If you’re a graduate who has recently earned his bachelor’s degree in a financial or business course, you might be considering acquiring a master’s degree. While a master’s degree opens up doors to more opportunities and better job profiles, it also provides you with deeper knowledge that will help you climb the corporate ladder faster. For finance professionals, two courses are top-rated for pursuing a master’s degree – Master’s in Accounting and Master of Business Administration.
Both the above-mentioned programmes focus on financial knowledge as their core curriculum. While accounting is a more specific degree, MBA generally offers different options to select your majors. To facilitate students in understanding the similarities and differences between MBA vs Master’s in Accounting, we have compiled the following guide, which compares all their key attributes and future scope.
What Is MBA?
A Master of Business Administration programme is a dynamic course designed for those interested in business analysis. Its high-level coursework aids the candidates in advancing their careers at a faster pace. MBA candidates usually have a few years of work experience, which, when combined with the skill set acquired after the degree, helps them gain better skills for problem-solving and strategising and more fundamental knowledge about their fields. A few of the core skills taught are creative and critical thinking, analysis, collaboration, communication, and leadership.
Some of the popular concentrations taught to MBA candidates are business strategy, finance, corporate ethics and human resource management, amongst many others. Students are trained to fill roles across different corporate departments and acquire a large skill set during the process to manage responsibilities like staying up to date on industry trends, advising on strategic direction, providing market insights, and managing products, processes and people.
What Is A Master’s In Accounting?
A Master’s in Accounting is a postgraduate degree which focuses specifically on advanced accounting skills. Students acquire skills and strategies that are generally used by professionals in the industry. While comparing MBA vs Master’s in Accounting, one major difference is that this degree is often pursued by candidates preparing for higher exams like the CPA or CA exam. It also helps them obtain a skill set which includes the ability to organise information, identify financial patterns, and simplify data for communication.
Some of the modules that this degree covers are business strategy, mergers and acquisitions, accounting, and corporate communications. Specialisations like forensic accounting and commercial finance are also often available. A graduate with a Master’s in Accounting degree is ordinarily expected to take up a wide range of responsibilities like examining financial and accounting records, preparing and filing tax documents, performing calculations using various financial software, reviewing records for accounting and financial errors, and managing payroll services.
Difference In The Eligibility Criteria For An MBA Vs Master’s In Accounting
While comparing the eligibility criteria, one can see that there aren’t many differences. Both degrees require a bachelor’s qualification as the basic pre-requisite. Undergraduate GPA and scores obtained in tests like GMAT or GRE are considered. For universities or colleges situated abroad, TOEFL or IELTS are mandatory to be written, at least for the visa application. While an MBA programme rarely requires any specific coursework, a Master’s in Accounting may demand modules like financial accounting or managerial accounting. This is because anyone with a bachelor’s degree and a few years of work experience is open to applying for an MBA, whereas graduates with a UG degree in specifically accounting or finance pursue a Master’s in Accounting.
What Is The Cost Of The Study?
The average tuition fee for any course depends on the specialisations, the university or college you select, the popularity of its location and even the country. After analysing the differences between MBA vs Master’s in Accounting, it can be deduced that the tuition fee has quite a vast difference. The tuition for an MBA programme ranges from around INR 6,00,000 and can go up to INR 28,00,000 per year. Whereas, for a Master’s in Accounting, fees start from as low as INR 50,000 per year and may go up to a maximum of INR 10,00,000 per year. These tuition fees also depend on whether you are considering a public university or a private one since the latter usually costs more than the average. Students can also take advantage of scholarships, grants, student loans or other types of financial aid to help ease the financial burden.
Which Course Has A Longer Duration?
While considering MBA vs Master’s in Accounting, it should be noted that both courses take about the same amount of time, around two years. However, via accelerated courses, you can finish your MBA in as soon as 14 months and your Master’s in Accounting in around 17 – 18 months. Along with this, students who wish to work while pursuing their master’s degree can opt for part-time courses. These tend to take a much longer duration, around three years.
Average Salary For MBA Vs Master’s In Accounting
MBA graduates are offered substantial salary packages and benefits. According to surveys, the average starting salary was found to be INR 8,00,000 per year, whereas the average annual salary is approximately INR 22,00,000. For graduates of Master’s in Accounting, the average starting salary can vary between a wide range depending on a lot of factors. It is around INR 4,00,000 to INR 12,00,000 per year. However, as you gain more experience and skills, your average annual salary may go up to as high as INR 20,00,000 per year. The pay scale of any job depends not only on your university and specialisations but also on your acquired skill set, previous work experience, job profile, qualifications, the background of the industry and current market trends.
What Are Some Of The Expected Job Profiles?
The extensive knowledge gained from the curriculum of an MBA course allows you to pursue jobs in several different fields. The choice of your majors and coursework also determines the kind of job offers you may get. In recent times, some of the popular job profiles are –
- Marketing Manager
- Financial Manager
- Medical And Health Services Manager
- Management Analyst
- Chief Executive Officer
After finishing your Master’s in Accounting, you can opt to pursue courses like the CPA and CFA certification or CA exams. These increase your chances of acquiring a higher salary and a better job profile. Some of the popular positions offered to such graduates are –
- Senior General Accountant
- Forensic Accountant
- Management-Level Auditor
- Controller
- Chief Financial Officer
MBA Vs Master’s In Accounting: A Comparative Summary
| Sr. No. | Particulars | MBA | Masters In Accounting |
| 1. | Popular Coursework | Business strategy, finance, corporate ethics and human resource management | Business strategy, mergers and acquisitions, accounting, and corporate communications |
| 2. | Core Skills | Creative and critical thinking, analysis, collaboration, communication, and leadership | Ability to organise information, identify financial patterns, and simplify data for communication |
| 3. | Eligibility Criteria | GMAT, GRE, TOEFL or IELTS | GMAT, GRE, TOEFL or IELTS |
| 4. | Cost Of Study | INR 6,00,000 to INR 28,00,000 per year | INR 50,000 to INR 10,00,000 per year |
| 5. | Duration Of Full-time Course | Two years | Two years |
| 6. | Duration Of Part-time Course | Three years | Three years |
| 7. | Duration Of Accelerated Course | 14 months | 17 – 18 months |
| 8. | Average Starting Salary | INR 8,00,000 per year | INR 4,00,000 to INR 12,00,000 per year |
| 9. | Average Annual Salary | INR 22,00,000 per year | INR 20,00,000 per year |
| 10. | Popular Job Profiles | Marketing Manager, Financial Manager, Medical And Health Services Manager | Senior General Accountant, Forensic Accountant, Management-Level Auditor |
FAQs
Q1. Is a Master’s in Accounting the same as an MBA?
Ans: A master’s degree in accounting prepares students for a higher-level position in accounting, while an MBA offers the same preparation for a variety of fields depending on the student’s chosen concentration.
Q2. Which is better – a Master’s in Finance or Accounting?
Ans: Master’s in Accounting provides you with a Chartered Accountancy qualification which is a strong foundation for accessing jobs with a higher pay scale. On the other hand, a Master’s in Finance can give you a broader understanding of the finance industry with core knowledge of various business disciplines.
Q3. Which of the two degrees has a higher pay scale?
Ans: A graduate of an MBA can generally expect to field job offers with a higher pay scale.
Q4. Which of the two courses has the longest duration?
Ans: Both MBA and Master’s in Accounting have a similar course duration of 2 years.
Q5. Can I do MBA after a Master’s in Accounting?
Ans: MBA is best done after a degree or graduation since it enhances the value of the degree, and there are more chances of getting a better job with an MBA.
Thank you for reading our comparative guide to MBA vs Master’s in Accounting! Let us know your queries or suggestions in the comments section below.
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I have done Bachelor’s in Culinary Arts from India and completed my graduation in the year 2022 .I am 22 years old. After graduation, I have done 1 year paid internship from USA .Now, I would like to take occupational experience and learn culinary skills and also do masters in Culinary arts.How can I find the college n best course / country where I can persue studying further