Master’s in accounting (MSA)

Accountancy is a future-proof occupation that can provide steady earnings and a stable career to highly organized, detail-oriented people.

Although a bachelor’s degree is enough to qualify for many jobs in the field, some accountants may choose to take the extra step and go for a master’s degree in accounting. Long term, this decision can pay off.

Getting an MSA in accounting is a smart route to passing the CPA exam, as graduates of the best master’s in accounting schools emerge with extra qualifications that can give them a professional edge over their peers with only a bachelor’s.

What is an MSA degree?

The master’s in accounting goes by many different names. These include:

• Master of Science in Accounting (MSA or MSAcy)
• Master of Accountancy or Masters in Accounting (MAcc, MAcy, or MAccy)
• Master of Professional Accountancy (MPAcy, MPAcc or MPAc)

MSA – or MS in accounting – are the most common designations.

All these terms are largely interchangeable, although the exact name of the degree may give you a hint about the nature of the program. For example, a Master of Professional Accountancy may be more practically oriented, whereas an MSA degree may focus more on theory and math.

When considering a degree program, always double-check the curriculum to make sure it aligns with your professional goals.

Generally, a master’s in accounting – whatever the name – takes 1 or 2 years to complete and builds on the main skills students will have already acquired during their bachelor’s studies.

What can you do with a master’s in accounting?

Although you can get a good position in accounting with only a bachelor’s degree, or even an associate’s degree, there are several reasons to continue on to an MSA degree on your road to becoming an accountant.

• A master’s in accounting can help you fulfil the credit-hour requirement to become a CPA. In fact, preparation for the CPA exam is one of the most common reasons to get a master’s in accounting.
• You want to be the sharpest accountant in the room – and you have your eye on positions that require more specialized skills, such as senior auditor or financial controller.
• You are aiming for a management position. If you want a position that combines managerial and accounting skills, you may also want to consider a Master of Business Administration (MBA) in accounting.
• Accountants with a master’s degree tend to get promoted faster and have access to higher-paying jobs.

» Read:  Learn some tips and strategies to pass the CPA exam

Master’s in accounting courses

At the master’s level, accounting students will take a deeper dive into various aspects of accountancy. Master’s in accounting courses could cover the following topics:

• Audit – the process of making sure a company’s financial information is correct, either by an internal employee or an external audit firm.
• Advanced cost accounting – how to record and analyze a company’s costs for strategic planning purposes.
• Management accounting – using financial data to make more informed managerial decisions.
• Advanced financial reporting – the process of documenting and disclosing information on a company’s financial activities.

Some master’s in accounting courses may include more general subjects like risk management, accounting processes and systems, or project management. Such knowledge can equip future accountants with the skills needed to take on higher-caliber roles in the workplace.

Master’s level students may also learn more about the technology companies use to make their processes more efficient, such as ERP (enterprise resource planning) systems.

Master’s in accounting requirements

A typical master’s in accounting program will require you to have a bachelor’s in the same field, as you will need to have a good grasp of accounting fundamentals.

Some master’s in accounting programs require students to complete an internship or offer an optional internship track. If you have the choice, completing an internship is a good idea, as it can provide real-life work experience and help you build a network. Most internships take place in accounting firms and last for 6-15 weeks.

Is a master’s in accounting worth it?

Yes: an MSA can pave the way to higher-paying accounting jobs than a bachelor’s degree, even considering the additional debt.

Our data shows that for those who earn a master’s in accounting, marginal earnings against debt are high, making an MSA degree worthwhile from an economic perspective.

» Read: Silent no longer: valuing the master’s degree

Top master’s in accounting programs

What school you go to matters, as some colleges provide a better return on investment. Based on the comparative earnings, costs, and payback rates of different accounting master’s programs, we reveal the top 3 schools for a master’s in accounting above.

How much does a master’s in accounting cost?

Those who choose to attend a public university end up with an average of $24,446 of debt.

From an economic standpoint, a public university is the best investment for students considering an accounting degree at the master’s level, as graduates of public schools pay the least for college but earn the highest salaries on average.

If you want to learn more about how we arrived at these figures, check out our methodology page.

Paying for a master’s degree

There is a variety of ways you can pay for college. For example, scholarships can significantly lighten your debt burden. Check out some funding opportunities for future accountants below.

MSA vs MBA in accounting

If you are an ambitious young accountant looking for ways to advance your career, you may be debating whether to get an MSA or an MBA in accounting. These degrees offer distinct advantages, so think carefully about your professional aspirations before reaching a decision.

The average salary of someone with an accounting master’s 3 years after graduation is $62,956, compared to $68,748 for those with an MBA.

However, MBA students tend to take on more debt – at $48,180 vs only $38,784 for a master’s in accounting. This means that a master’s in accounting is a more economical choice for students who wish to reach financial security faster.

Getting an online master’s in accounting

Although most graduate-level accounting students still prefer campus-based learning, online options are becoming more popular.

Accountancy centers around numbers and math, so the discipline is well suited to an online or hybrid learning medium.

Exploring online accounting degrees or an online MBA in accounting could be a good idea if you want to reduce your college debt and stay closer to family.

The average salary for an accountant who holds a master’s degree from an on-campus institution is $63,789. This drops to $58,538 for those who attended online master’s in accounting programs.

» Read: Online vs on-campus programs

How to pick a master’s in accounting

There are many factors to consider when choosing a master’s in accounting program. Think about your career goals 10 years down the road. Do you prefer working alone to solve complex accounting programs? Or are you more of a people person with leadership ambitions? Make sure the program you choose aligns with your strengths and long-term objectives.

Also remember that some colleges offer a better value proposition than others. College is very expensive, and most Americans take out loans to pay for the investment. When it comes to school, some investments make more sense than others.

Questions to ask yourself

1. Is a master’s in accounting a good fit for my career goals, or should I consider an MBA?
2. Should I look into a more specific degree program, like a master’s in taxation or forensic accounting?
3. Will the master’s in accounting program I’m considering qualify me to take the CPA exam?
4. How fast will I be able to repay my student loans given the average salary of someone with a master’s in accounting?
5. Is the college accredited by a reputable body like the AACSB?
6. Will I need job experience to be a good candidate?
7. Where is the school located? (Remember that larger cities often have a higher cost of living.)