Is a master's in accounting a good investment?

A master's degree in accounting could be a good investment for individuals who aspire to advance their careers in specialized accounting fields, increase their salaries, or prepare for the CPA or CMA exams. However, each person must consider their specific goals and circumstances to determine whether a master's in accounting is a smart investment.

Is a master's degree required to become a CPA?

No, a master's degree is not required to become a CPA. However, according to AICPA, CPA exam candidates must have completed 120 college-level credits. Each jurisdiction determines the eligibility criteria. An online master's degree could benefit those who are missing some requirements.

How hard is it to get a master's in accounting?

The difficulty of completing a master's in accounting depends on several factors, such as a person's previous academic experience and study time availability, and the program's curriculum. Reach out to your prospective program's admissions office to learn more about coursework and expectations.

What is the starting salary with a master's in accounting?

Per BLS data, accountants earn between $50,440 and $137,280 per year, with a median salary of $79,880 as of May 2023. A master's degree could lead to higher earning potential. Salaries vary based on the accounting field, industry, location, work experience, and certifications.

Is a master's in accounting worth it?

Table of Contents

Benefits
Curriculum
Is it right for me?
Frequently asked questions

By: Janice Mejías Avilés, Edited by: Joey Morris

Published: January 24, 2025

Are you considering pursuing a master's degree in accounting? The main question on your mind may be, "Is it worth it?"

Whether a master's degree in accounting is worth it depends on each person's professional goals, financial situation, and schedule.

Earning a master's degree in accounting can make you more competitive in the job market and make you a candidate for specialized positions with higher salaries. A master's program in accounting can also prepare you to become a certified professional accountant (CPA).

Read on to learn about program costs, earning potential, and the advantages of obtaining this degree. Discover if a master's degree in accounting is right for you.

Benefits of a master's degree in accounting

Earning a master's in accounting can offer you many benefits, including the ability to:

Make a career change into accounting if you have a bachelor's in another field
Explore new job opportunities that lead to higher salaries
Specialize in high-demand areas like tax and forensic accounting
Take courses that prepare you to sit for the CPA and Certified Management Accountant (CMA) exams
Increase your chances of recruitment by top accounting firms
Network with industry leaders and gain practical experience

How much does a master's degree in accounting cost?

The cost of a master's degree in accounting varies and depends on several factors, including:

A school's private or public status
A program's delivery format (online, hybrid, or in-person)
Your residency status (In-state students pay less at public universities than out-of-state students.)
Expenses not covered by tuition, such as housing and transportation

According to the National Center for Education Statistics, during the 2021–2022 academic year, graduate students at public institutions paid $12,596 on average in tuition. Learners at nonprofit private schools paid $29,931.

Financial options like scholarships, grants, employer assistance, and federal student loans may help cover the costs.

Are graduates of a master's degree in accounting in demand?

The Bureau of Labor Statistics (BLS) projects that accountant and auditor jobs will grow by 6% from 2023 to 2033. This translates to about 126,500 job openings annually as people retire or transition careers. In addition to the projected increase in accounting positions, the Association of International Certified Professional Accountants (AICPA) identified a nationwide talent shortage in 2023. The nationwide shortage, coupled with the projected job growth, indicates demand for accounting professionals in various settings, including accounting firms, corporate finance, government agencies, and nonprofit organizations.

What will you learn in an online master's in accounting?

In an online master's in accounting program, you will learn core concepts such as auditing, taxation, cost accounting, and financial accounting. Some programs help you prepare for the CPA, CMA, or Certified Internal Auditor (CIA) exams.

Depending on the program, you could specialize in forensic accounting, business and financial management, research, or taxation.

If you have a bachelor's degree in accounting, you will likely need to earn at least 30 credits to earn your master's. If your bachelor's degree is in another discipline, you may need to earn up to 48 credits to complete the prerequisites for your master's in accounting.

Typically, an online master's in accounting program takes two years to complete, but accelerated programs can be completed in one year.

Is a master's degree in accounting right for me?

Earning a master's degree in accounting could lead to specialized career opportunities in growing industries, including higher-paying jobs. Some graduate courses can also prepare you for certifications and licensing.

However, you should consider a few essential individual factors before pursuing a master's in accounting. Ask yourself:

Do I have the means to pay for graduate studies? If necessary, can I take out student loans and repay them?
Do I have the time to complete a master's degree program? Can I balance my studies with my job?
Does this particular master's program align with my professional and personal goals?

Answering these questions may help you determine whether a master's degree in accounting is worth the time and investment.

Frequently asked questions about online master's in accounting programs

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