Four Reasons an MBA in Finance or Accounting Will Take Your Career to a New Level
The following offers more details on four ways these degrees can impact the career of ambitious accountants and finance professionals who want to move upward in their organization – or start one of their own.
Some companies prefer to hire those with an MBA for leadership positions. That’s because an MBA is still considered the gold standard for education in business leadership. Earning an MBA makes earning chief executive jobs more likely. Other roles also are often filled by those with graduate degrees. For example, financial analyst roles are often filled by those with an MBA in finance or accounting. That’s because the broad-based business knowledge gives an analyst more perspective on business operations, which can only help them do their jobs better. Those with an MBA also can be better suited for a risk management role. Again, it’s the business knowledge in addition to the accounting and finance skills that can give an MBA graduate an advantage over competitors for these jobs.
Earning an MBA helps graduates command the best pay in the profession, according to job site Monster.com. The site lists an MBA in Finance as one of the best MBA concentrations in terms of return on investment in your education. They list the following as jobs where those with an MBA in Finance are in demand, as well as the salary:
- Finance manager ($112,000)
- Chief financial officer ($183,000)
- Senior financial analyst ($86,300)
Improve Business Relationships
When earning an MBA, those in finance or accounting learn skills beyond the parameters of their usual job. This includes business strategy, developing business partnerships, marketing and how to evaluate deals. Consultant Robert Half reports that as accountants move farther along in their careers and climb into management roles, more of the job becomes about business relationships and working with clients. The business skills learned in an MBA program can really pay off at this level.
Tying Business Strategy into Finance and Accounting
Organizations are increasingly looking to their accountants and finance people to take on leadership roles – or serve as important consultants – in developing business strategy. The reasons for this involve data and the structure of most companies. When it comes to data and analysis, there are technical people who may understand data science but not business issues. And there are many executives with keen business skills but no knowledge or skills with technology or data. Accounting and finance people work in a place where skills with money and technology come together. Add together business skills earned in an MBA program, and they are in a perfect position to develop strategy and perhaps even lead a company themselves. These are four of the many ways an MBA in accounting or finance can boost your career. While such a program requires a commitment of time and energy, the potential return on investment from earning an MBA is substantial.
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