[FPAnalyst]

I have a BA in Accounting and currently work as a Sr. Financial Analyst at an automotive firm in Detroit. Before this, I worked in Big 4 audit. I made the switch because I decided I liked corporate finance more than public accounting and corporate accounting.

I was thinking about doing a part-time MBA at my local university (University of Michigan) to advance my education while also moving me up to management. It will be fully paid for by my employer and is also the 6th best program in the country, so it’s pretty much a no brainer decision.

After I complete the MBA, I will have enough credits to sit for the CPA license. But will having the CPA/MBA combo be worth anything in the corporate finance field? I’m curious to know where (or in what kind of jobs) it will give me a leg up.

There’s also the CMA certificate, which seems to be just as respected as the CPA and is also more applicable to the corp. finance field in general. Would that be a better option?

Any advice? In what jobs would I have a leg up? What can I do with a CPA/MBA or CMA/MBA combo? Also, what salaries could I expect?

[Missy]

an MBA is only worth it if someone else is picking up the bill, so in your case I say go for it.

Please don't believe for a second that a CMA is as respected in industry as a CPA. Its “nice”, but not even in the same league. You'll see very few if any job listings that state CMA preferred, even management positions. You'll often see CPA preferred.

As for salaries, can't even tell you. Depends on location, industry, size of company, privately held vs publicly traded (and FWIW most management positions in publicly traded companies want public accounting experience, preferring Big 4).

Old timer,  A71'er since 2010.

Finance manager/HR manager

 

 

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

[Anonymous]

I might be in a different boat than you since I want to work in Wall Street, but from what I have been told an MBA is not worth it if unless you can get into a top ~15 MBA school. In that case an MBA is worth it because of the connects you make (if you put in the effort). You are better off just taking the CFA. The knowledge passing the CFA would need is in between what you'd learn from an MBA and a Doctorate.

[LongShot]

Unless it's from a top school, an MBA's worth all of about jack. Only thing mine's done for me was get me to 150+ hours and made BEC easier to study for. That's literally about it.

FAR - 75
AUD - 72; 87
REG - 64; 74; 84
BEC - 88

Done!!

[FPAnalyst]

Thanks for the replies.

My main question is what doors would open if I have a CPA/MBA or CMA/MBA combination? Any jobs that I would have a leg up in?

[rahurst]

I personally think it is helpful in FP&A because you are working with executives across all departments in the company. You have some knowledge of how each department operates based on the broad knowledge that comes with an MBA. I know my employer appreciates mine and if my 2016 career development discussions hold true, I will transition to the FP&A Manager sometime next year and be making $100k+ (‘m in NC) and I finished my MBA in 2013.

FAR - 60 (11/25/14) 61 (1/6/16) 75 (4/19/16)
AUD - 75 (1/6/15)
BEC - 71 (4/7/15) 77 (7/2/15)
REG - 62 (8/28/15) 71 (11/2/15) 84 (2/12/16)

[Missy]

I'm sure in some situations it will give you a leg up but don't depend on it. Basically you have to remember that when it comes to jobs its more about your competition than your credentials. If you have 5 years finance experience in a certain industry AND a CPA AND a MBA, and are competing for the job against someone else with 5 years experience and a CPA but no MBA, yes that may be a point in your favor. But if you're vying for a job in an industry you've never done finance in, against a candidate with only a bachelors but 10 years' experience then no a CPA and MBA won't be enough to give you a leg up.

Basically you're gambling that the MBA will be the only thing that differentiates you from other candidates for the same position. I have a CPA license and MS accounting which were very well regarded when I applied to small privately held manufacturers because thats where my experience is. When I tried applying to larger companies in other industries than my experience, they preferred candidates with different backgrounds than I had. If the job market were different, I may have had a different result with less competition for the same jobs.

Old timer,  A71'er since 2010.

Finance manager/HR manager

 

 

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

[ohiostategirlcpa]

I cannot speak for public impressions of certifications/degrees, but if that is what you seek, you should ask the prospective employers directly, not a forum.

In order of interesting/challenging this is my experience:
1. CMA studying and testing
2. Accounting coursework
3. CPA studying and testing
4. MBA classes

I think it matters more what you know, than what other people think you know. Because when it comes to your actual performance those opinions will change quickly.

CMAs do boast of higher salaries than CPAs, but I think it is a flawed study because most CMAs also have CPAs and because more CMAs work in higher paid management, rather than the lower paid accounting departments.

F91 A95 R90 B94
CMA since 2015
(Gleim books/PDFs, MCQs, SIMS)

[fuzyfro89]

“Any advice? In what jobs would I have a leg up? What can I do with a CPA/MBA or CMA/MBA combo? Also, what salaries could I expect?”
CPA vs CMA will be less impactful than what you do at your current company and the brand value of Ross MBA. Ross is a very highly regarded MBA by almost any major ranking body. The CPA and CMA will be useful in the immediate future (next 1-2 years) in getting in the door in certain positions… though most of those positions do not require a MBA and generally do not go to business schools to recruit (think accounting advisory, corporate accounting, financial reporting, etc.). The MBA gives you more immediate access to a wider variety of things (management consulting, investment banking, corporate finance, brand management, etc.).

Also, from what I understand, most corporate positions hire MBAs in at the “senior analyst” level in most large companies. Comp is generally +/- $100k base plus some bonus and benefits (a bit higher or lower for location, company, and your role). “Senior financial analyst” is your current title… but compensation can vary widely from $60s to the low $100s, and I'm not sure where you are at today.

Few points:
– unless you feel a lack of MBA and/or CPA is holding you back in your current company (or similar companies and roles), then it's probably not necessary. A part time MBA is a lot of work and will take a lot of time away from your job (~3 years), and may limit you geographically if the company wants to put you in a new role or in a new location.
– If you want to make a TRANSITION to a new role, then a MBA is absolutely a good idea (management consulting, banking, top corporate finance jobs, etc.)
– If you want to simply move up and round out your skill set, then it's also a reasonable path (for example, if you take more corporate finance, strategy, and marketing classes) in order to add to your accounting background. At that point, a CPA won't hurt, and may help slightly as a good credential, but it won't be required as a qualification for most post-MBA jobs.

For what it's worth, I also started in big 4, moved into internal audit, and am now a “senior financial analyst” at a large company as well. About 4 years of total experience since graduating. My comp is at 90k plus benefits and bonus for 110k total. I went through a similar thought process as you regarding a MBA, and I don't need it specifically in my own areas. I would only do it to make a transition if I could not make a lateral move (though I do expect a lateral move will get me into a similar position and pay range that a MBA would in the corporate world given I'm maybe 10-15% below that now), OR if I wanted to go into consulting/banking. I decided against it, and will continue working my way up and consider lateral opportunities at other companies if it's a good move.

[FPAnalyst]

Fuzy, could you name some “top corporate finance” jobs out there? At the moment, my main goal is to stay within corp. finance and become an FP&A Manager at a large corporation. Would the CPA/MBA combo help me do that? My current plan is to get the MBA –> pass the CPA exam –> move up to FP&A manager or some other management role in corp. finance. Would that work?

[ScarletKnightCPA]

I think that in general, an MBA is value added in terms of professional development and growing your business acumen.

In terms of return on investment, I think that depends on your education and work experience background as well as point you are in your career. For me, I feel the MBA (which I am still working on) in addition to the CPA definitely added value by giving me more credibility as my undergraduate school was a no-name school.

For yourself, a MBA probably would add value from professional development perspective, and since you're not paying for it it's definitely worth it monetarily. Question is whether the time sink is worth it. Doing your MBA part time you will have less time to dedicate toward work stuff and independent study that is directly applicable to your job.

If I were you I'd do the MBA but I would take my time doing it, like 1 class a semester.

Far: 76 (Wiley Test Bank)
Aud: 77 (Wiley Test Bank)
Reg: 61, 76 (Wiley book, Wiley Test Bank)
Bec: 86 (Wiley Test Bank)

MBA in progress

[Chris]

I'm not sure if this is a faux pas to refer you to another website that gives similar services at A71, but check this out. I read up on this last week to give myself some minor insight.

CMA vs MBA: Which is Better in Landing Your Dream Job?

AUD - 86
BEC - 77
FAR - 77
REG - 88

Now I could let these dream killers kill my self-esteem or use my arrogance as the steam to power my dreams.

Licensed in NH. Working in MA.

 

NH CPA
REG: 07/03/2014 - 88
AUD: 08/30/2014 - 73 - Retake 10/16/14 - 86
BEC: 05/31/2015 - 77
FAR: 08/08/2015 - 64 - Retake 11/23/15 - 77

Becker*NINJA Notes/MCQ*

Now I could let these dream killers kill my self-esteem
Or use my arrogance as the steam to power my dreams ~ Kanye West

[Missy]

Its ok to link to other websites that aren't direct competitors. Thats a fairly good website in my experience but the author is basically speaking from her own experience and some assumptions. Problem still is unknown abyss of what exactly each employer is looking for. I have to hire an engineer currently and have hundreds of resumes, all very impressive with degrees and certifications and experience. In theory each and every one of those candidates is a shoe-in. HOWEVER I have not contacted any of them because the president of the company wants those credentials plus a min of 5 years experience working on a certain type of item that we manufacture. I contend with those credentials any of my applicants could LEARN our product line, problem is nobody here has the time to train or the expertise needed really. Same goes in accounting, they put out a job listing with this vision in mind of who exactly they want (most often the previous person in that position if they were successful) and don't deviate far from that picture they've formed.

So how do YOU end up with the dream job? Take your wildest fantasy first, say CFO of Facebook. Look that person up on Linkedin, what are THEIR credentials and experience? Go to your #2 pick of job, do the same, all the way down to the lowest level you would settle for. I'm not saying you have to exactaly replicate any of those profiles but you will start to piece together a picture of where you want to go and what it takes to get there at a min and max. It won't be a one day thing, may take weeks or months to figure out but long term commitments are worth the time invested to make best decisions. I knew exactly the position I wanted and built my own roadmap of the steps to get there. It took a bit longer than I had hoped for sure, but it all eventually came together from a plan I built several years ago.

Old timer,  A71'er since 2010.

Finance manager/HR manager

 

 

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

[Tscape16]

Does your state have an experience requirement in public accounting? You might want to make sure one of your old public accounting bosses will sign off on your experience prior to doing all this work if that is the case…

AUD - 92
BEC - 86
FAR - 90
REG - 82

Licensed CPA since 2015.

FAR - 90 ✔
BEC - 86 ✔
REG - 82 ✔
AUD - 92 ✔
ETHICS - Passed

*Licensed CPA

[mjbriggs]

I have an MBA but it's not from a top tier school, but I didnt have to pay for it, so that was good. I went part time and it took 2 and 1/2 years. Was it worth it? I think so. It 100% gives you more opportunities and at the very least, lets employers know you're hard-working.

FAR - 75
AUD - 83
BEC - 85
REG - 72, retake October 2015 - 85 PASS!

And I'm DONE. Praise!

[GHardesty]

A top ranking MBA program will teach strong quantitative skills and/or case methods, which can add value and serve as a confidence booster. MBA programs provide networks and status, which may serve the MBA grad well. MBA programs that are low ranking can still provide some form of a network. Employers and people that have a limited understanding of credentials will often think an MBA is more prestigious, which can help the MBA grad. However, the MBA grad needs to add value to the company which is hard to do if they don't have the technical wherewithal. Top MBA programs are often expensive. Once you get into an MBA program, it's hard not to do well.

As far as technical competency, I'd say that the CFA is much more technically rigorous and the competency level of a CFA exceeds that of almost all MBA grads, that any MBA program can provide. CFA credentials don't provide a network. The CFA is inexpensive. The CFA is not guaranteed (has to be earned).

Even if the material and the rigorous testing for the CMA is good, it is not widely known. Therefore probably won't help the CPA much. The CMA is inexpensive though.

The CPA is more respected than MBA's from people with technical positions, unless it is a top 10 (maybe top 25) school. The CPA has to be earned, whereas the MBA is a completion of courses. A higher ranked MBA program can be exponentially better than a lower ranked MBA program (high GMAT scores filters poor students, more R&D attracts better professors etc.). With that being said, there are plenty of MBA's – many of which have poor quantitative skills. I often wonder what they've learned while attending their MBA programs.

The CPA credentials plus big 4 experience is definitely enough to move beyond a Sr Financial Analyst role. If you were to put the same work and effort into studying the business, the market, and your company and consistently add value to your company than I think that would put you on a faster track to management positions. I know CPA's that had public accounting that went on to be Sr. VP's of companies, controllers, financial directors and managers. The CEO of an international company I worked for was a CPA (not an MBA). I often see CPA's that are on boards.

My own personal experience with MBA's has been disappointing. I know countless people that have MBA's. The ones that I've met that graduated from state schools or private universities that don't have a high ranking do not have strong quantitative skills. The MBA's that I've met that I don't or haven't worked with I can spot it by the way they talk; their competency in accounting and finance is poor (basically my BS meter in my brain starts to light up). The MBA's that I've worked with directly and indirectly (ranging from top 3 MBA programs and up) have often had a poor work ethic and moderate quantitative skills. The only MBA's that I've been impressed with have graduated from top 10 business schools.

I tried to add my own personal experience at the end and keep the main body more objective.

Best,

AUD 80 05/31/16 (1x)
BEC 80 01/16/16 (3x)
FAR 78 11/23/15 (2x)
REG 87 02/29/16 (2x)

[Author]

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