Master's Degree in Accounting | Admissions, Curriculum & Careers

A master's degree in accounting provides students with advanced knowledge and skills in financial reporting, auditing, taxation, and business strategy.

Whether you're looking to advance your accounting career, specialize in a specific area, or prepare for the CPA exam, this information below will help you make an informed decision.

What Is a Master's Degree in Accounting?

A master's degree in accounting is best for students who need to deepen their expertise in accounting principles, practices, and regulations. Typical coursework, which includes financial reporting, auditing, taxation, and business law, ensures students gain skills in analytical thinking, problem-solving, and strategic decision-making.

Many master's programs in accounting are structured to prepare students for the Certified Public Accountant (CPA) exam, which is a critical credential for accountants seeking to advance their careers.

Some programs may also offer specializations in areas like forensic accounting, international accounting, or tax accounting, which lets students earn a degree that is most beneficial for their career.

Master's Degree in Accounting Admissions Requirements

To apply and be admitted to an accounting master's program, you will need to ensure you meet the prerequisites and complete the application properly.

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An accredited bachelor's degree is always required�sometimes you may have to have at least a 3.0 GPA. You will need to submit official transcripts of your bachelor's degree and all other coursework you've completed.

Prerequisite Courses

If your undergraduate degree is not in accounting, there are several courses that you must take as electives during your undergraduate career before you're admitted.

Each program will have its own required prerequisite courses, but here are some of the courses that popular programs require:

• financial accounting introduction
• intermediate financial accounting
• managerial accounting
• microeconomics
• statistics
• principles of federal taxation
• accounting information systems
• auditing

GMAT or GRE Scores

The requirements of standardized test varies greatly. Some programs waive it entirely, others waive it if your GPA is above a certain point, and others leave it up to the applicant.

Letters of Recommendation

Since programs require either one or two letters of recommendation, select references (either academic or professional) who can speak to your technical abilities, work ethic, and potential for success in a graduate program.

Resume

Your resume should include both academic and professional achievements and experience. Be sure to tailor the language you use and experiences you highlight to that of a graduate accounting program.

Essays

You may be required to skip this step, write a small 300-word paragraph, or submit multiple essays with specific prompts. Before you apply, be sure you know why you want to earn this degree and how it will help you. Other topics you may need to write about include community engagement and personal strengths.

Types of Master's Programs in Accounting

If you want to earn a master's degree that focuses on accounting, be sure you pick the right program. Types of programs include:

• Master of Science in accounting (MSA): focuses on technical accounting skills and often prepares students for the CPA exam
• Master of Accountancy (MAcc): similar to the MSA, with a strong emphasis on preparing for the CPA exam and advanced accounting practices
• Master of Business Administration (MBA) with a concentration in accounting: combines broad business management education with specialized accounting coursework, ideal for leadership roles

Specializations in Master's Programs in Accounting

Many master's programs in accounting offer specializations that allow students to focus on specific areas of interest:

• Taxation: focuses on tax laws, preparation, and planning strategies for individuals and businesses
• Forensic accounting: specializes in investigating financial fraud and disputes, combining accounting knowledge with legal expertise
• Auditing: emphasizes auditing principles and practices, including internal controls and risk management
• Corporate accounting: focuses on financial management within corporations, including financial analysis, budgeting, and compliance

Master's Degree in Accounting Coursework

Usually, accounting master's degrees include core coursework along with electives. Common topics in these programs include:

• Advanced financial accounting: covers complex accounting issues, including consolidations, foreign currency transactions, and financial instruments
• Auditing and assurance services: focuses on auditing standards, ethics, and the role of auditors in ensuring the accuracy of financial statements
• Taxation: provides in-depth knowledge of federal, state, and local tax laws, as well as tax planning strategies for individuals and businesses
• Managerial accounting: teaches the use of accounting information for internal decision-making, including budgeting, cost analysis, and performance evaluation
• Accounting information systems: examines the role of information systems in accounting, including data management, security, and system controls
• Business law and ethics: explores the legal and ethical issues relevant to accounting and finance professionals

Timeline To Complete a Master's Degree in Accounting

Usually, an accounting program will take around two years to complete if you are a full-time student. If you're still an undergraduate student, you could enroll in an accelerated program that allows you to finish your master's in one year.

As a professional, it may take you up to three years to complete the degree as a part-time student. Of course, online programs emphasize flexibility, giving students the chance to finish on their own timeline.

Cost of a Master's Degree in Accounting

According to the National Center for Education Statistics, graduate programs cost around $12,000 to $30,000 a year. It all depends on whether the institution is public or private and whether they offer lower tuition to in-state students.

• University of Arizona: $12,758 per semester (in-state) or $22,729 per semester (out-of-state)
• University of Michigan: $54,310 per year (in-state) or $59,310 per year (out-of-state)
• University of Pittsburgh: $16,869 per term
• University of North Carolina at Chapel Hill: $10,552 per semester (in-state) or $28,844 per semester (out-of-state)

How To Pay for a Master's Degree in Accounting

You can pay for a master's degree in accounting using several types of financial aid. Research the following options to reduce your out-of-pocket costs.

• scholarships
• grants
• Grad PLUS Loan
• federal loans
• private loans
• employee tuition reimbursement

Learn more: Affordable Online Master's in Accounting Programs

Careers With a Master's Degree in Accounting

Once you earn your master's in accounting, you'll be able to sit for the CPA exam or level up your accounting career in other areas. You can pursue the following careers:

• Certified public accountant: provides accounting, auditing, and tax services to individuals, businesses, and government entities
• Auditor: evaluates the accuracy and compliance of financial statements, ensuring adherence to regulations and standards
• Tax advisor: specializes in tax planning and preparation, helping individuals and businesses minimize tax liabilities and comply with tax laws.
• Financial analyst: analyzes financial data to assist businesses in making informed investment decisions and optimizing financial performance
• Corporate accountant: manages the financial activities within a corporation, including budgeting, financial reporting, and compliance with regulations
• Forensic accountant: investigates financial discrepancies and fraud, often working with legal teams in litigation support

How To Choose the Right Master's Program

To ensure that you are choosing the best master's in accounting program, use the following items to compare accounting programs.

• The program is accredited.
• The coursework will prepare you for the CPA exam.
• The flexibility matches your life.
• The faculty is experienced.
• The school offers career services.

FAQs About a Master's Degree in Accounting

Below, we answer some frequently asked questions about master's in accounting degrees to help you decide whether this is the right degree path for your goals.

Is Getting a Master's Degree in Accounting Worth It?

If you want to become a CPA, an accounting master's degree is worth it. You have to take 150 credits in order to sit for the exam. Also, the Bureau of Labor Statistics predicts that 126,500 accounting jobs will open each year, giving graduates many career prospects.

Can I Earn a Master's Degree in Accounting Online?

Yes, many accounting master's programs are available online. These programs teach you the same principles as in-person programs as well.

Is a Masters in Accounting a Good Degree?

Yes, a master's degree in accounting is a valuable credential that can open doors to advanced career opportunities, particularly for those seeking to become CPAs or advance to executive roles in finance and accounting.

What Is the Best Master's Degree for Accountants?

The best master's degree for accountants typically depends on your career goals. An MSA or MAcc is ideal for those focused on becoming CPAs, while an MBA with an accounting concentration may be better suited for those aiming for leadership roles that require both accounting and broader business management skills.

Is a Master's in Accounting Equivalent to a CPA?

No, a master's in accounting is not equivalent to a CPA. However, it often provides the necessary coursework and academic preparation to sit for the CPA exam. Many programs are specifically designed to meet the educational requirements for CPA licensure.