to finish masters or not

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  • #203526
    jbergmann1
    Participant

    I was wondering y’all’s opinion on whether I should finish my masters in accounting. I have about 5-6 classes left. I also have passed all 4 sections of the CPA exam and just have to send in my application (I also have the work experience and 150 hours).

    Some places require a masters, such as some other firms and if I want to teach later. It won’t really help me in my current position, though.

    Any thoughts/experiences with this?

    TX CPA

    Passed all 4 parts of the CPA exam!
    License application in progress

Viewing 6 replies - 1 through 6 (of 6 total)
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  • #785959
    Mehow
    Participant

    I just finished my masters because I needed the credits. 5-6 might not hurt to just finish. Really depends on the money you're willing to part with.

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    #785960
    Anonymous
    Inactive

    Most Master's are 10-12 classes, so that means you're about 1/2 way through, right?

    My opinion would be influenced by the following factors:
    – How much does it cost?
    – How are you paying for it (cash vs. loans)?
    – What's your college/university's policy for returning to finish a degree later?

    If this is an expensive school, it's probably not worth the money to finish the degree. The 1/2 the degree you've already done is kinda a sunk cost, though it is unfortunate to have such a large sunk cost, if it's an expensive degree.

    If you're paying via loans, don't go further in debt just to get a piece of paper that you're not sure whether or not will help you. Start paying back your loans instead.

    If you college has a policy that you can complete your degree under the existing catalog (aka existing set of requirements) as long as you're taking classes at least once every 2 years or something like that, then I'd plan to complete the degree within that span of time if possible within the above 2 items.

    I'm a fan of learning and education and considering it all to be worthwhile if learning is obtained, regardless of whether immediate financial gain can be seen. However, I'm a huge non-fan of debt, and if you're going in debt to get it (or paying an exorbitant amount of money), then my opinion changes rapidly. I'm the only CPA at my current place of employment and am beginning (in about 6 weeks 🙂 ) on a Master's. I have no immediate plans that would require it, but some interest in teaching down the line maybe, and primarily an interest in learning and in accomplishing a personal goal of obtaining a Master's. But, I waited to begin it till I could pay for it in cash.

    If you finish your Master's, it may or may not ever “pay you back”. Chances are it will, but it may take awhile. Finish it if you can afford to, but don't mortgage your life away in order to do so.

    #785961
    Missy
    Participant

    I am very skeptical that any firms at all would “require” a masters despite what job ads say. Job ads are not requirements, they are suggestions.

    As far as whether you should finish or not, it depends on whether someone else is paying or you are and whether job considerations are.

    Old timer,  A71'er since 2010.

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    #785962
    jbergmann1
    Participant

    @Lilla Yes, I am about half way through. It is a state school (UTDallas) and would probably be $15-20K + books/parking/etc. It would all be paid for out of pocket since I still live at home and save most of my money. From conversations with an adviser at my school, I have until December 2018 to finish it.

    I was also thinking about trying to do a possible backtrack to get on the right career path by getting an internship to do SALT & other tax compliance for a major corporation. Right now I do 1040's and business returns for a small CPA firm near Dallas.
    I'm not sure if they would consider me with the experience I already have (about 2.5 years).

    Any additional thoughts/comments?

    TX CPA

    Passed all 4 parts of the CPA exam!
    License application in progress

    #785963
    Anonymous
    Inactive

    Are you working right now? I would *not* put off working to finish the Master's, so if the question is “should I do school and wait to work, or work and wait to do school”, then work and fit in school if/where you can.

    What attracts you to SALT and other similar tax compliance? What do you know about the career progression for this path that makes you want to do it? Not challenging – just making sure you have a reason to go down that path. 🙂 I don't have experience with that career path, so take this with a grain of salt, but I've heard people talk about it being a “pigeon-holing” career trajectory, so want to make sure you know what you're getting into and want it before recommending going down that path.

    However, if you're not currently working and doing an internship like that would help you get a chance at working, then it sounds like a good idea. If the Master's classes are in the evenings, maybe you'd be able to do the internship and complete your Master's at the same time.

    You said “get on the right career path” – can I ask why you consider your current career path to be the wrong one? That might help me evaluate your situation better.

    #785964
    jbergmann1
    Participant

    Yes, I am working right now. Would that be career suicide to go to an internship from a real Full time job? I almost accepted a full time job that sounded like it was mostly SALT last April, but then had to decline due to health reasons. The main reason I feel my firm is not the right path is because there is no upward mobility. I've read other posts re: “room to grow” and I guess it all depends on the person.

    TX CPA

    Passed all 4 parts of the CPA exam!
    License application in progress

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