Guide to getting a master’s in accounting

Accountancy is one of very few industries that is almost recession proof. So long as businesses exist, so too does the need for the accountants. While accountancy has a reputation for being unglamorous, everyone would love to have such a secure and well-paid position during a crisis.

The Bureau of Labor Statistics (BLS) predicts a steady 7% rise in the number of employed accountants between 2020 and 2030. Also positive is that qualified accountants can move into other related sectors, such as business or finance.

Individuals considering a master’s of accounting typically fall into 1 of 3 camps:

1. They have graduated with a bachelor’s degree in accounting, and don’t know what their next step should be.
2. They have accumulated work experience in the field of accounting and would like to advance their career.
3. They would like to become a Certified Public Accountant (CPA) and need to meet the exam’s admission criteria.

If any of the above 3 scenarios sound familiar, read on to find out more about master’s in accounting programs, and how they can increase your career options and salary.

Master’s in accounting program basics

A master’s in accounting is considered the highest form of education in the field. Programs typically take 1-2 years to complete. The focus is on both theory and practice, with the aim of providing the necessary workplace skills for various accountancy roles. As this is an advanced degree, there is also an emphasis on management and leadership skills.

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

With this qualification, you can access better-paid employment opportunities and qualify for additional certification. Graduates go on to work in a range of positions, not just as accountants, but in other roles such as budget analyst or financial controller.

Should you get a master’s in accounting?

If you are detail-oriented and enjoy solving puzzles, the answer could well be yes. Accountants tend to lose themselves in the work, solving the kind of complex problems that might give other people a headache.

Accountants need to continuously ask the right questions and be sure the answers they reach are watertight. If this sounds like something you would enjoy, then a master’s in accountancy could be an excellent choice.

When deciding whether to enroll in this degree program it can be helpful to consider the return of investment it may provide. The table below that shows economic performance 2 years after graduation.

Note that on average, master’s graduates earn $11,280 more than bachelor’s degree holders. This alone might be enough to inspire you to sign up.

How to pick a master’s in accounting program

When researching potential programs, first find out if you meet the admission criteria. After this you can move onto other essential factors such as program cost, duration, delivery format, and location. Start your research well in advance to give you enough time to make an informed decision.

Another important factor is accreditation. Attend an accredited institution and you can apply for federal financial aid, and use the credits to meet CPA requirements. Check the official websites of institutions such as the Database of Accredited Postsecondary Institutions and Programs (DAPIP), or the Council for Higher Education Accreditation (CHEA), to find out whether schools and programs are accredited.

Also consider the elective courses and specializations on offer. A program that does not include specializations that interest you is a huge red flag.

Examples of specializations include:

Can you get a masters of accounting online?

Yes, 21.6% of master’s in accounting programs are available online (and another 8% as hybrid programs). As you can note from the table below, this is slightly higher that the overall percentage of all other master’s programs.

In terms of earnings, graduates of online and on-campus programs only show a negligible difference. Two years after graduation, on-line students earn $55,157, while on-campus students earn $58,051. These kinds of statistics, along with the convenience of studying online, make distance learning an increasingly attractive option. Note that online students may miss out on completing an internship though.

Best master’s degrees in accounting

We have rated available degree programs to help you reach a more informed decision. Please review our methodology for information on the metrics we use, and how we determine comparative value between institutions. Note that missing information is usually due to insufficient data for reporting.

How much does an accounting degree cost?

The table below shows how the debt and repayment rates differ based on institution types. All statistics are based on information 2 years after graduation.

No surprise that graduates of private colleges leave with more debt, because these institutions tend to be more expensive.

Interestingly, the earnings of public and private students are almost exactly the same. This suggests employers consider the qualification achieved, rather than the type of school attended.

Financial aid and scholarships for students of master’s in accounting programs

Studying for a master’s in accounting can be expensive. Fortunately, there are various financial aid options available. Typically, the first step is to fill out the FAFSA form on the Federal Student Aid website. This is the most straightforward way to discover whether you are eligible for federal support.

Be sure to meet with the student financial aid service at your chosen college, they can explain the options provided by the school that you may be unaware of. There are also numerous scholarships available, some of which are specifically for accounting majors.

What to expect from a master’s in accounting program

Accountancy programs take 1-2 years and include a mixture of core courses and elective subjects. Some programs offer different study tracks, such as financial reporting, tax, and data analytics. The exact content can vary greatly from program to program, so research is vital.

What are the admission requirements for a master’s in accountancy?

Most colleges expect candidates to hold a bachelor’s degree from an accredited institution. Ideally, the candidate majored in accounting, but related subjects like finance, economics, or business studies, are also accepted. In this instance, you may be asked to prove your numeracy competencies, or complete additional courses in subjects like accounting or finance.

Applicants may also need to submit GMAT and GRE scores, as well as transcripts of undergraduate degree courses, references, and letters of recommendation.

Internship requirements

Some master’s in accounting programs require students to complete an internship or offer an optional internship track. It is advisable to participate in an internship if available, because 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, depending on the program.

Exam Prep

Many students plan to become CPAs post graduation, so it is important their master’s program prepares them for the CPA exam. There are usually courses that focus on teaching the information required to pass the test. Students gain a thorough understanding of CPA guidelines to ensure they meet the admission criteria.

What type of courses are there in a master’s of accounting?

The curriculum varies, depending on the institution. Common courses include:

• Advanced managerial accounting – Students learn to analyze financial data, and are taught how to use it in real-life business situations.
• Advanced auditing – Offers in-depth knowledge of managerial accounting processes and fraud examination techniques.
• Ethics in accounting – Students gain insight into ethical decision-making in finance. They also learn about the role of ethics in the accounting and business worlds.
• Taxation – Provides advanced information on tax laws and taxation practices. How these impact financial decisions and business investments is also covered.

What type of master’s degrees are there in accountancy?

There are many similarities between the 4 main types of accountancy programs. When deciding which to choose, it helps to be clear on your goals and interests. Spend more time considering what a specific program offers than the ‘type’ of accountancy degree you want to get, because most lead to the same career paths anyway.

Masters in Accounting (MAcc)

This program provides students with a general overview of the accounting profession. Graduates are eligible for all types of accountancy positions, such as forensic, management or government.

Master’s of Science in Accounting (MSA)

The curriculum does not differ substantially from the MAcc. In fact, often the only difference is the name of the program.

Master’s of Professional Accountancy (MPA)

This program tends to prioritize practice over theory. If you enjoy learning by doing, then this may be the most suitable option.

Master’s of Business Administration (MBA) in accounting

This program differs due to its multidisciplinary approach. Courses focus on typical accounting topics, but also explore business-related subjects such as management, economics, or finance. It is a good option for students who want to keep their options broad upon graduation.

What careers can I have with a degree in accounting?

There are many careers available to holders of a master’s in accounting. Some of these include:

Conclusion

A master’s in accounting is a highly versatile program and a route into many different careers, both in accountancy and beyond. It also provides candidates with the necessary educational hours to meet the entry requirements of CPA examinations.

Following their master’s program, students may need to take additional certifications, depending on the area they want to work in. Examples of these certifications include Certified Financial Analyst (CFA), Certified Fraud Examiner (CFE), or Certified Internal Auditor (CIA).