USA

MBA IN ACCOUNTING IN THE USA

 

What is MBA in Accounting?

An MBA in accounting is a program that focuses on business at the crux and adds specialization in accounting courses. Students pursuing the course will study advanced business courses along with developing skills and expertise which applies exactly to the fundamentals of accounting. The overall functioning of the course is such that it prepares the student to work as a skilled professional in the world business market as a manager, head, or leader.

 

 

Course Description

 

- The course gives the students a profound understanding of business and management-related problems with respect to the economic structure of the company. The specific purpose of the MBA accounting course is to provide education in a way that the MBA graduates individually analyze financial and managerial accounting using research tools and applying these techniques in real-world situations.

 

- For a traditional full-time MBA in accounting, it generally takes around 2 years while an accelerated course may take 12 to 18 months. A part-time MBA and online MBA are also quite famous courses that take around 3 years for completion. However, the timeline may be affected in the case of online MBA courses as the study pattern may not be integrated due to various technical reasons and may differ the standard completion time.

 

Curriculum overview

 

The curriculum of MBA in accounting will have advanced level subjects involving business and accounting as core topics. Other subjects would include syllabus related to marketing, management, strategic planning, finance, economics, and more. If you want to go for electives for your MBA program in accounting, you need to select accounting courses as a part of your curriculum. The syllabus may include courses like:-

 

- Financial Accounting

- Cost accounting

- Tax Planning

- Auditing

- Business Strategy

- Fundamentals in Managerial accounting

- Problems in Financial Reporting

 

 

 

 

 

 

Entry requirements

 

- Application form: You can get the application form online through the university official website or through email by request.

 

 

- Bachelor Degree: The basic requirement for an MBA in accounting is the same as for other MBA programs which is a Bachelor's Degree or equivalent from a recognized university. Also, the applicant must have studied some foundation courses such as financial reporting, Global managerial accounting, Business entities and combinations, principles of finances and marketing, auditing, etc. Students from other backgrounds than accounting may have to take certain core courses of accounting, but only in some cases as per requirement from some universities.

 

- Minimum GPA: Most MBA programs require strong performances in the undergraduate courses through your GPA scores. The minimum GPA required is 3.0 to 3.3 or higher.

 

- Transcripts: You can get these by requesting your undergraduate college/university official. These are basically proof of your excellence and performance during your previous course or education.

 

- GMAT/GRE test scores: GRE or GMAT test scores are to be attached along with your application which has a large weight-age considering your admission at the university.

 

- SOPs and LORs: You must write the essays/SOPs representing your individual self and the interpersonal skills you gained during your academics. Most universities require at least two letters of recommendation (LORs) from students which you can get from your professors from your previous college.

 

- English language test scores: - Scores of English language tests like IELTS, TOEFL or PTE are required for non-native English speakers or for those who

have not completed their previous education where English was not the medium of instruction.

 

- Resume: You are required to submit a resume mentioning your skills, academic excellence, experience in management tasks, achievements during academics and work, etc. The requirement of the resume is limited to some of the universities but mostly the top ones in the USA.

 

- Case study/work experience: Professional experience in relevant fields is always an added advantage and also given preference by the universities while accepting admissions. Some universities may ask the applicant to present a case study on the required topic specified by the university. However, these requirements are not general and are restricted to only a few MBA universities.

 

 

Tuition and living cost

 

- An MBA in IT in one of the top universities or business schools in the USA can cost on average around $75,000 per year. Other than the top ones, other universities have tuition costs in the range of $30,000 to $60,000 per year. As out of state tuition costs are expensive compared to in-state tuition costs, there are many other affordable universities in the USA that have tuition costs around $15,000 to $20,000.

- Along with the tuition costs, you need to consider accommodation, food, traveling, and other miscellaneous costs while planning your finances. These expenses can cost roughly around $1000/month or more depending on your lifestyle.

- There are many scholarships and fellowships for international students granted by organizations like The Fulbright Foreign Student Program and Aga Khan Foundation International Student Program and various other university-specific scholarship programs.

 

 

Master’s in Accounting Vs MBA in Accounting

 

 

- Both Programs focus heavily on finance, cost, and auditing. But the basic difference between the two is that a master’s in accounting has all its academics and studies related to accounting, while an MBA in accounting has accounting as well as business in their program foundation.

- Master’s in accounting can be taken by the students who do not have prior experience in the field of accounting, while many MBA programs favor candidates having previous business experience.

- Another feature that separates the two courses is that an MBA course is an adaptive course that brings out an all-rounded business professional that has broader career options, while a master’s in accounting can perform and enhance their skills within the accounting field.

 

 

Best Universities

 

- Stanford University

- University of Southern California

- Ohio State University

- University of Chicago

- University of Pennsylvania

- Harvard University

- Columbia University

- Yale University

- MIT Sloan

- New York University

- University of Michigan

 

 

Career Outlook

 

According to the U.S. Bureau of Labor Statistics (BLS) states that there is substantial growth in management opportunities and employment rate of business-related jobs from 2014 – 2024. This will create around 505,400 new job opportunities in the business field. BLS also states that a huge amount of jobs can be found in areas like California, New York, and Texas. MBA executives looking for highly paid salaries can find options in states like Connecticut and New Jersey.

 

As an MBA graduate in Accounting, you will find job positions like Financial Analyst, Financial Manager, Management Analyst, Personal Financial Advisors, Chief Financial Officer, Business, Development Manager, Tax Accountant, and Financial Consultant. The median salary expected by accountants and auditors is around $72,000 according to the BLS.

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