Is it necessary to obtain an MBA degree as an Accountant if you have a CPA license?
Sunday, December 27th, 2009 at
12:54 am
When I graduate from college, I will have 136 credit hours. The reason for this is because I changed my major. Because of this, I will only need 14 credits or 5 classes to be able to get my CPA license. I’ve seen online that many Controller or CFO positions require a CPA and prefer an MBA. So I was just wondering if a BBA and a CPA is enough to make it far in Accounting?
Tagged with: accounting • bba • cfo • cpa license • mba
Filed under: CPA
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I am an MBA admissions consultant and I have some answers as well as some questions for you.
1 – You will need to take the CPA exam in order to qualify as a Certified Public Accountant. I imagine the classes you are taking are the pre-reqs that will allow you to have the subject matter knowledge in order to pass this exam.
2 – The reason why firms require a CPA and an MBA is because the controller is expected to have a holistic view of an organization, from strategy to marketing to operations, etc. It is not enough to just know credits and debits, you need to know how to structure transactions and account vehicles according to the needs of the greater organization.
My questions for you:
1 – Do you want to be a generalist or a specialist? If you simply rely on your CPA and BBA, you will most likely end up pigeon-holing yourself into a specialist role. An MBA would allow you to be viewed as a generalist that could add more value to the organization.
2 – Have you considered a law path after graduation? A lot of top firms in NYC and DC (for that matter) will pay top dollar for JD’s with CPA credentials.
Thanks,
Paul
MBA Admissions Consultant – Los Angeles
I can’t answer all of your questions but I can answer the first one.
No, you do not need an MBA to get a CPA. You do need to work in a public accounting company I think for several years before you can actually qualify to take the CPA exam.
As far as accounting, you probably don’t need an MBA if you wish to pursue a career in accounting. If you want to do something different or something at a high level, such as CFO as you mentioned, then an MBA is almost always preferred. In that case, a CPA is not even worth pursuing since a CFO position requires much more than being an accountant. Since it may take several years to obtain either an MBA or a CPA( since you have to work before you can obtain this), it would be best if you decide what career you truly wish to pursue. My sister got her bachelors, then worked for Arthur Anderson, got her CPA, then decided she wanted to do something different and got an MBA. She really didn’t need to work for an accounting company or get a CPA to be where she is at now.
It is not required to have an MBA. In fact, the MBA is a poor choice for those who were accounting majors as it’s too generalized and ends up repeating much of the same business coursework you already took as an undergrad.
However, having a master’s degree is advantageous to many occupations. Some government slots you cannot even compete into unless you have a masters level degree.
Relevant degrees in accounting are Master’s in accounting (duh!), master’s in taxation (if doing that line of work), law JD degree, master’s in finance (treasury), etc. So look into those fields rather than MBA.
Ultimately it’s going to be work experience that counts the most when you get into top positions. However, to get a lot of the relevant experience you’ll need the credentials to get your foot into the door. So keep this in mind. Make sure you’re actually pursuing work rather than going to school for too long or you can end up in a loop where you only have papers that say you can do this and that but have nothing to support it in the real-world.
MBA degree these days is usually not a proof of your knowledge, but a certain requirement to get jobs across most companies. Though you would not require an MBA degree after a CPA for all purposes of knowledge and learning whatsoever, it might be necessary to apply in your dream company.
http://bigmba.com