Many of the master's degree holders start out as 2nd year associate. This applies to people who have 2 to 3 years of prior big 4 experience.
Big 4s and all other accounting firms are extremely short staffed this year. I see the trend continue until the end of 2005. Once the SOX 404 work slows down, you will see less demand for accounting graduates.
Accounting firms do not hire finance majors for auditing and taxation positions, they also have a strong bias against MBA, Unless the MBA has enough experience for a higher level management position
Big 4 is not the only choice for accounting majors. I graduated from U of Washington, MPAcc and got a job in a middle-sized firm. The first-year associate salary is slightly higher than the salary offered by big 4. Moreover, since the firm is growing, changes to get promoted are higher and comparatively easier than working for big 4. I knew a taiwanese girl who has been with the firm since last August got promoted to senior this year. If you are on the west coast, you can also consider moss adams, Clark Nuber, and RSM McGladrey. They have tax and consulting departments as well. As I know, they do sponsor visa. Sometimes it's easier to get a job NOT in the recurting season due to less competition. I have a friend who graduated last winter just got in DT after half year searching.