classes as requirements had some expertise/experience in certain areas that they shared with us, so yes it is builds your knowledge base.

Although it was in a classroom setting I think the majority of the work/Knowledge gained can be easily applied on the job.

[Anonymous]

I got my MSA in order to meet the 150 requirement. I actually graduated undergrad with almost 140 credits, but I didn't want to take classes and not get another degree out of it, so I did the MSA. My program ran me about $17K in total and was entirely online through UConn. There are some required classes, but then they give you a good selection of elective classes so you can pick what interests you the most.

[mdrobbin]

@MCLKT… the line from Good Will Hunting is AWESOME and I think there is a lot of truth to it.

So I've been thinking a lot about how I am going to continue to educate myself after the CPA exam. I just can't afford more debt right now and my company covers some costs of an MBA but up to a limited amount. Even aside from the money there is a time committment to stick with the company… now I have no intention to leave my company right now but, then again, I'm young (mid to late 20's), and who knows what kind of opportunity could pop up out of nowhere tomorrow. Life takes crazy turns and I don't want to limit my flexibility with a 5 year time committment.

So I asked myself, what do I want? The credentials or the knowledge? And the fact is, I look at accounting and finance as a hobby, not a job. I want the knowledge. Unfortunately, with my financial situation, further degrees are not a reality. I'd like the stamp on my resume but it's just not practical. So my other option is to go Good Will Hunting style. Self-educate.

I started digging around online and in the last week I've uncovered how incredible some of the free resources are these days. Has anyone seen how awesome iTunes U is? There are colleges like Yale that release full lecture courses on finance and economics. Then there is Khan University funded by Bill Gates which is run as a Not for Profit by a former Hedge Fund Manager, Sal Khan. My brother told me about this other website called coursera. I also found this guy Josh Kaufman who LOVES the Good Will Hunting quote and runs this website called PersonalMBA (he quotes Good Will Hunting).

Long story short, I'm excited to finish my CPA and start self-educating in various accounting, finance, and economics courses at my own pace.

With an undergrad from Kelley at Indiana University (double major in finance and accounting), CPA (hopefully done soon!), and some good work experience under my belt, I think I can leverage some of these free resources along with strong networking and make it far without additional degrees. I know degrees will help from a resume scanning standpoint, but if I can't afford the degree, I want the knowledge.

Anyways, that was the reason I posted to begin with. I wanted to know how much knowledge is truly gained from a masters in accounting that I can't pick up somewhere along the road.

Here are some of the resources I have found in case you want to check them out…

http://www.personalmba.com (Josh Kaufman seems like a really sharp guy… love his perspective on education)

http://www.coursera.org

http://www.khanacademy.org

iTunes U (free with iPhone, iPad, etc.)

FAR - 2012 - PASSED (YAEGER)
AUD - 2012 - PASSED (YAEGER + NINJA NOTES)
BEC - 2012 - PASSED (YAEGER + NINJA NOTES)
REG - 2013 - PASSED (YAEGER + NINJA NOTES + NINJA AUDIO)

ETHICS - 2013 - PASSED

DONE!!! Thank you A71 for all the support! Hiya!!!

[mdrobbin]

Thanks again for everyone's insight, it's very helpful!

FAR - 2012 - PASSED (YAEGER)
AUD - 2012 - PASSED (YAEGER + NINJA NOTES)
BEC - 2012 - PASSED (YAEGER + NINJA NOTES)
REG - 2013 - PASSED (YAEGER + NINJA NOTES + NINJA AUDIO)

ETHICS - 2013 - PASSED

DONE!!! Thank you A71 for all the support! Hiya!!!

[Anonymous]

I'm a big proponent of the MAcc degree from my own personal experience, as long as it is from a quality school (quality doesn't meant expensive, it just means good!) In my program, I felt constantly challenged and had to keep working to get to the next level of knowledge. A good program in my mind will do a few things:

1) If it is indented for non-accounting undergrads, it will be at least two years. Unless you have a Bachelor's in Accounting (or a lot of depth in accounting from taking it on the side), once year is just not enough in my opinion. My background wasn't in accounting (economics was my undergrad), and I definitely needed two years to develop my skills. One year is totally fine if you've already got the basics down (intermediate accounting, introductory tax, basic finance and economics, and business law).

2) You are kept challenged and given professional opportunities. By this I mean that the classes are taught in a way that challenge you and enable you to grow, with good faculty. Professional opportunities can be networking, employer events/interviews, and opportunities to teach or get an internship/accounting work as part of your experience. These are features of an MBA program, but a good MAcc program will have these, which will make your degree more valuable.

I did work extremely hard to earn my MAcc (it was definitely a big step up from undergrad), but I strongly feel it will benefit me throughout my career, especially when coupled with a CPA. Whatever you choose, good luck!

[Author]

Replies