Landed MBB job, will being a CPA add any benefit?
Hello everyone! I am graduating soon (undergrad) with an Accounting and Finance degree from a public non-target school. I was lucky enough to lock in my top choice MBB job for after graduation in Chicago! My plan for the future is to put in the three years at the firm, get into a top 5 MBA program, and either continue with consulting or go for a private equity firm.
Now comes the question where I'm hoping these forums can provide me with a little bit of guidance: Will becoming a CPA provide me with any additional benefits or help at all with potential career opportunities? Is it worth it to sit for the exam? Should I bust my ass studying and testing over the summer or just enjoy my free time (which includes working out, learning more about trading, reading, international travel, etc... I like to stay busy)?
My double major credits and accounting degree helped me fulfill almost all the requirements to sit for the Illinois CPA exam. Though studying for the CPA exam is fairly rigorous, I have time over the summer to complete or nearly complete all sections. I will also be taking the GMAT over the winter and am fairly confident I'll do well and not have to worry about that either. On the other hand, I realize that a CPA may not add much value if I have an MBB firm on my resume coupled with a top 5 MBA program. Coincidentally, MBB firms have the top three spots for Glassdoor's "Top Companies for Career Opportunities" of 2013.
Any thoughts or feedback would be appreciated! What would you do if you were in my spot?
All else being equal, yes. But you need to consider if it is the most efficient use of your time, future CPE credits, work experience requirements, etc.
With all due respect, regardless of holding all things equal, the CPA exam will add little to no value for the OP if he already has signed with MBB.
OP: The CPA exam will have almost no relevance to your job in MBB. Will you be looking at advanced lease accounting or accounting for manufacturing units at MBB? No, that's what auditors are for. Will you be looking at advanced tax complications? Maybe (probably not), but even if you do, your teams will not be relying on you for that information, because they will have technical experts for those instances. So, as far as direct application DURING your tenure at MBB, there is most likely zero relevance, which puts every minute spent studying for it in the "time wasted" bucket. Also, study materials and the exam itself is very expensive (can be as much as 3-5k).
As far as exit opportunities, after MBB, (and M7), the world is your oyster. You can immediately get into IB, PE, VC, Corporate Strategy, Corporate Development, Corporate Finance, or Tech. The CPA adds zero value to most of those opportunities.
Unless you want to collect certifications so that your Linkedin says Firstname Lastname, MBA, CPA, CFE, CFA or something like that, don't bother. I'm really not saying that CPA is worthless, many of us are probably CPA's on this site. But for someone with MBB background, work hard and shoot for the stars. Unless you want to end up in some Big 4 position where you can't be called a "partner" without a CPA, there is no reason to get the CPA. You would be better served simply studying extra for the GMAT to ensure a 750+. And if you really need to study something, take CFA Level 1.
Sorry that my $0.02 felt a lot like a soap box. TL;DR: CPA is not worth the time for someone who landed an MBB gig. x100.
EDIT:
P.S. Congratulations on the offer! I am soooo green with envy.
I completely understand your thoughts. I'd like to think I'm not the type that tries to collect certifications just for the Linkedin boost. Also, a partner at a Big 4 is definitely not where I plan on ending up. I'm also fairly confident about the GMAT (at least the math portion) from some practice tests I've done and scored really well.
I may even end up riding out the consulting career through partner, though now I'm leaning towards PE in the long-term before I start my own business. Thinking that a CPA won't benefit me much with this path certainly reduces my drive to go through the trouble...
Don't worry, your response didn't feel like a soap box; they were all great points! Also, thanks on your congratulations! I couldn't be happier with my placement.
I am also an undergraduate student who is debating this same topic. Albeit, I do not have an MBB offer, does having a CPA help in any fashion in consulting?
From what I read, your time is definitely better spent killing the GMAT, but it sounds like you will perform well currently.
Great job on the offer. If you do not mind, I am going to PM you. I am also a non-target, MAcc + Finance student. I would love to hear more about your experience.
CPA is pretty much useless for MBB generalist track. Perhaps could add some value if you're going corporate finance track. Perhaps not.
Use your time to study for the GMAT, get a 720+, and then be able to focus on your job until b-school. The CPA will add little value to you. Plus, pretty sure you can't become a CPA (you can pass the test, but not actually be a CPA) unless you have a certain amount of actual accounting experience. Do not think MBB will qualify for that. Also, do you have the required credit hours? If you did a 4-year undergrad, that's pretty unlikely.
If you want to be a CFO one day, it could add some marginal value. However, you also risk tagging yourself as the corporate finance guy, and getting stuck consistently on that type of project, even if that isn't what interests you. I know MBB have generalist models, but it does happen. Deloitte S&O has the same, and because of my accounting background, it was hard for me to break away from a certain type of work.
It absolutely could. But more and more CFO's are coming from the finance route and not accounting. Coprorate controllers can now do all the accounting dirty work and CFO can focus on corpfin.
I do have all the required credits coming out of undergrad and MBB would count as Illinois permits consulting as a means for reaching the required work experience. Very interesting point you make about being a CFO, hadn't thought about that option!
This. Unless you have a very specfic career goal that requires you to be a CPA, getting the GMAT done is much more value-add for people going into management consulting.
And you say now that you can study for the test while you're working, but it's much more difficult than you think.
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