Is a Master’s Degree in Accounting Worth It?

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 choose 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.

Within an advanced accounting degree program, you can gain superior analytical skills, deepen your knowledge of accounting principles and learn the latest technology.

"It’s worth investing the time and resources to obtain a graduate degree in accounting," said Ann McLaughlin, associate dean of business degree programs at Southern New Hampshire University (SNHU). "(A) master’s degree in accounting provides further studies in accounting concepts."

It can also be an important step toward certification as a public accountant. The Certified Public Accountant (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.

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.

Learn how to get your master's degree.

What Can You Do With a Master's in Accounting?

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. Salary, title goals and a job's flexibility help you determine if a profession like accounting suits your personality and life's plan.

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

You can also do many jobs with an accounting degree besides accounting.

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 professionals in the field looking to advance their careers, as well as career changers ready to begin in a new field.

Which is Better: CPA Certification or a Master's in Accounting?

A master's in accounting will prepare you for various certification exams, such as the Certified Public Accountant exam.

The CPA exam is the industry standard for those who wish to pursue a career in public accounting, and many public accounting firms will pay for a review course for employees they believe in.

Passing the official CPA exam to become a certified public accountant requires you 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).

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.

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.

Other Accounting Certifications to Consider

Managerial accounting makes up another large segment of the accounting discipline with an associated certification. 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.

Other certifications — which also require a certain number of credit hours — include:

• Certified Financial Services Auditor (CFSA)
• Certified Fraud Examiner (CFE)
• Certified Information Systems Auditor (CISA)
• Certified Internal Auditor (CIA)

A Master of Science in Accounting not only helps you meet the credit requirements for these exams but also familiarizes you with the material on the 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.

Is a Master's in Accounting the Same as an MBA?

The difference between a master's in accounting and an MBA in Accounting is all about depth of knowledge versus breadth of knowledge.

The Master of Business Administration (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.

Learn more about what an MBA degree is.

The master’s in accounting program is a deep dive into the field. Courses dig into more complex accounting topics and encourage critical thinking in 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.

Why Wait? Choose a Specialization

If you're interested in focusing your accounting aspirations, you can choose a concentration within your master's program, such as:

• Auditing
• Forensic Accounting
• Management Accounting
• Taxation

You can also choose to earn a graduate certificate in accounting while enrolled in a master's program.

"A concentration or graduate certificate within the master’s in accounting guides students in a specialized field of study, such as forensic accounting or management accounting," McLaughlin said. "This will lead to promotional opportunities or new career path(s)."

Like the master's in accounting, concentration programs help students meet the 150-credit-hour requirement needed to sit for the Certified Public Accountant exam in most states, as well as the Certified Management Accountant and Certified Fraud Examiner certification exams.

Christie Conticchio '14G was unsure where her master's in accounting would take her. "There were so many various options," she said. "Do I go into taxes? Do I do the books for a company?"

She surprised even herself when her accounting education, combined with various work experiences, landed her in a governmental auditing position. Conticchio puts her degree to use every day, as she is responsible for providing a clear understanding of the financial statements she reviews.

Specialize with a Concentration in Auditing

Auditors examine financial records and statements to determine the accuracy and validity of information. They check for wrongdoing and fraud and ensure compliance with tax laws. They work with individuals, companies and government agencies.

You can capitalize on this growing need by earning an online master's in auditing. This specialized degree can increase your chances of landing the auditing job you want by learning about the Sarbanes-Oxley Act of 2002 — the federal law that set new or expanded requirements for all U.S. public company boards, management and public accounting firms — and what steps companies must take to comply with these requirements. You’ll also use the latest technologies to solve common auditing challenges.

With a master’s in auditing online, you’ll strengthen your ability to succeed in middle and senior management positions and improve your advancement potential by helping corporations meet the demand for greater transparency in financial reporting. You’ll also be able to develop growth strategies based on the company's goals.

Fight Fraud with a Concentration in Forensic Accounting

Yet another direction to take with your accounting career is to investigate fraud by becoming a forensic accountant. You can learn how to apply forensic accounting principles to complex financial transactions, such as mergers and acquisitions, bankruptcies and contract disputes, by pursuing a master's in forensic accounting. You’ll also discover how forensic accounting findings are used in court cases to prosecute white-collar criminals.

Graduates from these programs can move into jobs in which they evaluate, review and describe financial and business matters in a variety of settings, including accounting firms, insurance companies, law offices and governmental agencies.

Learn to Lead with a Concentration in Management Accounting

A management accounting degree is a good option if you're interested in working in and leading the accounting division of a business, nonprofit or government agency rather than as a CPA. Instead of preparing tax documents, management accountants more often work as controllers to manage an organization's books, including accounts payable and receivable, payroll and more.

The concentration courses will help you prepare to manage an organization's accounting department and prepare financial statements for senior management. This can also help you prepare to sit for the CMA exam.

Learn more about what management accounting is.

Make Taxes Your Niche with a Concentration in Taxation

You can also enhance your master's in accounting with a concentration in taxation. This program introduces you to key concepts, rules and practices in income taxation for individuals, corporations and partnerships, as well as excise tax on estates and goods.

A master's in accounting taxation can prepare you for a career as a highly skilled accountant. You can gain the analytical and technical skills that public and private companies and municipal agencies require of new hires. Whether you want to work for a public corporation, private firm or governmental agency, you can gain the business acumen to make a notable impact to succeed in middle and senior management positions.

A master’s in taxation not only helps you meet CPA exam requirements; you’ll have the educational requirements to sit for Certified Management Accountant (CMA) and Certified Fraud Examiner (CFE) professional certification exams.

Take the Next Step

Accounting is far more than credits and debits. It’s also one of the most secure professions you can choose.

Not only will there always be a need for accountants, but new jobs requiring accounting skills are also on the rise. By 2031, BLS projects the addition of 81,800 more accountant and auditor positions.

Discover more about SNHU's online master's in accounting: Find out what courses you'll take, skills you may learn and how to request information about the program.

Rebecca LeBoeuf ’18 ’22G is a writer at Southern New Hampshire University. Connect with her on LinkedIn.