MSF...MAcc questions for post Ugrad
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MSF places into big 4 advisory. Your not going to get an accounting role with it.
ANT, very true. As a corrolary:
MAcc places into Big 4 audit or tax. You're not going to get an advisory role with it.
Wow, I had no idea. So MAcc pretty much signals that you want a position in audit, tax, or public accounting?
Not 100% true. You're more likely to get a Big 4 tax/audit role from a MAcc, but if you go to a target for the program (i.e. Texas, North Carolina, USC, etc.) you still have a shot at banking. You'll just have to network harder and convince them that you're into the MAcc for the accounting knowledge, but not to become an accountant. It's still doable.
Yes, very much so. 1-year Macc programs were basically created because of the 120 credit-hour rule for CPA eligibility that the AICPA put in place and are a cash-grab by Universities to get students who didn't take a full enough schedule to spend an extra year paying tuition.
Additionally, are you 100% sure that the MAcc programs you listed would take you without an business undergrad degree? I know that Notre Dame requires at least intermediate level accounting coursework for theirs.
It's true that accounting skills are important, but let me ask you this: Of all those contacts who emphasized how important accounting is: a) How many have their CPAs? b) Of those with CPAs, how many work in front-office finance roles? I bet b) is less than 25% of a). You can build a fine career as a CPA working for an auditing firm or in industry but it's not a good path to front-office investment positions.
Texas places people into IB from their MAcc every year.
Do you know how much undergrad accounting they require? The Notre Dame program (which is my touchpoint here) is essentially marketed as a 5th year for accounting students (not that undergrad accountants don't go into banking) and is massively a Big 4 feeder.
I would still say that in general an econ major will be better suited by an MSF, unless he's had a fair amount of accounting coursework as an undergrad.
Edit to specifically address the original poster's question: Big 4 TS groups recruit MSF programs, I am not sure if they recruit MAcc programs (never met someone from one when I worked in valuation at the Big 4).
Thanks for the post, I know that UNC does not require any prerequisites and Texas only needs introductory Financial accounting, which I have. I have to say my favorite program is the UVA MA Commerce, would I have the same opportunities in the Big 4 Advisory and Transaction Services with that degree even though it is not an MSF?
They all require varying amounts. UNC, Texas, USC have no pre-reqs but some schools like Notre Shame, Virginia, Michigan, etc. have so many requirements that you basically have to major in accounting to even apply.
Also, yeah fine a basket-weaving degree can lead to banking, but accounting is relevant to banking and that's why top students from top accounting schools have a decent shot at banking with a little bit of networking as well. It's not that unheard of to go to a Macc to transition to banking and it's fairly easy to say that one did a MAcc just to learn accounting and further one's finance skills. Even though these people don't work in banking, I've met a number of people at my non-target that go to the MAcc just get corporate finance or promotions at their current jobs because employers demand solid accounting skills.
Your insistence about placement from Maccs to banking aside, the original poster asked about working for the Big 4 in advisory; Ant and I both recommended MSF over Macc and I stand by that advice. Maccs are a fine program but in my experience MSF is a far more likely path to what the OP wants to do. Anything is possible if you set your mind to it, but why make the path harder especially if you have no particular need or desire to study accounting rather than finance?
A masters in basket weaving can place into banking also. Go with the best odds not what can potentially happen. UTA might be the exception, but the Macc will still be viewed as accounting.
Agree with Kenny. Take the path of least resistance.
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