Master’s in Accounting Degree and Program Guide
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Earning a master’s degree in accounting can mean new job opportunities and a higher earning potential. Accountants earn a median pay of $78,000, according to May 2022 data from the Bureau of Labor Statistics. But in this growing field, advancing your degree can mean a boost in compensation.
With a master’s in accounting, you can become a certified public accountant (CPA) or move into other specialized roles like forensic accountant or management accountant. Many top master’s in accounting programs offer concentrations or electives to focus your education on tax accounting, auditing, or information systems.
Curious about how a master’s in accounting could benefit your career? Our program guide walks through everything you need to know.
Featured Online Master's in Accounting Programs
Learn about start dates, transferring credits, availability of financial aid, and more by contacting the universities below.
Should I Get a Master's in Accounting?
A master's in accounting generally requires 30-36 credits and takes 12-18 months for full-time students to complete. Although full-time graduate students typically take nine credits per semester instead of the usual 15 credits that undergraduate students take, pursuing a master's in accounting can still seem like a daunting task.
To address this concern, several colleges and universities offer master's in accounting programs online. Full-time working professionals can take advantage of the flexibility and convenience of online learning to earn their master's degree in accounting without having to leave their jobs.
At the master's level, students probe more deeply into the theory, practice, and principles of accounting. You can also choose a specialization at this level, such as taxation, auditing, compliance, or finance. More modern options include digital forensics and big data analysis.
With technology and AI taking over many of the number-crunching aspects of accounting, accountants these days typically focus more on critical business analysis and strategy. A master's in accounting immerses students in modern accounting technologies while honing their leadership and communication skills.
Pursuing a master's in accounting puts you in contact with like-minded professionals who are similarly driven to remain relevant in the rapidly changing accounting industry.
What Can I Do With a Master's in Accounting?
Graduates can leverage their master's in accounting into profitable and challenging careers. Whether your interests lie in finance, investments, taxation, or some other specialized accounting arena, a master's degree can help you reach your professional goals.
The accounting field has expanded to include several new and exciting career opportunities in the realm of digital forensics, international investments, and mobile payment systems. In addition, a master's in accounting fulfills the educational requirement for taking the certified public accountant (CPA) exam, which can further enhance and expand your career options.
Accountants and Auditors
Accountants typically prepare financial records, ensure compliance with existing tax laws and regulations, and assess and streamline financial operations. They can perform these functions for organizations, companies, or individuals. An advanced degree or certification can lead to top managerial or chief financial officer positions.
- Median Annual Salary: $78,000
Budget Analysts
Budget analysts monitor a company's spending and organize their finances so the company stays competitive and profitable. They estimate future financial needs and present strategies on how to meet these needs. Budget analysts often review budget proposals for accuracy, thoroughness, and compliance with existing laws and regulations.
- Median Annual Salary: $82,260
Financial Analysts
A financial analyst's duties usually include evaluating investment opportunities and making recommendations, studying current economic and business trends relevant to the industry they serve, and examining a company's financial past and current statements to determine its value. The rigor and scope of a master's in accounting helps prepare financial analysts to meet these obligations.
- Median Annual Salary: $96,220
Personal Financial Advisers
A personal financial adviser helps individuals understand various concepts, such as investments, insurance, taxes, and retirement, so they can make smart financial decisions. They can work in the insurance or finance industries or be self-employed. A master's degree is not necessary for this position, but having one can help financial advisors stand out to clients and earn their trust.
- Median Annual Salary: $95,390
Financial Managers
A financial manager orchestrates a company's long-term fiscal policies. Their responsibilities include designing, implementing, and monitoring financial strategies and often supervising investment activities. Financial managers also analyze market trends to identify expansion opportunities, maximize profits, reduce costs, and meet legal requirements without sacrificing performance and productivity.
- Median Annual Salary: $139,790
Featured Online Master's in Accounting Programs
Learn about start dates, transferring credits, availability of financial aid, and more by contacting the universities below.
What Else Can I Expect From a Master's in Accounting Program?
The accounting field encompasses several subfields that you can focus on as you begin your master's program. These specialized knowledge areas can give you an edge in a highly competitive practice arena, whether you work within a company structure or as a solo practitioner.
Concentrations Offered for a Master's Degree in Accounting
Accounting Information Systems
This concentration focuses on the information technology (IT) systems that underpin various accounting processes. Coursework in this concentration often includes a close examination of advanced modeling techniques and current technological trends, such as big data analysis. Students expand their knowledge of business intelligence software, gaining the skills needed to meet the evolving technological demands of the accounting profession.
Careers: Accounting systems analyst
Auditing
An auditing specialization usually includes in-depth study and exploration of the design and assessment of internal control systems, managerial accounting, fraud examination, and accounting information systems. Students learn how to evaluate business goals, identify and cut unnecessary costs, and eliminate systematic redundancy.
Careers: Auditor
Corporate Accounting
This concentration covers contemporary issues in managerial accounting, advanced financial management, and financial statement analysis. Students also study current federal taxation policies that specifically impact corporate entities and examine the effectiveness and relevance of internal and operational auditing procedures.
Careers: Chief corporate accountant
Forensic Accounting
In this concentration, students take courses on criminology and fraud examination to gain the skills needed to become forensic accountants or auditors. They hone their analytical skills by learning and applying fraud investigative techniques that help uncover and prevent money laundering, securities fraud, embezzlement, and misappropriation of funds and other financial assets.
Careers: Forensic accountant; auditor
Taxation Regulation
Students concentrate on topics such as taxation policies, corporate taxation, and various taxation issues in estate planning. This concentration provides students with the tools and training to identify and apply current tax codes and implement procedures that adhere to existing regulations. Some focus areas within this concentration include international taxation issues and global tax structures.
Careers: Tax accountant
How Long Does It Take to Get a Master's in Accounting?
Most students earn their master's degree in accounting within two years. Your enrollment status naturally affects the length of time it will take to earn your master's in accounting, as part-time students often take longer to complete all the requirements. Full-time students typically enroll in nine credits per semester. Some programs give credit for relevant professional experience, which can significantly shorten the length of a program. Ask your school if they follow this policy, since it may save you not only time but also money.
Most master's in accounting degrees require 30-36 credit hours. Online programs (especially those offering asynchronous classes) sometimes permit students to enroll in additional courses throughout the year, which can reduce the length of your master's in accounting program, but it may also have a negative impact on your learning and grades.
How Much Is a Master's Program in Accounting?
The cost of a master’s in accounting depends on the school. You can expect to pay an average tuition rate of $12,600 at a public university or $28,000 at a private university, according to 2021 data from the National Center for Education Statistics. You’ll also need to budget for textbooks, fees, and additional expenses.
You can save money by choosing a more affordable program. Earning your degree online can lower the total cost because you can attend the cheapest program without needing to relocate. Online learners may also save on transportation and living expenses since they live at home while pursuing a degree.
Courses in a Master's in Accounting Program
Each master's in accounting program strives to offer something unique to its students by way of specialized, targeted courses. However, most master of accounting programs include these courses that cover topics students can build on and apply in their practice almost immediately.
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Financial Policy
Students develop the skills needed to evaluate the relevance and effectiveness of financial policy decisions. This course teaches future financial advisers about capital and risk management, financial statement analysis, international financial management, and financial planning. -
Taxes and Business Strategy
Students investigate the link between taxation policies and business decisions and activities. They study the impact of tax regulations on investment strategies, financing policies, compensation planning, and mergers and acquisitions. The topics covered by this course prove especially relevant to students who plan to work as tax accountants. -
Information Technology for Accounting
This course examines the technologies that support several different accounting controls and processes. Students study a variety of topics that involve IT systems, including networking databases, internet security, accounting control systems, and digital business processes. -
Property and Negotiable Instruments
Particularly useful for those who wish to become personal financial advisers, this course helps students become well-versed in different kinds of negotiable instruments. Students also learn about commercial, real estate, and bankruptcy laws and how these affect the different types of business entities (sole proprietorships, limited liability companies, corporations). -
Principles of Investment
This course covers topics such as portfolios, bonds and stocks, basic derivatives, and asset pricing. Students develop critical thinking, problem-solving, and communication skills within the context of investments.
Certifications and Licenses For Accounting
Certified Public Accountant
To sit for the CPA exam, candidates must meet the educational and work experience requirements required in the state or jurisdiction where they plan to practice. Most states and jurisdictions require a bachelor's degree with at least 150 semester hours and two years of work experience as a public accountant.
Certified Financial Analyst Designation
This certification prepares candidates for careers in the investment field or in strict finance. The CFA Institute offers exams at three levels, which candidates must pass sequentially. The CFA Institute offers the first exam four times per year, offers the second level three times per year, and offers the third level twice per year. The exam covers topics in investment theories, financial accounting, and portfolio management.
Certified Management Accountant
CMAs specialize in accounting management rather than preparing tax reports or performing audit procedures. Administered by the Institute of Management Accountants, this designation requires candidates to demonstrate at least two years of relevant work experience and hold a bachelor's degree from an accredited college or university with sufficient educational credits in specific subject areas.
Enrolled Agent Certification
To become an EA, applicants must take a three-part, 12-hour long examination administered by the Internal Revenue Service (IRS). This credential, created by the IRS, tests a candidate's knowledge of U.S. tax laws and its applications for both individuals and corporations. This certification particularly benefits those who wish to focus on tax preparation or perform internal tax work for companies.
Certified Internal Auditor
This certification covers the type of work performed by compliance officers and auditors of large companies. The Institute of Internal Auditors offers this globally recognized designation that measures a candidate's competence and professional knowledge in the internal auditing field. CIA candidates must complete a three-part exam and meet educational and work experience requirements.
Resources for Accounting Graduate Students
Accounting and Finance Research
This peer-reviewed journal provides both insightful and exploratory research articles on various accounting-related topics, such as monetary banking, capital markets, investments, and personal and corporate finance.
Accounting Today
This trade publication has been in print for more than 25 years and is also available online. It covers current topics related to personal and corporate accounting and hosts a popular podcast series.
The International Journal of Digital Accounting Research
This open-access journal publishes articles focusing on current trends in accounting and information technology, including continuous auditing and monitoring systems, accounting information systems, and big data.
Professional Organizations in Accounting
Professional associations provide rich opportunities for networking, mentoring, and sharing the latest industry news and most recent research findings. These organizations serve an especially pivotal role in accounting today as the profession continues to push the boundaries of its practice and rediscover its relevance in an increasingly digital world.
Entry-level accounting professionals, as well as those with several years of experience, can benefit from the exchange of ideas, professional support, and camaraderie these organizations provide.
Frequently Asked Questions About Master’s Programs in Accounting
Do CPAs make more money than accountants?
Yes, CPAs often make more money than accountants. According to AICPA, the CPA credential translates into a 5-15% higher earning potential. CPAs typically hold a master's degree, and earning potential varies depending on industry, job title, and experience.
How difficult is a master's in accounting?
A master's in accounting requires strong analytical skills and attention to detail. If you did well in undergraduate accounting courses, you'll likely succeed in a master's in accounting. Consider taking a graduate course in accounting to get hands-on experience with the difficulty level.
How useful is a master's in accounting?
A master's in accounting can help you qualify for a CPA license or specialize in areas like international tax accounting, environmental accounting, or forensic accounting. As a result, a master's in accounting can be a very useful degree.
Is a CPA better than a master's in accounting?
CPAs are accountants who specialize in public accounting. Many CPAs hold a master's in accounting to meet the CPA exam requirements. If you want to work in public accounting, a master's in public accounting can help you reach those goals. If you're interested in other areas of accounting, look for specialized accounting master's programs.
Which master's degree is best for an accountant?
A master's in accounting is the best master's degree for an accountant. These programs focus on graduate-level accounting coursework. However, you can also earn an MBA in accounting if you want to incorporate advanced finance, marketing, and analytical skills into your accounting program.
