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Is an MBA in Accounting Right for You?

Accountants share many qualities beyond number-crunching. Reckoning conflicting account statements or searching for record errors takes creativity and a love for thinking outside the box. The complex tasks of computing and record-keeping necessitate continual on-the-job learning. Each year, thousands of accountants take that love of continued education and further their careers by pursuing a Master of Business Administration with a concentration in Accounting. The advanced degree builds on the real-world experience of students while teaching cutting-edge topics such as data analytics and forensic accounting.

A Degree That Matches Your Career Goals

An MBA in accounting is a common requirement for promotion to leadership positions such as chief financial officer or head accountant. An article from BestAccountingSchools describes the top five benefits an MBA in accounting can offer:

  • Significant management training
  • Preparation for the CPA exam
  • A choice of versatile careers
  • Higher earning potential
  • Successful business ownership

An MBA also opens the door for upper-management positions that come with higher salaries. One such leadership position, senior auditor, uses financial forensic techniques to cut wasteful spending and prevent fraud. According to data from PayScale, the average salary for a senior internal auditor is $75,829 per year, with top wage earners taking in $95,382, as of October 2018. Another leadership position, senior financial analyst, helps clients and businesses make informed investment decisions. According to PayScale, the average salary for senior financial analysts is $78,340 per year.

How Difficult Is an Online MBA in Accounting Program?

Logan Foley, content manager at OnlineMBA.com, chronicled her MBA experience for her online publication. Foley said she chose an MBA because it gave her the skills to start her own business.

"Many professionals earn their MBA after gaining years of experience, but I knew that I didn't want to wait on pursuing an advanced degree," she said. "I spoke to the human resources director at my company, and she walked me through the employee tuition reimbursement program. I didn't want to miss out on this opportunity, so I registered to take the GMAT the next day."

The workload, she said, ended up being around 10 hours per class, per week. The actual number of hours will vary based on a student's familiarity and comfort level with courses in an online program.

"Any online program requires dedication and a disciplined schedule, so I build homework time directly into my schedule so I can hold myself accountable," she said. "After finishing my work day, I find it beneficial to do school work at my desk, as it allows me to have a space for school work that was separate from where I relax at home."

The online MBA with a concentration in Accounting from St. Thomas University allows professionals to pursue graduate studies while continuing to work. The MBA's core curriculum teaches a broad range of skills in international business, data analytics, financial management and strategy systems, among others. Nurturing creativity through an MBA is one way to become a better problem-solver while learning the leadership skills that can lead to upper management promotions.

Learn more about the STU online MBA with a concentration in Accounting program.


Sources:

AccountingWeb: 10 Traits Every Great Accountant Has

BestAccountingSchools: 5 Benefits of an MBA in Accounting

PayScale: Senior Internal Auditor Salary

PayScale: Senior Financial Analyst Salary

OnlineMBA: What to Expect in Your Online MBA Program

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