Only two things in life are certain: death and taxes. Or so they say at least. However, recognizing that everyone has to pay taxes may lead you to a valuable conclusion: everyone, in some form or fashion, needs help managing their money. Everyone needs an accountant.
Put another way, anyone who wants a career in accounting will need to obtain the proper higher education credentials to work in the industry. Today, as more and more people with accounting degrees vie for these careers, it can be difficult to differentiate yourself from the competition when looking for new career opportunities.
A graduate degree may not seem like the obvious choice, but it definitely should be in the mix, especially because there are so many great programs that offer online business degrees.
Here are three reasons why you should pursue an MBA in accounting:
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Earning an MBA with a focus in accounting can help you pursue a position in which you can perform as an expert that others can rely on and look to, such as managers and leaders. After just a couple of years of experience in accounting (about how long it would take you to finish an MBA) and with your graduate degree, you can become qualified for management and leader positions, including as a financial manager, business development manager, and chief financial officer.
After just a few years of experience in the accounting field, your career prospects will increase exponentially. For example, you can become a personal consultant to businesses to help them manage their finances. Alternatively, you can vie for a role like a personal financial manager to help people get their finances under control and meet their goals.
More people are recognizing the value of working for themselves and supporting small businesses. An MBA in accounting allows you the opportunity to open your own small business in any number of accounting-related fields, from freelance accounting services to consulting work for large businesses and organizations. And, of course, having your own business allows you the flexibility to determine your own hours and rates.
Another benefit of an MBA in accounting that may not be top of mind is that you’ll gain a solid background in business in general, thereby giving you the know-how to support your own business or to consult your business clients.
During the ongoing pandemic, many higher education schools have shifted to more virtual and hybrid models for their degree offerings. Online and distance courses have been around for some time, but now more than ever these models are more conducive to a variety of different lifestyles. You could be a single parent who has to work full time, or you could be someone who works two or three jobs to save money or get out of debt.
Online learning can involve scheduled, required meeting times, or virtual classes that are created ahead of time or prerecorded and can be accessed any time that fits your schedule. Prerecorded classes allow you to review and read material on your own time and complete homework by the established deadline. Live online courses require you to be “in class” at a set time (though not physically onsite).
Naturally, accountants are needed for all kinds of services, and individuals with advanced degrees can offer essential expertise to manage people’s finances. In fact, the demand for accountants is expected to climb by 7% over the next decade. The projected growth in the field of accountancy means there’s a real need for qualified professionals — and getting started now will put you ahead of the competition so you can help people and organizations achieve their financial goals faster.