How to Choose an Accounting Masters
Choosing the right accounting master's degree program to attend is key to a successful career in accounting. There is an abundance of online and local colleges offering degree programs, but there are certain questions you should ask yourself before locking in your future with a community college or business school's version of a master's degree program.
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Things You'll Need
- An idea of what kind of accounting you want to do (e.g., large firms, small business accounting)
- Your states' requirements to take the CPA examination
- A recommendation from your state's board of accountancy for the right school
- Three to four years of your life devoted to learning accounting
Instructions
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Choosing your Accounting Masters' Program
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First, you have to make the decision as to what kind of accounting you want to do. Most colleges and business schools classes are geared to teaching the work done in Big Four firms (the larger, nationwide firms such as Ernst & Young with offices in most cities) in auditing, tax work or advanced accounting in specialty areas such as government or nonprofit accounting. If your eventual goal is to sit for the CPA exam, you will need the Masters Degree.
Since the Big Four firms only employ approximately 5% of master's degree graduates, and the remaining 95% typically work in smaller firms, for small business owners or in accounting-related areas in industry it may not be necessary to sit for the exam. Most graduates end up doing simple bookkeeping work.
If you prefer to be an accountant for a small business, or want to own an accounting business, a cheaper alternative to taking courses you will never use to get a degree you don't need is to consider a course in bookkeeping. -
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Second, you need to contact your state's Board of Accountancy and inquire about the requirements to sit for the CPA exam, if that is your goal. There are many schools that offer a master's degree, but because of accreditation statuses, are not accepted by the state, ensure that the school you choose is accepted by your state.
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Third, although there are no state-sanctioned schools, press the person with whom you speak about the options you have in colleges. Ask for a recommendation as to the success rate of graduates from area schools in passing the CPA exam. Talk to some area CPA's and get their opinions.
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Fourth, be prepared to endure three to four years of education in the accounting field. Accounting is not spectacular, attractive or exciting. It is for the more methodical, analytical types. That doesn't mean that you can't absolutely fall in love with a subsection of accounting that really thrills you. One of the fastest growing careers is in forensic accounting or accounting for fraud. It's like CSI, without the bodies.
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Tips & Warnings
Remember to select your program carefully. If you complete your master's degree program, you have a 95% chance of getting work with a small business and only a 5% chance of working for one of the Big Four firms for which the college prepared you. Unless it's your intense desire to be a part of these firms, the odds are better if you prepare yourself for the 95% chance by finding a good bookkeeping program.
