An MBA in Accounting: the business degree for career-focused accountants

Accounting is an attractive, respected profession, one that offers relative stability and above-average pay – even in times of economic uncertainty. With this in mind, it’s no surprise that accounting is also an increasingly competitive field. 

According to the Financial Reporting Council’s 2023 publication, Key Facts and Trends in the Accounting Profession, membership among the UK and Republic of Ireland’s accountancy bodies grew by 2.1% between 2021 and 2022, and 2.4% worldwide. And the United States’ Bureau of Labor Statistics reports that the employment of accountants and auditors is projected to grow by 4% from 2022 to 2032, with about 126,500 openings for accountants and auditors projected each year over the decade.

In this environment, aspiring accountants aiming to enter the profession, as well as current accounting professionals who want to advance their careers, can set themselves apart through highly relevant qualifications – and there are few qualifications more relevant than a Master of Business Administration (MBA) with a specialisation in accounting.

Study topics on an MBA with accounting specialisation

An MBA with accounting develops important skills specific to accounting. These include:

• Managerial accounting. During managerial accounting modules or electives, MBA students learn about capital budgeting and how to use it for business decision-making. It typically covers topics such as cost behaviour, budget creation, variance analysis, capital investment evaluation, and cost-volume-profit.

• Cost accounting. A subset of managerial accounting, cost accounting aids the analysis and allocation of fixed and variable costs. By tracking expenditures and revenues, businesses can determine – and control – costs, and better assess profitability.

• Financial statement analysis. A critical skill for any accountant, financial statement analysis is what enables accountants to read and interpret financial statements. These examinations allow accountants to gauge an organisation's financial health, guide strategic planning, and mitigate risk.

And these specialised accounting courses are typically blended with fundamental business and management studies – covering topics such as strategic management, business strategy, data analytics, human resource management, economics, marketing, entrepreneurship, and supply chain management – to develop well-rounded managers and leaders.

The difference between a traditional MBA and an MBA with an accounting specialisation 

While a traditional MBA offers a broad overview of business administration, an MBA with an accounting specialisation delves deeper into financial accounting, auditing, and financial reporting. This specialisation equips MBA graduates with the expertise needed to navigate the complexities of the financial aspects of business operations, making it a good choice for people with career goals in accounting and finance.

It’s worth noting, though, that both programmes differ from a master’s degree in that they usually require relevant work experience, and are better suited to people aspiring to work in management and leadership positions.

The benefits of studying an accounting-focused MBA

Pursuing an MBA degree with an accounting focus offers a number of benefits. For example, while developing knowledge and skills in accounting-based principles, financial management, and business more widely, the degree also fosters critical thinking and strategic decision-making skills. All of this ensures that graduates are well-prepared to tackle the challenges of the modern business world.

And the degree is particularly beneficial for anyone who wants to level-up their accounting career by moving into a leadership role:

“An accounting program can improve your ability to secure future leadership roles and gives you a great basis for negotiating higher salaries,” says mba.com, the website run by the Graduate Management Admission Council. “The social learning environment of an MBA is also an excellent springboard for networking with other professionals across business fields.”

The website also notes that the degree is excellent preparation for examinations towards accreditation, such as the CPA (certified public accountant) or CMA (certified management accountant).

Career prospects and opportunities for MBA graduates who specialise in accounting

There are a number of different career paths available to graduates of MBA programmes with an accounting concentration.

Typical roles include:

• Chartered accountant. Chartered accountants specialise in financial reporting and advice, with services spanning forensic accounting, taxation, and corporate finance. According to Prospects, the average annual salary for a chartered accountant in business is £134,000, with an average yearly bonus of more than £17,000.

• Management accountant. Management accountants work in-house within an organisation and build strategic partnerships within the business, informing and supporting management decisions. Their focus is on budgeting, financial performance, reducing costs, and increasing profits. According to the National Careers Service, an experienced management accountant earns an average annual salary of £55,000.

• Tax accountant. A tax accountant, also known as a tax adviser, uses their expertise in tax law to assist businesses and individual people in tax planning and compliance. According to Prospects, the average annual salary for a chartered tax adviser (CTA) can vary greatly depending on experience level, with newly certified CTAs earning between £26,000 and £36,000, and directors earning up to £140,000.  

• Accounting manager. An accounting manager oversees internal accounting functions and leads accounting teams. Salaries vary depending on sector, team size, and so on. 

• Auditor. Auditors – both internal and external – ensure the accuracy of financial statements and compliance with relevant laws and regulations. According to the National Careers Service, an experienced auditor can earn an average annual salary of £65,000.

• Public accountant. A public finance accountant works with public sector organisations to ensure public funds are properly spent. The National Careers Service reports that an experienced public finance accountant can earn an average annual salary of £60,000.

Typical entry requirements and study options for an accounting-focused MBA programme

Admission to an MBA with an accounting specialisation typically requires a bachelor's degree from a recognised higher education institution, along with relevant work experience. Prospective students from abroad may also need to demonstrate English language proficiency. 

Many institutions offer MBA accounting programmes via full-time or part-time study, or through online enrollment. Costs vary depending on institution and mode of study, but many business schools and universities offer financial aid, scholarship, or pay-per-module schemes to help offset or spread out student costs.

Make accounting your business with St Mary’s MBA in accounting

Build your career in accounting-focused management and leadership with the 100% online MBA with Accounting from St Mary’s University. This flexible MBA programme is studied part-time and entirely online, and is designed to develop the leadership and business acumen needed for a career in accounting.

With core courses in managerial accounting, cost accounting, and financial statement analysis, you’ll learn how to use capital budgeting to assess the potential cash inflows and outflows of specific business decisions, determine and control costs by tracking expenditures and revenues, and review and analyse financial statements to ensure better economic decision-making through resource allocation, performance, and achievement of strategic objectives. You’ll also apply the theories you learn to real-world workplace challenges, and collaborate with teams within – and across – functional areas as part of your coursework.

St Mary’s University also offers MBA courses in areas such as project management, digital marketing, and healthcare management. Visit the St Mary’s website for more information.