Follow5 Great Reasons for an Accounting MBA
- Up-to-Date Knowledge
- Long-Term Perspective
- Increased Earnings
- Certification Eligibility
- Credibility
Getting an MBA in Accounting is one of the fastest ways to propel one’s career to the next level. It enables the student to go deeper into their studies of the business world and acquire a unique set of skills. Additionally, a solid understanding of accounting also incorporates knowledge of finance, marketing, management, and even conflict resolution.
1. Up-to-Date Knowledge
MBA programs are always evolving. In accounting, the progress is even more fast-paced as the laws constantly change. Just consider the plethora of new rules that were passed in 2017 when the majority of the tax code was rewritten. As a consequence, the knowledge that experienced accountants possessed slowly becomes obsolete. One way to keep it up-to-date is to obtain an MBA in Accounting. Doing so will make the student eligible to learn about the latest changes to the profession and applicable standards. In turn, they will be more likely to provide reliable services to their clients.
2. Long-Term Perspective
Most employers require workers to constantly attend on-going education classes. For accountants, this is because of the wide range of strict laws that need to be followed to avoid liability issues. At some point, however, certain employers will focus on workers with specific titles. For instance, most promotions past the level of a senior are impossible without several certifications. Those certifications, unfortunately, are only available to individuals with a master’s degree. Accordingly, accountants should invest in an MBA to facilitate the longevity of their practice. In translation, more education will help one advance faster, and higher ranks usually mean a more fruitful career.
3. Increased Earnings
To build on the previous point, advancing through the ranks always comes with an increase in salary. In fact, many studies indicate that people with an MBA in Accounting can will easily earn more than those who stop their education after a bachelor’s degree, according to Forbes. For prospective students, this is one of the main reasons why they should not focus on the original costs of obtaining the master’s degree. Although the tuition and fees may be high, one will be able to earn that money back relatively fast. Not to forget that a lot of accounting firms will invest in their workers by paying for continued university classes.
4. Certification Eligibility
Some states require accountants to obtain a set level of college hours in order to qualify for important certifications. For instance, Texas is a state where no applicant for the CPA (Certified Public Accountant) exam will be considered if they have less than 150 cumulative university credits. Additionally, 30 of those credits have to come from a graduate program like an MBA. Given that advancement in a career in accounting is often impossible without these certifications, one is encouraged to fulfill the requirements of a master’s program as soon as possible.
5. Credibility
In a client-serving industry, which is what accounting revolves around, credibility often leads the way. Meaning, those who are hiring the accountant must be able to trust their judgment since a lot of decisions can be subjective. Just looking over all the duties an auditor has is enough to see how much grey area there is. A simple way to put clients’ mind at ease is to possess the necessary qualifications. Usually, an MBA in Accounting will achieve this rather effortlessly as customers consider it an indication of the accountant’s knowledge and commitment.
Related Resource: The Top 15 Best Affordable Online Master’s in Accounting Degree Programs
Thus, investing into further education in this area is a valuable decision with countless benefits. After all, those with an MBA in Accounting will easily achieve pay bumps and rank upgrades.
