Business Major and Future Accountant Question

MFD16 on 14/08/2018 - 11:51

Hi everyone,

I've been pondering what second major to choose for my degree and Banking and Finance seems promising but not completely sure on whether i should choose some other major. My first major is Accounting btw. Just wanted some opinions from people that work in the finance sector to see if banking and finance is a good major or is there another area which is hotfire in the job market right now?

Second dilemma is about my Accounting major. Now from what i've been told my degree gets accredited by CPA so that's cool and to become a chartered accountant i would have to take some extra units and then take exams after my degree (which I've heard are quite brutal hehe) and that's also cool.
Is it really worth going through all the work and exams to become a chartered accountant or is getting CPA sufficient? I've heard that it's pretty much a boost in reputation but does it go far in getting jobs. What yall think?

  • If it helps, I'm completing Bachelor of Business at Monash and a first year.
Education & Work

Comments

  • dcep on 14/08/2018 - 12:05
    +2

    If you would like to specialise in a particular technical function, then a Chartered Accountant qualification is a good choice. It can help you move into a financial controller or CFO role later in your career.
    The CA course content is geared heavily toward auditing and tax matters and, from a technical perspective, those that obtain a CA qualification are better prepared to handle the more complex accounting issues.

    CPA has a broader focus on more varied accounting skills, such as costing, production, marketing and planning. The diversified skillsets can lead to a career path in more management or innovative sectors of a business, contributing to the success of the organisation.

    https://www.roberthalf.com.au/blog/jobseekers/ca-vs-cpa-whic…

    • MFD16 on 14/08/2018 - 13:19

      Thank you, the article was very helpful

  • Shadowsfury on 14/08/2018 - 12:26
    +2

    Also depends on type of role you want initially - if you join an accounting firm (big 4 / mid tier) you'll have to do CA - won't let you do CPA.

    If you join a regular company they probably won't care.

    • MFD16 on 14/08/2018 - 13:19

      oh wow didn't know that thanks

  • tighytighty on 14/08/2018 - 14:04
    +2

    If you want to get into the big 4 as others have said has to be charted. But if you want to get into industry say you want to work for BMW, they really wouldn't care if its CA or CPA as long as you qualified. This applies to 99% of companies out there.

    Everyone is different but most people dont want to get into auditing therefore dont want to work in the big 4 hence they will end up doing CPA.

    When you progress through your career to be a Financial controller, group financial controller and finally a CFO it doesn't matter one bit if you do CA or CPA. There are probably more CFO's in Australia who are cpa's than ca's. As the former had a higher number of membership.

    Regarding the 2nd major its not really required if you know you want to go in the accounting field. If thats the case start on your CA or CPA as soon as you can and make sure you pass with good grades. Always looks better on the resume.

    With the degree check with CPA what subjects you can do as electives to reduce the number of subjects you need to straight after your uni to start the proper CPA program. From memory Tax law in uni had to be done in uni otherwise you need to do a CPA course to get this under your belt.

    Happy for you to PM if you need further guidance.

    • MFD16 on 14/08/2018 - 15:43

      Yea definitely going into the Accounting field but thinking of something like a back up just in case working as an accountant doesn't work out (might actually do some minors). I've looked at the required units for CPA and luckily all the units in my accounting major itself that need to be completed to be certified as a major on my transcript are the same for the CPA ones. There are a few extra units for CA. I've found in these links:

      Units for CPA:

      https://www.cpaaustralia.com.au/ManageApplications/Accredite…

      Units for CA:

      https://www.charteredaccountantsanz.com/-/media/ed63c1df66bd…

      Might go with CPA for now and see how i finish with my degree and then later after i get a graduate job, perhaps will seek CA.

      Thanks for the advice, appreciate it heaps!

  • star-ggg on 14/08/2018 - 14:47
    +2

    The only hotfire department (as in actually actively expanding) in banking and finance right now is Risk

    • MFD16 on 14/08/2018 - 15:59

      fair enough, will look into that

  • w00dcah on 14/08/2018 - 14:52
    +1

    Just my opinion on CA:

    The main thing that makes CA difficult is having to juggle it with full time work. The actual course concepts are not significantly more difficult than what you'd experience in uni-level accounting courses (in my opinion at least). So if you're passing with flying colours at uni, you shouldn't have too much trouble passing CA. You just need to find the time to squeeze in study around work commitments. I think the reputation for CA being outrageously difficult probably stems from the course structure 20+ years ago, which actually does sound like it was ridiculous. The current course structure is not close to resembling that.

    As other people said, if you start at a larger accounting firm, you'll most likely be forced to do CA (which they'll pay for). This is probably the reason CA doesn't bother advertising much at uni; because they know they have a guaranteed stream of candidates every year. CPA on the other hand - at my uni, almost every lecture started with a CPA delegate giving a pre-rehearsed spiel about the amazing benefits of being a CPA.

    In reality I'd suspect that your experience and referees are more likely to make a difference rather than CA vs CPA, once you've moved past the grad job phase of your career.

    If you're considering working overseas, I'd say CA is better recognised overseas and has more affiliate partnerships with peak accounting bodies in other countries.

    • MFD16 on 14/08/2018 - 15:51

      Yea we had the whole CPA advertising campaign at the start of the semester too ahaha

      Now that i think about it, the people i have talked to about CA have learnt accounting a long time ago so the new CA program was probably hard since they weren't familiar with new accounting framework.

      I think i will go with CPA for now tbh since i want to try to get a grad job asap after my degree. Maybe think about CA later. Was mostly just concerned if CPA will be able to develop my career better than CA and from reading other comments i don't think it will make too much of difference unless i go for top tier firm.

      Thanks

      • w00dcah on 14/08/2018 - 23:28
        +2

        Apologies if I've completely misunderstood you, but when you say "I think i will go with CPA for now tbh since i want to try to get a grad job asap after my degree"… - I'm not sure I understand how CA vs CPA affects how quickly you get a grad job? The grad job you get will most likely determine whether you do CA or CPA, not the other way around. Grads are hired fresh out of uni before they have even started CA or CPA. The firm will then push you one way or the other.

        If you're not sure yet whether a potential grad job will require you to do CA, I'd probably lean towards doing enough uni subjects to meet CA's requirements. What happens if you get a Big 4 grad job offer but discover your uni degree doesn't meet CA's requirements? Can you use up some elective slots to complete the extra uni subjects that CA require?

        • MFD16 on 15/08/2018 - 10:19

          oh sorry you're right, still kinda new to this ahaha

          But yes i'll go with trying to get a grad job first and then see whether CPA or CA applies to me best.

          I'll also go with completing the CA unit requirements just in case i do get into a top tier firm. I do have some extra unit slots that i can use.

          Thanks for clearing this up, was a bit confused with this whole CA and CPA. I thought it was something that you do right after completing a degree and then applying for grad jobs.

        • RyanMK on 15/08/2018 - 10:42
          +2

          @MFD16:

          Not sure about CPA, but with CA you can only enrol while you are working/employed in a relevant accounting related job. And you have to have I think 2 years of FT accounting work experience before you are awarded your CA.

          As such, it won't be something you will not be able to do until you start your graduate job (e.g. you can't do it while at Uni or unemployed).

          I'm sure there are some exceptions, but that's the general gist.

        • MFD16 on 15/08/2018 - 11:24

          @RyanMK:

          Yea fair enough thanks

          I'll check out the CPA website if there's any guidelines on when i can apply.

  • sahh on 14/08/2018 - 15:01
    +2

    If you're set on becoming an accountant as a career another major that might be useful would be IT (if it's an option); things are only going to get more and more digitised and it'd be good to have good grounding for the future.

    Also remember to apply for internships/grad positions as they become available, that'll definitely look good on the CV!

    • MFD16 on 14/08/2018 - 15:55

      Yea am set on becoming an accountant but not sure that i can do specific IT units since i'm not doing a double degree but there are definitely some IT related units in my major such as Systems Accounting.

      I've been thinking about internships but i think it might be too early. Might start applying in my second year since i've only done the introductory/core units of my course so far.

      Thanks

      • w00dcah on 14/08/2018 - 16:19
        +1

        CA runs an "Achiever Program" which i think accounting students at any stage are eligible to apply for. It's essentially paid work experience over the summer holidays with an accounting firm. At minimum it'll look good on your CV. At best a firm could keep you on as an intern/grad if you impress them. It might also give you some good insights / practice as to the application process for actual grad jobs later down the line.

        Or alternatively you might find out that you hate accounting and decide to go into banking/finance instead!

        • MFD16 on 14/08/2018 - 17:28

          That's actually awesome, thank you. Gonna try that first then

  • ambidextrous on 14/08/2018 - 15:04
    +2

    I'm a CA - so I may be biased. However CPA has had some governance issues of late which has apparently led to a few CPA's jumping ship to become CA certified

    http://www.abc.net.au/news/2017-08-03/cpa-senate-board-to-fa…

    • MFD16 on 14/08/2018 - 15:59

      Thanks, the article was interesting. Probably will complete CA after getting some experiences in graduate jobs.

  • dasher86 on 15/08/2018 - 11:46
    +1

    Here is my view.
    BIG Four Service firms push CA. It becomes like a boys club.
    If you want to do Financial Reporting become a CA.
    If you're in a service firm with peers become a CA.
    If you're going to work in the industry and want to focus on commercial/management accounting do CPA.

    In the end most of the time it is a tick the box exercise…

    • MFD16 on 15/08/2018 - 12:11

      wow thanks this makes it easier to understand

      I'll most likely go with CA later just in case i get a job with the Big Four but if i do complete the CA program (and not CPA), i can still work in the commercial/management accounting industry, right? (i know it's probs a stupid question but just want to clarify)

      • dasher86 on 15/08/2018 - 12:58
        +1

        Yes, of course, you can.

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