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.