You went to school for accounting, and went to work for a CPA firm, but now you’re wondering about your long-term career path and whether you should really spend time becoming a CPA.  Let’s explore some options:
 
MBA:
  • Full-Time MBA: Most lucrative, fast growth finance roles go to those with Top Tier MBA’s.  Tuition is expensive but what’s even more costly is the opportunity cost of not working for 15-24 months. Some accelerated options can be completed in 12 months, but there’s still an opportunity cost of not working for this period.
  • Executive MBA: This is often paid for by your employer while you continue to work full time, so the on campus recruiting and career services are not as robust. You could be locked into your current company for two years after the completion of the degree or owe some/all the tuition back if you leave. Ask yourself if this will truly impact your growth at your current company; if not, it probably won’t make you more attractive to a new one, either.
  • Part-Time MBA:  A better compromise; you can leverage the career services of a top-tier school while working full-time. The biggest challenge is being able to change careers and command a higher salary after completing your MBA but not the relevant experience to go with it.
 
CFA:
  • The Certified Financial Analyst designation is specific to the investment industry. Rarely do we have employers in other industries state this as a requirement or preference for their financial planning and analysis roles. It’s more specific to treasury and investments. That being said, a CTP designation can be helpful to a corporate treasury professional.
 
CPA:
  • The great thing about the CPA exam is that you’re likely already qualified to sit for it.
  • Yes, there’s a cost for test prep but it’s considerably lower than the 2 options above.
  • Even if you are planning on leaving public accounting and never returning, the CPA will be an asset, will make you more marketable, and will pay dividends throughout your career.
  • In a down economy, CPA’s can find jobs much more easily.
  • Nearly all higher level, and therefore higher paying, accounting and even finance roles either require or strongly prefer a CPA.
  • You may not need it to be promoted at your current company but once you leave (willingly or unwillingly), you will need it. I have countless examples of clients who were with a company for 10 years and moved up the ladder without it, but then were downsized due to the economy or a sale, and had challenges finding the same level role in another company.
 
In short, a CPA is the most cost-effective path to higher paying positions for the vast majority accounting and finance roles, and there is no downside. If a company is willing to look at someone for a finance role whose prior experience was all accounting and/or auditing, the requirements will usually be CPA or MBA.
 
I’d love your feedback: What do you think about the CPA as a credential compared to a graduate degree?
Send feedback to ndeltoro@andrewscole.com
More by the A&C Team
Nicole DelToro has been helping organizations (big and small) hire and retain top talent for over 25 years, while helping individuals realize their personal and professional goals by ensuring they’re working in their ideal environment. Contact her at: ndeltoro@andrewscole.com.
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Andrews & Cole is a certified woman-owned boutique executive search and consulting firm with a focus on accounting and finance professionals. Clients range from start ups to Fortune 100 in nearly every industry.