CPA vs. MBA: Which one is right for you?

Deciding between a CPA vs. MBA can feel like a pivotal moment for anyone looking to advance in the financial world. Each path offers unique opportunities that can shape your career in different ways. The right choice depends on what excites you, where you envision your future, and how you want to leave your mark.

Understanding the key distinctions between a Certified Public Accountant (CPA) designation and a Master of Business Administration (MBA)—from career impacts to the time and investment involved—can help you make the decision that best aligns with your ambitions.

A CPA is a trusted accounting professional recognized for their expertise in financial reporting, auditing, tax advising, and corporate finance.

Earning a CPA license requires passing the rigorous CPA exam and meeting specific educational and professional experience requirements, which vary by state. The CPA designation demonstrates a deep understanding of accounting and business management principles, making CPAs essential players in the financial health of businesses and organizations.

CPAs work across diverse fields, including public accounting, corporate roles, and government sectors. In public accounting, CPAs often focus on auditing financial statements to ensure compliance with regulations or providing strategic tax advice. In corporate settings, CPAs take on roles such as financial analyst, controller, or chief financial officer (CFO), driving financial management and strategic decision-making.

For those looking to broaden their skills, combining a CPA certification with an MBA program can unlock advanced opportunities in leadership roles. The CPA and MBA credentials together create a powerful skill set that blends technical accounting expertise with strategic management insights, making professionals well-suited for high-level roles in corporate finance or executive management.

Whether you’re considering the path of CPA vs. MBA or exploring the potential of an MBA and CPA combination, understanding the opportunities in each career path can help guide your decision.

An MBA is a versatile graduate degree designed to build leadership skills and deepen knowledge in business management. With a focus on strategy, operations, finance, and organizational leadership, an MBA degree prepares professionals for a wide range of career paths across industries. MBA programs are especially beneficial for those seeking to advance into leadership roles, pivot into new fields, or enhance their financial expertise and strategic thinking.

MBA graduates often pursue roles such as management consulting, where they help organizations solve complex challenges, or investment banking, driving financial growth through mergers, acquisitions, and capital market strategies. Other common roles include business consultant, financial planner, and leadership positions in public and private sectors, including public accounting firms.

MBA programs are available in several formats to suit different needs and lifestyles:

• Full-time MBA: Ideal for those looking to immerse themselves in studies and make a significant career shift.
• Part-time MBA: Designed for working professionals who want to balance their studies with ongoing career commitments.
• Executive MBA (EMBA): Tailored for experienced leaders seeking to enhance their expertise while continuing in high-level roles.
• Online MBA: A flexible option that allows students to pursue their degree from anywhere, often balancing coursework with work and personal responsibilities.

For individuals with an accounting background, an MBA can broaden opportunities beyond technical roles, opening doors to leadership in areas like business administration and strategic planning.

Whether transitioning from public accounting to corporate leadership or exploring entrepreneurial ventures, an MBA provides the tools needed to navigate complex business challenges and achieve long-term success.

Should you pursue a CPA or an MBA? The fundamental difference lies in what they represent: a CPA is a professional certification, while an MBA is a professional graduate degree.

The CPA license is issued by the American Institute of Certified Public Accountants (AICPA), and earning it typically involves completing a program aligned with CPA exam requirements. An MBA degree, on the other hand, is awarded by universities, and its curriculum can vary depending on the institution and focus area, such as business management or finance.

The CPA certification is highly specialized, focusing on accounting principles, tax regulations, and financial reporting. It ensures professionals are equipped to handle the technical demands of public accounting and corporate finance.

In contrast, an MBA degree provides a broader education, covering multiple aspects of business administration and leadership. While core courses might include accounting and financial management and marketing, an MBA goes further by incorporating topics such as:

• Operations research
• Business statistics
• Human resources management
• Marketing
• Business ethics

This expansive approach allows MBA graduates to develop a well-rounded skillset that prepares them for leadership roles across industries, not just in finance or accounting.

With an MBA, you can earn a living in various business arenas. These include, but are not limited to:

• Financial analyst
• Corporate CEO
• Operations manager
• Chief technology officer (CTO)
• Chief information officer (CIO)
• Human resources manager
• Financial advisor
• Investment banker
• Fund manager

Also, because an MBA covers so many core business principles, you are better able to run your own company after getting your degree. As an MBA graduate, you are equipped to handle everything from budgeting and obtaining seed money for start-ups to marketing and product or service roll-out.

In addition, as you encounter various obstacles in your business journey, an MBA can help you to adapt to your changing circumstances. This is because as you earn an MBA, you learn how to think creatively and critically. Critical thinking involves examining a situation from multiple perspectives, ascertaining solutions, and evaluating the pros and cons of each.

Regardless of the business challenge you face, as an employee or an entrepreneur, the critical thinking skills that come with an MBA can give you an edge over your competition.

With a CPA, employment opportunities can include:

• Public accountant
• Internal auditor
• Forensic accountant
• Financial analyst

This isn’t to say that a CPA isn’t without its benefits. A CPA can still be an asset for a wide variety of companies that require an accountant or financial analysis. As a CPA, you also have the option to work as a consultant, serving the needs of several employers as issues arise.

An MBA may take you as long as two years to earn while completing a Master of Accounting degree to prepare for the CPA can be attained in 12 months.¹ Regardless of whether you choose to pursue your MBA or CPA, the time you dedicate to your studies and working with your classmates can provide you with opportunities that pay significant dividends.

When considering a CPA or MBA, one advantage of an online MBA program is its flexibility and affordability. Particularly with an online MBA, you can complete your coursework at times that fit into your daily life.

In many cases, the work you have to do can be slotted for when you are free, such as at night, on weekends, and when you have partial workdays. This flexibility makes an online MBA the more realistic option for people who don’t have several hours every day to commit to a more rigorous, in-person program.

When evaluating CPA vs. MBA salary outcomes, the level of educational attainment plays a significant role in earning potential.

While salaries can, and do, vary greatly, according to the U.S. Bureau of Labor Statistics' 2023 data, individuals with a professional degree, such as a CPA certification or MBA degree, enjoy higher earning potentials, with median weekly earnings of $2,206. This figure surpasses the $1,737 median weekly earnings for individuals with a master’s degree and significantly outpaces the $1,493 median weekly earnings of those with just a bachelor’s degree.²

The unemployment rate also reflects the value of higher education. Those with a professional degree enjoy the lowest unemployment rate at 1.2%, compared to 2.2% for bachelor's degree holders. This stability adds to the appeal of pursuing advanced credentials like an MBA or CPA license.²

Whether you choose an MBA, a CPA, or a combination of both, these advanced qualifications provide a clear financial edge over individuals with lower levels of education, opening doors to high-paying opportunities in financial planning, investment banking, and corporate finance.

Deciding between a CPA and an MBA often depends on your long-term career goals and the time and financial resources you’re willing to invest. If your career aspirations involve technical roles like auditing, tax advising, or financial reporting, pursuing a CPA certification may be the most direct path. CPAs are highly sought after in public accounting and specialized fields that demand expertise in accounting principles and compliance.

On the other hand, if your ambitions include leadership positions such as management consulting, investment banking, or becoming a CFO, an MBA degree might better align with your goals. An MBA provides a broader skill set in business management, financial planning, and corporate strategy, preparing you for diverse career opportunities.

Financial and time commitments are also key considerations. Earning a CPA license involves passing the rigorous CPA exam and meeting education and work experience requirements, which can take one to two years to complete. An MBA program, particularly a full-time option, typically requires two years but can range from one year for accelerated tracks to several years for part-time or online MBA programs. The investment of time and money for either path is significant, so understanding how these credentials align with your career vision is essential.

For those aiming to maximize their career potential, pursuing both a CPA and MBA can be a game-changer. Combining these credentials equips professionals with a unique blend of technical accounting expertise and strategic business acumen, opening doors to a wider range of opportunities in both public accounting firms and corporate leadership roles.

Professionals with both a CPA and MBA are well-suited for roles that require deep financial knowledge alongside strong leadership and decision-making skills. Career paths benefiting from this combination include:

• Chief financial officer (CFO): Overseeing a company’s financial strategy and ensuring fiscal health
• Financial analyst: Providing critical insights into market trends and organizational performance
• Corporate controller: Managing an organization’s financial reporting and compliance
• Management consultant: Advising businesses on strategies for growth, efficiency, and profitability

If your career goals involve climbing to executive roles or running your own business, earning both a CPA certification and an MBA degree could provide the comprehensive skill set and credibility you need to excel.

Choosing the right credential is a pivotal decision that depends on your personal goals and industry aspirations. If you’re looking for a flexible, high-quality program to advance your career in business management, the University of Kansas School of Business online MBA program offers an ideal solution.

Designed for working professionals, KU’s program provides the knowledge and skills to excel in financial planning, corporate finance, and management consulting. With the ability to study on your own schedule, you can balance your education with your personal and professional commitments.

Whether you choose a CPA, an MBA, or a combination of both, taking the next step in your education can unlock new opportunities and help you achieve your career ambitions. Explore KU's online MBA program and its admissions process to see how this degree can align with your future goals.

Schedule an appointment with an admissions outreach advisor today to get the personalized information you need to move ahead.