Experienced candidates with a college diploma and certified public accountant (CPA) licensure can often find themselves interviewing for top jobs, including on Wall Street or at a public accounting firm. But could pursuing an MBA take you even further than CPA certification alone? Perhaps, some experts say.

In many states, students are required to complete 150 credit hours as well as complete testing to become a CPA, meaning that aspiring CPAs must take additional classes during their undergraduate years or complete some coursework postgrad while studying for the CPA certification exam. According to the American Institute of CPAs, certification requires 150 credit hours in order for students to keep up with new tax laws, complex business methods, and more sophisticated auditing procedures. 

“The world of accounting has really evolved in the last decade or two relative to what accountants are seeing and doing and where those careers are taking them,” Lara Abrash, chair of Deloitte US, tells Fortune. 

Once completing the necessary requirements to become a CPA, professionals can pursue audit, insurance, tax accounting, and tax advisory, among other career paths, Abrash explains. Plus—these newly minted CPAs could eventually touch the top of the food chain, serving as a head of reporting, a controller, a chief financial officer, or even a CEO, she adds. 

As is with most career advice, professionals who have a CPA and MBA have mixed opinions on the value of having both. Read on for some considerations on the topic.

When considering a CPA versus MBA, you should also consider factors like:

• Duration: While an MBA is typically about 2 years, obtaining a CPA can take a number of years on your own schedule. 
• Cost: Depending on the school’s location and format, an MBA can cost anywhere from $50,000–$250,000. A CPA, on the other hand, will cost a few thousand dollars, not counting degree requirements.
• Salary expectations: Adding either credential to your résumé will lead to a higher-paying job. MBA graduates are expected to have an average salary of $120,000, whereas master’s in accounting graduates are expected to earn $75,000, according to GMAC. Indeed estimates the average base salary of CPA holders is about $92,000.

A CPA and MBA can help define your career path

It may sound counterintuitive, but an MBA could ultimately help you to hyper-define your career path if you’re an accountant. That’s because earning a CPA can open more doors than many business school students realize. 

David Neel was a top undergraduate finance and accounting student at the University of Richmond who aspired to make an impact in the world of business, he says. During his senior year of college, Neel’s accounting professor encouraged Neel to take the CPA exam. 

Neel passed the CPA exam in one sitting before graduating in 1987. He then went on to work in investment banking, including at J.P. Morgan for three years. Hoyle’s professor pushed Neel to get his CPA license, explaining to Neel that he would have it for the rest of his life. Neel says the CPA “expanded my set of possibilities.”

After his time at J.P. Morgan, Neel went back to school to pursue an MBA at the University of Virginia’s Darden School of Business, which Fortune ranks as having one of the best full-time MBA programs in the U.S. His experience there helped him narrow his business focus to strategy, eventually landing in private equity and later at EY.

“Even going through the MBA school with a rich understanding of accounting systems was invaluable,” Neel tells Fortune. “The strength that I had—my convergence—took place around the world of strategy.

Abrash conditionally agrees that earning an MBA can be helpful to CPAs. If a professional is looking to get into a discipline outside his or her accounting experience, then an MBA could be beneficial, she says. For example, this might apply if an accountant is looking to explore a role focused on ESG (environmental, social, and corporate governance) or in new or emerging industries. 

However, being able to prove your skills and capabilities may outshine any specific degree.

A CPA alone could get you where you want to go

Early-career CPAs tend to take on entry-level or middle-management roles in finance or accounting. And Abrash argues that learning on the job can lead to higher-level and higher-paying positions. Accounting can be a technical role at first, but today’s jobs demand more from these professionals as industries grow and change, she notes.

“You can’t be an effective accountant without understanding what the business is doing and the industry that it operates in,” Abrash says. “That’s often been the reason that CPAs are seeing their careers really get to bigger and better places.”

Some accounting professionals will have the opportunity to move into different departments within their organization, such as operations, financial planning, and treasury, Abrash says. “All of those things benefit from what you know as a CPA,” she adds. Plus, accounting isn’t going away anytime soon.

“Every emerging thing that comes in an organization—the accountant is front and center to the importance,” Abrash says. Accounting skills will serve professionals well, whether they’re auditors, tax accountants, tax directors, or controllers. It also “serves them incredibly well at the jumping-off point to a lot of other roles,” she adds.

The CPA sticks with you—no matter what

Since his time at EY, Neel has served as CEO of several companies during his private equity career and currently heads up BlackSleeve Media, a mobile entertainment platform. His CPA status has earned him a place on advisory boards, as he has the credentials to serve on compensation committees. 

CPA certification has “given me a chance to earn some of those roles,” Neel says. “The CPA is a valued—understandably so—credential. It does demonstrate a level of commitment, understanding.”

Abrash adds that the CPA degree allows for more career paths than people may anticipate. “It gives you a foundation to do other things,” she says. Similarly, Neel notes that rather than using his CPA status as a gateway to the industry, he used it as a “springboard” to expand the possibilities early on in his career. 

Neel’s stance on the value of CPA certification? 

“The unforeseen benefit was that it’s a lifelong benefit,” he says.

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Frequently asked questions

Should you get your CPA or MBA first?

For those interested in an accounting career, then seeking a CPA first is likely the better route since progress can be made during and shortly after one’s undergraduate degree.

You can also work on both degrees simultaneously as a CPA requires a certain number of coursework hours, and an MBA can be focused in accounting.

Is a CPA harder than an MBA?

An MBA is a longer and more intensive education credential than a CPA. However, CPA examinations are notoriously difficult and can take several years to complete if not worked on full-time. A CPA will likely be more difficult than an MBA for those who are less strong in areas like mathematics and statistics.

Do I need an MBA if I have a CPA?

No, you do not need an MBA if you have a CPA and are seeking a career in accounting. An MBA can certainly enhance one’s career, including securing accounting leadership roles or shifting to other business pathways.

Is 40 too old for a CPA?

No, there is no age limit for those seeking a CPA. However, do know that obtaining the certification can be a multi-year process and requires 150 hours of education coursework.

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Note: Fortune spoke to Lara Abrash when she was chair and CEO of Deloitte & Touche LLP. She was promoted in June 2023 to chair of Deloitte U.S.