So I'm part of a finance rotational program at a BB. Many ppl say these leadership programs are pretty good when starting off your career in corporate finance.
How important do you think getting a CPA is in terms career development? Do you think it's necessary if I want to move up the ladder?
It sucks to spend your free time studying accounting when you're working 60+ hrs a week...
I dare to say not important at all? I have a friend doing a financial leadership rotational program and he is getting his MBA as part of it, but no CPA requirement. I could be wrong, but having a CPA is only beneficial if you are doing public audits, working with clients, etc. That being said having a CPA couldn't hurt you.
I agree. Although having your CPA is very prestigious, I don't think it's necessary to put in all that time to study for it, especially if you don't plan to work in public auditing. I know a few tax accountants who don't even have their CPAs either..
if you're just starting to think about doing a cpa now (and i assume you're in ny, so you'd get NY CPA) it might be helpful for the finance line of work (most of upper management in BO finance had CPAs at the BB's i've been in) but pretty difficult for you to actually get.
it's my understanding that not only do you need to pass the test but you need 2 years of actual audit experience at a public audit firm and you need 150 class credits. i assume since you're just thinking about this, you were not involved in the 150-hour program during your undergrad.
Corporate finance is a pretty broad term. This can include "financial management" work like capital budgeting/NPV analysis, or it can be mostly accounting/controller functions, such as financial reporting, monitoring profitability, and even internal audit. It depends on the company and the development program. GE FMP, Bank of America FMAP, and Shell Finance seem to care more about your general business skills and your potential to advance within the company (leadership, problem solving skills, and all that good stuff). Honeywell Finance was the only one that asked technical journal entry questions in their interviews to make sure you knew the accounting. Accounting skills are valued for corporate finance, but a CPA certification isn't necessary for a lot of finance rotations. I agree with the above that a CPA is most useful (i.e. necessary) if you're on the public accounting side and signing audit opinions, or doing tax consulting. It looks good on the private side, but if it's not required, you might not want to waste your time with it and just go through the training during the rotations. Some job descriptions say "CPA and/or MBA preferred," but I think that applies more for the career changers into corp fin rather than entry level development programs.
I have seen a number of CFO's with CPA's.
But you are required to work in accounting for a year.
Don't worry about it. You would also need a MAC unless you were an Accounting major in UG.
I think many of them also have CFA's, and many of them have neither, so there's probably numerous paths to that position.
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