Do you already have an undergraduate degree but are ready to pursue a more advanced education? You should be glad to know there is no shortage of options available to you. If you are interested in a master’s degree that could help prepare you for the CPA exam, a Master of Science in Accounting may be your best bet.
Is an accounting degree worth it? What can you do with an advanced accounting degree—and why is it so important to choose an accredited program? We are covering these topics and much more below.
Deep Dive Into the Role of a Master’s in Accounting
As an advanced degree, you can expect to acquire some specialized skills and expertise from this type of program. Of course, exactly what you will get out of a master’s in accounting will depend on the program you select and the effort you put into it.
The Knowledge and Skills You Acquire
During a typical master’s in accounting program, you can expect to build upon many of the skills and concepts that would be covered in an undergraduate program. For example, you will continue developing your critical thinking skills and learn more problem-solving techniques. You may also learn more about the ethics of working in accounting.
Depending on your degree program, you may also learn about accounting methods, auditing techniques, taxation, risk management, and more. Depending on whether your program includes a CPA track, you may also tackle some topics that will better prepare you for the CPA exam.
Accounting Career Opportunities
People that wish to pursue advanced careers in accounting could seek out the following roles and positions in addition to traditional CPA careers:
- Certified Fraud Examiner (CFE)
- Certified Management Accountant (CMA)
- Corporate Controller
- Accounting Manager
- Tax Accountant
- Finance Manager
- Junior or Senior Auditor
Is a Master’s in Accounting Worth the Cost?
One of the most common questions people have about a master’s in accounting is whether this type of degree is worth the cost. After all, advanced degrees (such as master’s degrees) are not cheap. In general, however, the increased opportunities and higher salary potentially involved with earning a master’s degree tend to outweigh the up-front costs.
Costs of Attaining a Master’s in Accounting
The cost of earning a master’s in accounting degree will ultimately depend on the program in which you enroll, as some programs are more expensive than others. Plus, you will also have to consider things like scholarships or tuition reimbursement through your work. Depending on your individual situation your advanced degree could cost you no more than the time you put in, or it could be thousands of dollars; all of this will have to be factored in as to if the cost of time and money is worth the advanced degree.
Opportunities to Offset the Educational Costs
The good news? Even though it can be expensive to get a master’s degree, there are some options to offset educational costs. Start by filling out a Free Application for Federal Student Aid (FAFSA) to determine whether you qualify for any grants, scholarships, and low-interest loan options.
In a master’s program, you may also want to explore graduate assistantship and fellowship opportunities. These programs typically allow you to work (as a teaching assistant, research assistant, or related job) in exchange for a stipend and a portion of your tuition being covered.
You should also consider the fact that a master’s degree may allow you to earn more money in the long run than a bachelor’s degree.
How Does a Master’s in Accounting Differ From Other Degrees?
Whether you are currently enrolled in an undergraduate program or already have a bachelor’s degree, you may understandably be wondering how a master’s in accounting differs from other degrees as you decide whether to pursue higher education.
Comparing a Master’s in Accounting With a Bachelor’s Degree
There are a few notable things that set a master of accounting degree apart from a bachelor’s degree in accounting.
With a bachelor’s degree in accounting, you will have acquired the basic skill set that you need to get started in the industry. More than likely, you will be able to work entry-level accounting or auditing jobs. However, there is a minimum of 120 credit hours required to take the CPA exam. To obtain a full license and become a Certified Public Accountant you will need 150 hours. A master’s in accounting could help you attain the additional credit hours needed to meet the requirements to obtain the CPA license. Keep in mind that CPA requirements vary from state to state.
In this sense, if you want to become a CPA down the road, having a master’s degree could open the doors for better opportunities in your career. This is especially true if you want to set yourself apart from other job applicants or even be eligible for higher-level accounting or finance jobs, such as executive-level positions.
Master’s in Accounting vs. MBA in Accounting
Another common question people have about master’s degrees in accounting and related fields is what the difference is between a master’s in accounting and an MBA in Accounting.
In general, a Master of Business Administration (MBA) is more focused on the skills that can be applied to running and operating a business, including topics related to accounting. However, more of an emphasis will be placed on finance, operations, marketing, management, and other more business-oriented topics.
A master’s degree in accounting, on the other hand, is specifically focused on accounting topics, such as taxation, risk management, forensic accounting, and auditing.
In general, an MBA may be a better path for those who want to pursue a more generalized business degree that touches on accounting principles. However, those interested in working as a CPA or a similar role may be better suited to a master’s degree in accounting.
The Impact of Accreditation on a Master’s in Accounting
If you are leaning towards a master’s degree in accounting, it is important to understand that not all programs are created equal. When choosing a program, it is critical to find one that is accredited, not only for your own peace of mind but also to ensure you are receiving a quality education that future job prospects will recognize.
Importance of Choosing an Accredited Program
When an accounting program is accredited by a recognized organization like the Accreditation Council for Business Schools and Programs (ACBSP), it means the school has voluntarily met specified quality standards to deliver an excellent education to its students. In addition to the program itself being accredited, it is also a good idea to choose a school that is accredited by a reputable authority.
How Can a Master’s in Accounting Boost Your Career?
If you already have (or will soon have) a bachelor’s degree in accounting or a similar field, then a master’s degree may be your next logical step toward a successful and rewarding career. Not only do you stand to gain a lot of skills and knowledge from a great master’s in accounting program, but having an advanced degree will help you differentiate yourself from your competition in the job market. Meanwhile, the right program can help you prepare for the CPA exam if you aspire to work as a Certified Public Accountant.
Finally, even though a master’s degree in accounting has up-front costs, it is important to look at your education as an investment that will pay off over time.
Is a Master’s in Accounting the Next Step for Your Career?
No matter what type of professional accounting role you see yourself in down the road, having an advanced degree in this ever-changing field could be beneficial. At Post University, we offer a master’s-level accounting degree that can be completed entirely online so you can take courses at a time and place that suit your busy schedule.
Check out to see if our Master of Science in Accounting is right for you!
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