It is no secret that the path to the C-Suite or entrepreneurial success requires a relentless commitment to learning and professional development.
For accounting and finance professionals who have already been through the rigorous process of earning a CPA (Certified Public Accountant) or CA (Chartered Accountant), the thought of embarking on another intensive learning journey like an MBA can be daunting.
However, completing an MBA after earning a CPA/CA can be a powerful combination that broadens your career opportunities, enhances your leadership skills, and increases your earning potential.
It allows you to leverage your accounting expertise while gaining a comprehensive understanding of business management, making you a more versatile and competitive candidate for senior leadership roles across various industries. This strategic move can significantly elevate your career, positioning you for long-term success in the business world.
Recent research shows that an MBA is also far more popular degree for executives seeking to become a Chief Financial Officer (CFO).
A new report form Crist | Kolder shows more CFOs in Fortune 500 and S&P 500 companies hold hold a Master of Business Adminiustration (MBA) degree than industry-standard CPA credential.
The report found 51% of CFOs in Fortune 500 and S&P 500 companies hold MBA degrees, compared to just 38% with CPA credentials. More than 13% of CFOs hold both MBA and CPA credentials.
The dual CPA/MBA pathway is also becoming increasingly easier with many MBA providers giving extensive credit for the prior completion of a CPA.
For example, Bond University Business School on the Gold Coast welcomes members of CPA Australia and Chartered Accountants to their Master of Business Administration (MBA) with up to 50% credit into the program.
Here are several reasons why pursuing an MBA after earning a CPA can be a strategic move:
Expanded Career Opportunities
While a CPA is highly respected in accounting and finance, it often limits professionals to roles focused on financial reporting, auditing, and tax compliance. Adding an MBA allows you to move beyond these specialised functions into a broader range of management roles.
With an MBA, you can qualify for positions in a range of non-finance divisions like operations, marketing, strategy, and general management, expanding your career horizons within or outside of the finance sector.
Enhanced Leadership Skills
A CPA/CA equips you with deep technical knowledge of accounting principles, tax law, and financial regulations, which are crucial for high-level accounting roles. However, an MBA focuses on leadership, strategic thinking, and decision-making skills.
By combining these with your CPA, you are better prepared to take on leadership roles such as CFO, COO, or even CEO, where you can leverage both your financial acumen and your ability to lead teams and make strategic business decisions.
Increased Earning Potential
Professionals who hold both a CPA/CA and an MBA generally have higher earning potential compared to those with just one of these credentials. The MBA credential signals to employers that you possess not only technical expertise but also the managerial and strategic skills necessary for senior leadership roles.
This dual qualification often results in access to higher-paying jobs, more significant bonuses, and faster career advancement, particularly in executive positions .
Broader Business Perspective
While a CPA/CA program provides deep knowledge of accounting, it is often limited to financial aspects of business. An MBA, on the other hand, offers a broader education in areas like marketing, operations, human resources, and entrepreneurship.
This comprehensive understanding of how different business functions interrelate can make you more effective in roles that require a holistic view of the organisation, allowing you to contribute more meaningfully to overall business strategy .
Networking Opportunities
MBA programs typically offer extensive networking opportunities with peers, alumni, faculty, and industry professionals across various sectors. This network can be invaluable when seeking new job opportunities, partnerships, or business ventures.
While CPA/CAs often network within the accounting profession, an MBA can provide connections in a wider array of industries and disciplines, enhancing your ability to move across different roles and industries throughout your career .
