If you have an affinity for finance and business, and were thinking of embarking on a career in the field, know that you don’t necessarily have to go the traditional route and climb up the corporate ladder in someone else's business. An increasing number of positions in business these days are filled by people who are self employed, and the opportunities will continue to increase as we’re moving towards a more interconnected world and workplace. And an MBA could be the perfect choice for people who may want to go that route. In this article, we’re going to show you a few self-employed career opportunities that an MBA can make possible.
Many auditors, accountants, and various finance professionals are working for firms,but you don’t have to. For instance, a lot decide to go the other direction and open their own accounting practice. As a matter of fact, it was estimated that 7% of all auditors and accountants in the country were self-employed.
If you decide to open a CPA practice, there are two options that are open to you; either buying an existing practice, or starting one from scratch. Some of the benefits of starting from the ground up include:
- Having full control over hires
- The excitement of starting your own business
- Target the market of your choice
- The ability to start with a small investment
- Build your own relationships from the beginning
While starting from scratch does have its advantages, it also has its fair share of risk. For one, it might take some time to build a steady revenue stream, and people tend to be loyal to their accountant. This might push you to take on clients you shouldn’t work with. Not only that, but starting from scratch requires a lot of grunt work. This is why some might prefer to go for an acquisition. Some of the benefits of buying a firm include:
- An immediate stream of revenue
- Systems already in place to have things up and running
- More predictable revenue stream
- Trained staff
- Inside information from the seller
Buying a practice could be a great option if you have the capital necessary, but it also has its drawbacks. For one, some staff members or clients might decide to leave. Or you might have to terminate some of your staff. You also have to be ready to steer a big ship all on your own, which is not for everybody. That’s why it’s better that you explore both options in detail and see which one works best for you.
Another option that you could go for is becoming a financial planner or advisor. It has been estimated that almost a fourth of all financial planners in the United States are self employed. This is also an option where you could buy an existing practice and inherit the clients.
Some of the skills required to be a good financial planner include:
- High sense of organisation
- Great interpersonal and communication skills
- Stress tolerance
- Energy and persistence
- Problem solving and analytical skills
As a financial planner, you will be asked to work with people looking to manage their finance and investment portfolio. You’ll work to help them reach their financial goals by analysing and recommending a variety of investment options. You may also be asked to work with seniors or students, for instance, looking at ways to finance college or their retirement. You’ll also need to be well versed in different types of insurance and help them invest in the right type for their situation.
More and more engineers are pursuing an MBA these days so they can go into managerial positions, but it could also open the door to a career in consulting. Engineering consultants need to understand the financial aspects of projects, and advise on ways to make them more cost efficient among other things.
However, stopping your current career to obtain an MBA is not always easy for engineers, and having to split your work duties and school can also be difficult. But, getting an online MBA could be a great way to get these extra credentials and become a consultant. Universities like Kettering University Online have an MBA program that is perfect for engineers and can be completed in as little as 2 years. You also have the option to stretch out your studies if you want to make things easier for you. Some of the benefits of getting your MBA online include:
- More flexibility
- Ability to take you courses anywhere
- Get access to out of state programs without the extra costs
- Make cost savings on things like manuals, commuting, and lodging
- Ready access to top of the line tools and teaching faculty
An online MBA will give you the exact same credentials and expertise any other MBA would, without the inconvenience. However, if you want to make sure that you’ll get the right foundation, make sure that your program is accredited by a recognised regulatory body at the national and state level.
Some of national accrediting bodies include the DETC, ACICS and the ACCSC. At the regional level, some of the bodies include the Middle States Association of Colleges and Schools, New England Association of Schools and Colleges, and the Northwest Accreditation Commission, just to name a few.
The most obvious field that an MBA can open doors for is entrepreneurship. And while you can decide to start a business that is closely related to finance or business, you don’t necessarily have to. MBAs have a solid knowledge of product development, and understand the parts of a product’s life cycle better than anyone else, which allows them to take ideas that might have little relation with their field of study and strike goal.
So, if you were thinking of becoming self employed, you should definitely give the MBA a closer look. An MBA will equip you with a set of skills and expertise that will allow you to make better business decisions, and increase the chances of your first venture being a success.