Deciding which master’s degree to pursue left a pit in my stomach.
The time, money, and commitment to a graduate degree were significant. It took a year to finally decide after talking to working professionals, the university’s career counselors, and many of my friends going through the same thing.
Keep reading to see what I found to consider when deciding between your Master of Business Administration (MBA) or Master of Science in Accounting (MSA or MAcc).
Why to consider an MBA
A Master of Business Administration (MBA) is a graduate degree focused on business management. The broad curriculum will include core subjects such as accounting, economics, marketing, operations, management, finance, and elective courses.
Here are reasons to consider an MBA:
Recognition. It is internationally recognized and it will be instantly recognized on your resume, LinkedIn profile, or website.
More career opportunities. Since it’s a business degree, you can work in fields outside of accounting, such as marketing, operations, or human resources, to name a few.
Develop leadership skills. Many professionals later in their careers already obtained technical skills in accounting. They want to develop their leadership skills with an MBA to step into a management position.
Pay. The average income is higher at $89,000 a year, according to PayScale in 2021. The average starting salary for a person with an MAcc degree is $71,526.
Why consider an MSA or MAcc
On the flip side, a Master of Accountancy (MSA or MAcc) is a graduate degree for students interested in the accounting field.
In an MSA or MAcc program, the curriculum consists of accounting courses with some elective business courses. The coursework may include accounting ethics, taxation, information systems, accounting theory, and advanced auditing, to name a few. Some colleges or universities offer an accounting concentration such as taxation, auditing, or risk management.
Here are reasons to consider an MSA (MAcc):
Created for the CPA license. The program meets the course requirements to become a CPA. You don’t have to worry about taking extra classes or falling short of your state’s requirements.
Shorter program. Since the degree is focused on accounting, most programs are shorter. It was shorter by five classes than an MBA with an accounting concentration to meet the CPA requirements at the university I looked at.
Develop accounting skills. It will help you understand accounting more deeply and help you with technical skills at the beginning of your career.
What did I decide between an MBA vs. MSA?
After weighing my options between both master’s degrees, it was time to decide.
I chose to get my Master of Accountancy, and here is why:
Less time and money. The university I attended required 30 credit hours for the MSA degree vs. 36 credit hours for the MBA. That meant I could finish my degree one year faster at a lower cost because I was taking fewer classes. I was a working mom, besides being a student. I was burning out, and spending an extra school year was not appealing.
My ultimate goal was to get a CPA license. Enrolling in a program designed to meet that goal made more sense.
MBA courses were electives in the program. I wanted to be in a leadership position one day and grow my skills in that area. The program I was in had the option to take MBA courses for my electives. I took MBA courses to develop my leadership skills and skipped the ones I wasn’t interested in.
Wanted a career in accounting. An MBA opens more career opportunities, and I could switch fields if accounting didn’t work out. Instead of thinking of possible what-ifs in the future, I considered what I wanted from my career. That was to be an accountant.
You might also be interested in Seven Ways to Graduate Debt-free in Accounting
Begin with the end in mind.
It is a personal decision at the end of the day. When considering which master’s degree to get, ask yourself these questions:
- Where are you at in your career?
- What is your interest?
- What is the goal of your career?
- How would this degree help you get there?
An MSA or MAcc is a great option if you are starting out and want to develop your technical skills or get the required credits to get a CPA. An MBA is an excellent option if you have been in the field for a few years, want more career opportunities, or improve your leadership skills.
I could take leadership classes without an MBA and learn accounting without an MSA. But where I was in my career, an MSA was more beneficial to help me become a CPA and kick start my career.
Beginning with the end in mind gave me the clarity to reach my decision after a year of consideration. The pit in my stomach was gone, and I now have my MSA.
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