A business is only as strong as its accounting practices. Financial records provide an important picture of a company’s long-term viability. For that reason, it is becoming increasingly important for managers and business professionals to understand accounting principles, regardless of their role in a company. This is confirmed by accounting firm PDR CPAs, which states that: “Accounting plays a vital role in running a business because it helps you track income and expenditures, ensure statutory compliance, and provide investors, management, and government with quantitative financial information which can be used in making business decisions.”
For business professionals interested in understanding of accounting practices, a Master’s in Accounting (MAcc) might seem like a natural choice. However, pursuing an MAcc may not be the right decision for everyone. Some professionals may prefer the well-rounded approach to business, accounting, finance and management principles provided by a Master of Business Administration (MBA) with a concentration in Accounting, like that offered by William Paterson University (WP). Understanding the differences between these two degrees can help aspiring business leaders pick the right option.
Master’s Degree in Accounting and MBA in Accounting: What Are They?
The usefulness of an MAcc depends largely on a student’s particular career goals. According to the Master’s in Business Degree Guide, an online resource for information about business education, an MAcc is likely to prepare graduates for jobs like auditor, budget analyst, corporate accountant or financial analyst. Coursework for an MAcc is often designed to prepare students for the certified public accounting (CPA) license exam. This may include “topics like advanced auditing, tax research, advanced financial statement analysis and international financial reporting standards,” according to the Master’s in Business Degree Guide.
While an MAcc focuses on specific accounting skills, an MBA in Accounting offers a more general approach to business education while offering courses that provide in-depth knowledge on specific topics. An MBA in Accounting often has “courses that focus on financial decision making, organizational dynamics and the global economic landscape,” according to Master’s in Business Degree Guide.
For instance, WP’s online MBA with a concentration in Accounting is open to students without a background in accounting. It allows students to take classes such as Auditing and Attestation, which provides an essential understanding of all aspects of conducting an audit. The program’s Financial Accounting for Decision-Makers course focuses on financial information and business transactions. The program is also “specifically aligned to meet updated standards and guidelines for CPA study,” according to their website.
What Is the Difference Between an MBA and a Master’s in Accounting?
The distinctions between an MAcc and an MBA in Accounting ultimately come down to differing degrees of specialization. A student enrolled in an MAcc program will likely gain an understanding of specialized accounting skills and be prepared to take the CPA license exam.
What really sets an MBA in Accounting apart, though, is how it prepares students for their careers by providing both business and accountancy skills, which equips graduates for many possible roles in the modern business landscape. As Indeed notes, no matter their role, business professionals in any industry need accounting skills and “a combination of hard and soft skills to ensure clients conduct their businesses in compliance with applicable accounting standards and regulations.” Examples of these necessary accounting skills include organization, data analysis, critical thinking, effective communication, time management and problem-solving — to name a few.
Moreover, an MBA in Accounting might also be ideal for established finance professionals interested in advancing their careers and attaining management positions. So, whether you are new to the field of accounting or looking to gain an understanding of business and management principles, WP’s online MBA in Accounting is an ideal choice.
Learn more about WP’s online MBA with a concentration in Accounting program.
