Earning a Master of Business Administration with a Concentration in Accounting puts you in a position of strength when entering the job market. Not only is there a vast array of job options, there is also the potential for an instant salary boost.
What’s Next?
You’ve earned your MBA in accounting, so now what? There are several options for employment. According to PayScale, possible career paths for MBA in accounting graduates include:
- Senior Accountant
- Financial Controller
- Accounting Manager
- Chief Financial Officer (CFO)
- Certified Public Accountant (CPA)
- Finance Director
- Vice President (VP), Finance
- Business Manager
- Internal Audit Director
Job Descriptions
Let us take a closer look at some of the careers you can pursue with an MBA in accounting. The descriptions include PayScale salary data from June 2019.
Cost Accountant
Often referred to as cost, managerial, corporate or private accountants, a good number of these accountants have their MBA in accounting. They often work on budgeting for companies and help project and control the cost of doing business for the company that employs or hires them on a contract basis. They also help with financial planning and investing for clients. According to PayScale, the average salary is $55,640, with the top 10th percentile making $76,000. Some popular career paths include accounting manager and corporate controller.
Tax Examiner and Collector
These professionals work with all levels of government to calculate how much individuals and organizations owe in taxes, collect overdue tax payments and do audits. Their main responsibility is to ensure individuals and organizations pay taxes. There are different types of taxes to collect, including federal, sales, income, property and state. They can work for private organizations as accountants before moving into government jobs to work on the tax and collector side. According to PayScale, the average salary is $49,612 per year, with the top earners making $86,000.
Vice President (VP), Finance
VPs of finance are tasked with keeping their businesses turning a profit while optimizing costs, and keeping up with and adhering to government regulations. A primary responsibility is planning budgets, as well as managing employees in the finance department. They typically have anywhere from five to 10 years of experience in mid- to senior-level roles in accounting or finance, according to PayScale. The average yearly salary is $135,334, with a range of $83,000 to $195,000.
Controller
A controller is responsible for all accounting functions of a company, including the creation of financial reports, the maintenance of accounting records and budget management. They also are responsible for accurate reporting of finances to shareholders and tax authorities. According to PayScale, financial controllers average $81,627 per year, with salaries at the top end of the range around $122,000. PayScale reports an average salary of $96,444 for corporate controllers, with $145,000 at the high end.
Overall Job Outlook
The U.S. Bureau of Labor Statistics projects that employment of accountants and auditors will grow 10% from 2016-2026, faster than average.
As an MBA in accounting graduate, you can position yourself for the higher starting salaries and expanded career options that will become available to you. With a faster-than-average growth rate expected in the field, the MBA in accounting is a valuable degree.
Learn more about Eastern Washington University’s online MBA program with an Accounting Concentration.
Sources:
U.S. Bureau of Labor Statistics: Accountants and Auditors
PayScale: Cost Accountant Salary
PayScale: Tax Examiner, Collector, or Revenue Agent Salary
PayScale: Financial Controller Salary
PayScale: Corporate Controller Salary
BusinessStudent.com: Salary Outlook with MBA Finance vs. Accounting
