Is Accounting Knowledge The Key To Career Advancement?

Is Accounting Knowledge The Key To Career Advancement

The discipline of accounting is vital in almost every business, whether small or large. Accounting knowledge provides a platform on which to measure and evaluate a company's financial health and therefore plays an essential role in the day-to-day operations of any company.

Those with a solid background in accounting are often better suited for higher-level positions within a company, such as an accountant or treasurer. Even those without a formal accounting education can usually find a role in a company that requires basic accounting knowledge.

What are accounting skills valuable to employers?

Some of the most important skills employers look for in a prospective employee are those related to accounting. This includes functions such as accountant or treasurer, which often require a minimum of a bachelor's degree. Most employers will need their candidates to have at least a high school diploma or GED to apply for a position, but those with a background in accounting knowledge are often better suited for higher-level positions.

An education in accounting will often cover the following skills:

  • Organizational
  • Information Technology
  • Time Management
  • Communication
  • Analysis

What if you don't have a background in accounting?

Many people who do not have a background in accounting realize just how valuable it is to have this skill set later on. This doesn't mean you're too late to the game, but it does mean that you'll need to make up for the lost time. The good news is that there are plenty of resources available to help.

One of the best ways to learn to account is to obtain a degree in it. Luckily, if you already have a bachelor's degree in a business-related field, you may be able to transfer your credits into a Master of Business Administration (MBA) program.

How does an MBA help you learn accounting?

Most MBA programs touch on some accounting basics. However, if you want a more in-depth accounting education, look for a Masters of Business Administration accounting concentration. You'll be able to focus on the nuances of the accounting field, such as how to manage a business's finances, and you'll be able to apply those skills to your career.

How long does it take to get an MBA?

It takes about two years to complete an MBA in the traditional classroom setting if you already have a bachelor's degree in a business-related field. If you do not have a bachelor's degree or miss prerequisite credits, that time will be longer.

How can you earn your MBA faster?

Many reputable schools offer accelerated programs. These programs typically count credit for experience and prior education. You may be able to complete an MBA in less than a year if you have a bachelor's degree and a few years of work experience.

Another way to earn your MBA faster is to take online courses. Online courses are typically shorter than traditional classroom courses. Some schools even offer their MBA programs entirely online.

What positions will an MBA with a concentration in accounting prepare you for?

If you want to go directly into a career in accounting, this degree will prepare you for various positions. Some of the most in-demand jobs include:

  • Financial Analyst
  • Revenue Manager
  • CFO
  • CPA

All management positions within a business can benefit from accounting knowledge. Having an MBA can help move you to the top of the pile regarding promotions and salary increases.

Breaking It Down

  • Employers appreciate individuals with an MBA because they can demonstrate leadership and management skills.
  • A concentration in accounting can help you develop these skills and sharpen your analytical and problem-solving abilities.
  • An MBA doesn't have to take long, but it does require much hard work.
  • The investment in accounting knowledge is well worth the benefit you'll receive.

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