Are you struggling to choose a career path? Stay tuned; we’ve got the gist for you!
As you work toward becoming a certified finance/accountant manager, there are a few demanding letters you can put behind your name. Two of the most preferred are the MBA (Master of Business Administration) and MAcc (Master of Accountancy).
There are countless postgraduate education options available to business professionals who have completed their baccalaureate degrees. After checking out other programs, many potential students set their eyes on a Master of Accountancy or a Master of Business Administration. Before these career-building maniacs choose a plan, it is critical that they weigh-in every possibility.
Before we dive into the details, prospective students must understand that today’s job market is full of successful giants, and tackling them won’t be easy. Employers search for professionals who bring revolutionary skill sets of education. On top of that, corporate clients who look for senior employees do not consider candidates without radical business degrees – a major red flag!
For now, we can tell you this much: the MAcc and MBA specialize in accounting. Each will cleanse your mindset and prepare you for the forward-thinking world of business, whether it is construction, high tech, banking, or healthcare.
MASTER OF ACCOUNTING – MACC
A master’s degree in accounting isn’t just about moving numbers. It is about developing advanced and practical accounting skills, financial savvy, and business strategies required for you to outshine in your financial career. Since it is not pandemic-friendly to attend classes traditionally, an online accounting masters program would be a win-win option. Moreover, this degree’s sole purpose is to prepare students for the CPA exam, providing general industry knowledge in business and economics.
MASTER’S IN BUSINESS ADMINISTRATION – MBA
Its very simple to understand the purpose of this degree. A master’s in business administration prepares students for an advanced career in any chosen business specialty. Some career concentrations for MBA candidates include financial services, human resources, accounting, information technology, or management.
DELUSIONS: MBA VS. MACC
One of the most ancient fallacies about MBA’s in accounting is that they are similar to an MA in accounting – not real. While a master’s in accounting will offer a Certified Public Accountant to step-up his game and work at an advanced level, an MBA, on the contrary, gives you much more than that.
You will receive the same background as a MAcc regarding balancing the ledgers’ ins and outs. An MBA program will teach you how to apply those technical skills in large-scale situations while dominating your industry’s business model. Therefore, online business administration degreesfocus more on making you a candidate for management-related positions than a low-grade number-cruncher.
MASTER OF BUSINESS ADMINISTRATION VS. MACC: THE SIMILARITIES
Both degrees prioritize finances and offer a significant amount of learning regarding the financial industry, including statistics and accounting.
MBA degree accountants and holders can become Certified Public Accountants, CPAs. Experts who can represent patrons before Internal Revenue Service (IRS) and create audited financial reports with different states.
Both degrees can pave the path to executive-level jobs.
MASTER OF ACCOUNTING VS. MBA: THE VARIANCES
An accounting degree solely focuses on accounting, while candidates in an MBA program can select various concentrations outside and within the financial industry.
Potential students without a professional financial background can often join a master of accounting program. In contrast, most MBA programs prefer candidates with prior business knowledge and experience. It means that students chasing after a master of accounting program can achieve an advanced degree without prior knowledge or work experience. That’s good news!
Another good thing about MAcc is that it requires less completion time compared to an MBA.
An MBA degree creates a more shaped and inspired business professional, who can automatically lead to enhanced salary prospects and expansive career options. On the other hand, gaining a master’s degree in accounting can offer better-paying positions within the accounting field. Moreover, accounting experts in the area who carry a master’s degree earn 37% more than their counterparts who hold a bachelor’s degree.
A master’s degree in accounting sets to prepare students for superior-level management within accounting. At the same time, an MBA provides the same preparation but depending on a student’s chosen concentration.
Note: These assessments tend to guide and are not wholely valid for, and unvarying among, all regions and jobs.
Now that you’ve learned the differences between a master’s in accounting and an MBA, it is time to discover the accredited graduate program that’s going to help you fulfill your dreams.
Furthermore, you may come across a point in your career where the only letters that matter to you are: C-P-A – but that’s not necessary. Due to being high-in-demand, most candidates take accounting and excel in it, while others prefer to take down real-world problems by doing an MBA. Nonetheless, it is up to you. Do what makes your heart race!