Carver Smith, Permanent Staffing Leader
To answer the question fully, it is important to know what you WANT to do. What type of accounting career are you interested in?
Regardless, I think it's important to know that "CPA" can be viewed as a specific "job" such as being someone's public accountant, who gives tax advice, prepares financials, etc. for an individual or another company. You also can have your "CPA", an important credential in the accounting field, but not practice as a public accountant. In other words, you can earn your CPA license and designation and not BE a public accountant, working for a CPA firm.
Obtaining your CPA is arguably the top credential in the accounting field. I would strongly encourage anyone who wants a career in accounting, to obtain the CPA designation as it is a sign of your commitment to your career, a demonstration of your intelligence and overall motivation, that employers often require, or at a minimum prefer.
There are many accounting career paths and having the CPA gives you credibility in all of them. The rules for getting your CPA still vary somewhat by state, so you don't always have to get your Master's in Accounting to get it. Simply having an undergraduate degree with extra credits to get you to 150 in total is often enough (sometimes obtained with a double degree or as a result of changing degrees).
So, if you want to have a career in accounting, I strongly encourage you to go for your CPA license. You can determine if you want to get your Master's as a part of that process. Keep in mind though, having a Master's in Accounting is now more the norm than the exception, and may be a differentiator when a future employer is looking at two resumes side by side!