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+--- Thread: TOP NOTCH MBA or Accountant (/showthread.php?tid=3537)
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TOP NOTCH MBA or Accountant - ausmanpk2001 - 07-13-2006
Hi
I was wondering wht an Mba from top notch business schools in the world get?
I have hav heard tht top notch mba gets much more from an acca in the uk that an acca cudn't even think of? is this true?
I was wondering to try at world's best business schools after acca bsc hons. wht do you guys say??
Any type of comments are highly appreciated in advance.
- Schuaeb - 07-14-2006
Agreed, and what else can I say. MBAs from best univs perhaps get better reception in market than even CAs
- ausmanpk2001 - 07-14-2006
thnks scaueb. iwas actually asking about the global market. there are many qualified people on the forum who hav foreign exposure, please reply & help me.
- heavenspk - 07-14-2006
Dear,
Your question is based on regional approach like what is happening in Pakistan where the scope is not defined for MBAs, CAs and CMAs. MBAs are guys trained (not specialised) in financial management they are not good at accounting. In the world accountants (qualfied) are highly paid in accounting, auditing and taxation jobs but in Pakistan we give more priority to people who comes from abroad no matter where from he/she did his MBA but the scenerios is different in developed countries. Even in financial managemet MBAs are not specialists they will look for CFA. Accountants have more practical approach than MBAs who only posses theoratical background. You can watch in the leatest surveys conducted in USA that accountants are amongst the highest paid professionals but MBAs do not appear in top tens
- ausmanpk2001 - 07-15-2006
i read a survey which said that top notch mba's usually get 142000$ per year in the US. This makess 96000 British Pounds at the start. thats too much. an acca/aca in london starts with normally 40,000 Pounds/year. woh bhi after 3 years of practical traning. thats way too much than accountants.
i wanted to take some advice. shoud i opt that way? it wud be wrong to say that only accountants earn this much after this survey... wat do you guys say? is that true? wat are the future prospects of top notch mba's...do they reach cfo & ceo posts? how much time does it takes?
& is the earning this much in the future too or is this just the start?
isn't there anyone else here on this forum?
- derivativetrader - 07-15-2006
<blockquote id="quote"><font size="1" face="Verdana, Tahoma, Arial" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by ausmanpk2001</i>
<br /> 142000$ per year in the US. This makess 96000 British Pounds at the start.
i<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
USD142k ~ £78k rather than £96k
- ausmanpk2001 - 07-17-2006
ok
but still its more than wht an acca gets.... wht do you say about the career prospects & salary of a top notch mba vs an acca in the UK???
You are in the UK & shud be able to answer that easily..
- ausmanpk2001 - 07-17-2006
in terms of money, globally not in pakistan. which is the best route? mba form harvard or ACCA?
- ausmanpk2001 - 07-18-2006
looks like no one wants to answer. all the accountants are sitting quietly when i talked about top notch mba.
mba from harvard or wharton.....Should i try this option or not?
- Pracs - 07-18-2006
Usman, I am sure no one is 'jealous' here,. the thing is I find most of your questions in the 'what if' catagory
Well any ways here are my two cents on this.
1) You need to have relevant work experience to get into a top notch MBA Uni,. the Harvards, LBS, Whartons, Stanfords and all that
2) It is definately more than worth while to get a decent MBA, but you need to know why you are getting it, MBA is not a degree in itself (as is the case in Pakistan). It is to top a degree. So you need to know what you are going to top it with a degree in Economics, Business, Accounting, Acturial Sciences.
3) You need to be a professional before you go in for an MBA, say you work in a Bank in operations or Credit etc. then go in for an MBA
4) I couldn't put a starting salary for an MBA, it depends on what kind of experience you have and what industry you are talking about. Say in the City a fresh MBA in Investment Banking would probably get some thing like GBP 40-50k plus, So it is comparable to Fresh qualified accountants who get some thing over GBP 40 K (Big4).
Now this is just an accountant's opinion, I may have the numbers wrong.. perhaps an MBA from such a Uni can fill you in !!! any takers ?
- derivativetrader - 07-18-2006
I think you should definately give it a go but you may fine it relevant if you have got some solid work experience, over 700 GMAT, and spotless references from credible and qualified sources.
What you may find fascinating is recruiters in London usually prefer someone with an extra 2 years of experience than a MBA from any of the ivy-league school. Lets be honest that while you are at the business school you don't really learn much. As I have said before on some occassions, the whole point of going to top institutions is to develop a healthy and solid networking circle. These circles would land you jobs in the long run. An MBA or any degree for that matter from any of the world's leading institution would perhaps just get you to the first round interview stage. Also, your grades don't really matter too. (and all of this is based on personal experiences)
Agreed with Pracs that salaries would depend on your background rather than degree itself. Also, not all business schools are famous / 'target' for all professions. For example, someone in the Finance sector should avoid Harvard. Whereas, someone in the strategic consulting arena must avoid Wharton or LBS etc.
I think if you come from an MBA background, basic salaries in tier 1 investment banks in the London would be somewhere around £45k to £55k, with £15k-£25k sign-on bonus and some discretionary year end bonus of upto 0% to perhaps 75% of your basic salary. These may look a very good package but to earn this much isn't easy. You may have to work up to 100 hours a week with majority of week ends in the office.
DT
- derivativetrader - 07-18-2006
<blockquote id="quote"><font size="1" face="Verdana, Tahoma, Arial" id="quote">quote<hr height="1" noshade id="quote">
You need to be a professional before you go in for an MBA, say you work in a Bank in operations or Credit etc. then go in for an MBA
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
Pracs, you got the essence of the issue but just a small thing I would like to add here. As you would agree that competition for some handful amount of places on these MBA programmes is fierce, it takes a lot more than accademic background. I think to give someone the best chances you have got to be in the most competitive dept of the bank, for example. Operations dept. is perhaps the least competitive of the depts and so is perhaps Credit. Whereas, if you meant credit trading that's something different.
I think usually people do MBAs for career change (especially applicable in Europe where MBAs are not that famous as compared with North America). Also, people usually get into ivy-league colleges if they have experience of M&A or other similar advisory areas. As then they could make a transition into Private Equity shops to make a handsome future.
DT
- ausmanpk2001 - 07-19-2006
thanks guys. i didn't meant to offence any body.
- sportyspice - 07-25-2006
i agree with pracs and derivative trader...my opinion on the whole issue is that if anybody gets a chance to study in a top notch business school like wharton or any other ivy league, then one should not waste this opportunity....one can get a professional qualification later in his career like cfa.....guys u dont have to worry about the entry criteria such as two years of experience etc....as one who is considering this option and getting admission into a top notch uni must be fullfilling all these criterias...however, u people r right in stating the criteria..it is not a joke to get into these universities.....anyone can start a ca but tell me how many can get admission into these universities?
and ausman dont even dare comparing an acca with a mba from wharton or harvard or lbs etc......yes u can compare ca with these....but again i would say mba form these universities is much more attractive than doing ca.....
- Pracs - 07-25-2006
<blockquote id="quote"><font size="1" face="Verdana, Tahoma, Arial" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by derivativetrader</i>
<br /><blockquote id="quote"><font size="1" face="Verdana, Tahoma, Arial" id="quote">quote<hr height="1" noshade id="quote">
You need to be a professional before you go in for an MBA, say you work in a Bank in operations or Credit etc. then go in for an MBA
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
Pracs, you got the essence of the issue but just a small thing I would like to add here. As you would agree that competition for some handful amount of places on these MBA programmes is fierce, it takes a lot more than accademic background. I think to give someone the best chances you have got to be in the most competitive dept of the bank, for example. Operations dept. is perhaps the least competitive of the depts and so is perhaps Credit. Whereas, if you meant credit trading that's something different.
I think usually people do MBAs for career change (especially applicable in Europe where MBAs are not that famous as compared with North America). Also, people usually get into ivy-league colleges if they have experience of M&A or other similar advisory areas. As then they could make a transition into Private Equity shops to make a handsome future.
DT
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
No arguing with that DT,, well after all you are an LSE graduate yourself so you are the most qualified person here to comment on this.
You are right about being 'the bread earner' of the industry you work in, that is the only reason people stay in Accounting firms because they feel they are the 'bread earners' and really matter (and perhaps get the skim of the top) ofcourse you get the 'cream' only when you are a Partner !!