Whether you have an undergraduate degree in a quantitative field and want to continue your education or you’re ready to make a career change, earning a Master of Business Administration (MBA) can be an excellent way to achieve your professional goals.
MBA programs are available with different concentrations, and two of these concentrations are accounting and finance. An MBA in accounting and an MBA in finance are both great options. Learn what separates these options so you can choose the best degree program for your goals:
What’s the main difference between an MBA in accounting and finance?
Although MBA programs for accounting and finance share some similarities, they differ when it comes to the specific courses and intended applications of these degrees. MBAs in accounting and finance are each designed for their respective career fields.
Finance and accounting are related but distinct fields. Choosing between these online finance degree options depends on your personal career goals. Although an MBA in either accounting or finance prepares you to help businesses manage their finances, these fields involve different aspects of financial management.
In a nutshell, accounting centers on day-to-day financial bookkeeping, whereas finance is more focused on big-picture financial strategy. Both aspects of business are essential to help companies enjoy financial success.
What job opportunities come with an MBA in accounting and finance?
An MBA in either accounting or finance can prepare you for a rewarding career. However, the career paths available to you will differ depending on the degree you earn.
Jobs Within Accounting
An MBA in accounting prepares you for a rewarding career as an accountant or auditor (in most cases). Many accounting program graduates go on to earn a certification that makes them even more marketable, becoming a Certified Public Accountant (CPA), Certified Management Accountant (CMA), or Certified Internal Auditor (CIA).
Demand for accountants and auditors is expected to grow 7 percent from 2020-30, and the field comes with a median salary of $77,250, according to the Bureau of Labor Statistics (BLS). A master’s degree may help you enjoy even greater job security and higher pay in the field.
Accountants and auditors can work for individuals, businesses (across various industries), or multiple companies through an accounting firm. Beyond these options, having an MBA in accounting may open up other possibilities to move into managerial and executive positions with a financial focus. Top executive positions come with a median salary of $98,980, and job growth for these positions is expected to reach 8 percent.
Jobs Within Finance
A finance MBA can prepare you for numerous finance-related roles across a range of industries. Some of the most popular careers in finance include:
- Financial managers: Financial managers oversee financial activities and data in an organization and advise executives on long-term financial strategies. Demand for financial managers is expected to grow by an astounding 17 percent from 2020-30, and this career comes with an impressive median salary of $131,710.
- Financial analysts: Financial analysts help companies invest their money strategically to maximize profit. This involves analyzing the company’s financial data and the overall market. Demand for financial analysts is projected to grow by 6 percent, and the median salary for this career is $81,410.
- Budget analyst: Developing budgets allows companies to ensure their spending is carefully planned rather than haphazard. Budget analysts are responsible for this financial planning. This career field is growing slower than others but is still expected to expand by 5 percent. The median salary for budget analysts is $79,940.
- Personal financial advisor: Some finance professionals work directly with individuals to help them wisely manage their finances. This often includes educating clients on financial topics and recommending investment opportunities. This career field is expected to grow by 5 percent and comes with a median salary of $94,170.
- Chief financial officer: As with an accounting MBA, you may also be able to move into an executive position. For finance professionals, this typically means becoming a chief financial officer (CFO). As stated above, job growth for top executives is expected to be 8 percent, and the median salary for these occupations is $98,980.
How do online finance and accounting degree programs compare?
Any online MBA program will share similarities with other MBA programs, even if the concentration differs. MBA programs in both accounting and finance will cover core business topics at the graduate level and focus on managing a business’s financial activities.
At Mount Vernon Nazarene University (MVNU), our MBA concentrations all share 27 credit hours related to business foundations. The remaining nine credit hours in each program are specific to the concentration area. Courses are taught by passionate faculty members who have a wealth of expertise in their fields.
MBA in Accounting Program
The MBA in Accounting program from MVNU Online consists of nine core business courses and three concentration courses:
- Auditing and Internal Control
- Fraud and Forensic Accounting
- Accounting Ethics
MBA in Finance Program
The MBA in Finance program includes the same nine core business courses, along with three finance-specific courses:
- Investments
- Markets and Institutions
- Financial Planning
Both programs can be completed in approximately 19 months online and allow you to fit coursework into your schedule through asynchronous learning. That means, if you’re working, you can continue to do so while you work on your degree in your spare time. Our online finance degree program and accounting program allow you to work toward your goals on your terms.
Learn more about Online MBA programs from MVNU.
Interested in pursuing an MBA program to expand your skills and advance your career? At MVNU, we offer fully online MBA programs for professionals like you. Choose from nine career-focused concentrations, including our MBA in accounting and finance programs.
Want to learn more about other MBA concentrations? We explore other options to consider in our e-book, Comparing MBA Online Degrees for Health Care Professionals: MBA-HCA vs. MBA. Check out this resource to learn more!
