Graduates of finance careers often pursue graduate and master’s degrees in business-related areas, whose field of learning is broad and full of much knowledge. Most professionals choose between a Master of Accounting or a Master of Business Administration, also known as an MBA.
Professionals who remain interested in learning about the financial industry wonder which master’s degree is best suited for them. Although both degrees focus their knowledge on financial analysis, each may target different objectives. Master’s degrees in accounting prepare students to become CPAs, while MBA graduates may fit different job roles.
What is a Master of Accountancy?
The Master’s in Accounting aims to develop students into professionals with extensive practical numerical skills. They are also educated from analysis to develop and undertake strategies that will enable them to succeed in their choice’s accounting and financial life. Most of this master’s program students work as Certified Public Accountants (CPA).
Another indispensable aspect of this study is that it prepares members to pass the CPA exam; if you consider taking the test, this is a great opportunity. Studying for a Master’s Degree in Accounting can be beneficial to show that you have advanced studies that, if combined with your undergraduate degree, the CPA certificate and work experience in the accounting and economic area, you will have a great career in the field.
What is a Master of Business Administration (MBA)?
MBAs, on their own, study global business trends and theories. Members become familiar with the strategy, management, administration, technology, globalization and the ability to forecast under certain circumstances. The experience allows them to lead large companies and corporations.
Unlike the Master of Accountancy, the MBA allows students a broader field of practice; for example, they can develop in matters related to entrepreneurship, economics and finance. This specialization will enable graduates to stand out in the field.
What is the difference between MS Accounting and MBA accounting?
Now that we have conceptualized each of the specializations and you still have doubts about which one is the most convenient, we have made a list of differences between Master of Science in accounting VS MBA that you should consider before making a decision:
Difference One: Study Requirements
To qualify for an MBA, you must have a professional degree. Admissions evaluate candidates’ GPA, entrance exams, internships, and work experience.
To do the Master of Accountancy, the candidate must have a degree as an Accountant or Bachelor of Accountancy. Certain inexperienced professionals may be considered for the master’s degree, but applicants must have experience in statistics, federal tax accounting, general accounting, and pre-calculus.
Difference Two: Career Field
Most Masters of Accountancy graduates become Certified Public Accountants (CPA). Accountants are responsible for frequently reviewing client financial records, estimating costs of business operations, optimizing processes, paying taxes and more. Some students achieve the Chartered Financial Analyst (CFA) Certification, which document endorses their accounting knowledge globally. In any case, they can also develop as:
- Budget analyst
- Revenue Agent
- Financial Manager
The Master of Business Administration opens doors for various careers to give students a broader view of the business. It allows graduates to gain financial knowledge, open up a new field within the industry and become managers. A professional with an MBA can work in the following positions:
- Manager / Senior Executive
- Investment banker
- Management consultant
Difference three: Pay and salaries
Salaries will depend on the position, professional experience and the worker’s skills. The average salary among these professionals is estimated to be between $71,550 and $184,460. Below we will address more about the annual pay for each professional:
Top Five Highest-Paying MBA Jobs
The MBA grants a great knowledge and skill base with well-paying salaries in these positions. All listed below are average annual income amounts:
- Marketing manager: $132,620
- Financial manager: $127,990
- Health and medical services manager: $99,730
- Management analyst: $83,610
- Chief Executive Officer (CEO): $189,600
Top Five Highest Paying Jobs with a Master’s Degree in Accounting
Accountants are specialists in their field; unlike MBA graduates, these professionals have designated knowledge to perform their skills. These are the five highest paid average positions per year:
- Senior general accountant: $77,750
- Forensic accountant: $92,000
- Management level auditor: $90,000
- Controller: $118,250
- Chief Financial Officer (CFO): $196,150
Which is better, MBA or MSC in accounting?
Suppose you’ve come this far and you’re still in doubt as to whether Is master’s in accounting is better than MBA. In that case, the reality is that a higher degree is no longer about a new job but about grounding and stabilizing the most basic knowledge with more specific and professional aspects of your career. There is no single answer as to which is better because both are. The real answer is based on which one meets your next career goals.
If you have any doubts about it, we recommend you talk to professionals to make the right decision and do some research. Also, take a good look at what your career goals are. Do you want to be a public accountant, or would you like to manage a company?