Most accountants do not hold a master’s degree; the vast majority (roughly 82%) possess a bachelor’s degree, while only about 9% hold a master's. While a master's is not universally required, it is frequently used to satisfy the 150-credit hour requirement needed to become a Certified Public Accountant (CPA).
Tomorrow's accountants will need more skills, not less. A master's degree can be a key differentiator in a competitive job market. As the role of accountant continues to evolve, professionals who are adaptable, strategic and agile will have opportunities to excel and grow in this field.
A bachelor's degree in accounting or a related field is typically required to become an accountant or auditor. Completing certification in a specific field of accounting, such as becoming a licensed Certified Public Accountant (CPA), may improve job prospects.
They're complementary professional credentials.
These designations provide different benefits and signify different qualities to a prospective employer. While a CPA shows mastery in foundational accounting skills, a master's degree shows you're driven to gain new skills that will directly benefit an organization.
Having an MSA degree can make you stand out among other candidates when applying for jobs, allowing you to secure higher-level positions with better pay and benefits. It can also make you eligible for specialized roles in areas such as forensic accounting, financial planning, or risk management.
While it may not be universally acknowledged as the hardest business major, accounting is often considered more challenging than many other business degrees. This is partly due to the stringent requirements to become a certified accountant and the rigorous exams one must pass to earn professional certification.
While all CPAs are accountants, not all accountants are CPAs. In fact, according to data from the Bureau of Labor Statistics (BLS), and CPA licensure data, only about 50% of accountants in the United States are actively licensed CPAs.
Will AI replace accountants? Not entirely—but it will change accounting. Firms that embrace AI and technology will attract forward-thinking clients and top talent. Accountants who pair their expertise with AI tools will stay ahead of the curve.
CPAs command higher salaries than Master's in Accounting professionals. Furthermore, CPAs with specialized skills and knowledge in areas like taxation, auditing, or forensic accounting can expect to earn a higher salary than those without such expertise.
CPAs are considered the most trusted advisors in business. In fact, according to a survey conducted by Applied Research & Consulting, LLC, 75% of business decision-makers say they would be more confident in a job done by a CPA than if it were done by an accountant who is not a CPA.
The EA credential, which is the highest credential that the IRS awards, is recognized in all 50 states. Although CPAs and attorneys can also represent clients before the IRS for tax-related issues, these professionals gain their licenses at a state level, whereas the federal government grants EA licenses.
Most states require 150 credit hours for licensure, necessitating extra coursework beyond a bachelor's degree. The notoriously low CPA exam pass rate of 50% adds to the uncertainty, making students hesitant to invest in this career path. To attract more students, universities and the accounting profession must evolve.
A significant percentage of accountants are leaving the profession or their jobs, with over 300,000 U.S. accountants quitting in recent years (a ~17% workforce reduction), driven by burnout, long hours, poor work-life balance, and lack of advancement, leading to a major talent shortage. Surveys show high intentions to leave, with nearly 44% planning to switch jobs in the next year and 29% having already left a company in the past two years, while many younger professionals (39% in one survey) are particularly prone to high turnover.
If you work a typical job, you'll usually be in the office between Monday and Friday. Accountants often work a standard workday from 9 a.m. to 6 p.m. with an hour-long lunch break. Just keep in mind that some extra effort is required during certain times of the year.
Due to education and licensing requirements, CPAs are typically more qualified to pursue higher level jobs than bachelor's-level accountants. They also tend to have a deeper understanding of topics in accounting and finance, including tax law and data analysis.
Apprenticeship overview
BPP's Level 7 Accounting Apprenticeships help you become technically qualified by passing professional exams, whilst developing the complementary skills and behaviours to succeed in your career.
5 accounting careers in demand
In California, you'll need to complete at least 150 college credits before you can become a CPA. A traditional bachelor's degree usually includes 120 credits, which means you'll need to complete additional education, such as a master's degree or graduate certificate.
Comparison between CA and CPA
It is difficult to determine which of these professions offers a higher salary, as the salary of a CA or CPA can vary greatly based on several factors. However, in general, CAs tend to earn slightly more than CPAs in India.
The Impact of a Master's Degree in Accounting on Salary
The average salary for individuals holding a Master of Accounting (MAcc) degree is around $81,000 annually, compared to reports that a Certified Public Accountant can earn an average base salary of $76,000.