If you’re considering an MBA in accounting, it’s important to weigh the cost of your graduate education and your potential salary after earning an MBA degree. A Master of Business Administration degree is an investment of a substantial amount of money, time and effort, but it can increase your earning potential by a great deal.
Salary Potential for MBA Graduates
What can you expect for a salary after earning an MBA? Most MBA graduates work in fields like finance, supply chain management, marketing and consulting, according to U.S. News & World Report, although an MBA in accounting specifically can also prepare students for a high-level accounting role. In these fields, business professionals earn compensation in the form of bonuses as well as their salaries. On average, graduates of MBA program earn a total of $91,940 in salary and bonuses combined, according to U.S. News & World Report. At some top-ranked business schools, that average salary for MBA graduates is far higher – close to $150,000 per year.
A number of high-level business management roles offer a six-figure potential salary after earning an MBA, according to U.S. News & World Report. The jobs that online MBA graduates hold that provide the highest earning potential include computer and information systems manager ($132,000), advertising and marketing manager ($125,000), financial manager ($118,000), human resources manager ($104,000) and top executive ($103,000).
To put that in perspective, business professionals who start out with just a bachelor’s degree make substantially less than their more educated counterparts. Forbes reported that after earning their degrees, graduates of full-time MBA degree programs saw salary increases of more than 50 percent.
MBA in Accounting Earning Potential
When it comes to the MBA in accounting degree specifically, salary depends largely on your job title and responsibilities. Although the median mid-career pay for graduates of MBA in accounting programs is slightly below the average at $84,000, job search site Monster.com called accounting one of the “best-paying MBA majors.” While senior accountants typically earn a salary of around $60,800, financial controllers make closer to $90,500 and chief financial officers (CFOs) can expect to earn $125,000 per year, Monster.com reported.
Is Earning an MBA Worth It?
Earning an MBA is a six-figure investment in education, according to U.S. News & World Report. Because two years of full-time study at a well-respected program costs so much, it’s important for students to weigh that expense against their expected increase in salary after earning an MBA. For business professionals who are prepared to put in the work to rise to high-level roles like financial controller or CFO, earning an MBA makes sense, particularly early on in their careers.
A graduate degree in business administration might not be right for every business student. However, given the right circumstances, your increase in salary after earning an MBA may be large enough that the degree pays for itself in a few years.