A master's degree in business administration can provide the advanced business knowledge sought by today's employers. Companies expect their accounting and finance staff to play a more strategic role than ever before, requiring not only specialized accounting skills, but broad-based business expertise as well. Accountants who possess MBAs have also studied such diverse areas as marketing, operations and management, all of which can enhance their value to an organization.

Having an MBA is good preparation for a higher management position or running your own company. It can also be a valuable tool in marketing yourself and your credentials to others. Some firms, particularly large companies, still prefer to hire recent MBA recipients for management track positions.

However, while an MBA can accelerate job opportunities, other factors such as experience, job performance and dedication can be equally or more effective in career advancement. In addition, solid problem-solving and communication abilities-whether gained through an MBA program or on the job-are also advantageous.