Why An Accounting MBA Is Not Just For CPA’s

CPAs, or Certified Public Accountants, are in charge of regulating the industry of accounting. A big part of their job is to ensure that the professional standards that are outlined within the industry are met and enforced when necessary. While these professionals are called different names in different countries, they play more or less the same role, and it is one that is integral to this industry. In the past, many professionals chose to opt for an MBA in order to advance within their careers as CPAs, although this is now not the only option available to those who want to enroll in this graduate level course.

Advancing in Your Career

Those who are interested in advancing within their careers will very likely need to go about showing their employers that they have mastered certain facets of their job, and this is no different when it comes to accounting. One of the purposes of obtaining an MBA within accounting is to demonstrate that an individual has grasped not only the basic concepts, but many of the more complex ones too. MBA degrees that emphasize accounting can help individuals in accomplishing just that, and what is more, this qualification also comes with a good reputation.

In some cases, individuals might want to look at running a certain facet of the organization they work for, and an MBA can help them in accomplishing this goal. Many professionals learn a wide range of skills as they go about completing their MBA, including leadership skills, and these can then be applied within a professional’s own work setting. In some instances, an MBA course could help a professional identify others within the industry that could play vital roles within their professional lives. Those completing these courses often find themselves stumbling upon job prospects and other exciting possibilities that they would not have otherwise been able to take advantage of.

What To Expect From an MBA in Accounting

In order for individuals to find out a bit more about what they can do with their MBA in accounting, it might be helpful for them to find out what they can expect from this sort of course.

Firstly, before a professional can enter into an MBA program, they will most likely require a bachelor’s degree. In some instances, they might also require the individual to have a CPA license, although this will depend on the institution to which a person is applying. Those who do not have this license will need to conduct some research into their state laws so that they can find out whether they can enroll without it. Those who enroll without it might find that their courses take a bit longer to complete, although this is often something that individuals are happy to deal with.

The courses entails a lot more than basic accounting strategies, so individuals will need to prepare for this. Individuals might have to delve into some of the many issues that professionals within this field have to deal with on a regular basis, and this includes fraud investigations, business ethics and financial reporting.

Throughout the course, professionals will start to build up the skills that they need to identify those sources available for research, as well as the gathering and analyzing of data so that they can then create solutions that relate to taxes, financial accounting and auditing. It is knowledge such as this that will allow a professional to start establishing themselves as credible sources of information within their field of interest.

Completing a Capstone Project

It is quite common for professionals to have to complete a capstone project as they get to the end of their studies. This sort of project can be compared to a thesis paper that tends to be required in other degrees. Basically, the project requires that the student study a specific business before writing a paper that will provide some insight into the day-to-day running of the organization.

Many of the students that enroll in an MBA program will most likely already have established themselves within their field, so it is quite common for these individuals to have a job. Because they are already working for an organization and have access to the information they need to complete their capstone project, many professionals opt to complete their assignment within their current workplace.

Career Prospects

In terms of career prospects, those who have an MBA in accounting will have a wide range of options to pick from, including; financial planner, financial analyst, investment banker, budget analyst and finance officer. Individuals can expect the annual salaries of these positions to range from $78,970 to more than $134,180, according to the Bureau of Labor Statistics.

It is believed that the finance industry is expected to grow at a rate of 5% by 2029, and this is fast when compared with many other sectors. This basically means that those who are interested in entering into the field will have a lot to look forward to, other than advancing their careers as CPAs.

Many opt for an MBA in accounting because it is consider the highest possible degree available within this industry, other than a PhD, of course. Because of this, those who have an MBA can command more than two times the salary of someone who has just entered into this field.

May 2020 Bureau of Labor Statistics salary and job growth figures for Business and Financial Occupations, Personal Financial Advisors, Financial Analysts, Budget Analysts, and Financial Managers represents national data, not school-specific information. Conditions in your area may vary. Data Accessed May 2021.

Is It The Right Option For You?

It is important for individuals to keep in mind that that just because an MBA could improve their prospects within the job market of their choice, this doesn’t automatically mean it is the right option for them. Those who want to make the most of this opportunity will need to ensure that they understand the industry and that they believe it is right for them. Professionals in this field will remain in high demand as long as financial regulations continue to be stringent and become even more so. This field requires that professionals take note of the many rules and regulations, and it is imperative that individuals are organized and able to follow strict guidelines.

Those who have an interest in an accounting MBA should remember that it is no longer just for CPAs, and this makes it all the more appealing.

References:

• https://www.knewton.com/blog/test-prep/after-the-mba-accounting/