Yes, a Master’s in Accounting (MSA) is highly effective for securing jobs, often acting as a bridge to specialized, higher-level roles and fulfilling the 150-hour credit requirement for the Certified Public Accountant (CPA) exam. Graduates often move into positions like forensic accountants, tax managers, or controllers, with median salaries reaching up to $122,000.
Top-paying master's in accounting careers include the financial manager, certified management accountant, personal financial advisor, and certified public accountant roles. A master's in accounting may help you enter or advance in these and other well-paid career paths.
A master's in accounting can prepare you for various certification exams, such as the Certified Public Accountant exam. The CPA exam is the industry standard for those who wish to pursue a career in public accounting, and employers may pay for employees to sit for it, according to BLS.
Increased Earning Potential
MS in Accounting graduates can expect an even greater impact on their earning potential. Lightcast, a labor market data analytics platform, notes that roles requiring an MS in Accounting degree advertise a median salary of $107,000.
Time: Completing an accounting master's degree program typically takes 12 to 18 months, depending on the program and your previous course record. The rigorous coursework and deep dive into technical skills may require you to set aside additional time for homework and studying.
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.
Fast-forward a few years, and Erica now runs an accounting practice making over $200,000 yearly—on less than 15 hours of work per week.
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.
If you want to work as an industry accountant—or work for a single company or organization—a CPA may or may not be necessary (it depends on your industry and specialization).
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 ACCA is a professional qualification that is highly respected in the accounting industry, it is not equivalent to a master's degree. ACCA focuses on practical accounting skills, while master's degrees often offer more in-depth theoretical and research-focused learning.
According to the BLS, accountants and auditors earn an average annual salary of $90,780 as of May 2023. However, the salary range is wide: accountants and auditors in the lowest 10% earn less than $50,440 per year, while those in the top 10% earn more than $137,280 per year, according to the BLS.
Fewer students are choosing accounting as a major, and the pipeline of future CPAs has been shrinking for years. Enrollment declines today translate directly into fewer entry-level hires now and a smaller pool of experienced accountants down the line.
Accounting Today reported that the U.S. Bureau of Labor Statistics projects a 5% decline in bookkeeping, accounting and auditing jobs by 2023 due to technological advancements. These factors make students question the long-term viability of accounting as a career.
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.
What jobs can you get with a master's degree in Accounting?