Opportunities with a Master’s in Accounting Degree: Beyond CPA Certification
When you enrolled in your Master’s in Accounting program six years ago, you had grand ambitions and envisioned a certain career path. Many had similar visions as they embarked on their academic journey. But now, with 6 years of experience under your belt, you may wonder if your degree is up-to-date or if your career plans have shifted. Yes, you may still have those skills, but your knowledge might be outdated, making it challenging to find jobs that pay at the Masters' level for entry-level work.
Practical Exposure and Real-World Skills
To effectively leverage your degree, you need practical exposure to finances, auditing, bookkeeping, and accounting. This means gaining hands-on experience in real-world scenarios rather than just theoretical knowledge. If you're seeking a job in the field, consider networking with experienced professionals, perhaps through a mentor or advisor from your university. Understanding the kind of work you want to do will help you plan a realistic path. You might start at a lower level and then work your way up, or consider taking on additional certifications such as becoming a Certified Public Accountant (CPA). This not only enhances your resume but also improves your employment prospects.
Individual Variations in the UK and US
It's worth noting that the UK and US have different approaches to entering the accounting field. In the UK, a Master’s degree in accounting offers exemptions for professional accounting qualifications, but you don't necessarily need a degree or a degree in accounting to enter the field. This applies to all major UK accounting bodies, including ACCA, CIMA, ACA, CAI, ICAS, and AIA. Similarly, in the United States, the CMA (Certified Management Accountant) qualification is available, though not required, if you are using your Master’s degree as a foundation for it.
In the United States, a Master’s in Accounting is the most common route to become a CPA. Universities generally design these programs to meet the CPA licensure requirements in their home states. While the pressure to pursue the CPA route is significant, this is not your only option. Graduates often explore various paths in their career, becoming corporate accountants, financial analysts, or certified financial planners. It's a testament to the versatility of the degree that many maintain academic and professional development simultaneously.
The CPA Path as a Starting Point
Faculty and peers often push students to take the CPA route, as it opens doors to successful careers in corporate accounting and financial advising. If you were a good student, you might embrace this encouragement. CPAs often start as staff accountants in public accounting firms before advancing to become financial advisers or professors. While it's rewarding, remember that practical experience and continuous learning are key to long-term success in the field. The CPA route is a valuable starting point, but it's not the only pathway to a fulfilling career in accounting.
It's essential to tap into your network and seek advice from mentors and advisors. Understanding the specific requirements and opportunities for each career path will help you make informed decisions. Remember, a Master’s in Accounting is a versatile and valuable degree that can lead to a variety of fulfilling careers.
In conclusion, while the CPA route is a common and highly respected path, it is just one of many options available to you. Use your degree to gain practical experience, network with professionals, and consider additional certifications to enhance your career prospects in the accounting field.