Masters Advantage: Business Analytics or Accounting?
A specialized master’s degree can be a valuable tool for enhancing your career prospects. If you have a specific career in mind—financial analysis, marketing, statistics, etc.—a master’s degree in your specialty can provide you with the advanced training you need to be successful. So, the question is, what specialized masters is right for you and will give you the advantage you want?
To help you out, we’re putting the most popular master’s degrees head-to-head in our new series. First up, we’re comparing Business Analytics and Accounting.
What is a Master’s in Business Analytics?
A Master’s in Business Analytics is designed for students interested in big data. These individuals are interested in using machine learning algorithms to process data and draw conclusions in everything from sports to consulting, manufacturing, and healthcare. It’s all about making sense of vast amounts of data to streamline business.
What is a Master’s in Accounting?
A Master’s in Accounting is exactly what it sounds like—it’s hyper-focused on accounting. Individuals who choose this path are interested in completing their CPA examination and pursuing a career in corporate accounting. You’ll be prepared to take a strategic accounting role in audit, tax, financial management, and more.
Business Analytics or Accounting: Coursework
There’s some overlap in the coursework you’ll take as an accounting master’s student and a business analytics student. Both master’s programs delve into financial topics and include finance-related courses. In fact, some Master’s in Business Analytics programs offer a professional track in finance.
Also, in both cases, you’ll dive into analytical techniques and data modeling—though in the Accounting program it will always emphasize finance and accounting areas whereas Business Analytics tends to be more generic.
However, that’s where the similarities end. In Business Analytics, you’ll dive deep into computer programming, statistics, machine learning, and visualization. On the other hand, a Master’s in Accounting will take you into financial reporting, auditing, business taxation, business law, and management accounting.
Business Analytics or Accounting: Accessibility
Both master’s degrees can typically be completed in 12 months with some programs lasting up to two years. In addition, students can complete either program through full-time, part-time, online, or hybrid tracks. What’s different is the application process and what type of student is best suited to each program.
Business Analytics students must be mathematically inclined and gifted in quantitative fields. Many of these Master’s programs are STEM-designated, so candidates must be prepared to demonstrate high grades and test scores in these subjects.
Master’s in Accounting applicants are expected to have a strong background in accounting, often having earned their undergraduate degree in the same field. Work experience is not typically required unless the student has no practical training in accounting.
Business Analytics or Accounting: Careers
As a Business Analyst, you may earn a higher salary than an accountant when starting—around $15,000 more—and you’ll have more job opportunities. A Master’s in Business Analytics graduate can work in a variety of analyst roles in everything from marketing to finance, strategy, and statistics. While, on the other hand, a Master’s in Accounting graduate is typically regulated to an accounting, tax, or audit career.
Business Analysts are in high demand and have many opportunities regarding their careers, typically earning around $85,000 to start. They can work in almost any industry and in a variety of job functions, including:
- Business analyst
- Budget analyst
- Financial analyst
- Corporate strategy analyst
- Actuary
- Social media data analyst
- Business intelligence analyst
- Machine learning analyst
Master’s in Accounting graduates are also in high demand and can work in a range of industries. Everyone from public accounting firms to government organizations, financial institutions, and nonprofits need accountants. However, when it comes to job functions, graduates are typically limited to working as an accountant or an auditor earning around $69,000 to start.
Business Analytics or Accounting: The Top Programs
To earn your Master’s in Business Analytics or Accounting, there are many top programs across the country that are highly regarded. It all depends on your specific interests and goals.
If you want the best of both worlds, the USC Marshall School of Business is the only program to be in the top five for both degrees. It is highly regarded for offering great flexibility and quality curriculum.
In the Midwest, one of the top Master’s program for Business Analytics can be found at Purdue University’s Krannert School of Management. Its MS Business Analytics and Information Management program is 11 months long, affordable, and STEM-oriented. For a Master’s in Accounting, you should look toward the University of Illinois Gies College of Business, which offers the best STEM-designated accounting program in the country with a 98 percent job placement rate.
On the East Coast, MIT Sloan offers the best Master’s in Business Analytics program with 100 percent of the most recent graduating class earning employment offers by graduation. Whereas NYU Stern an excellent Master of Science in Accounting, ranked 9th overall by the U.S. News & World Report.
Ohio State Fisher or Purdue Krannert: Which School Is Right for Me?
There are many reasons to love the Midwest. In particular, the area is home to many high-quality business schools and MBA programs all offering something unique in terms of cost, location, and prestige. Unfortunately, the close proximity of these programs and their individual features can make it difficult for prospective candidates to choose the right program for them.
Continue reading…5 Questions With The Purdue University Krannert School of Management
In our latest installment of the MetroMBA “5 Questions” series, we speak with members of the Purdue University Krannert School of Management. The business school is introducing a new Online MBA program, arriving early 2020.
1.) Why Was the Time Right for Purdue to Introduce an Online MBA?
“It’s an exciting time for Purdue University and the Krannert School of Management, with many new online initiatives, all of which have business components. From professional students to corporate partners, the flexibility of online delivery is a requirement. Because of this, now was the right time to rethink how Krannert is engaging online strategically and the first step in that strategic plan is offering our MBA fully online.”
2.) What Will the Program Offer That Other Online MBA Programs Don’t?
“At the Krannert School of Management, we are very focused on the ROI for the graduate in conjunction with an exceptional student experience. The Purdue Online MBA will focus on preparing the student for a technological world and provide an exceptional student experience via team-based coursework, experiential learning and excellent student support, all the while limiting cost to provide the high value that is expected from a Krannert program.”
3.) Is This a Sign for More Online Programs to Come at Purdue Krannert?
“Yes, Krannert will be launching a series or additional courses, certificates and master’s programs that build off the framework provided by the Online MBA program. Opportunities include topics such as: business analytics; leadership, negotiations & change management; innovation & tech commercialization; economic policy; and interdisciplinary options. Collaborations across the Purdue campus will provide a rich set of offerings and flexible pathways, allowing students to use course and certificate work to build to a full degree.”
4.) For Potential MBA students, What Would You Say is an Advantage in the Online Program in Contrast to Full-Time or Part-Time Programs?
“All three are great options that serve a different need and it is a very individual choice on which modality is best for the student. If flexibility is the primary need, the online program is the best option. The ability to fit the program in at your own pace and on your own schedule from anywhere in the world is a huge advantage for working professionals. Online programs also have richer elective options than many part-time programs.”
5.) What is the Perfect Kind of Student for the Purdue Krannert Online MBA?
“The Purdue Online MBA program from Krannert is designed for working professionals. A perfect student would be someone with 3–10 years of working experience who is moving into a team lead, management position or looking to start his or her own business. We emphasize analytics throughout the curriculum so potential students should be analytically minded and appreciate technology, although we do expect students from both STEM and non-STEM undergraduate programs to be part of the MBA program. Finally, the ideal student should be hungry to lead and move their career forward.”
