The article is a short one. Essentially, the article states that a survey was conducted which shows that employers are now even more likely to hire individuals with a Master’s in Accounting degree than they have been in years past.
“Out of 565 employers from around the world, 45 percent plan to hire master of accounting graduates this year, according to a survey from the Graduate Management Admission Council. In last year’s survey, only 36 percent of employers planned to hire business school graduates with this degree.”
I think this shift is primarily for the CPA license. For an aspiring CPA, a Master’s in Accounting is practically a requirement for licensure, given the 150 hour rule in most states. Many accounting firms and other companies will only consider you for employment if you either have a CPA license or on track to obtaining a license. While the accounting firms and other companies realize that the CPA license means that you most likely have a better working knowledge of accounting than an accountant without a CPA license, the primary benefit of having a CPA license is that you are eligible to represent your employer before the IRS. While those just starting out probably won’t encounter a hearing before the IRS in the first year on the job, companies are always thinking ahead to the future. They want to hire individuals that could potentially move all the way to the top. Not having a CPA license might, and probably will, prevent accountants from moving up the company ladder. The Chief Financial Officer (CFO) of a company is regarded as the apex of accounting positions and I can’t recall meeting any CFO that didn’t have a CPA license. For accounting firms, in addition to the benefit mentioned above, an auditor with a CPA license means that the firm can potentially charge the client more for the services.
On a related separate note, I prepared for the CPA exam using the Becker Professional Education software. The instructors in the videos make a point to remind you about all the money you can potentially make by obtaining your CPA license. While I do agree that money is a fuel for choices, I think the people over at Becker could find another way to encourage you in preparing for the CPA exam. That last statement probably just ensured that I will never be hired by the people at Becker. I think Becker could place more emphasis on the importance of the job we do as accountants for the greater good of the company.