Accounting Designations

[JohnSpadaEA]

Let me start with a little background information before I ask a question. I have what I call a full time, year round tax practice. In reality a substantial part of my income is derived from accounting work. Anyhow, I have come up with this brilliant idea that maybe I should earn an accounting designation. I have a BA in Accounting and 30 plus hours of graduate level accounting and tax courses, but I practice in Massachusetts and I have never worked in a public accounting firm so becoming a CPA is out. I know the requirements are different in other states.

I have looked online at other designations and some of them look rather made up and self serving to the sponsoring organization. I have found a few that are not give aways and have requirements that need to be meet obtain the designation. One for example is the CMA, Certified Management Accountant Designation which deals more with internal corporate than public accounting, but I was impressed that it requires a degree and a four part exam and that can’t be waived because I am an EA and willing to send cash. Many of my peers have obtained the ABA, Accredited Business Accountant Designation which requires a written exam, with some parts of the exam waived for EA’s and CMA’s.

What I am looking for is some feedback from this group on the CMA and ABA designations and information about other accounting designations that may be worthwhile pursuing.

Thank you in advance for your input.


John

[Snow White]

Cma

I too am in a position where it is impossible to get a CPA designation, mainly because at 43 I am too old to begin all over again as an entry level in auditing. I wouldn't want the pay scale and boring work I could do with thinking too much and they wouldn't want me because I would be too advanced in my career to be used and abused as entry level. I work full-time in an Accounting Manager position and have a small tax business on the side. From recently looking for a job, the employers are gaining a lot of respect for the CMA and as of recent have been requesting the either CPA or CMA designations side-by-side. I am using the IMA's materials to study for that test. Some say it is harder than the CPA exam because it covers a wider range of topics instead of just accounting and auditing. Once I obtain the CMA, I will have dual designation with the EA and can continue in my tax practice, my day job and/or both. For the CMA, you do need to be a member of the IMA first. The IMA has been pushing really hard to build up the prestige and it has been working. All the CMA's I know do quite well having it, career-wise. Best wishes in your decisions.

[John of PA]

MS in Tax

When I got my Masters of Science in Taxation a few years ago, I got very positive comments from clients. They really felt good about me having achieved this and felt more confidence in my work. A friend of mind went through most of his carreer as a tax accountant without his CPA but he had a MS in Tax. He is very successful, much more than I and has several of those pet clients who don't care what you charge as long as you service them well. I put after my name; CPA, MST and I recommend the MST (and CPA if possible) to anyone who does taxes.

[geekgirldany]

Designations

I'm actually in the process of going back to college to finish up my Bachelors and eventually get my Masters in Accounting. I looked at the requirements for CPAs also. Can't do it... like you said I can't really start over. I'm going to look at the requiremetns for the CMA though. Also I am going to get my EA next year.

John did you go to a state college to get your Masters of Science in Taxation?

[JohnSpadaEA]

Accounting Designations

I was working at Fidelity Investments when I was in graduate school, they paid 100%, so I went to a private college.

Looking at the responses I got from here and the ATX forum I think I will follow the CMA route for a couple of reasons. First, In Massachsuetts I would have to work in public accounting for two years, take the exam and so on to be to become a CPA. Well, I have a full time tax practice that I have worked hard to build and it provides for a very nice life style for my family, so I am not giving that up to go from an EA to a CPA. Second, that was not the point of my original post. My question was more of a professional development question. Obtaining a CMA looks like a lot of work, its not a give away, other designations I have seen looked rather easy to obtain. I want to gain something from the process, that is really what I was getting at.

John

[John of PA]

Mst

GeekGirlDandy,
I got my masters in taxation at Widener University in Chester, PA. An excellent pratical down to earth program, unlike some other theory based schools who are trying to groom Harvard grads to be top level corporate executives. Also on a personal note, I'm married to a wonder women and have 4 great kids; I just want to say that I always liked Geeky girls, I think theyre great, down to earth (have some as clients). they are of much more substance than all the barbie dolls out there. Hope one of my daughters becomes one. Best Wishes.

[Gretel]

Geeky

Now I had to take a look at my English-German dictionay to find out what geeky means. It's an untranslatable word and some users of the site have come up with their own explanations. Top of the line:

The propeller beanie is the ultimate symbol, the epitome of geekiness. Not sure, but i think it had its origin in a comic strip from the 1950s, when there were lots of nerds walking around.

[John of PA]

Geeky

My definition is a guy or girl really into deep intelectual work such as computer programming or a scientists and that is their main focus in life. I suppose I'am a tax & message board geek myself.

[geekgirldany]

I would like some opinions on what you guys think of online colleges. I am looking at attending Baker College Online. They are located in Flint, MI and do have physical campuses. I did alot of research on them and haven't found a bad word about them. They seem to be more of a career type college but they have the same classes as the state college here. www.baker.edu if you want to look. I would have to get a masters in taxation else where. I think there is an online college for that too.

I just wonder how customers and peers would think of an online college only education. Its not cheap I can tell you that.

[geekgirldany]

Geek

I actually got that name by being the only girl/woman in a technology chatroom. Atleast most of the time I was. If you guys remember TechTV... well one of the hosts gave me that name and it stuck. I was actually on there a couple of times via netcam. I think being called a geek now is good where use to it wasn't. But I don't know how it is for a young person in school. I think the younger generation is just more tech savy anyways.

Here is what google says a geek is:

A geek is a person who is fascinated, perhaps obsessively, by technology and imagination.

The definition of geek has changed considerably over the years. Below are some definitions of the word "geek", in order from newer to oldest. All are still in use.

* A person who is interested in technology, especially computing and new media. Comparable with the classic definition of hacker. Late 20th century and early 21st century

* A person with a devotion to something in a way that places him or her outside the mainstream. This could be due to the intensity, depth, or subject of their interest. This definition is very broad, and allows for math geeks, band geeks, computer geeks, politics geeks, geography geeks, geeks of the natural sciences, music geeks, history geeks, Good Eats geeks (Briners), linguistics geeks, sports geeks, figure skating geeks, SCA geeks, gaming geeks, ham radio geeks, public transit geeks (metrophiles), anime and manga geeks (otaku), Stargate SG-1 geeks (Stargate SG-1 fans), Buffy the Vampire Slayer and Angel geeks, Star Wars geeks, Star Trek geeks (trekkie), Tolkien or fantasy geeks (Tolkienite), geeks of many colours, genders, and styles, and last but not least, Wikipedia geeks. Late 20th Century and early 21st century

* A person who swallows live animals, bugs, etc., as a form of entertainment at fairs etc. This often included biting the heads off of chickens. The Geek would usually perform in a "geek pit." This probably comes from the Scottish geck, meaning 'fool', in turn from Low German. 19th century

[John of PA]

John of PA

Thanks for the intense definitions of geek. There is a stock with the symbol geek.ob (ob is over the counter bulletin board). It's an internet company, but looks like it did not pan out as it's a penny stock. OK, I'll tell the rest. I lost money on it a few years ago during the internet boom (or should I say bust). My initial take is if your working or trying to serve big corporate America, a web based MST degree would not look good; especailly if your more or less competing against people with brick & mortor degrees. However if your competing with people with no MST, then it definately looks good. For myself, who is a sole pratitioner I would guess my clients would not look at a web based MST as highly as the one I have from Widener; but still I think they would, in general, value a web based MST highly because most sole practitioners do not have an MST. But I do get ask the most by new aquaintances or clients "Are you a CPA?" That appears to be the most highly valued designation. A handful of bad apples at Arthur Anderson almost tainted the CPA designation, but it seems to have survived OK.

[geekgirldany]

Degrees

Yeah I think people would also value a degree more from a "traditional" college. I've sent my application in but I'm still considering weather to go or not. I want to learn. Like I told the admissions person my goal is to learn more not to get done as quickly as possible. One class cost around $600 that is alot. I thought the gov't would pay for it since I am a poor sole prop but I think I made just over the amount to get any tuition help. So I am having got rethink on this.

I get asked alot if I am a CPA. Sometimes people just assume I am one for some reason. I am bound and detemined to get that EA designation next year. Then I can boast that I am a EA. Then have to explain what that is

On the college "knock on wood" that I won't have to go out into the work force again and can keep my little business. God has really blessed with me a good business.

[John of PA]

Good Sole Business

Yes I've stuck with my little business and I'am glad I did. I could make more going where the "grass is greener" but it appears most people out in the large business world really are not happy. Best Wishes.

[Gene V]

Title

I'm using this program called Dragon Naturally Speaking, it's a program that where you speak into the microphone all the words magically appear on your screen.
I'm not much of the writer and less of a speaker but here goes anyway.

I got my enrolled agent license back in 1983, my friend at the time thought that was a big deal and every time we were out with other tax preparers she would always mention that I was a EA, this would always embarrass me because these other preparers were not EAs or CPAs, but knew a lot more about taxes that I could ever begin to know. I decided that it was more important what you knew then what you had after your name, like the earlier posts said unless you are competing for a job in a large company.

I think the people that impressed me the most in the business world are people with the title: Attorney and CPA. In one of my psychology classes the professor said that in order to be a CPA you had to have IQ of 130 or better mainly because the tests was so comprehensive, so that left me out.

I'm just sitting here thinking what to say next, I know I better not think out loud because everything seemed to be written here on the screen. I'm going to try and use this program with my tax software and see if it makes my input any faster. Sorry for the rambling on, but this program sure makes it easy to say what's on your mind and not having to type it out.
Think I a better quit while the quitting is good.

[Gretel]

Designation

I fully agree with you, Gene. The quality of work is, what counts most. Even with my heavy german akzent (Is that spelled correctly?) almost none of my clients questioned me (I did that enough myself).

In Germany my title was is an CMA here and it was tough to achieve. If they accept this a basis to start getting the CMA here I might do it since I love to study. So I call myself a certified accountant and in Montana I can have "Accountant" on my company sign.

But I still felt the need for some credentials to serve my clients better and I had hoped it gives me more confidence so I became an EA two years ago. The studying itself gave me more confidence not the title (in Germany nobody looks for titles so I am not used to all this mumblejumble about it).