In this video i'm going to focus on the differences for your career between having an msa or a master in science in accounting an mba a master of business administration or a cpa which is certified public accountant based on my experience working for the last decade and a half working in accounting both in public accounting and private industry.
In new york city so i know i think or two about the subject so the way i like to break this down is that i'm going to give you first my overall recommendation which one i recommend for your career overall and then we'll talk about these specific cases where you have a low gpa you need 150 credits uh you're doing a career switch you need more networking.
Someone else is paying for it for example um the cfo slash coo track that's a different career track academics as a career track and then required for a promotion when you have a search requirement for a promotion but i wanted to give you first my recipe for success what worked really well for me and for the colleagues that.
I've seen over the years right so my recipe overall is gonna be a bachelor's in accounting right not a master's just a bachelor a four-year degree right plus a 3.5 gpa right which is going to matter more at.
The beginning when you're graduating down the line it's not going to matter much but it's going to matter at the beginning in terms of landing really prestigious internships and jobs at the beginning out of college right so 3.5 stay above 3.5 if you can at the very least above 3.0 right below 3.0 is going to be a problem and you're going to fall.
Into here if you have a low gpa i'm going to have a recommendation here for you in a second uh bachelors plus 3.5 gpa plus getting your cpa license right and naturally overall my recommendation is going to be to get a cpa based on my recipe right so my recipe is a bachelor's degree in.
Accounting 3.5 uh gpa a cpa license uh plus real life experience and that's guarantee you if you live in a big city especially five years into your career you're 100k mark and your base salary mid-year between 10 and 15 years into your career around the quarter million dollar range without equity uh so this is going to be.
Guaranteed with my recipe especially if you live in a big city all right so having said that having said that my overall recommendation is to get a cpa license if your goal is to succeed in an accounting career let's talk about some of the other cases where i might recommend you getting into an msa or an mba program the first one on my list is.
Having a low gpa so especially early on in a career if your goal is to get into a big four or having an internship at a prestigious firm it's going to be a little bit difficult maybe very difficult for you to get that kind of role with a 2.7 or 2.8 gpa so in order for you to lift up your gpa you have two options either take additional classes.
Beyond your bachelor's degree right and do well in those or you enroll in an msa or an mba and it might make sense for you in this case uh to hit two birds with one stone bring up your gpa and also put the three letters of an msa or an mba after your name on linkedin right on your resume so in this case um i might recommend for.
You to get into an msa or an mba program okay the second case is getting your 150 credits so now as i said the cpa is my recommendation overall but to get the cpa license in most states in the united states you need 150 credits so in many cases you finish your bachelor's degree with 120 credits in.
Most cases right so in order for you to get to the 150 credits you would need to either enroll in extra classes after the bachelor's degree to get 150 credits or you can study for an msa or an mba again this is one case where i would say okay heading two birds with one stone getting your an additional degree and get into 150 credits.
However i recommend uh just getting 150 credits by studying extra during your bachelor's degree and not waste the money and effort on getting these two if you can get 150 credits within your bachelor's degree program that's my recommendation because with these you're gonna have to spend extra money on time to get the actual certification so in.
Both of these cases a lower gpa or if you're trying to get the extra credits i'll say i recommend getting an msa or an mba program okay now the third case that we got is career switch and what i'm talking about here is an example is somebody who finished a bachelor's degree say in marketing right and they're beginning to test the waters.
Right after getting the bachelor's degree of marketing and they're not happy with what they're seeing unhappy with the work quality with the career opportunities with the pay and now all of a sudden they're thinking uh oh maybe i should have measured an accounting instead right so what they can do here is they can do a.
Career switch by getting either an msa or an mba with a concentration in accounting and that can give them some opportunity here to make a career switch okay now the other one that i have here is networking and networking what i mean by that is that you don't have enough network around you professionals to.
Advance your career opportunities right so you don't have you don't know enough people to advance your career opportunities when you enroll especially in an mba program that's going to be my recommendation here when you're enrolled in an mba program you are going to be working alongside or studying alongside professionals these are most of the time.
People who have jobs and go back to study for an mba and these are gonna be your network the people that you're gonna be studying with and collaborating on projects that are gonna help you get some career opportunities by networking with them right but the actual asterisk that i have here is that you got to be willing to be social so you got to be.
Willing to put yourself out there right if you're going to sit in the classroom and keep yourself and not interact with others this is not the route that i recommend right this is only for someone who's willing to put themselves out there talk to people be outgoing and network with them this is the asterisk that i have here only if you're willing.
To be social and also willing to go in person right because a virtual or an online mbo mba program is not going to give you that networking effect it's going to give you some maybe because you're going to have to collaborate on some projects but not enough like in person so it's going to be a person the asterisk is in person and also you got.
To be willing to put yourself out there okay now the next one i got is if someone else is paying for it right so if you work for a company or a firm and they're nice enough to see a potential in you they look at you and they say this kid has potential we want to spend on him and invest in him by sending him to get.
An msa or an mba that's great right if that's the case go for it um but you also got to be willing to learn you got to be curious about things right so if you're curious about things somebody else is paying for it that's a good thing to do so that i will put a check mark next to an msa and an mba either one whatever they want to pay.
For go for it if someone else is paying for it that's great okay the next one is cfo slash coo track and for this i'm gonna recommend an mba right so a lot of times to get to a position of a cfo or coo you're gonna find that an mba is required right a master's in business administration is required because here you're going to be learning hands-on.
Projects that are going to teach you how to run a business how to analyze financial results in a much better way than you would get with a cpa or a master's in science and accounting right so cfo co track mba is recommended now the next one i got is academics and that's if you for example when you're going through college um and you have a.
Professor and you look at the lifestyle you look at what you do and you like being a professor right so if you want to work in academia then an msa is good and maybe it might be okay um also for academics cpa is most of the times required if you want to be an accounting professor a cpa most of the.
Time is going to be required you have a choice between doing an msa or an mba beside your cpa for academics right a lot of times academics in order for you to get to become a tenured professor you need to go for a phd in accounting right which is another level but.
At a basic level you need to have a master's in accounting to be in academia okay the next one is required for a promotion and what i mean by that is that let's say you work for the federal reserve right and you work as an analyst an accounting analyst for example and the next level.
To become a senior you have to have a master's in accounting they have these requirements within the job you have to have a master's in accounting so if that's your goal then that's the only way to do it is to get a masters or if they require an mba a lot of times there was a masters in accounting because they want you to get.
Specialized in either taxation or auditing or forensic accounting or whatever field you're in you're working in uh so require for promotion so to recap overall recommendation cpa license right my recipe is getting a bachelor's degree in accounting 3.5 um getting a cpa license that's my overall recipe and recommendation.
However with a low gpa or if you want to get 150 credits required for the cpa license i might recommend getting an msa or an mba right career switch if you're not satisfied with whatever career got you got from the undergrad degree you got it's a good opportunity to switch by doing a masters of science and accounting networking if you're not.
Getting enough networking this is a great opportunity to network and especially an mba program if someone else is paying for it go for it absolutely i'll recommend it um cfo or ceo track and mba is recommended academics msa plus cpa require for a promotion i'll go for an msa so this has been a quick recap i hope you liked the.
Video give it a big thumbs up and i'll see you in the next one i also wanted to announce you guys that i started to work on my accounting master class that i'm going to release on my website in summer of 2022 and in that class i'm going to be teaching you my experience as a controller and how to record transactions how accounting works.
In the real world how to do a monthly enclosed effectively how to analyze financial statements so when the class is ready in the summer of 2022 around august i'm going to leave a link in this video and probably every other video that i'm going to make from that point forward so go ahead and check maybe the description of this video in the future.
To see a link to that class when it's ready but for right now you can also go ahead and check my website where i have a couple of awesome online courses on financial analysis and accounting job interviews go ahead and check that out you