hawkmante
offlineMember
Just curious what the overall opinion of the two.. any should haves, regrets, or any encouraging comments would be helpful.
dtomasello
offlineMember
It has a purpose just nothing to do with teaching. A masters in accounting is for people who didn't get a bachelors in accounting but want to become a CPA. If your looking for a valuable continuing education degree either a Masters in Taxation or MBA in Finance, something along those lines, are good choices. If you already have the bachelors in accounting a MSA is completely redundant and adds little value (other than if you have a state specific 150 credits requirement for CPA).
PhDCPA
offlineMember
I did a masters in accounting because I don't like management and marketing classes. I didn't really see any point to sitting through those classes since I wanted to be an accountant anyway. I don't think any of my accounting classes in my masters program were redundant and taking corporate tax and non-profit / gov't accounting helped me on the cpa exam. The masters in accounting program was only 1 year as well, while the mba was 2 years. I don't regret my decision.
TXCPAGAL12
offlineMember
I agree with PhDCPA.
Here are my opinions:
MBA- Helpful if you are looking to be in corporate executive-level management someday, and especially if you don't plan to be in the accounting field the rest of your life but do plan to be in business. (i.e. maybe you want to be an investment banker, economist, etc) Great for those with entrepreneurial tendencies too.
MAcc- If you are not interested in venturing out into other business roles and would like to stick with accounting, this is a good option as well. Executive-level positions are still possible with this degree and a MAcc establishes you as a proficient in the accounting world and not just in general business administration.
Bottom line: Look at the degree programs and choose what you feel suits you best and what you see for your future. Either way both are good to have since they are graduate degrees and will set you apart from the rest who just have undergrad. Speaking from personal experience in the corporate world- MBAs are a dime a dozen and the only ones who really benefit immediately following graduation are the ones who spend $120K + for the program at some overrated ivy league school. Before you can get to the top at most companies, you have to prove yourself with experience and not just getting some letters on your resume and an expensive piece of paper. :-) Trust me.
As a side note, I have both my graduate and undergraduate in accounting and I do not regret it one bit. I considered the MBA program, however I am passionate about accounting and wanted to stick to that and build on it. So far it has greatly paid off, and my supervisors and peers respect me just as much as the others in the corporation who have an MBA. Also- in private accounting any type of master's degree will significantly bump your pay- whether you paid $100K for the degree or $20K. I'm sure you catch my drift by now. Good luck!!
Acct
offlineMember
I don't know if you would consider this, but I'm going for an M.S. in Taxation. The program I'm in is 10 courses and can be done in 1 year (full-time) or more (part-time).
I decided to go for the M.S. in Tax as opposed to Accounting for several reasons - my Bachelor's degree is in Accounting, I was advised that an M.S. in Tax would benefit me whether I continue working in tax or teach on the college level...etc.
I was talking to a couple of people in college who are going for an MBA and they were saying that they will probably end up going for an M.S. in Tax as well...but that just may be due to the type of job they plan on having,
undeniabletwins2
offlineMember
Hi,
I hold a Bachelors Degree in Business Administration and a Masters of Science in Accounting. I initially wanted to do a MBA in Accounting but changes my mind based on the fact that the MBA was way too expensive and it was very broad in terms of Marketing, psychology, and some other courses that i though was already covered in my Bachelors so i did not see the need to redo them again. The MSC goes more into some course like Advanced Auditing, Advanced Financial Accounting, taxation, business law, corporate finance and IT. These course were the ones i was most interested in since i worked all my life in accounting and auditing. I did not like marketing at all it is not one of my best subjects plus some others i did not mention. The coursse in the MSC were the once i needed to pursue CPA which was my next step to complete my education. I enjoy the course however stressful and hard being pregnant with twin boys at the time but i am happy with my decision and think i made the best choice.
dtomasello
offlineMember
How about the difference between a Masters in Accounting (MAcc) and a Masters of Science in Accounting (MSA)???
That I don't really get.....
@undeniabletwins2: MSC??? That's different, never seen that acronym before. I'm assuming your refering to the MSA?
bullandre
offlineMember
"How about the difference between a Masters in Accounting (MAcc) and a Masters of Science in Accounting (MSA)???"
They are the same thing. It's just another way of saying it. For someone like me who came through the British system I sometime use Msc or Bsc.
For those doing/who did a Masters in Taxation, are there many entry-level employment opportunities for Big 4 firms in tax? Is there a significant disparity between opportunities in TAX and AUDIT? Also, if I start out in TAX, is it difficult to TRANSFER to audit? The reason I ask is that I'm currently in MACC program but I would be required to do 40-odd credits VS the tax program which requires 30 something (1 year). Truthfully, tax isn't my preferred area but me finishing the program early is my top priority.
See Pee A
offlineMember
Why not get an MBA and concentrate in accounting? A MAcc is only necessary if you need help getting your 150 and don't have the work experience for an MBA. If you're going to spend 1 year for a MAcc, might as well get a slightly more recognized degree (MBA) as well as a more varied skill set.
bullandre
offlineMember
The MBA takes too long and I'm trying to get a new job in the accounting field as soon as possible. The MBA programs I planned to enroll in NYC (NYU + Baruch) required me to do over ALL the general Business courses that I already took in undergrad.
Acct
offlineMember
@bullandre
Not sure I understood you fully, but I will try to answer your question...as far as I know, there are opportunities available for both tax and audit entry level at Big 4 firms (when they're hiring). I do not believe I have ever been told by someone (and I've asked quite a few experienced people if I should work in audit) that by working in tax I will have fewer opportunities than if I would work in audit.
I don't think it is very difficult to switch from tax to audit - some places may even rotate employees (interns?) in the beginning so they can get a feel of what they want. But at a certain point, it may not look so good to jump from one area to another and therefore may be more difficult to do so. It depends where you start, etc.
The degrees mentioned above sound great, but if one knows s/he may work in tax, I think going for an M.S. in Tax can only help a person - knowledge-wise, salary-wise, etc. However, the other degrees are beneficial for other jobs...so only you can know what you want to do and try to figure out what will benefit you the best.
bullandre
offlineMember
@Acct: Thanks for your response. Originally, I was planning to do a M.S. in Accountancy rather than a M.S. in Tax but due to the excessive credit requirements for the M.S. in Accountancy program, I am considering switching to the Tax degree which requires ZERO General/Business courses.
Basically, I'm looking at 31 credits (Tax) Vs. 46 (MSA). I really wanted to do the MSA but I can't afford to retake courses that I had already took in undergrad plus I don't intend to spend more than a year in the program because I need to start working ASAP in the field in order to get my license.
I currently have 133 credits and I'm talking to the CPA requirements advisor at my school about reducing/waiving some of my credit workload BUT I don't expect a positive result. Even though I already passed the exam, she is telling me about rankings/reputation and the school's CPA pass rate may be affected if she waive more courses for me.
Let's say if I were to do and complete the Tax program, come recruiting season, would I be able to apply for tax, consulting and auditing positions or would I be RESTRICTED to tax alone based on my degree.
I'm sorry for the long-winded reply but I just need input from those who are more knowledgeable than I am on the topic. Thanks.
Acct
offlineMember
@bullandre
I really don't think going for a degree in tax will limit you to only working in tax. Many people go for a master's degree, and a person could have chosen a tax program the same way s/he could have chosen marketing, statistics, accounting, etc. That's just the degree you choose to help you get to the 150 hour requirement. If you decide to work in tax, the degree should help you. If you want to work in audit, the degree should not hinder your opportunities. In fact, (this is just what I think, I've never worked in auditing) it may be help you as an auditor to still have some knowledge or backround in tax.
I don't see why having a certain degree should restrict you. There is no M.S. in Auditing (as far as I know), and it's not like the way things are is that if you work in tax, you get an M.S. in Tax, and if you work in audit you get an M.S. in Audit and if you work in regular accounting you get an M.S. in Accounting.
Many people don't have a master's degree and work in tax or audit. If you have a master's degree (or MBA), it can be beneficial. I don't see why it should restrict you.
undeniabletwins2
offlineMember
@CPATERMINATOR - I am jamaican and completed my Masters of Science in Accounting at the University of the West Indies. We are under the British System and not the American System eg. we use IFRS and not GAAP in Accounting. My transcripts were evaluated at the World Evaluation Services and I have more than the 150 credits needed for the CPA.
MSC has nothing to do with cooking (eventhough i am a good cook)...
Based on the comments overall regarding the fact that some people are not sure what a MSC is i will look up my transcript and post the courses that are included for you to get a better understanding.
We are all in this together!!!
undeniabletwins2
offlineMember
@CPAMAN - I have 16 years work experience (6 years in Accounting and 10 years in Auditing).
Based on your comments that nobody care if you have an MSC in Accounting - Well I do have the experience required my next step is to pass the CPA exams and them I am all set. The MSC might not mean anything to you but it got me through the door to fullfill the educational requirements. Hopefully I can do what you have done in successfully passing the CPA.
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