Thinking about leveling up your accounting career?
Everyone wants high level accounting management positions. The ones with more money, more responsibility and the authority to make meaningful changes in an organization. Those leadership roles are what professionals work towards because they allow them to:
- Earn a higher salary
- Have stability in their careers
- Impact real business results
The problem is how you actually get there.
Accounting management roles require advanced skillsets and education. Without a master’s degree or MBA your options for climbing that career ladder become very limited.
Your education directly impacts your ability to grow your career.
But it also works the other way around. Professionals who pursue higher education end up qualifying for those high level roles sooner. An MBA or MS in Accounting will open doors and allow you to contribute at a higher level. Which naturally leads to better business results.
Ready to see how your education can launch your career?
You’ll learn:
- Why Higher Education Impacts Your Business
- Why There is a Massive Demand for Accounting Professionals
- How an Advanced Degree Qualifies You for Leadership
- How Education Translates to Better Business Results
Why Higher Education Impacts Your Business
Here’s the thing about education.
It matters.
Everyone has had that one teacher that made them want to give up on learning. But in reality, education is what sets the successful professionals apart from the crowd.
A college degree or even a master’s degree is your ticket to taking your career to the next level. Businesses have a certain standard they expect from their management.
Paying for that education up front allows you to meet that bar and stand out from your competition. Not to mention the salary increase you’ll see over your career.
The Bureau of Labor Statistics shared that master’s degree holders made roughly 19% more per year than their peers with only a bachelor’s degree. That is almost a quarter million dollars more over the course of a career.
There is more to it though.
Higher education cultivates higher level strategic and analytical thinking. Companies rely on their accounting teams to provide more than just numbers. They want professionals who can help steer the direction of the company through informed financial decisions.
Oh, and here’s another fun fact…
The early bird catches the worm. Professionals who obtain their graduate level education sooner catch those promotions faster. Many get promoted over their peers because they decided to pursue an advanced accounting degree.
Why There is a Massive Demand for Accounting Professionals
Did you know there is a severe talent shortage in the accounting industry?
Since 2019, there have been over 300,000 accountants who quit their profession. That is the largest decrease when compared to other business fields.
Here’s what that means for you:
Accounting and financial-related jobs have more open positions than people trying to fill them. The BLS projects there will be 5% employment growth for accountants and auditors through 2034. This equates to about 124,200 new jobs every year.
Even better, is the growth for financial management positions. Jobs are expected to grow by 15% through that same time frame. Compare that to the 5% growth across all other occupations!
What does this all mean?
Opportunity.
This is the best time to get your education and start qualifying for accounting management positions. Companies have been desperate to find qualified candidates to fill open positions. By having your advanced degree you put yourself in a great position to step into that management role.
How an Advanced Degree Qualifies You for Leadership
Accounting managers do not get into those roles by chance.
Here is what employers are looking for:
Knowledge, expertise, and someone who can think beyond the entry level stuff. Accounting managers are expected to have deep dives in subjects like:
- Financial Strategy
- Risk Analysis
- General Compliance
- Operations
An advanced degree provides the skills and qualifications you need to understand these subjects. Not only that, but your coursework will give you real world examples and applications that you can draw from. Let’s look at what you gain from a graduate degree.
- Knowledge of financial strategy. Being able to lead your organization with confidence and financial insight rather than guessing.
- Leadership ability. How to manage a team, communicate with executives and drive change within your organization.
- Expertise. Positions you as an expert in your specialization. Whether it be auditing, taxes, forensic accounting or management consulting.
These are the types of qualifications that get you noticed when accounting manager positions open up.
How Education Translates to Better Business Results
So how does your education really benefit the company you work for?
Someone needs to make smart financial decisions for a business to succeed. Professionals with degreed education have an inherent advantage when trying to get ahead.
Think of it this way.
If a business has qualified accounting leaders they will:
- Make smarter financial decisions
- See risks before they become problems
- Protect their cashflow
- Streamline business operations
- Have confidence in their regulatory compliance efforts
Businesses have even started to notice this.
Salary.com showed that accounting firms have been increasing compensation to attract more talent. Entry level staff accountant positions saw a 15% increase in one year. Manager positions have a median salary of $127,000. Meaning if you landed that role your education would pay for itself rather quickly.
But here is the best part. Companies that have well rounded and educated accounting professionals see real growth. The people with advanced degrees are finding ways to:
- Generate new revenue
- Cut unnecessary costs
- Optimize business operations
- Build financial strategies that scale with the company
Businesses don’t grow because they have qualified individuals. They grow fast when they have qualified individuals pushing for tangible results.
Bringing It Home
Investing in your education is one of the best things you can do for your career.
Accounting as a whole is facing a talent crisis. Meaning, qualified professionals will have their pick of positions heading into the next decade.
Let’s recap:
- Accounting professionals earn 19% more over their careers
- There are more accounting job openings than people qualified to fill them
- Leadership positions require advanced knowledge gained from graduate degrees
- Businesses grow faster when they have qualified people leading their accounting teams
Now is the best time to take advantage of all the open positions and start preparing for your next role.
Whether you’re looking to become an accounting manager, earn a higher salary or make an impact. It all starts with obtaining the right education.
