Why get a Masters degree in accounting

Securing a masters degree in accounting opens the doors to many career choices. Long gone is the old accounting stereotype of yesteryear. Today, the field of accounting is fast-paced, multifaceted, and full of opportunities.

Accounting positions can range from home-based consulting to the new fields of forensic accounting and high-tech auditing. In addition, Internet and technology companies employ accountants to design their information systems.

Studying for a degree is a natural progression for many graduates. Fast diplomas are now increasingly in demand with many students choosing a combined undergraduate and master’s degree to fast track their accounting qualifications.

Graduates usually choose between the two main types of accounting degrees, a Masters of Business Administration in Accounting (MBA), or a Masters of Accountancy (MACC). Both programs provide an education in business finance, personal finance management, government finance, and charitable finances.

Masters of Business Administration (MBA)

It is common for students with Associate’s diplomas to pursue MBA degrees. Although an MBA offers a variety of concentrations, it is primarily business focused. This makes it ideal for graduates intending to run their own business or hold a management position within an organization.

Masters Degree in Accounting (MACC)

Another option, the MACC, typically prepares graduates for professional careers in public accounting. Most graduates who choose an MACC become Certified Public Accountants (CPA); however, it is also a great choice for graduates considering becoming an accounting instructor, as it provides the additional educational achievement a bachelor’s degree cannot match.

Benefits of a Master’s Degree

If you are considering becoming a CPA, then a master’s in accounting will simplify your candidacy. Seventeen states require CPA applicants to complete one hundred and fifty credit hours before they can take the Certified Public Accounting exam. When you study a master’s in accounting, these hours are included in your degree. This potentially saves years of work experience helping to fast track your career.

Salary Expectations

Accountants with master’s degrees earn higher incomes and receive more benefits. In addition, they are more likely to achieve promotion to higher management positions.

Careers in Accounting

The outlook for accounting careers, particularly with a master’s, is very positive. According to the Bureau of Labor Statistics (BLS), there will be almost a twenty percent increase in accounting careers over the next decade. Corporations, businesses, government agencies, and individuals, will continue to need professional accountants to ensure their finances are well managed and profitable.

Finally, if you understand accounting, then you understand the language of business. Combine that knowledge with a master’s degree and you will have many more options, making that embossed gold seal, well worth the effort.