OT: Graduate Degrees - Finance vs Accounting
Hey guys, I'm hoping some of you MGoFinance folk can give me some real world insight into the merits of a MAcc vs MSF program.
A bit about me, I have a BA in Econ and History and recently switched fields into accounting, but I need a more relevant degree to progress much further. I have a subpar undergrad gpa, a 720 GMAT, and some work experience so I'm envisioning a respectable, but not top tier program. I don't intend to get my CPA license unless I end up needing too at some point.
I'm drawn to a couple of joint degree programs for accounting and finance, but I'm wondering if the degrees so similar that this would be overkill? Is there any major difference in marketability or utility of either program separately? I'm looking for some more practical information than the readily available statistics and boilerplate descriptions.
Thanks for the help.
Edit: Thanks to everyone who took the time to comment, lots of great posts here.
February 6th, 2016 at 3:59 PM ^
Here comes the daily circle jerk thread!
February 6th, 2016 at 4:16 PM ^
February 6th, 2016 at 6:11 PM ^
Does anyone know why the post I responded to only shows up on my Iphone? Now I look like the dick...
February 6th, 2016 at 6:45 PM ^
February 6th, 2016 at 8:21 PM ^
Yes, Outin! Enough sissies cried to Daddy and I've had multiple bannings.
Oh well. Such is the life of a guy who refuses both to pretend to be a fan boy and pose as a Michigan graduate to gain internet friends...
February 6th, 2016 at 8:44 PM ^
February 6th, 2016 at 4:05 PM ^
Also, you're doing this purely to advance your career so choose the program based on placement statistics and do a lot of research into which firms actually consider your program choices targets. It's 100x easier to get a high paying job through on campus recruiting than through trying to elbow your way in networking with people you don't know. Best of luck.
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February 6th, 2016 at 4:19 PM ^
I'm thinking more along the lines of financial analysis. I would definately prefer to stay in accounting as opposed to something like a personal financial manager though. I want something more specific than an MBA. I'm gun-shy on being "well-rounded" after going that route in undergrad and not being pleased with the results.
Thanks for advice about on-campus recruiting - that is one thing I've been overlooking so far.
February 6th, 2016 at 4:59 PM ^
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February 6th, 2016 at 6:18 PM ^
MAcc programs, like those at Michigan, are 100% geared towards careers in public accounting. That's not to say the jump to finance is impossible (I have friends from the program in both I-banking and trading), but they had very uphill battles to fight to get to where they are.
Since leaving Ross, I've worked my entire career within the big 4. Exit opportunities tend to flow into other accounting based opportunities, but that is not always the case. However, as a tax person (and not an auditor), I don't see as much variation in where people go vs the audit side.
With a 720 GMAT, you can take your pick of high-end accounting programs (Michigan being one of them). And at a school like Ross, where the Big 4 are literally drooling to pick up new hires, finding a job in accounting would be relatively easy.
Would be happy to go into more detail if you'd like. Drop your email below if interested.
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February 6th, 2016 at 7:23 PM ^
Well, not literally drooling.
February 6th, 2016 at 4:14 PM ^
You should really only get a MAcc for three reasons:
1. If you need credits for the CPA (most states require 150 overall and 30 accounting credits)
2. If you missed your shot to recruit with accounting/finance firms as an undergrad (as a MAcc, you will be recruiting against undergrads, not grads) and want to recruit with those firms
3. If you really want to learn more about technical accounting
If you are already working in accounting, I am not sure a MAcc will help you, especially if you are not looking to be a CPA. Your GMAT is high enough to get into pretty much any MAcc program though.
I do not know much about MSF programs, but if I were you, I would look to get an MBA instead.
February 6th, 2016 at 4:10 PM ^
February 6th, 2016 at 4:14 PM ^
Definitely accounting. I say this as a guy with an MBA in Finance. Accounting is the language of finance IMO, it drives so much decisionmaking. You can learn most of finance on your own or as needed when you start working.
February 6th, 2016 at 4:54 PM ^
agreed. its tough to go wrong with accounting. though its also tough to really comment without further info on your situation, goals, etc.
also if youre looking into joint degrees, id suggest joint JD / MBA program
February 6th, 2016 at 5:30 PM ^
I don't understand why people do JD/MBAs. The people in my school's JD/MBA program have enjoyed pretty good law firm placement, but so have the regular old JDs. No idea what value the MBA adds to the JD.
The JD adds even less value to the MBA, I'd bet.
February 6th, 2016 at 6:27 PM ^
February 6th, 2016 at 5:06 PM ^
I agree completely. Accounting will open doors for you that a finance degree may not be able to. You will have options at firms, in-house, and even potentially with regulators.
February 6th, 2016 at 8:03 PM ^
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February 6th, 2016 at 4:24 PM ^
February 6th, 2016 at 4:27 PM ^
February 6th, 2016 at 5:10 PM ^
How are the current exit options from the Big 4? I know firm alums tend to go to lots of different places but I haven't seen a breakdown recently.
I'm almost wondering if it would be better to do accounting since it looks like some of the big banks and investment funds appear to be slashing staff. Seems like it might be potentially more stable than a career in finance.
February 6th, 2016 at 5:40 PM ^
the exit opportunities are still good for Big 4. With that being said, it's hard to make a blanket statement like that as there are so many different groups/functions, so it depends on what you're specialty is. What I think will always be true though, is the longer you stay in, the better your opportunities will be on the exit. I stuck around for the manager promotion, as once I had the title, my job opportunities opened up significantly.
I definitely think though that accounting is a much more stable degree than finance. With the accounting degree, you can do virtually any role that a finance degree requires, EXCEPT for banking, or anything seriously transactional.
Overall though, I whole-heartedly recommend the accounting degree. The only time I do not is if you can get into an elite MBA program, then I recommend staying in finance and shooting for any transacational (or buyer side) opportunities.
February 6th, 2016 at 4:24 PM ^
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February 6th, 2016 at 5:40 PM ^
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February 6th, 2016 at 4:32 PM ^
I am doing my CFA now, as I complete my grad studies. I love finance and don't mind studying for the CFA, but I'll be forced to move to Toronto to make the best use of it. Once I am done my masters and pass level 3, I plan on getting my CPA. You can work anywhere with a CPA and it is a great asset in the finance sector if I do decide to stick to that route.
February 7th, 2016 at 9:07 AM ^
February 6th, 2016 at 4:40 PM ^
February 6th, 2016 at 4:42 PM ^
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February 6th, 2016 at 4:44 PM ^
February 6th, 2016 at 4:54 PM ^
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February 6th, 2016 at 6:38 PM ^
To be fair, it was only somewhat /s and he didn't clarify the serious parts and the /s parts.
February 6th, 2016 at 10:13 PM ^
February 6th, 2016 at 4:44 PM ^
Hi Ross, doesn't everyone have their own version of ethics?
February 6th, 2016 at 4:45 PM ^
Double post. Ethical or un?
February 6th, 2016 at 7:54 PM ^
My wife cannot stop laughing at this. She says 'so true'. +1 She has a finance degree, but ended up doing the accounting thing. Controller, then consulting and educating. Lots of hard work after college.
February 7th, 2016 at 6:41 AM ^
If you want to be 'right' - Accounting
If you want to try to be rich - Finance
This was said tongue in cheek but is so true. I have been a CPA for 23 years now with many of the latter years at the partner level. I finally walked away from it to have a very small practice just for myself. Public Accoutning is a very difficult and stressful profession filled with very long hours. It took its toll on my life until I finally decided to make a change. With that all said, I can say that I never was compensated near what I thought I would when I entered the profession. Many of my very wealthy clients are either in real estate or financial advisors. If you can go out and create a nice book of business to manage, financial advisors can make a very nice living without the grueling effort that is required of a public accountant. Deep six figure and even seven figure incomes for many FA's.
February 6th, 2016 at 4:41 PM ^
If you want to take a leave of absence to study, then return to your organization and enjoy meteoric professional growth, I recommend a stint at a small prep school in Switzerland under an assumed identity. The specific course of study is irrelevant. In my experience, when you come back you'll literally be running the place.
February 6th, 2016 at 6:37 PM ^
February 6th, 2016 at 4:55 PM ^
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February 6th, 2016 at 4:58 PM ^
February 6th, 2016 at 5:21 PM ^
If you go into accounting, definitely don't close the door on getting a CPA. Alot of opportunities will open for you then and it can be difference between having your own office and being stuck in a cubicle every day.
February 6th, 2016 at 6:15 PM ^
My son got his Finance degree and stayed to get his MAcc becuase of the better job offers.
He got his CPA and has been doing great. He told me the MAcc was the key.
February 6th, 2016 at 6:27 PM ^
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February 6th, 2016 at 6:49 PM ^
You'll have no problem with employment if you get the Accounting degree and the CPA. But not everyone wants to do that type of work.
The finance degree would help you land a broad financial analyst job, especially in the corporate non-Wall Street world.
It really depends on what you'd rather do.
February 6th, 2016 at 7:41 PM ^
February 6th, 2016 at 8:44 PM ^
I'm asleep already.
February 6th, 2016 at 8:56 PM ^
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February 6th, 2016 at 8:56 PM ^
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February 6th, 2016 at 9:07 PM ^
My M MBA friend ahead a 2.7 undergrad GPA at a good/ very good liberal arts school and nobody seemed to care since he's a boss otherwise.