Career flexibility. Security. Opportunity for leadership positions. All of these are good reasons for accounting professionals to pursue a Master of Business Administration in accounting. Perhaps the largest motivator, though, is the opportunity for better pay in a range of jobs. In today’s business world, accounting is much more than crunching numbers. Enhancing your skills can be personally rewarding as well as lucrative.
“Accountants work in a wide variety of roles, all the way into the C-Suite and the top levels of government agencies,” an article on MBA Central notes. “And while some accountants do specialize in ‘crunching numbers,’ a whole slew of others focus on areas as diverse as management, regulatory, compliance, education, advisorial roles, and more.”
Truth is, an MBA in accounting is an incredibly versatile degree.
Job Opportunities for Accounting MBA Grads
Employment of accountants and auditors is projected to grow 6% through 2028, about the average growth rate for all occupations. The U.S. Bureau of Labor Statistics predicts globalization, a growing economy, and complex tax and regulatory issues will lead to strong demand.
“Accountants and auditors who have earned professional recognition, especially as Certified Public Accountants (CPAs), should have the best prospects,” the BLS says. “Job applicants who have a master’s degree in accounting or a master’s degree in business administration (MBA) with a concentration in accounting may also have an advantage.”
Jobs you may qualify for with an accounting MBA:
Auditing manager. Ensures that a company or organization keeps its accounting records in compliance with rules and regulations. PayScale reports that many auditing managers work with internal company affairs to ensure employees act ethically. Another duty is determining the financial status of the company and preparing reports on operating procedures. Average compensation is $89,308 with a range of $66,000-$118,000, as of January 2020.
Financial manager. Assesses weaknesses and risks of an organization’s financial operation and offers suggestions to achieve financial goals. PayScale says financial managers also manage client accounts, analyze budgets and resources, and prepare monthly, quarterly and annual reports for designated groups. Average salary is $72,224 with a range of $44,000-$116,000, as of January 2020.
Financial analyst. Advises the company on financial investments after studying marketplace trends, demographics and microeconomic factors. PayScale calls financial analysts the experts when it comes to understanding how a company has invested its resources and how secure and viable those investments are. Financial analysts also provide direction on how to protect a company’s resources during economic slowdowns. As of January 2020, the average salary for financial analysts is $60,277 with a range of $45,000-$81,000.
Tax manager. The number cruncher who oversees reporting and tax compliance with local, state and federal tax laws. PayScale tax managers also ensure that initial public offerings, mergers and other acquisitions are properly documented from a tax perspective. Most companies require tax managers to be CPAs. Average tax manager salary is $97,179 with a range of $72,000-$128,000.
Chief financial officer. The boss who oversees a company’s financial operations and guides accounting and finance departments. PayScale notes that CFOs also develop internal procedures for financial activities and provide leadership in business planning, accounting and budgeting. Average salary is $132,318 with a range of $73,000-$218,000, as of January 2020.
Advanced degree programs such as the Emporia State University Master of Business Administration with Accounting Concentration Online can put your management plans on the fast track by enhancing leadership skills, strengthening business fundamentals and advancing your accounting expertise.
The Emporia State program is especially relevant because it offers the skills and knowledge necessary to conquer the increasing complexities of financial management and reporting. Core courses provide a foundation in managerial economics, marketing and financial management, plus students learn how to apply information systems and technology in quantitative analysis for expert managerial decision-making.
Learn more about Emporia State University’s online MBA with an Accounting Concentration program.
Sources:
MBA Central: What Can I Do With an Accounting MBA?
Payscale: Average Auditing Manager Salary
Payscale: Average Financial Manager Salary
Payscale: Average Financial Analyst Salary
Payscale: Average Tax Manager Salary
Payscale: Average Chief Financial Officer (CFO) Salary
Bureau of Labor Statistics: Occupational Outlook Handbook: Accountants and Auditors
