Quote: (05-24-2017 10:45 PM)Diop Wrote:
CPA/MBA here. I went back to school to get my MBA a few years ago specifically for the same reason you're planning to do - mainly so I'd qualify to sit for the CPA exams. There's been a lot of great advice posted in this thread already (especially from BostonBMW and Thrill Jackson) so I won't rehash it, but I want to add a few thoughts, based on my own experiences with this path:
- When I decided to pursue an MBA (rather than a Master's in Accounting) to be eligible to sit for the CPA exam, it was because I knew exactly why I wanted to become a CPA - so I could eventually start my own CPA practice upon completing everything (which I did). As mentioned above, if you want to start your own business then MBA is a no-brainer as long as it will also allow you to sit for the CPA exams. My concern is that it seems like you don't quite know what you'd want to focus on in accounting as far as career. An MBA will definitely give you more versatility than a Master's in Accounting, but it's also (probably) an extra year of school. I'd urge you to try and visualize what type of accounting work appeals to you the most and make sure that factors into your decision as to whether or not you want to pursue an MBA. While it seems to make the most sense, you don't want to jump into it if it won't make sense for you long-term.
- As far as how much an MBA program's rank matters, it depends. I ended up choosing a top 25 MBA program over a different one that was ranked about five spots higher, mainly because the school I chose has a MUCH higher alumni network than the other school in the region I knew I wanted to settle in after school. This ended up benefiting me greatly when I started my own shop because my city has TONS of alumni from this particular school, which helped me get clients. This goes back to my point above, but what are you hoping to get out of the CPA/MBA? If it's simply to quality for the CPA exams while gaining some business knowledge, I'm not sure it really matters that much where you get your MBA from if you're just going to start your own business where you live in New York. But as mentioned above, you want to make sure you attend a program that will draw recruiters if you want to go the Corporate/Big Four Accounting route. You also want to try and have a "name" school on your resume if you'll be applying for jobs. Easy_C has some good points worth considering about this above. Have you taken the GMAT yet?
- As BostonBMW mentioned above, do some research about the requirements for getting a CPA in different states. I've heard New York is one of the tougher ones with respect to credit hours and experience requirements. When the time came for me to register for the exams, I chose a specific state because their requirements weren't quite as stringent as far as the work experience portion. Now, you'll have to take the exams in the state you want to be licensed in so if you live in New York you may not want to try getting licensed in California (for instance), but there are likely easier states nearby where you can get those letters quicker and even cheaper. I chose a state bordering where I got my MBA so it was very easy. Keep in mind that being a CPA is not like being an attorney - you don't have to get a license in a specific state just so you can practice there (or worry about reciprocity). This is definitely worth looking into, at the very least.
I could probably go on about this but I'll close for now. Keep the questions coming, you can't lose by getting your CPA!
That's killer, Diop. I am not about to doxx myself or my associates, however I co-sign your strategy and confirm the results.
For the other readers benefit, I'll drop some more info:
- As mentioned earlier, CPA exam requirements vary for each state. The key is to meet the requirements as soon as possible so that you can get clearance from NASBA to take the CPA exams. Since the 4 CPA exams are uniform across the states (some states have Ethics as the 5th), your goal should be to slay the beast -- get the exams out of the way. You can always get work experience later.
- Business Schools: This is a touchy subject for many, so I am going to start off my saying that I am not here to offend. Sure going to the best Business school makes a lot of sense, however the debt/opportunity cost is a real factor here. Among the Top 25 B-schools, I would say that Wharton, Booth, and a few others offer a legit accounting focus. Harvard, Stanford offer accounting courses, however do not have a similar focus. Rarely you will see a Harvard MBA go to B-school to qualify for CPA exams. Most Harvard MBAs that have a CPA, received their licenses right after undergrad and well before B-school. Friends who went to Harvard and were interested in Accounting, ended up working for Hedge Funds/Private equity, post grad, with plans for a CPA falling by the wayside. The reality is that M7 grads receive multiple high paying job offers and usually end up taking them, instead of hunkering down and studying for the CPA exam for 3-6 months and then going to work for E&Y.
So what's the strategy? Go for a solid business school that has an MBA in Accounting specialization and is well known regionally. In Boston, Bentley and Boston College have a solid rep/great network. While these schools may not necessarily be less expensive, they offer more scholarships/Research Assistant opportunities to defray tuition/costs and Big 4 recruiters regularly flock to them. Most importantly, they are set up to provide the focus/support for the students interested in Accounting.
- Accounting is a very diverse field. You can basically work in any industry/geographic location. An MBA should give you the opportunity to take on senior/management roles or provide a solid framework to start your own shop (Accounting or something else). So it's very important to know what you want in the future. Fortunately MBA+CPA combination opens up so many doors that you will never be without work. I am sure
Diop is killing it with his own firm, but if he ever wanted to become a CFO of an SME or work at a senior level at Big4, he would have no problem landing a role.
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