An online MBA in accounting is a rigorous, two-year graduate program that equips students for top-level jobs at some of the nation’s most prestigious accounting firms, corporations and financial institutions. People who choose this MBA program will take specialized courses in budget planning and control, auditing, measuring and evaluating the financial status of a company or organization, as well as appropriate means of reporting and documenting accounting work. They also typically must complete a capstone project which requires them to apply what they learn to a real-world situation. The perk of online programs is that all courses can be accessed from the student’s home computer.
What Does an MBA in Accounting Cover?
An MBA in accounting is often a means of preparing individuals to become certified professional accountants and leaders in other areas of business and finance. Most MBA programs in accounting are two-year programs, but some can be accelerated to be completed in less time or stretched out to accommodate working adults. Students typically must complete between 59 and 72 credits to finish the program, depending on which specialization they choose. Newly-enrolled students in an online MBA accounting program often must take introductory or foundational courses in organizational leadership, management and ethics. They later advance into core courses which focus exclusively on accounting, centering on areas such as planning and control, concepts of taxation and sales and exchanges of property. In addition, students also must complete specialization courses and elective courses that focus on areas such as auditing, international accounting, financial reporting in capital markets, and accounting information systems. The cornerstone of any good MBA program is an accounting research project, an opportunity for students to make discoveries within the world of accounting and push the profession forward. Students enrolled in online accounting MBA programs will be able to complete their courses from the comfort of their own homes, without the hassle of commuting through traffic to classes at a traditional, brick-and-mortar school. And with the wide availability of accredited online MBA accounting programs, you can rest assured that you are getting a quality education from some of the top accounting professors in the country who not only hold terminal degrees in their field, but also have years of practical work experience to draw from when assembling lectures and assigning projects. Many MBA accounting online programs require students to complete an internship before they graduate or at least offer the option to participate in an internship for credit. These are valuable opportunities to get the industry experience you need to land an accounting job after you graduate.
Getting Into an Accounting MBA Program
In order to gain admittance into an accounting MBA program, applicants must be sure that they fulfill all of the prerequisites. Students must have a bachelor’s degree from an accredited institution, typically with an overall grade point average of 3.0 or higher, though some schools may allow lower averages. As the accounting emphasis is intensive, all applicants are expected to possess at least basic knowledge of accounting principles. Those who did not receive their bachelor’s degree in business or another related field are required to show accounting competency by successfully passing classes such as:
- Managerial Accounting
- Financial Accounting
- Intermediate Accounting
- Introduction to Taxes
- Introduction to Information Processing
These classes can either be taken prior to applying for an accounting MBA program or during the first term, depending on the prospective school’s guidelines. In addition, some schools require that applicants submit their GMAT scores in addition to providing evidence of undergraduate work, even if there is no minimum GMAT score for admission. Most schools will also require letters of recommendation, essays, and letters of endorsement.
Why Should I Get an AACSB Accredited Accounting MBA?
Not all online MBA in accounting programs are created equal. It is important that you choose a program that is accredited by the Association to Advance Collegiate Schools of Business (AACSB) to ensure you are enrolling in a quality program that is readily accepted in the job market. The AASCB is a nonprofit membership organization dedicated to advancing quality management education and serves as an accreditor for undergraduate, master’s and doctoral programs in business and accounting. The types of people who should consider pursuing an accounting MBA online are people who already hold an undergraduate degree, and are currently working in the accounting field. The MBA in accounting online will pave the way for them to move up in their current profession and many MBA programs prefer applicants who have 1-2 years of experience, although accounting experience isn’t required for all programs. Some master’s programs are developed with career-changers in mind who wish to transition into accounting from a different field of business or a field completely outside business. You may also wish to choose the accounting specialization when pursuing your MBA because most MBAs are considered generalist in nature and the accounting specialization concentrates your studies on the area you wish to pursue upon graduation. Earning an MBA online accounting degree will equip you with essential skills needed in the business world and make you more marketable to employers. Through a comprehensive selection of courses, you will learn advanced principles of accounting and taxation in complex financial systems to directly apply in positions of accounting management. You will also study auditing and apply class instruction to discover ways of identifying and preventing fraud, embezzlement and financial mismanagement in an organization. An online accounting MBA degree will require you to take elective courses, such as international accounting, which also improve your marketability.
What Jobs Can an MBA Business Accounting Online Get Me?
- Chief Financial Officer (CFO): The goal of this profession is to manage the overall financial risks of a company. They oversee the gathering and groundwork of financial statements and reports, improve and chase optimistic business ventures, observe mergers and acquisitions. A CFO constructs strategies for in-house growth while efficiently controlling the revenue of a corporation. Working alongside a company’s CEO, they put together plans that can maximize the profit margin for a company. This profession asks an individual to possess a strong set of managerial skills to go a long with a strong work ethic, focus, desire and ability to work within a team.
- Auditor: An auditor is expected to go through all of the finances of a company, individual, agency or organization to make certain that they are completely in harmony with tax laws and regulations. Using accounting practices, whether it is record keeping or internal controls, auditors look to perform as calculated and accurately as possible. A tedious profession, auditors take their time to ensure no mistakes have been made on their end or on the part of the individual they are evaluating. Other duties include assessing assets, examining tax returns, determining tax liability, as well as preparing clean reports of audit results.
- Bookkeeper: Any bookkeeper will have to keeps records of financial transactions for their company. This process includes verifying and allocating the details of each transaction. All of this work is organized in journals and/or computer files that can later be accessed. From receipts and invoices, to check stubs and computer printouts, a bookkeeper is responsible for ensuring this information is not lost or misplaced. Further duties include using such tools as a computer or calculator to track information into ledgers. Balancing accounts is another job task, followed by calculating the wages of employees from the source of time cards and checks.
Top Earning Industries for Jobs
- Information Technology (IT) Services: $97,985 – $175,392
- Financial Services: $97,497 – $160,334
- Government: $43,615 – $61,179
- Accounting / Auditing Firm: $46,745 – $60,288
- Construction: $13.72 – $20.03 Hourly Rate
- Manufacturing and Distribution: $13.73 – $18.57 Hourly Rate
How Do I Find Online Accounting MBA Programs?
Plenty of online accounting MBA schools are available; you just have to know where to find them and hopefully find the best ones. A good place to find accounting MBA schools online is the AACSB website. If you rest your cursor over the “accreditation” tab, you can then click on “accredited institutions” to browse a complete list of fully-accredited schools. You even have the option to search schools that hold both business and accounting accreditation through the AACSB. Take a look at these options and investigate which offer all or some of their classes online. MacQuil.com has also compiled a handy top ten list of online MBA programs that could be useful as a starting point for investigating which of these online programs offer a specialization in accounting. If you are looking for a site that does online accounting MBA ranking, you might have trouble finding it, which is why it’s a good idea to search for rankings of more general MBA programs through some of the best known ranking professionals, such as:
- U.S. News and World Report
- Bloomberg Businessweek
- Financial Times
- The Economist
While these resources are focusing on traditional MBA programs, you can use them as a starting point and investigate whether any of the schools listed offer their programs online, as many do. Finally, check out the online college rankings over at the Online Education Database. While the site lists schools rather than individual programs, it’s still a good resource for identifying quality schools that may offer online MBA programs in accounting.
