Accounting Masters degree holders have a lot more opportunities than their colleagues who only hold a Bachelor’s Degree.
The median salary for an accounting graduate with a Master’s degree is $73,000 per year. The average salary for those with just a bachelor’s degree is $57,000 per year. So on average, accounting graduates who hold a master’s degree earn more than $16,000 more annually than those with just a bachelor’s degree.
The type of work you do will determine how much you make as well. For example, the median salary for accountants with master’s degrees working in public accounting is $79,000 per year. Accountants who work in internal auditing earn about $72,000 per year.
Accounting Salary With Masters
Is a Master’s Degree in Accounting Worth It?
A master’s degree in accounting is worth it because it can be the boost you need to a higher-level position in banking, taxation, insurance or any company with a financial division. You can gain superior analytical skills, deepen your knowledge of accounting principles and learn the latest technology. It can also be an important step toward certification as a public accountant.
Feb 1, 2022
Now more than ever, it’s a great time to get a master’s in accounting and enter this surprisingly diverse profession.
Today’s accountants do much more than count money and balance the books. They help solve white collar crime. They are key players in U.S. healthcare reform. Accountants are chief financial officers of Fortune 500 companies, comptrollers, and international merger and acquisition experts. They are small (or any size, for that matter) business owners who need the sharp and well-rounded book-keeping skills taught by seasoned faculty. They teach at nearly every college and university.
At their core, accountants are problem solvers, critical thinkers, excellent communicators, objective, methodical and resourceful. One thing they all have in common is the knowledge that a master’s in accounting provides a substantial extra edge in this not-so-conventional career.
The Difference a Master’s Makes
A Master of Science in Accounting is one of the many types of accounting programs you can chose from. Master’s degrees in accounting are designed for those looking to get ahead as a public accountant, corporate accountant, auditor, fraud examiner, financial analyst and so much more. It can be the boost you need to a higher-level position in banking, taxation, insurance or any company with a financial division. With an advanced accounting degree, you’ll gain superior analytical skills, deepen your knowledge of accounting principles and learn the latest technology.
A master’s degree in accounting is an important step toward certification as a public accountant (CPA). The CPA exam is the most well-known designation in the accounting profession. While intense, it’s worth it. After passing the exam, accountants are able to file reports to the Securities and Exchange Commission, making them appreciably more marketable to potential employers.
There is simply no downside to getting your master’s in accounting. One of the key reasons graduates are such attractive new hires is that they enter a job ready to roll up their sleeves and get to work.
Master’s in Accounting Salary and Job Options
Committing to a career direction is often a milestone decision in a person’s life. If you are interested in becoming an accountant there are many factors to consider, such as pursuing an advanced degree. You want to be sure your investment in an advanced degree is worth the time, money and energy. Gut instinct is one of your most reliable advisors, but you can assess your own ambition to lead. Salary, title goals and a job’s flexibility help you determine if a profession like accounting suits your personality and life’s plan. There are many things you can do with an accounting degree besides accounting, but also many careers that require daily use of accounting-specific principles.
According to the U.S. Bureau of Labor Statistics (BLS), a few possible positions available once you have an accounting degree include:
- External Auditor
- Government Accountant
- Internal Auditor
- IT Auditor
- Management Accountant
Next Stop: Middle and Senior Management
An online master’s in accounting can help you succeed in higher-level accounting and financial management positions, and prepare you to interact effectively with executive management. This comprehensive program can deepen your understanding and skills in a range of essential areas, including:
- Accounting principles and practices
- Applications of financial regulations in business
- Cost analysis for informed decision-making
- Individual and corporate tax preparation
- Professional auditing methods
- Quantitative analysis
- Using information technology to evaluate financial information
Online master’s in accounting programs can be ideal for recent undergraduates interested in learning along with professions in the field looking to advance their careers, as well as career-changers ready to begin in a new field.
Is a CPA a Master’s? Requirements & More
A master’s in accounting will prepare you for various certification exams such as the Certified Public Accountant (CPA) exam.
Many public accounting firms will pay for a review course for employees they believe in. The CPA exam is the industry standard for those who wish to pursue a career in public accounting. In order to sit for this exam, most states require a total of 150 hours of coursework, which equates to five years of school. Having a master’s in accounting can reduce the supervised work requirement by up to two years, enabling you to become certified faster.
Managerial accounting makes up another large segment of the accounting discipline. Managerial accountants collect and analyze information to support strategic planning, goal setting and directing a company’s resources. To take the Certified Management Accountant (CMA) exam offered by the Institute of Management Accountants (IMA) you have to satisfy several requirements, including a bachelor’s degree from an accredited program as well as two years of professional experience. The exam covers a number of topics, including financial reporting, planning, performance and financial decision making, according to the IMA website.
A Master of Science in Accounting not only helps students meet the credit requirements for these exams, but it also familiarizes them with the material on these rigorous tests. None of these exams, of course, are mandatory, but they legitimize your level of dedication to the trade and offer benefits many can’t attain with just a bachelor’s degree while increasing your marketability
Certified Public Accountants (CPA) are accountants that have passed the official CPA exam, which requires them to complete a specific set of education and work experience standards determined by each state, according to the American Institute of Certified Public Accountants (AICPA).
You can work as an accountant without becoming a CPA, but they are the industry standard designation of quality and trust, according to the AICPA. Earning a CPA designation can boost your salary by 10-15% – potentially increasing your lifetime earnings by $1 million, according to the organization.
Difference Between Master’s in Accounting and MBA in Accounting
The difference between a master’s in accounting and an MBA in Accounting is all about depth of knowledge versus breadth of knowledge.
The MBA program gives students a broader business experience with an introduction to accounting, according to Mona Stephens, an accounting faculty lead at SNHU.
“This is a good choice for students with an undergraduate degree in accounting who want to move into higher levels of management that require more overall business skills – human resources, business management and strategy, marketing – and fewer accounting skills,” she said.
The master’s in accounting program is a deep dive into the field. Courses dig into more complex accounting topics and encourage critical thinking of accounting theory and practice.
“This is a good choice for accountants who want to expand their accounting knowledge, perhaps specialize in a certain type of accounting, like management accounting or taxation, or need additional knowledge for the CPA or CMA exams,” Stephens said. It’s also a good program for anyone who wants to teach accounting.
