What Can You Do With an MBA in Accounting?

What can you do with an MBA in accounting? The short answer is: SO much. But we’re not going to just leave you with this short answer. Instead, in this article, you’ll find a detailed answer to this question and discover the various career options and possible salary ranges you could be looking at as an MBA in accounting.

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What Can You Do With an MBA in Accounting?

There are several employment paths available to graduates with an MBA in accounting. Their strong foundation in financial knowledge and strategic thinking makes them highly sought-after across various industries. Here are some rewarding career options that can be pursued with an MBA in accounting.  

Management Analyst

As a management analyst, you’ll serve as a consultant to various businesses, a role that offers excellent pay and the opportunity to work globally. Graduates with an MBA in accounting are particularly sought after in this field, often traveling frequently to meet the needs of different corporations.

Financial Managers

A career in financial management allows you to work in multinational corporations. In this role, you are responsible for setting financial objectives for an organization’s growth.

Financial managers manage and review the company’s financial health, create financial reports, and analyze them to guide decision-making. They are employed across various sectors, including healthcare, banking, and insurance.

Personal Financial Advisors

If you’re looking for a career that involves working directly with people rather than entering the corporate finance sector, personal financial consulting may be ideal for you. Personal financial advisors help clients manage their finances, invest wisely, and save for retirement or other purposes. Many personal financial advisors opt to work independently, allowing them to set their schedules and rates.

Chief Financial Officer

A Chief Financial Officer (CFO) plays a critical role in overseeing financial aspects of a business. This includes regularly reviewing the company’s financial status to make sure decisions are sound financially.

CFOs are instrumental in steering the company toward growth and achieving its economic objectives. Working closely with the CEO, the CFO manages the budget and forecasts future financial needs to support the company’s goals.

Business Development Manager

An MBA in accounting can pursue a career as a business development manager. In this role, you are responsible for identifying and proposing new business opportunities and strategies to foster the company’s growth. This position requires continuously seeking out and integrating new deals, demanding strong sales and management skills to enhance the business’s long-term development.

Financial Accounting

Financial accountants focus on crafting detailed financial reports that chronicle a company’s operations. Their expertise spans three critical types of financial statements: Cash flow, balance sheets, and income statements.

In private companies, these reports are vital for owners and investors. In public companies, such documentation is required by the Securities and Exchange Commission for compliance. Financial accountants have a robust understanding of tax codes and, for global businesses, international financial reporting standards.

Controller

Controllers hold a pivotal leadership role within an organization. They oversee accounting activities to make sure the precision of financial records and adherence to regulatory standards. Their responsibilities range from managing internal and external financial reporting and audits to advising on necessary new processes.

Business Valuation

Business valuation is becoming increasingly vital within accounting firms, driven by the needs of aging clients who require precise valuation of assets for estate planning, writing wills, or transferring businesses to family members.

Professionals in this area possess deep expertise in valuation methods and relevant tax codes. Their skills are particularly in demand for larger corporate transactions, such as mergers and acquisitions, where they assess the value of company assets based on financial statements and cash flow analyses to determine a fair market sale price.

Managerial Accounting

Managerial accountants guide a company’s strategic decisions by working closely with its leadership. Their job is to mine actionable insights from the company’s financial data, focusing on analyzing past financial activities and creating models to predict future profits and expenses. This valuable information helps shape the company’s strategic direction and operational adjustments.

Senior Compliance Accountant

Senior compliance accountants are the guardians of the financial integrity of a company. They stay abreast of the latest government and industry regulations and analyze how they impact the organization’s financial and reporting practices.

Their typical duties include conducting internal audits and collaborating with department heads to address compliance issues. These accountants make sure that company documentation adheres to regulatory standards.

Additionally, they often contribute to developing training programs that keep managers informed about new compliance practices.

Certified Public Accountant (CPA)

The CPAs are responsible for bookkeeping, fraud investigation, and financial planning for business valuations. CPAs find their professional homes in various environments such as large accounting firms, small private practices, and sectors including public accounting, business, nonprofits, and government roles.

In the government sector, they are instrumental in probing white-collar crimes and carrying out rigorous financial audits and analyses. In private practices, CPAs are trusted advisors to both individuals and businesses.

They manage and oversee financial records, craft financial statements, devise and review budgets, and promote strict adherence to legal and tax regulations. They also play a critical role in strategic financial planning, managing cash flows, and improving financial management systems for their clients. The median annual salary for CPAs is $265,624.

Forensic Accountant

Forensic accountants examine complex cases such as securities fraud, asset misappropriation, identity theft, compensation disputes, and intellectual property infringements.

Their skill set includes financial records and transactions analysis, asset tracing, and other investigative techniques important for revealing hidden truths. On average, these financial detectives earn an annual salary of $75,712.

Agencies like the FBI and IRS, alongside fraud investigation teams in major corporations and financial institutions, depend on forensic accountants to sift through data and prosecute financial crimes. They are also frequently called upon to serve as expert witnesses in court.  

Financial Analyst

Financial analysts serve in diverse settings, including asset management firms, investment banks, commercial banks, corporations, insurance companies, nonprofits, and government agencies.

Their primary task is to review and interpret financial statements—including income statements, balance sheets, and cash flow statements—to gauge a company’s financial health. Financial analysts scrutinize ratios and trends to evaluate profitability, liquidity, and general fiscal stability.

Their research provides insights into market conditions, enabling them to craft sophisticated financial models and forecasts. Collaborating closely with executives and various department heads, financial analysts play a pivotal role in shaping financial strategies and decisions, earning a median salary of $77,284.

Financial Reporting Manager

A financial reporting manager is at the driving seat of corporate finance departments, leading financial analysts and accountants’ teams. They are central to developing strategies that increase profits and enhance revenue while refining financial practices.

A key part of their role involves crafting and releasing periodic financial statements to external stakeholders, ensuring these documents comply with company regulations, professional standards, and the stringent guidelines of the SEC and GAAP.

Collaboration with external auditors is routine, as is assisting in preparing materials for board meetings and shareholder gatherings. Financial reporting managers get an average annual salary of $113,300.

Auditing Manager

The auditing manager plays a critical supervisory role, safeguarding the accuracy and reliability of a company’s financial and accounting data. This position establishes and refines audit policies and procedures and recommends improvements to economic systems and processes.

A key responsibility includes reviewing the company’s financial records to verify compliance with legal requirements and internal standards. Additionally, auditing managers oversee data monitoring and analysis to make sure adherence to compliance protocols, thus reducing potential risks.

Auditing managers also mentor and guide junior accountants and auditors, aiding their professional growth. They typically earn an average salary of $111,511.

Risk Manager

A risk manager’s primary responsibility is to assess an organization’s potential threats and devise strategies to counteract them. They evaluate possible risks and their effects by analyzing financial records and market tendencies to achieve this. They collaborate with other divisions to develop plans to reduce risks and set up internal controls.

Additionally, risk managers make sure that requirements are followed by monitoring how well risk management plans work. Addressing any risks to the organization’s financial health and reputation is important in ensuring stability and resilience.

Why Pursue an MBA in Accounting

Many students pursue an MBA to broaden their career prospects, whether they have a background in business or are looking to switch to a new industry. Online MBA accounting programs have gained traction as a flexible option for working professionals and others aiming to enhance their leadership and management abilities or to specialize in a specific business area.

Opportunities

Accounting is an important part of every sector. Accountants tackle some of the most challenging and fascinating business problems today, and specializing in accounting can open up many opportunities for MBA graduates.

Here’s a look at some of the top-paying roles for MBAs who focus on accounting, along with their average annual salaries:

• Audit Partner: $105,500 - $128,500
• Internal Audit Director: $114,500 - $150,500
• Financial Reporting Manager: $92,000 - $122,500
• Cost Controller: $83,000 - $113,500
• Cost Accounting Manager: $87,000 - $115,500
• Senior Accounting Manager: $81,500 - $123,500
• Commercial Finance Manager: $106,000 - $123,000
• Payroll Director: $90,000 - $124,500
• Financial Project Manager: $82,500 - $127,500
• VP of Finance: $107,000 - $173,000

Wide-Ranging Skills of MBA Accounting Graduates

MBA programs focusing on accounting do more than sharpen business skills—they equip students with important soft skills. According to the American Institute of Certified Public Accountants (AICPA), these skills, which were vital a decade ago, continue to be vital today. They include:

• Communication and Leadership: Professionalism in articulating ideas and leading teams.
• Critical Thinking and Problem Solving: The ability to tackle complex problems with innovative solutions.
• Adaptability: The skill to anticipate and respond effectively to changing needs.
• Analytical Intelligence: Turning complex data into actionable insights.
• Collaboration: Working seamlessly with others to achieve common goals.

Integrating cutting-edge technologies and contemporary accounting practices is transforming the field. This shift towards hyper-automation streamlines routine tasks and opens up opportunities for more advanced analysis of comprehensive accounting data.

Courses like Information Systems and Analytics for Accounting and Finance prepare accounting professionals to be tech-savvy strategic contributors in today’s data-driven business environments. In these roles, accountants enhance the efficiency of processes and maximize the strategic use of data analytics to foster cross-functional insights.

A Promising Career

An MBA instills accountants with advanced business skills and a profound grasp of the principles important for leadership and management. Whether they’re safeguarding the finances of individuals, corporations, or even nations, MBA-trained accountants understand the broader implications and legal responsibilities of their roles.

MBA students specializing in accounting study courses focused on business’s legal and ethical dimensions. They explore topics such as corporate governance, the business environment, and cultural considerations, designed to foster a strong sense of integrity and objectivity. These courses emphasize a commitment to quality, setting the stage for a fulfilling career.

Whether you aim to serve your clients better, expand your business, protect the public from financial fraud, assist a nonprofit in making community impacts, tackle financial crimes, or simply advance your career, pursuing an MBA in accounting positions you to achieve these goals and more.

Related Questions

What is the difference between an MBA in accounting and an ACCA?

An MBA in accounting programs generally focuses on the theoretical aspects of accounting and finance management, whereas an ACCA program offers more hands-on knowledge about management.

Is accounting a good career option?

Yes! Accounting is a popular and highly sought-after field with plenty of scope for professional growth. The BLS reported a 4.4% growth rate for accountants between 2022 to 2032.

What is the best career for students with an MBA in accounting?

Individuals with an MBA in accounting can opt for senior-level roles such as auditor, senior financial analyst, forensic accountant, controller, etc.

Conclusion

Pursuing an MBA in accounting opens a gateway to many high-paying and highly desirable career paths. It hones important business and leadership skills and equips graduates with the expertise to navigate and excel in diverse financial roles across various industries.