Accounting Major, What should I do?

Question:

I am a Junior in college(GPA 3.65 :-)) majoring in accounting. I've been trying to figure which area of accounting I want to go in, I kind of have a love for tax :-) and I also want to get some internships, I've interviewed for a couple, but no luck. Any tips or comments? Also, I've been debating on whether or not I should go for my CPA. In Michigan, its required to have 150 college credits to take the exam. That's a whole additional year of school, which is going to cost me a bundle more and I don't get much financial aid unfortunately. But I'm wondering from any CPA's out there, is it worth it, does it make you more marketable, does it increase your salary? Any help would be much appreciated! Thanks!

Answer:
I'm an accounting major, and basically I'm in the same boat as you since Louisiana & Texas requires 150 hours, and we both have around the same GPA (but I'm a senior, and I'm in AUDIT). I recently got an internship offer for next summer with Grant Thornton. Due to experience, I figured that the earlier you apply for the internship, the better your chances of getting one. Don't limit yourself to just the Big 4. However, the bigger firms are great in the fact that they "wine and dine" you. Make connections with the acct community by going to acct organizations like Beta Alpha Psi. Also, don't limit yourself to firms within your state, especially if applying to Big 4 firms.

As far as 150 hours requirement, I think it's better to go ahead a do it, especially if you want to work for Big 4 firms. I heard from many CPA's at E&Y and PwC that the quicker you get your CPA, the better. If cost is really a issue, like it is with me, try looking a scholarships and teacher assistant jobs. Also, it's cheaper to stay in state. Another option is to go to states where you only need 120 hours. I think New York is one (check the NASBA site). Above all, you should try talking to your instructors (who are CPAs) because they would probably know about this by first hand experience.

Sometimes, it helps to work a tax season with another CPA who's practice is primarily tax in your area to see if it is truly something you would like to do. Becoming a CPA is worth more and if you do it while you are young you have more years for it to pay off for you. It takes drive and discipline. How much more you make depends on if you work for a not-for-profit, in industry, in government, or in public accounting.

Where I am from, internships are pretty hard to get. One of the easiest ways I have found to get one is to join an on-campus club that allows you to network with professionals in the area. It certainly makes the interviewing process easier when you know the other person. My university recently had 14 interns picked up by one Big 4 firm this summer and 10 of them were Beta Alpha Psi, an international accounting honors society that networks regularly with local professionals.

As for the CPA, I'd get that if I were you, it does tend to help your marketablility tremendously and it is a requirement for management level positions in all of the Big 4 accounting firms.

Accounting Major, What should I do?

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