That’s because there’s so much variation in the career paths of both groups of professionals. A certified public accountant, for example, might undertake a long and lucrative career at a publicly traded Fortune 100 company. Or they might choose to open their own practice in a small town serving small businesses and individuals. Candidates must complete 150 semester hours of education, as well as any other specific state requirements. Depending on the program, this entails having an undergraduate degree and some graduate courses.
How Much Do CPAs Make?
- So, in more ways than one, the cost of obtaining your CPA designation is partially “rolled into” your MBA.
- At the same time, a CPA qualification costs a mere $1,500, which includes exam fees and application fees.
- Costs vary widely, with tuition ranging from $20,000 to over $100,000 based on the school’s prestige, location, and program format.
- In many states, students are required to complete 150 credit hours as well as complete testing to become a CPA, short for certified public accountant.
Below, I’ll highlight the key differences, career paths, and benefits, helping you decide which aligns best with your career goals. Whether you’re aiming for the boardroom or the accounting firm, making the right choice now can set the stage for a fulfilling and successful career. When considering which will serve you best, it’s important to consider your personal and professional goals.
CPA vs. Accounting Education and Careers
These four are Deloitte, Ernst & Young (EY), PricewaterhouseCoopers (PwC), and KPMG. All four companies offer tax and management consulting, legal advisory services, valuation, market research, and assurance. The average annual salary for accountants at these four firms was $75,062, according to ZipRecruiter. A CPA’s salary usually reaches the high five figures while senior CPAs in management can earn a six-figure salary. So, if you are a college graduate with a bachelor’s degree in finance or accounting, or an entry-level accountant seeking a higher salary and more work responsibilities, you may want to consider obtaining a CPA designation.
Key Differences between an MBA in Accounting and a CPA
Since his time at EY, Neel has served as CEO of several companies during his private equity career, and currently heads up BlackSleeve Media, a mobile entertainment platform. His CPA status has earned him a place on advisory boards, as he has the credentials to serve on compensation committees. For CPA, candidates should visit the official website of AICPA and follow the registration guidance provided there. On the other hand, candidates should register themselves for different competitive exams for the top B-schools for MBA. As of 1st July 2020, AICPA has shifted the CPA exams to the Continuous Testing model, wherein the candidates can take the exam throughout the year with certain restrictions. On the other hand, the institutes decide their own exam schedule in an MBA program.
Costs vary widely, with tuition ranging from $20,000 to over $100,000 based on the school’s prestige, location, and program format. Time commitments range from 18 months to four years, with part-time and executive students needing to balance work and study. This guide cuts through the complexity, offering clear insights into both options.
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Start learning from Wharton School of the University of Pennsylvania on Coursera today! Explore Specializations in Business Foundations, Business and Financial Modeling, Entrepreneurship, and Business Strategies for a Better World. The BLS estimates that jobs in the accounting sector are projected to grow at around 7% per year through 2030. The debate between pursuing a Certified Public Accountant certification, a Master of Business Administration degree, or both has elicited various opinions from Reddit users. Here’s a synthesis of their insights, blending summaries with direct quotes to illuminate the discussion.
That’s because earning a CPA actually opens more doors than many business school students realize. On the other hand, the syllabus of an MBA degree covers accounting, operations research, managerial economics, business statistics, cpa vs mba salary human resource management, financial management, marketing management, business ethics, etc. Employers require CPAs for many senior-level finance positions because it shows that a candidate has ambition and intelligence.
In reality, it’s not as if you have to make a decision between an MBA vs. accounting licensure. Many of our MBA candidates take advantage of our CPA Exam prep, offered by Becker Professional Education, to prepare for the CPA Exams immediately after graduating from our MBA program. Some accounting professionals will have the opportunity to move into different departments within their organization, such as operations, financial planning, and treasury, Abrash says. David Neel was a top undergraduate finance and accounting student at the University of Richmond who aspired to make an impact in the world of business, he says. During his senior year of college, Neel’s accounting professor, Joe Ben Hoyle, encouraged Neel to take the CPA exam.
The career opportunities of a CPA-certified professional are usually restricted to that of a public accountant, forensic accountant, internal auditor, financial analyst, etc. On the other hand, an MBA graduate’s career opportunities are quite diverse as they can join as a financial analyst, financial advisor, operations manager, marketing manager, human resource manager, etc., in any organization. An aspiring candidate for both a CPA license and an MBA degree should at least have a bachelor’s degree or related professional credential. Besides, a CPA candidate should also have two years of professional experience in public accounting. On the other hand, while an MBA degree doesn’t mandate the need for work experience, relevant professional experience can be quite useful.