Is a master’s in accounting worth it?
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).
Whether a master's degree in accounting is worth it depends on your professional goals, financial situation, and availability. In this article, you'll learn about program costs, potential earnings, and the benefits of earning this degree, so you can decide if it's the right fit for you.
How can I benefit from 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.
Industry demand and job outlook for accounting careers
The Bureau of Labor Statistics (BLS) projects that accountant and auditor jobs will grow by 5% between 2024 and 2034. This translates to about 72,800 job openings annually as people retire or transition careers.
In addition to the projected increase in accounting positions, the American Institute of 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.
Skills you'll learn:
A master's in accounting may help you gain familiarity in the areas today's employers value most, such as:
- Financial reporting
- Data analytics
- Enterprise resource planning (ERP) software
- Financial modeling
According to Robert Half's 2026 Salary Guide, these are among the top-requested skills across industries, especially for in-demand roles like staff accountant, senior accountant, and financial analyst.
Robert Half also notes that AI-driven roles are reshaping accountancy. When pursuing a master's degree, you may want to look for programs that offer electives or tracks in AI tools applied to accounting so that you can build both technical and strategic expertise.
Here are three roles that blend AI expertise with advanced accounting:
- AI financial analyst: Evaluates data, predicts market trends, and supports decision-making using AI.
- AI auditor: Automates audit processes to detect anomalies and reduce risk using machine learning.
- AI compliance analyst: Uses AI to monitor transactions and detect fraud.
Cost of a master's degree in accounting
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 2021–22 academic year, graduate students at public institutions paid an average of $12,596 in tuition, while learners at private nonprofit schools paid $29,931.
Financial options like scholarships, grants, employer assistance, and federal student loans may help cover the costs.
Is it better to get an MBA or a master's in accounting?
If you're weighing a master's in accounting versus a master's in business administration (MBA), think about how specialized or versatile you want your next career step to be.
If you already have a strong foundation in accounting and want to deepen your expertise to access higher-paying, more specialized roles, a master's in accounting may be the right fit. On the other hand, if you're drawn to positions that blend accounting with business strategy, marketing, or operations, an MBA with a concentration in accounting could be a better match.
Compare each program's advantages:
| Master’s in Accounting | MBA in Accounting | |
|---|---|---|
| Best for | Recent bachelor's in accounting graduates or professionals pursuing technical roles or CPA exam prep | Seasoned professionals from broad academic backgrounds aiming for leadership training |
| What you'll learn | In-depth technical training in auditing, taxation, forensic accounting, and financial reporting | Broad business education with an accounting specialization |
| Common job fields | Public accounting, auditing, taxation, compliance, and forensic accounting | Management, executive roles, corporate finance |
| Program length | 2 years of full-time study | 2 years of full-time study; 1 year for accelerated MBAs |
Is a master's in accounting worth it? A CPA weighs in.
Colin Smith, CPA
Q: Is it worth getting a master's degree in accounting?
Smith: Yes, but it all depends on your career goals. A master's in accounting is a great idea if you're planning to earn your CPA license, work for a Big 4 accounting firm, or even pursue a PhD program. The coursework you'll complete in a master's program will give you a deeper technical foundation in accounting principles and concepts, and will serve you well in almost any accounting-based career path.
On the other hand, if you'd eventually like to pivot out of accounting and into other fields such as corporate finance, data analytics, or even entrepreneurship, then other master's programs, such as an MBA, may be a more suitable choice.
Q: Who might benefit most from pursuing a master’s in accounting, and who might not need it?
Smith: A master's in accounting is a great option for anyone who's looking to spend the majority of their career in the accounting field, whether that's in public accounting, corporate accounting, or academia.
Those who are looking to use their accounting foundation as a springboard into other roles, such as finance, management consulting, or even entrepreneurship, may not see as much benefit from an accounting-focused degree.
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.
Alternative pathways to a master's degree on edX
Not sure if a master's is the right next step? edX offers flexible, online alternatives to a master's degree from top universities, designed to help you build skills and earn credentials recognized by employers and institutions alike.
- Executive education programs deliver leadership training and real-world business insights.
- MicroMasters® Programs offer graduate-level coursework for advanced skills building while offering a pathway to a master's degree later on.
- Professional certificate programs provide bundled, job-ready courses in high-demand fields.
- Online courses build targeted, in-demand skills.