Returning to school is a huge decision many working adults consider at some point. The urge to advance your career and expand your network is enough to lure you in. Among the most popular of master’s programs is the Master of Business Administration, or the MBA. According to Yahoo, MBA applications are up 17.6% from 2019 at the leading business schools. Many saw the COVID-19 pandemic and work-from-home culture as an opportunity to apply and enroll.
But what is the value of a master’s in business? Is the time commitment and money worth the degree? The Wall Street Journal recently quoted, “About 98% of universities that offer master’s of business administration programs were making more money than they had borrowed two years out of business school. Meanwhile, only 6% of those who graduated from law school were making more money than what they had borrowed, two years later.” It appears, compared to other programs, that the MBA has a much higher return on investment.
The necessity of MBA’s
However, our recruiters who specialize in Accounting and Finance maintain that they don’t see the MBA as a requirement to succeed in this field. Lisa Figuccio, a Senior Director here at Green Key says, “A lot of candidates do have MBA’s, maybe 30-40%, but clients don’t necessarily ask for it.” So while business school can open several new doors, it is not completely necessary to land a fitting job. Flexibility may be the reason those with an MBA are making more money. Law school and medical school are often too demanding to work at the same time; the MBA allows students to continue working and making money while also earning their degree.
Alternately, Figuccio says that specific certifications, such as the CPA (Certified Public Accountant) exam, are more worthwhile; more of her clients request CPA’s over MBA’s.
The NYS Society of CPA’s claim that CPA’s are in higher demand now than ever before. They say, “As businesses across the country are making critical operational decisions due to closures and other adjustments, they’re turning to CPAs to help guide them with forecasting, cash flow analysis, revenue, and more. When restrictions begin to lift and the country slowly reopens, there’s no doubt CPAs will continue to be in high demand for their trusted advice as they aid individuals and businesses through uncharted waters.”
Additionally, Ryan Calpin, Head of Marketing Tech at Green Key, says that agency and consulting firms are the “craziest market right now.”
Any master’s degree or certification is going to have its advantages. Learning to manage projects, earning mentorships, and building connections will certainly cultivate your professional career. Whether or not you have one on the resume, check out our Accounting + Finance job board today and connect with one of our awesome recruiters! Your next role could be waiting.