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Should you get Accounting MBA or Degree when Starting a bookkeeping business or accounting business

Published on: December 6 2022 by FeedbackWrench

When starting a bookkeeping or accounting business, one of the biggest decisions you will have to make is whether to pursue an Accounting MBA or a degree. This article will explore the pros and cons of each option to help you make an informed decision.

Pros of Getting an Accounting MBA:

- Provides a more specialized education and can lead to higher paying jobs.

- Can open up more career opportunities in fields such as finance or consulting.

- Offers networking opportunities with other professionals in the industry.

Cons of Getting an Accounting MBA:

- Can be expensive and time-consuming.

- May not be necessary for starting a small bookkeeping or accounting business.

- May not provide as much practical experience as a degree program.

Pros of Getting an Accounting Degree:

- Offers a more general education that can be applied to a variety of career paths.

- Typically less expensive and time-consuming than an MBA program.

- Can provide more hands-on experience through internships or work-study programs.

Cons of Getting an Accounting Degree:

- May not provide as much specialized knowledge as an MBA program.

- May limit career opportunities compared to an MBA.

- May not offer as many networking opportunities.

Deciding whether to pursue an Accounting MBA or degree when starting a bookkeeping or accounting business ultimately comes down to your personal goals and circumstances. Consider your budget, time constraints, and career aspirations before making a decision. Both options have their advantages and disadvantages, so it's important to carefully weigh your options before committing to either path.

Should you get Accounting MBA or Degree when Starting a bookkeeping business or accounting business

Hey everybody, Rob Sat from Feedback Wrench here. I'm going to talk to you accountants, bookkeepers, and those of you that are trying to start a bookkeeping firm, a work from home bookkeeping company, a CPA firm, or you're thinking of doing this outsourced accounting model. Just remember, if you check out all my videos, I've got a whole playlist full of different things, different videos, probably 100 or so, that help coach how to do this outsourced accounting model. It's all about how do you add tons of value to drive a higher retainer, and then we do websites, paid ads. We will help you actually get clients.

But I have a question here from somebody that said, I have a bachelor's degree in psychology, but at my previous job, I was in charge of the accounting, A/P, and taxes, and I'm currently a staff accountant. Should I go for my MBA prior to opening my own business? I feel like that would definitely make me more credible when prospecting for clients.

So, should you get your CPA if you're starting your own bookkeeping company or if you're starting your own tax and accounting firm? Do you need your certification, your certified public accountant certification, or what do you need to do, right? And my answer there was that, yeah, it certainly helps. You can be more credible. You will gain skills. It's not necessary, though, because what it comes down to is your ability to actually deliver results to clients, to do things accurately and to work.

Now, there's certainly something about feeling credible. If you having a CPA makes you feel more credible, then by all means, go do it. But remember that whenever you look at college or certifications, there is an opportunity cost. Not only are you going to school and it's costing you something to actually go to school, but you have to remember that you also are usually not earning very much money because you're not working at the type of job that will drive higher revenue.

Is it nice to be able to say, I have a master's in accounting? Absolutely. But what you're going to find here, the crux of starting your own business, is that certainly you want to make sure that you can execute and do accounting and do bookkeeping, but it's not like the normal world. You don't have to convince your boss that you're super competent so that you can do a whole bunch of extra exotic things. It really comes down to some fundamentals and some basics.

Now, let me be clear. When I first started in each one of these, I was oozing with impostor syndrome. I didn't go to school for any of this, none of it. And I'm smarter than most people in this category because I committed to being a know-it-all. I sought out the knowledge. I sought out the wisdom. I found people that I could learn from. Every time I intersect with somebody, I'm sitting there going, How can I get smarter? How can I learn? What problems do they have that I don't even know? How do I anticipate? And it's always this pursuit of continual improvement, continuous improvement.

So, my advice to you is, don't worry so much about feeling credible. Just focus on executing and delivering results to your clients. And the best way to do that is by learning as much as you can and by taking action. So, my friend, get out there, start doing, start learning, and you'll be amazed at what you can achieve.

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