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Types Of Accounting Degrees: Masters in accounting vs. MBA in Accounting
In order to become a certified public accountant (CPA), students must pass the CPA exam. Candidates are required by most States have 150 hours of accredited college education--30 hours beyond the standard bachelor's degree requirement for the CPA exam. To accumulate the extra credit hours, why not earn an additional education credential like a master's degree?
Having decided to pursue a master’s level education in accounting, you are now faced with different masters in accounting programs. Do you choose to pursue a Masters in accounting degree or a Masters of business administration MBA degree with a concentration in accounting?
Masters in Accounting on Campus Degrees
These programs include the Master of Accountancy, Master of Professional Accountancy, or Master of Science in Accounting. The MSA is well suited for those with bachelor’s degrees in accounting and other business areas aspiring to pursue a career in public accountancy, as it positions graduates of this program to satisfy the educational requirements for CPA licensure in some States.
In general each of these is a specialized graduate degree in accounting and while they may include a few courses meant to offer a general perspective of the business milieu, the focus is much more narrowly on accounting. Concentrations are also frequently available to further deepen specific areas of accounting knowledge; taxation, forensic accounting, reporting and assurance are some options. The result is that holders of a masters in accounting degree will have a deeper and more extensive knowledge of accounting practice and theory than MBA students, making them better matched to accountancy work and better prepared to pursue doctoral coursework.
On-Campus MBA In Accounting degrees
Earning an MBA in accounting, or an MBA with a concentration in accounting, is a degree that often combines some advanced accounting knowledge with a broader management and business point of view. This may be useful if you are aspiring toward a career in investment banking or corporate finance. In general, a Masters of Business Administration in Accounting might help students gain an inclusive understanding of business practices, and may be more of a general degree with an emphasis in accounting.
Potential Career Paths For Accountants
Earning a Masters in accounting may prepare students for a variety of potential career paths in corporate, government and private sectors. Some of these occupations might include:
Accountants and Auditors examine and prepare financial documentation. Some choose to specialize in areas such as risk management, or assurance services and others may specialize in accounting for a particular industry such as healthcare. The Bureau of Labor Statistics has defined four major groups of accountants[iii]:
- Public accountants perform a variety of accounting, auditing, tax and consulting tasks. Some are certified public accountants, and some specialize in forensic accounting.
- Management accountants record and analyze the financial data of the organization that employs them, and often work on budgeting.
- Government accountants maintain and inspect the records of government agencies and audit private businesses.
- Internal auditors look for any mismanagement of an organization’s finances. Some are Information technology auditors who are responsible for reviewing the controls for their organization’s computer systems
Chief financial officers (CFOs) are responsible for the accuracy of a company’s or organization’s financial reporting, especially among publicly traded companies. They are the directors of an organization’s financial goals, objectives, and budgets[iv]
Budget analysts help public and private institutions organize their finances, and prepare budget reports as well as monitor institutional spending. More employers are preferring candidates with a Masters in accounting[v]
Financial Analysts assess the performance of stocks, bonds, and other types of investments. For advanced positions, employers often require a master’s in business administration (MBA) or a master’s degree in finance from prospective candidates as knowledge of options pricing, bond valuation, and risk management are important[vi]
Ready To Pursue A Masters in Accounting on Campus Degreee?
In the field of accounting, certification within a niche field may improve your job prospects, which is one of the reasons many accountants become Certified Public Accountants. If you are ready to advance your education, and potentially, your career and salary, why not review masters in accounting on campus programs on GradSchools.com now!
Sources: [i] bls.gov/ooh/business-and-financial/accountants-and-auditors | [ii] en.wikipedia.org/wiki/History_of_accounting |[iii] bls.gov/ooh/business-and-financial/accountants-and-auditors |[iv] bls.gov/ooh/business-and-financial/budget-analysts | [v] bls.gov/ooh/business-and-financial/financial-analysts