Master's Degree in Accounting
For those who have settled on accounting as their career path of choice, and who already hold a bachelor's degree in a business-related field, the next rung on the educational ladder is a master's of accounting (MAcc). Created for accounting professionals who want to expand their knowledge or advance into higher level positions, master's programs delve into the more nuanced aspects of the accounting field that aren't covered in most bachelor programs.
Degree Basics
A master's of accounting program is an excellent investment in oneself. As the accounting profession has continued to grow and become more technical over the past few decades, the need for knowledgeable, competent professionals has increased. Most MAcc programs focus their studies strictly on accounting courses, including:
- Auditing
- Corporate and individual taxation
- Tax policy
- Managerial accounting
Many programs also include a few management or communications courses in recognition of the fact that graduates from these programs will eventually hold supervisory and managerial roles.
Program Cost & Length
Typical MAcc programs require between from 30 and 60 credits, and can be completed in one to one-and-a-half years if enrolled full time. If a student is only enrolled part time, it can take an extra six to 12 months.
Another factor to consider is whether or not the student has an undergraduate degree in accounting. To pursue a master's in accounting, students are required to hold bachelor's degrees. Recent graduates from a bachelor's of accounting program will have completed as many as half of the required courses of the graduate program, depending on their school and the electives they chose during their undergraduate study. On average, these students will only need about 30 more credits to attain their master's. Students who hold non-accounting undergraduate degrees majors, on the other hand, will need around 60 credits.
While graduate programs in accounting don't take as much time to complete as undergraduate programs, they can be considerably harder on the wallet. Tuition at a public university, on average, runs between $20,000 and $30,000 per year, with private universities ranging from $25,000 to $40,000.
Employment Outlook
Accountants that hold master's degrees are academically qualified to work in just about any upper level position in the financial sector. Opportunities are common in the areas of:
- Auditing
- Risk management
- Corporate accounting
- Consulting
- Financial services
Additionally, the credits earned in a MAcc program should fill the requirements to sit for the Certified Public Accountant exam. In fact, some states require a master's in accounting just to take the CPA exam, and it's expected that more states will follow suit in the future.
Article Resources:
Indiana University: Graduate Accounting Programs
Portland State University: Master's Degree in Accounting
Washington State University in St. Louis
NOVA Southeastern University
University of Missouri – St. Louis
Florida International University