An online Master of Business Administration (MBA) in Accounting from the University of South Carolina Aiken provides students with the tools to make sound managerial and accounting decisions. In addition, promotion to high-paying careers such as senior accountant, chief financial officer and other business leadership positions often requires an MBA.
Career Options for Accountants With MBAs
Senior auditors employ financial forensics techniques to prevent fraud, wasteful spending and mismanagement within companies. Some auditors work as private consultants for major corporations, while others work for government agencies such as the U.S. Securities and Exchange Commission (SEC). Within large companies, a senior auditor may oversee a team of auditors.
According to December 2022 data from ZipRecruiter, the average salary for a senior auditor is $84,359 annually, with top wage earners taking in over $119,000.
Senior financial analysts help businesses and clients make sound investment decisions. These business leaders are often called upon to advise companies on crucial financial matters such as bonds, mergers and acquisitions, the timing of a stock split and other areas of financial concern. Financial analysts must know the inner workings of their business’s accounts and resources to give informed investment advice. There are many specializations among financial analysts, including ratings analysts (who assess a company’s ability to pay off debt) and portfolio managers.
According to the U.S. Bureau of Labor Statistics (BLS), the median annual salary for financial analysts was $95,570 in May 2021. In addition, BLS reports 2021 pay for top earners in the profession — such as senior financial analysts with substantial experience and educational qualifications — to be upwards of $165,000.
Chief financial officers (CFOs) oversee a business’s administrative and financial operations. Major financial decisions, including long-term operational strategies, tax filing decisions and large purchases, often require the CFO’s approval. CFOs also provide leadership and guidance to accounting and finance departments to ensure those departments run efficiently and in compliance with regulations and company policies. As part of a company’s executive team, CFOs regularly update management on important financial and policy matters.
As of December 2022, the average annual salary for a CFO is $146,473, according to ZipRecruiter data. Additional compensation like bonuses and profit-sharing can add substantially to a CFO’s yearly earnings.
Senior accountants are responsible for organizing company finances. These lead accountants oversee reporting costs, daily expenditures, internal auditing and other financial tasks to ensure a company runs efficiently and within regulations and guidelines. In addition, senior accountants frequently update upper management on the company’s finances and may oversee a team of accountants. This position often requires leadership, communication skills and advanced accounting acumen.
Senior accountants can expect an average salary of $73,877, according to December 2022 ZipRecruiter data. Of note, large organizations with complex financial and accounting operations may include a specialized, executive-level chief accounting officer position in the C-Suite (in addition to the finance-focused CFO role). ZipRecruiter reports the average salary of Chief Accounting Officers to be $164,172 per year as of December 2022, with upper-level salaries exceeding $330,000.
Job Outlook for Accounting Jobs and the Benefits of an Online MBA
According to BLS, demand for accountants and auditors will remain strong with 6% employment growth from 2021 to 2031, resulting in about 136,400 job openings yearly. Considering the continuous need for business accounting, careers in the field can offer excellent stability.
The benefits of earning an MBA in accounting include increased management training, preparation for the CPA exam, more career options, higher earnings potential and an increased likelihood of running a successful business. Whether seeking a career as a CFO, senior financial analyst or any other upper-management position, an online MBA from the University of South Carolina Aiken is the first step toward a rich and rewarding experience as a business leader.
Learn more about the USC Aiken online MBA in Accounting program.
