Please check with your state board of accountancy!! Some states are making changes to address the perceived weaknesses in the current 150 hour rule.
Effective 7/1/2013, Illinois has new and tougher requirements to sit for the CPA exam. You will no longer be able to fill the 150 hours entirely with excess AP credits and "fluff" credits from you local community college!! Six additional semester hours of accounting classes over and above the previous requirements must be taken. In addtion, there are specific extra requirements in areas such as Research & Analysis in Accounting, Business Communications and Business Ethics. In addition, the amount of "accounting" semester hour credit allowed for internships has been cut in half.
Granted, a Masters is not absolutely required; however, you need to be very careful in selecting your classes since a stringent credentials evaluation will be made to see if your courses fullfill the specific requirements. An advantage in Illinois of obtaining a Masters from an AACSB accredited accounting program is you will be deemed eligible to test.