I have my undergrad degree in accounting and I'm considering going back to school for some more education. I'm planning on returning to my undergrad school (UW-Milwaukee) for convenience reasons but I'm looking for a little input on which way to go with a degree-MBA or MS in professional accounting? I should mention that I do not currently work as an accountant, I run my own business. My goals for continuing my education are mainly to advance my knowledge of business so I can better run my own business while at the same time giving myself a "backup plan" in case I would want to go and work for someone else at some point.
If you want to keep an option to work for Big 4 firm or Fortune 100 company, then choose a school based on recruiting options. Otherwise, if you are going back to school just for education purposes, I would suggest MBA rather than MS. MS Accounting is really for future CPA's, wanting to fulfill 150 hour requirement.
If you own your own business, a MBA education might do more for you in the future. If you want to go work for Big 4 and become a CPA, MS or MBA doesn't matter. Instead, it would matter that the school you choose is whether a target school or not for Big 4 and other accounting firms.