MBA programs focus on extensive skills; these skills are essentials to work on a professional level in management and business settings. An MBA program is a general graduate business degree that focuses on administration, technical, and other soft skills. It gives a sound business acumen to start a career in any business industry.
MBA Accounting and finance programs have different target areas with some basic similarities. MBA finance degree contains a concentrated group of courses and syllabus related to finance. The core courses of MBA finance and MBA accounting enable graduates to serve in various business disciplines.
Here is a brief explanation of MBA Accounting vs MBA Finance for fresh graduates of business administration or other relevant disciplines:
MBA Accounting Vs MBA Finance: What You Need To Know
#1: Difference in Core Courses
MBA Finance degree combines business administration and finance; it prepares students for the competitive business job market. Students are free to choose 3-6 courses as their main course; corporate restructuring, corporate budgeting, and investment analysis are core courses.
They also develop soft skills like leadership, strategic thinking, statistics, and quantitative analysis. MBA Accounting degree focuses on financial accounting, cost management, auditing, business strategy, tax planning, business strategy, and other critical accounting-related fields.
The business needs of every company and financial organization are different. People often dream of getting managerial positions in their desired firms or obsess over a role in the business sector. For example, you got a job as an entry-level accountant. Pursuing a degree of MBA with accounting concentration online from any high-ranking business school will boost your career growth process.
The flexible course outline of online programs broadens the accounting knowledge of students. Professionals with significant years of experience in the business field can apply for executive degrees too.
Every university and college has separate rules for conducting online classes; some are kept synchronous, some are asynchronous, and others are hybrid degrees. The cost of getting an online MBA degree depends on which business school you are attending; every school has its fee structure.
To enroll in an MBA Finance program, you need a bachelor’s degree with full accreditation. Some programs ask for a GMAT score and a good GPA with a personal essay. MBA accounting is the most suitable choice for individuals who want to qualify for a CPA exam.
Apart from the core courses, MBA accounting graduates take more focused courses to magnify their knowledge.
#2: Career Opportunities
There are diverse job opportunities in the business world for MBA graduates. It is a prestigious degree; you can work as a risk and insurance manager in any business setup with an MBA finance concentration degree. Investment bankers, Chief Financial Officers, Corporate Controllers, and Financial Analysts have an MBA background. MBA finance graduates work at private firms, public organizations, and government setups.
MBA finance graduates work as financial advisors in different organizations; their primary responsibility is to keep track of their finances and boost their revenue. In many financial setups, public accountants are MBA accounting graduates who deal with complex financial documents.
Forensic accountants follow high profile money laundering and fraud cases. Locating the money trail and source of funding behind a business is their concern. MBA accounting graduates work in big finance set up as compared to MBA finance graduates.
#3: Competency in Profession
MBA programs help students to build collaborative skills and build professional connections. International corporate practices demand professional skills from their employees. MBA finance graduates closely follow global economic trends to draft business strategies.
The master business analysis skills, risk performance management, and incorporate advanced accounting information into their systems. The skills of MBA accounting prepare you for professional advancement. If you have time to attend a full-time degree program, you can apply for the classes; many reputable educational institutions.
#4: Earning Opportunities
MBA in accounting opens a lucrative career opportunity for its graduates with a promising future to climb up the career ladder. The salaries of MBA accounting degree holders vary by their job designation. Corporate controllers earn more than anyone else in the field; financial controllers come second.
As you go down the hierarchy, you can see a difference. But there is no significant difference in the salary package if you compare the posts; a staff accountant gets an equally sound salary package. Finance MBA graduates also have generous incomes; a finance director’s position is of executive-level. They earn more than any other career in the finance sector.
#5: Accreditation
Employers hire professionals who have an authentic degree. The completion period of maser’s program is two years. Students need to understand that without accreditation, the degree has no value. Check for regional and specialized certification to ensure the standard of academics.
MBA Accounting gets accredited through AACSB, ACBSP, and IACBE; these are business schools and programs that provide the quality of education on-campus and online. MBA Finance accreditation is slightly different from an MBA accounting degree.
Final Word
For a business career, both degrees are competitive. Nonetheless, earning a degree in MBA finance can take an MBA Accounting degree to broaden their learning horizon and have a more significant job pool.
Master’s in Business Administration or MBA programs include programs with elective courses and concentrations for getting detailed knowledge about a specific field. An MBA accounting degree focus has different curricula as compared to an MBA finance degree concentration.
MBA accountings deal with financial reporting and taxes; an MBA finance degree emphasizes investing and portfolio management. Soft and hard skills are necessary for both MBA concentrations.
Once you succeed in finding your passion and interest, concentrate all your efforts on nailing it!
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