I am currently studying for a degree in accounting, and then intend to pursue a Master’s in Economic Development, then use both to work as a development consultant overseas - something along the lines of Oxfam or this firm, DAI, .
My question is if there would be any benefit in becoming a CPA if I intend to work overseas. I do not know of any international certification, or if one is even being considered. If you think that there would be a benefit, where should I become a CPA? Is there a fundamental difference between states? Would there be an advantage of becoming certified in Illinois over Missouri, for instance?
Also any advice for entering this field would be appreciated. My current goal is to apply for the Master’s International program offered by the Peace Corps, and use that as a springboard into the industry.
First of all, good for you for the career path! Very interesting. I would think that the CPA would be valuable for getting experience in various settings (public, private), etc., as I believe you have to have accounting hours and not just pass the test the way it used to be. The specific knowledge of law might not be applicable, but the kinds of applications can’t hurt.
But again, if you have a path set out, I wouldn’t necessarily veer from that to get the work hours you need for the CPA. Plus, the CPA is more geared toward strictly accounting work, and it sounds like you are more interested in management/development work (more analogous to MBA-grad work).
A CPA is a qualification. While having the state licence to sign corporate audit reports would be basically useless while working overseas for Oxfam, it may help you get the job in the first place. Many organizations like to see credentialled applicants. If you were hiring people, the CPA designation could be enough to tip the balance and bring someone in for an interview (or at least prevent you from pitching the application immediately).
As for picking a state - The exam is supposed to be the same everywhere but the requirements to sit for the exam and get a license can vary. At this point, most states require 150 hours of credit. If you have that already, you might look at requirements for the license and the costs of maintaining it. I’ve never sat down to compare them but I’ve had Canadian colleagues who like the Illinois license because it has lower work experience requirements and doesn’t cost much to maintain once you have it.
Also, (imo) its easier to pass the exam right out of school. In a few years, you’ll know a ton about non-profit accounting and Gabon tax issues but the US GAAP rules for determining business profits will be a haze. If you sit for the exam then, you’ll ace 10% of the exam and be bamboozled by the other 90%. That is just how work experience is. You’ll specialize. If you might want to take the exam in the future, its better to just get it over with now that the broad but basic rules are fresh in your head.
The only down side of a license I can see is the need to send the state a check every couple of years to maintain it.
I agree that it might be worth your while to sit for the exam now. I sat for it right after I graduated (degree in accounting) and passed. I’ve yet to work in public accounting, but I didn’t know that at the time. So while I don’t have the appropriate work experience to actually get the CPA designation, I at least got the test out of the way. Just in case.
A designation of CPA does indeed add a little to your resume, so if it doesn’t put too big a bump in your plan, it might be worth it. But it sounds like you’ve already got a good plan. Presuming you can make it work, I don’t think you’ll necessarily NEED the CPA. But it might help.
The work experience is probably the largest factor. Missouri requires at least one year before taking the exam, while Illinois and others do not have any at the moment. The degree alone only requires 120 hours, while the CPA exam does require 150 hours, for all states now, last I checked. I would prefer not delaying graduate school to meet those requirements. I do not want to work full-time unless absolutely necessary. Trying to make up for lost time and all that. If I decided to do so, it would mean at least one more semester (I might be able to combine that with my Master’s requirements - which is why I am asking about all this now actually) and the time to study and prep for the exam itself.
I forgot that there is the CMA, Certified Management Accountant, certification also. Anyone have experience with those? One of my accounting teacher received hers during the semester I was in her class. Would this be a more realistic/favorable option? It appears to cover more of what I want to use my degree for.
Thanks again,
For a time I considered becoming a CMA, simply because I was doing more cost accounting and things like that. It seemed a little more relevant.
At this point I’ve moved more into financial analysis and budgeting, so it’s not as relevant, which is why I haven’t done it.
Honestly, any sort of certification you can put on a resume looks good. While it may not be completely relevant, it still shows that you’re focused, driven, or at least test well. It’s a talking point, at least. But I personally don’t know how relevant a CMA is from an overseas perspective.
If you’re going to the trouble of the accounting degree, you really should get the CPA license. It’s only a few more accounting courses (generally pretty valuable ones at that), and some of your 150 hours might be covered while in grad school–check your state board of accountancy for the exact requirements.
As far as perception goes, the degree without the license is like doing the PHd work and not writing the thesis, like finishing law school and not getting admitted to the bar. Even if you never practice public accounting, the marginal effort of getting the license is far outweighed by the benefit you get by having those three letters behind your name. (especially considering that the intermediate financial accounting classes you take for the undegrad degree are really the hardest you’ll face.)
You don’t want someone seeing your accounting degree and wondering if perhaps you just never passed the exam, or were afraid of the grad coursework, or whatever… But you do want to have those letters after your name.
And, yes, do it as near to your accounting coursework as possible. It really is like a big final exam.
It’s a talking point, at least. But I personally don’t know how relevant a CMA is from an overseas perspective.