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Taking over dad's cpa firm

Graduated with a bachelors in economics with a 2.9 gpa. School only had an accounting minor which I couldn't get into because my gpa wasn't high enough. Messed around after college for a few years before working at my dad's cpa firm for the past few years. In that time, I got my enrolled agent license and for the most part have only dealt with individual tax returns as well as handling a lot of Foreign account reporting (FBAR).
My dad has a mid-size firm with an already established client base of individuals and businesses doing bookkeeping, ind and business returns, and tax help with foreigners. He would like me to take it over when he retires which would be in 5 years or so.

I won't lie, I've been very complacent during my time working for pops, with no idea of whether I would want to even take over his firm eventually. I know I'm quite fortunate to be in this situation and now need to take my career seriously for the sake of my future and significant other. I've come to a point where I know I need to grow up and start taking my career seriously. I've talked to my dad about getting my CPA which he says isn't really necessary. Is getting my CPA a no-brainer as a potential future business owner? With the intention of taking over my dad's firm, would I be better served going for a masters in accounting or going for a MBA in accounting?

Answers

Anonymous
(Sr. Manager, Accounting & Finance) |

CPA is always the way to go in public accounting. Masters or MBA is a waste of money and time if you are CPA eligible. Does your dad have his CPA? If not, it might be difficult for you to get the experience needed for sign off.

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