From small startups to global blue chips, celebrities to government agencies, everybody who deals with a large amount of money needs an accountant — and increasingly they want Chartered Public Accountants (CPAs). The CPA qualification is recognized internationally and highly respected. Employers view it as a mark of credibility, experience, an excellent education, and the highest standard of quality, ethical practice. And they are prepared to pay for it.

There are a range of primary and secondary factors to consider when selecting your Master of Accounting program. Prospective students cite the following as key influencers:

• Program accreditation (including AACSB, ACBSP and IACB) — Accreditation demonstrates that minimum standards have been met and is an important sign of quality.
• Admissions requirements — Requirements vary widely between institutions and some will take a more holistic and flexible view than others.
• The curriculum (particularly if you wish to specialize in a certain field) — You will want to identify a program that includes topics that align with your intended career path.
• The program delivery method — For example, career changers often value distance/online accounting program options for flexible learning. You may also be looking for a hybrid model or a specific delivery option such as evening classes.
• Faculty — Check on the education of a program’s professors, and any publications they have contributed to or honors they have received.
• The reputation of the school or the program — School and department ranking are a sign of respect in the industry and may be based on teaching quality and research expertise.
• Program duration — A shorter program might appeal if you want to study intensively and full time. A longer, more flexible online or part-time program might appeal if you are looking to learn at a slower pace, around other responsibilities.
• Program cost — Tuition and the costs of accommodation, transportation, and residency are key factors for most students.
• Graduates’ success rates — This can give an indication of how well the school prepares its students for employment.
• Program structure — This could relate to mode of learning delivery, core courses, electives, etc. Seek a structure that suits your circumstances and preferences.
• Alumni networks — Valuable for professional networking, these can offer support and advice during study and when you are looking for employment.
• Employer partnerships — Some institutions have connections with large employers, facilitating post-graduate employment opportunities at attractive firms.

The MBA is a generalist degree. It gives students a broad understanding of business foundations, theory, and strategies, rather than focusing on one area of business.

The Master of Accounting is focused more narrowly on accounting, with options to specialize in concentrations such as taxation, assurance, and reporting. This can provide an edge in gaining specific accountancy roles or preparing for doctoral studies. The M.Acc. is also designed to prepare students for the CPA exams, as well as the CMA and CFE (Certified Fraud Examiner) exams.

Online programs can be followed at their own pace.

Tuition fees will vary significantly depending on the institution and the track you choose to pursue. According to FinAid.org, the average cost of a master’s degree is between $30,000 and $120,000. This will depend entirely on the institution and the program itself.

One key influencer of cost is the type of school. A public university with in-state tuition will cost less than a private university and/or out-of-state tuition. Online Master of Accounting programs tend to be more affordable, but be sure to pursue a quality, accredited course that will prepare you for the CPA.

All degree programs come with additional costs relating to areas such as field studies, technology, and course materials. Some fees will also be one-time costs, such as out-of-pocket travel for residencies or workshops.

A junior accountant would be more likely to handle daily accounting tasks, such as balancing books, processing payment queries, managing payroll, and producing reports. A senior CPA would get more heavily involved in supporting the leadership team with corporate financial decision-making.

Figures from the BLS anticipate an 11% growth in accountancy and auditor job vacancies from 2014 to 2024. The market for accountancy professionals is set to grow as business does; more businesses means more accountants. Tighter regulatory control and increased need for audit and scrutiny will be another driving factor, along with an increasingly globalized economy, which will require CPAs who can operate across complex and international accounting practices and develop specialties in mergers and acquisitions. [33]

AICPA has also found that demand for accounting graduates has grown by 7% since 2012, even though the supply of graduates has remained steady. A final driver will be the age of existing accountants, who are edging towards retirement in large numbers and will need replacing. [34]

Here are some common roles M.Acc. graduates pursue:

• Accountant — $68,150 median salary. Accountants prepare corporate financial records, ensuring they are kept correctly and that taxes are paid on time. [35]
• Personal financial advisor — $90,530 median salary. Personal financial advisors help individuals to invest, buy the right financial products, pay tax efficiently, and make sound financial decisions. [18]
• Financial manager — $121,750 median salary. The duties of financial managers vary, but most are responsible for teams of financial controllers, accountants, and finance assistants, and ensure processes, systems, and financial controls are being used appropriately. [14]

Other roles include tax specialists, financial advisors, business executives, researchers, and teachers.

Master of Accounting programs accept students with undergraduate degrees in accounting. Some will also accept related degrees such as statistics, management economics, and financial management.

Students can develop advanced knowledge of:

• Accounting and auditing — including financial and management accounting, financial reporting, forensic accounting, nonprofit accounting, corporation accounting, government accounting, auditing, financial statement analysis, and strategic cost management.
• Taxation — including individual, corporate, and nonprofit taxation, plus international aspects of taxation, and implications for U.S. businesses.
• Ethical principles and professional standards — to prepare students for complex business environments with competing priorities.
• Critical thinking and problem solving — to enable students to operate across a range of complex environments and in advanced roles.

In most cases, yes. Many students start after earning a bachelor’s degree in accounting or in a relevant field of study, such as business, engineering, IT, or economics.

Students without a bachelor’s degree will need to complete additional credit hours and courses. These are called bridge or alternative path programs and are ideal for career changers. Typically, the admissions requirements for these bridge courses is a degree in a related business field, although some institutions may accept alternative qualifications and/or substantial experience in the field.

The course content will be largely the same, but the delivery method will be different. Some programs are hybrids, blending online learning with in-person practical experiences. Others are fully online. In place of attending traditional seminars in person, students access all course materials online. This can provide more flexibility.

Most M.Acc. programs will require a capstone project to examine a certain element of theory in a more experiential manner. The capstone project gives the student a chance to demonstrate advanced theoretical knowledge applied to a specific problem or question of their choice. The duration varies by school and program, but in general, a capstone project can be completed in 10 weeks to two semesters.

As well as considering your career goal, consider your prior job experience and primary skill sets. A concentration is designed to give you in-depth knowledge of a specific area, and it will be a valuable asset on your resume when it comes to applying for certain jobs.

The following areas of accounting specialization are highly in demand by employers seeking CPA-qualified accountants: [19]

• Audit — this is because of increasingly stringent financial reporting demands and a correspondingly stronger culture of control.
• Information Technology — this is imperative as accountancy becomes increasingly automated and tech-driven.
• Financial Forensics — this field combines accounting with criminal investigation in cases which involve financial fraud or other financial crime.
• Business Valuation — for example, to prepare businesses for flotation.
• Personal Financial Planning — to help individual customers to plan their finances, from investing to efficient tax management and asset disposal or will planning.
• Management — this field is anticipated to grow along with the broader economy.
• Tax — always highly in demand, taxation specialists are increasingly required by individuals, businesses, and nonprofits as taxation rules become more complex, increasingly globalized, and rigorously enforced.

Experiential learning give students insight into the working world by placing them in actual work settings. This can help you to decide what specific branch of accounting you might want to work in and help bring your study topics to life.

To receive credit, an internship for your accounting master’s program will usually last for 6 to 15 weeks.

Contact the admissions office of your desired school to discuss your individual situation, as there may be flexibility or alternative routes to gain the credits you need.

They can take place at any organization or business that uses accountants — from small startups to government bodies and global corporations. Accounting internships are widely available and your institution will often help you secure one.

Some institutions might allow this, but typically they will require you to undertake an internship elsewhere to broaden your knowledge, experience, and contacts within the industry.

Yes, some students take the Master of Business Administration route, which gives an in-depth, but more generalist advanced program within the context of business administration.

Some institutions offer their M.Acc. program with on-campus or online learning options, or a hybrid program that blends elements of both. Because accounting curriculum standards are uniform, all accredited programs should have equal validity, regardless of their method of delivery.

Accredited status means that your master’s program has a certain quality level. However, individual programs and institutions offer different teaching styles, formats, and faculty, so it is essential to consider different programs carefully to assess which might be the best for your needs.

The importance of AACSB accreditation

The AACSB is the highest level of accreditation for a business school or institution offering the M.Acc. It satisfies the highest requirements of CPA licensure. [43]

Industry associations bring academics, employers, and other individuals involved in the field together for education, professional development, and networking opportunities. An institution with links to these organizations may be attractive to students. Some of these associations are

• American Institute of CPAs
• Institute of Internal Auditors
• American Woman’s Society of Certified Public Accountants
• National Association of State Boards of Accountancy

No. It is possible to secure an accountancy role without your CPA, but it is harder to advance in your career without your license. Additionally, if you want to work in a role that involves filing reports with the SEC, you must hold your CPA. It is worth noting that most employers now prefer candidates with either a CPA or CMA certification. [23]

The Master of Accounting is the common graduate-level program to prepare for the CPA exam, but some students will take the Master of Science in Taxation to focus on technical accounting skills, or an MBA with an accounting concentration. [28]

The CPA exam comprises one of the three elements of licensure requirements in the U.S., the other two being education and experience. All 55 jurisdictions require students to pass the Uniform CPA exam to gain their license. Requirements for experience and education vary by state, and some jurisdictions also require an ethics exam.

The exam itself is 14 hours long. It is taken via computer and delivered in four sections:

• Auditing and Attestation (AUD)
• Business Environment and Concepts (BEC)
• Financial Accounting and Reporting (FAR)
• Regulation (REG)

A different range of question formats are used — including essays, multiple choice, and simulations that replicate workplace situations and require thorough application of skills and knowledge to reach the right solutions. [29]

Yes, there are additional secondary certifications that you can complete to demonstrate your expertise and maximize your career outcomes. These include:

• Certified Management Accountant (CMA)
• Certified Internal Auditor (CIA)
• Financial Services Auditor (CFSA)
• Certified Information Systems Auditor (CISA)

Research by the College Board found that undergraduate students received more than $126 billion from the federal government in 2016 for financial aid. Sixty-six percent of full-time students pay for their college degrees using financial aid of some kind.

It is important to research available student loans — typically, federal loans and private loans. Federal loans offer fixed interest rates and can qualify for loan forgiveness if you work in the public sector after graduation. Private loans have fluctuating interest rates and will need to be repaid immediately, but you may be able to borrow more.

There are some instances where loan forgiveness is possible — such as the Public Service Loan Forgiveness program, which applies if you work full-time for a qualifying public employer and have made 120 qualifying payments according to your agreed repayment plan. [36]