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Graduate Degree for Accountants
A Winning Combination
In the noted words of that great baseball philosopher
Yogi Berra, "the future ain't what it used to be."
Due to the dynamic and global nature of today's business
world, it can also be said that accounting ain't what it
used to be. Traditionally, accountants have been viewed
as 'bean counters' and 'number crunchers'.
Although highly respected for their knowledge in such areas
as financial reporting, taxes and auditing, today's accountants
are also expected to have a solid foundation in marketing,
economics, finance, management and information systems. They
continue to have a greater involvement in all aspects of a
business, and are viewed by their companies and/or clients
as 'business advisors' who will provide value-added services.
Consequently, individuals considering accounting as a career
path will find increasing and diversified job opportunities,
greater expectations and financial rewards, and a premium
placed on technological training and skills.In order to meet
the challenges of today's changing accounting landscape, continuing
education and on-going skill development is imperative. Whether
you've just graduating with a bachelor's degree, or have been
out in the workforce for several years, pursuing a Masters
Degree in Accounting is an excellent way to update and advance
your knowledge and skills, enhancing your chances for future
success in the accounting profession. The focus of this article
is to show how closely graduate degrees and professional accounting
certificates are aligned, and briefly outline selected professional
certificates and options available to candidates considering
a graduate degree in accounting.
Professional Certifications
Certified Public Accountant (CPA)
Still the marquee designation for accounting professionals,
individuals earning their CPA license will find numerous opportunities
in public accounting, industry (corporate accounting) and
the not-for-profit sector. Since over 40 states now require
prospective CPAs to earn 150 credit hours of college credit,
a masters degree in such areas as accounting information systems,
taxation or business administration will likely be the norm
for tomorrow's accounting professional. For those who are
already CPAs, pursuing a masters degree is a great way to
meet state licensing continuing professional education (CPE)
requirements, while also improving your skills on the job
and increasing your opportunities for advancement.
Certified Management Accountant (CMA)
Certified in Financial Management (CFM)
Although not as widely known as the CPA, the CMA and CFM
are gaining in recognition and stature. The CMA was established
in 1972 by the Institute of Management Accountants (IMA) to
afford accounting professionals an opportunity to demonstrate
their knowledge and expertise in internal and corporate reporting
issues. It is particularly appealing to those not wishing
to obtain the public accounting experience usually necessary
to earn the CPA designation. The IMA established the CFM program
in 1996 in an effort to attract other business professionals
who may not have an undergraduate degree in accounting. Both
the CMA and CFM reflect the expanded scope of today's accounting
and financial professionals by requiring that candidates have
knowledge in the following areas:
-
Economics, Finance and Management (CMA/CFM)
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Financial Accounting & Reporting (CMA)
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Corporate Financial Management (CFM)
-
Management Reporting, Analysis and Behavioral Issues
(CMA/CFM)
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Decision Analysis and Information Systems (CMA/CFM)
Candidates for the CMA/CFM designation are not required
to hold a masters degree. However, the 'core' courses in
most graduate accounting and MBA programs are directly in
line with the common body of knowledge required of CMAs/CFMs.
Certified Financial Planner (CFP)
For today's accountants, personal financial planning is
one of the fastest growing segments of the accounting profession.
This is particularly true in the small business sector where,
in their role as business advisors, accountants are also
expected to assist in all aspects of financial planning,
from insurance and risk management to estate and retirement
planning. Since much of the work of a CFP involves the taxation
of financial planning, pursuing a Masters in Taxation or
an MBA with a concentration in finance and taxation provides
an excellent foundation for the accounting professional
to gain expertise in this area and offer value-added services
to their clients.Because of the dynamics and complexities
of today's global business environment, the accountant is
expected to 'wear many hats'. In order to better assist
their companies and clients, accounting professionals need
continuing professional education and skill development.
One way to achieve this is through graduate education. An
added benefit to master's level coursework is that it also
helps candidates prepare for several highly-respected professional
certification(s). Accounting professionals with both a master's
degree and professional certification next to their name
have a clear way of differentiating themselves from the
'pack'. Surveys conducted by several accounting organizations
have shown that over the course of their career, individuals
with professional certifications earn about $12,000 more
per year than their non-certified counterparts.Since CPE
is a must, why not pursue a master's degree in tandem with
a professional certification? Once you see what a few more
letters next to your name can do for you, you'll understand
why accounting ain't what it used to be.
Author
Joseph M Hargadon, PhD, CPA, CMA
Associate Professor of Accounting
Widener University
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