Is a Master of Accounting Worth It? 2025 Costs & Job Opportunities

by Imed Bouchrika, Phd

Co-Founder and Chief Data Scientist

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What is the average cost of a master of accounting program?

The cost of master’s programs usually varies by institution and the degree of control whether they are public or private institutions. Of course, tuition also varies per institution and may be different for in-state and out-of-state students. The rule of thumb when it comes to cost is simply that the more prestigious a program is, the more an institution charges for it—the same rule applies to bachelor degree cost.

According to the latest data, the average public graduate education tuition is $12,410. For private institutions, the figure is $26,597. Interestingly, for-profit private institutions have lower average costs than nonprofit ones, with $28,430 compared to the latter’s $14,289. There are, of course, online masters in accounting programs as well and they generally cost less.

What are the potential financial aid options available for master of accounting students?

Graduate students in the U.S. seeking financial aid for their education can utilize any of the following options:

Direct Unsubsidized Loans

This provides accessibility, higher borrowing limits, and flexibility for covering various education-related costs. Pros include no credit check, multiple repayment options, and no origination fees. However, the cons involve accruing interest during enrollment, higher interest rates, and the potential for significant debt. Graduate students like master of accounting students should consider the potential for increased future earnings, the necessity of covering the full cost of attendance, and the impact on financial goals.

Grad PLUS Loans

This is a federal loan designed to support graduate students in meeting the cost of their education beyond what is covered by other financial aid. Unlike Direct Unsubsidized Loans, Grad PLUS Loans require a credit check. With an interest rate that is fixed for the life of the loan, it provides borrowers with a stable repayment structure. As of Q3 2022, around 1.6 million individuals have utilized Grad PLUS Loans with the average graduate student loan debt amounting to $59,313 as of the same period.

Private Loans

These are the financial aid options provided by private lenders such as banks, credit unions, and online lenders. Unlike federal loans, private loans often require a credit check, and interest rates, terms, and eligibility criteria vary among lenders. These loans can cover educational expenses, including tuition, living expenses, and other costs associated with pursuing an advanced degree. While private loans offer flexibility in terms of repayment options and loan terms, students should carefully consider interest rates, fees, and potential variable rates.

Employer Tuition Reimbursement

Employer tuition reimbursement is a sought-after benefit covering some or all of employees’ education expenses, as indicated by a Wiley study reporting that 39% of graduate students receive such reimbursement. However, it’s not universally available, with many companies not offering this benefit, setting reimbursement caps, requiring conditional agreements, and limiting course flexibility, factors that may affect its accessibility and terms for employees.

What jobs can you get with a master’s in accounting degree?

A master’s in accounting degree can get you higher-level positions in a company, overseeing other people and drafting financial strategies. Moreover, accountants can also find work across different industries, including finance and government. And there is some good news for those who are planning on earning an accounting degree.

The job outlook for accountants and auditors is increasing at a rate of 4% from 2022 to 2032. This is, more or less, as fast as average, considering all occupations. Hence, from a job security standpoint, getting one today is not a bad idea. During the same period, an estimated 67,400 new jobs will be created.

Earning a master’s in accounting degree, however, can be so much better. The demand for management positions in finance is growing faster than average with a growth rate of 17% for financial managers specifically. Below are some of the jobs master’s in accounting graduates can get:

1. Accounting Manager. Oversee the accounting department and ensure the accuracy and timeliness of the delivery of reports and financial statements. They lead and supervise a team of junior accountants, creating policies and implementing them.
2. Tax Manager. Responsible for preparing and filing accurate tax documents required by the state and the federal government. They also develop tax strategies and policies to help their employers or clients maintain compliance.
3. Forensic Accountant. Provide litigation support, primarily about financial losses for civil cases, determining potential awards and judgments. Forensic accountants are also tasked to investigate financial records and audit books for financial crimes and fraud.
4. Compliance Risk Manager. They help companies preserve their legal and ethical integrity and, by extension, reputation. They are responsible for setting policies and dealing with compliance issues should they happen.
5. Director of Accounting. Usually, they provide consultant-level services for a company’s finance personnel, including comptrollers. They review processes, conduct analyses, and provide support to ensure that revenue objectives are met and staff adheres to reporting policies.
6. Director of Finance and Accounting. Oversee critical processes such as planning, budgeting, forecasting, reporting, financial controls, and risk management. They lead accounting teams, make hiring decisions, and report directly to the chief financial officer.
7. Chief Financial Officer (CFO). Direct financial planning and determine an organization’s financial strengths and weaknesses. Work with other executives to ensure that financial strategies align with business objectives and goals. The following chart shows the salary prospects for these positions.

Here’s What Graduates Have to Say about Their Master of Accounting Degree

How is an online master of accounting viewed by employers in the accounting industry?

A comprehensive study conducted by SHRM found that 71% of organizations had hired applicants with online degrees, emphasizing a growing acceptance of online education in the job market. Moreover, 61% of HR leaders believe that online learning is on par with or superior in quality to traditional methods, reflecting a shift in perceptions regarding the effectiveness of online education. This suggests that employers are increasingly recognizing the value and credibility of online master’s degrees, including those in accounting.

In the context of hiring trends and skills assessments, a recent survey of 1,688 HR professionals unveiled that 56% of employers utilize pre-employment assessments to evaluate job applicants’ knowledge, skills, and abilities. This indicates a broader shift towards a skills-based hiring approach, where employers prioritize candidates’ competencies over traditional qualifications. For individuals pursuing an online master of accounting, this trend aligns with the emphasis on skill evaluation, potentially positioning them favorably in the competitive job market within the accounting industry.

What types of companies or organizations offer internships to master of accounting students?

Master’s in accounting programs provide access to a range of internship opportunities in various sectors, enabling students to gain valuable experience in their particular specialization and expand their professional network. Here are some sectors where they can enhance their skills:

1. Private corporations. In corporations, individuals can learn corporate accounting across diverse industries, assist with financial tasks like accounts payable/receivable and payroll, and gain insights into internal financial operations while contributing to decision-making.
2. Tax firms. In tax firms, individuals can immerse themselves in taxation by assisting with individual or corporate tax returns, learning tax filing procedures, regulations, and best practices, and exploring specialized areas such as international taxation or estate planning.
3. Government. Working within government accounting departments as an intern offers an opportunity to contribute to the public good. In this sector, individuals can gain valuable experience in auditing government programs and managing budgets, allowing for a comprehensive understanding of public finance and the implementation of policies.
4. Nonprofit organizations. In nonprofit organizations, individuals can support missions in education, healthcare, or environmental causes, gaining valuable experience in grant accounting, budgeting, and financial reporting. Additionally, collaboration with passionate individuals enhances communication skills.

What specializations are offered in master of accounting programs?

Master of accounting programs offer several specializations to cater to diverse career paths:

1. Tax Accounting. Specializing in tax accounting equips students with in-depth knowledge of tax laws, regulations, and filing procedures. Graduates are prepared for roles in tax planning, compliance, and consulting.
2. Forensic Accounting. This specialization focuses on investigating financial discrepancies, fraud, and white-collar crimes. Students develop skills in financial analysis, auditing, and legal procedures to identify and prevent financial misconduct.
3. Financial Accounting. Financial accounting specialization emphasizes advanced principles in financial reporting, analysis, and disclosure. Graduates are equipped to handle complex financial transactions and contribute to accurate and transparent financial reporting.
4. International Accounting. This specialization prepares students for the complexities of global finance. It covers international tax laws, cross-border transactions, and financial reporting standards, making graduates adept at navigating the challenges of international business.
5. Certified Internal Auditing. Students specializing in internal auditing gain expertise in evaluating organizational controls, risk management, and governance. This specialization aligns with the Certified Internal Auditor (CIA) certification and prepares individuals for roles ensuring effective internal controls within organizations.

Depending on your specialization and the job you get, the salary range for people with a master’s degree in accounting hover around is between $95,000 to $140,200 per year, which is significantly more than those with only a bachelor’s degree.

Are there particular accounting skills in high demand in the current job market?

In the current job market, several accounting skills are in high demand, such as the following:

1. Technology proficiency. Accounting professionals don’t need to have an online programming degree but they need a strong command of accounting software and spreadsheet tools to efficiently manage financial data, streamline processes, and ensure accuracy in financial reporting.
2. Data analysis. The ability to analyze large datasets is crucial. Proficiency in data analysis allows accountants to extract meaningful insights, identify trends, and make informed financial decisions.
3. Communication. Strong communication skills are essential for accountants to convey complex financial information clearly. This skill is valuable in interactions with both internal stakeholders and external parties.
4. Critical thinking. Critical thinking skills enable accountants to evaluate financial situations, identify potential issues, and make strategic decisions. This skill is vital for problem-solving and ensuring financial compliance.
5. Problem-solving. Accountants frequently encounter complex financial challenges. Strong problem-solving skills empower professionals to devise effective solutions, address discrepancies, and contribute to organizational success.

Are there specific considerations for international students pursuing a master of accounting degree in the U.S.?

For international students aspiring to pursue a master’s in accounting in the U.S., there are several key considerations. Admission requirements can vary among universities and degree programs, but common elements include the following:

1. Proof of English language proficiency. The TOEFL, available in both Internet-based (iBT) and paper-based (pBT) versions, stands out as the most widely accepted test for studying in the U.S. Prospective students are required to demonstrate English proficiency by achieving a minimum TOEFL score of 78 to 100 or an equivalent examination.
2. Academic prerequisites. These typically involve having a bachelor degree meaning a four-year undergraduate program or its international equivalent, with a minimum GPA set by the academic institution. Additionally, some programs may require applicants to have prerequisite coursework in accounting or business before admitting them.
3. Proof of professional experience. Some programs prefer or require applicants to submit a CV or proof that they have professional experience in accounting or a related field.
4. Letters of recommendation. Most programs have applicants submit letters of recommendation from professors or employers who can attest to the applicant’s academic abilities and professional experience.
5. Personal statement. A personal statement is a crucial component of a master’s program application, serving as a persuasive essay that allows applicants to present their motivation, preparation, goals, and uniqueness to the admissions committee. It provides an opportunity to express passion for the chosen field, highlight relevant academic experiences and skills, outline career aspirations, and showcase individual qualities that set the applicant apart from others.

How do master of accounting programs address ethical challenges in practice?

Master of Accounting programs are increasingly embedding comprehensive ethics training within their curriculum to prepare graduates for complex professional dilemmas. These courses focus on real-world applications of ethical decision-making, corporate governance, and compliance with evolving legal standards. Interactive case studies and practitioner-led workshops provide hands-on experience in identifying and resolving conflicts of interest, fraudulent practices, and cybersecurity risks. By integrating discipline-specific ethical frameworks, students enhance their ability to manage reputational and financial risks effectively. Some programs also incorporate elective modules that explore sustainable practices and transparency in financial reporting, further aligning academic studies with industry expectations. Additionally, practical certifications, such as the bookkeeper certification course, reinforce ethical competence alongside technical proficiency.

What is the return on investment for a master of accounting degree?

Evaluating the return on investment involves comparing the overall cost of the program with long-term career earnings and advancement potential. Graduates benefit from increased marketability, improved leadership roles, and access to specialized career paths that can offset the initial expense. Key considerations include tuition fees, opportunity costs, and the incremental salary uplift achieved through advanced competencies. Candidates are encouraged to assess program-specific metrics and industry trends to determine financial feasibility while exploring further guidance on specialization in accounting.

How are emerging technologies integrated into master of accounting programs?

Master of Accounting programs are increasingly incorporating specialized training to equip graduates with digital competencies essential for today’s rapidly evolving financial landscape. Curricula now feature dedicated modules on data analytics, blockchain applications, and artificial intelligence in audit practices, alongside hands-on exercises using advanced accounting software and cloud platforms. These initiatives ensure students can analyze complex datasets, support cybersecurity measures, and adapt to technology-driven regulatory shifts. For those evaluating cost-effective educational pathways, consider pursuing a cheap accounting degree.

What alternative career paths can a master of accounting unlock?

Graduates with a master of accounting can leverage advanced financial expertise to diversify their professional pursuits beyond traditional roles. They may transition into strategic management, risk advisory, consulting, or entrepreneurial ventures, where comprehensive analytical skills and global regulatory awareness are essential. This expanded scope enables professionals to assume leadership positions in multinational companies, governmental agencies, or niche sectors such as forensic investigations and sustainability reporting. For more insights on diverse opportunities, consider a career in accounting.

How does a master of accounting degree enhance your long-term earning potential?

Advanced graduate training in accounting not only sharpens technical and analytical skills but also positions professionals for roles with accelerated career trajectories and increased financial rewards. Master of Accounting graduates tend to secure leadership and specialized positions that command higher compensation packages, which is reflected in evolving market trends and competitive job markets. Additionally, comprehensive programs often integrate strategic decision-making and risk management courses that directly correlate with improved performance metrics, ultimately driving superior outcomes in overall remuneration. For further insights on top compensation trends, explore detailed data on accounting salaries.

What licensing or certifications are typically available for master of accounting graduates?

While a master’s in accounting may not be strictly required for certain certifications and licenses, it can substantially enhance your prospects and establish a robust foundation for success. Here are some of the popular options:

1. Certified Public Accountant (CPA). Passing the Uniform CPA Exam is necessary, covering diverse accounting areas. Some states require a master’s degree, although the majority only mandate 150 credit hours in accounting and business courses, along with work experience and ethics courses.
2. Certified Management Accountant (CMA). A master’s degree is not mandatory for the Certified Management Accountant (CMA) designation, but having one can offer an advantage and possibly lessen the work experience requirement. Obtaining the CMA designation requires passing the exam, which emphasizes financial planning and analysis.
3. Certified Internal Auditor (CIA). For the Certified Internal Auditor (CIA) designation, a Master’s degree is beneficial but not mandatory. The CIA exam evaluates internal audit principles, and certification requires two years of pertinent work experience.
4. Chartered Global Management Accountant (CGMA). This international designation concentrates on management accounting. While not mandatory, a master’s degree significantly bolsters your application for the CIMA Professional Qualification exams.
5. Certified Fraud Examiner (CFE). This is offered by the Association of Certified Fraud Examiners (ACFE) and is one of the most recognized credentials for fraud investigators. It involves passing the CFE Exam and adhering to a code of ethics.

How long does it take to complete a master of accounting program?

A Master of Accounting program typically ranges from 12 to 24 months. The duration depends on whether you choose a full-time, part-time, or accelerated program.

Full-time students can complete their degree in one to one and a half years, while part-time students may take up to two years or more, depending on their course load and work commitments. Some schools offer accelerated programs, which can be completed in as little as 12 months, ideal for those who want to enter the workforce quickly. However, the fast pace of accelerated programs may require a heavier workload each semester.

The duration may also vary based on whether you must complete prerequisite courses before beginning graduate-level coursework. Online programs often offer flexible pacing, allowing students to adjust their schedules based on personal and professional obligations. Ultimately, students should weigh their individual circumstances, such as work commitments and family responsibilities, when deciding the best timeline for completing their degree.

What are the potential challenges of pursuing a master of accounting degree?

Pursuing a master’s in accounting often involves a rigorous academic commitment that can be challenging when combined with work and personal responsibilities. Graduates may encounter a demanding curriculum that requires strong time management and persistent effort to master advanced technical topics. In addition, financial considerations remain a critical factor, as tuition costs and associated expenses might impact the overall return on investment, especially when weighing opportunity costs. Some candidates may also face uncertainties about career trajectory if market conditions shift or if the chosen specialization does not align with evolving industry demands. For those evaluating budget-friendly educational alternatives prior to committing to a graduate program, exploring a cheap associate's degree in accounting online can offer an accessible stepping stone without duplicating advanced coursework.

Which additional certifications can enhance a master’s in accounting career?

Advanced credentials can complement a master’s in accounting degree by underscoring specialized expertise and a commitment to continual professional development. Pursuing supplementary certifications—such as those in management accounting or auditing—can differentiate candidates in a competitive job market and broaden their practical knowledge base. For example, earning a certified bookkeeping professional certification may provide targeted insights into niche financial practices, further bridging the gap between academic learning and industry application.

Are there flexible scheduling options for master of accounting students with work obligations?

Balancing work and studies can be challenging, but master of accounting programs often have various flexible scheduling options:

1. Part-time programs. These allow students to spread their coursework over evenings, weekends, or online formats, providing the flexibility to maintain work schedules.
2. Accelerated programs. Ideal for those seeking a shorter timeframe to complete their degree, accelerated programs often involve more intensive courses per semester.
3. Modular programs. Instead of following traditional semesters, modular programs let students take courses in blocks or clusters, offering flexibility beyond the usual academic structure.
4. Online programs. For remote learning, online programs enable students to access materials on their own terms, making it convenient for managing work commitments.
5. Hybrid programs. Combining online learning with on-campus sessions, hybrid programs offer interaction with instructors and peers while minimizing disruptions to the workday.
6. Evening and weekend classes. These classes are scheduled outside standard work hours, allowing students to attend sessions without conflicting with their job responsibilities.
7. Asynchronous learning. Completing coursework at one’s pace within set deadlines, asynchronous learning provides flexibility within specific timeframes.
8. Independent study options. Some programs allow students to propose and pursue self-directed learning projects with guidance from faculty, accommodating individual work schedules.

How Master of Accounting Programs Are Adapting to Changes in Accounting Regulations

As accounting regulations evolve to meet the needs of a globalized economy and increasing digital transformation, master of accounting programs are adapting to ensure students are equipped with up-to-date knowledge and skills. Here’s how these programs are responding to regulatory changes:

• Incorporating New Standards and Laws: Accounting programs are regularly updating curricula to reflect the latest changes in accounting standards, such as GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards).
• Focus on Tax Law and Compliance: Given the frequent changes in tax legislation, many programs are emphasizing courses on tax law, regulatory compliance, and international tax rules to ensure students are prepared for a constantly shifting landscape.
• Integration of Technology in Compliance: Programs are increasingly offering courses in technologies like blockchain and AI that are transforming regulatory compliance and accounting practices. Understanding these tools is crucial for staying ahead in the profession.
• Dedicated Courses on Ethical Standards: With evolving regulatory demands, ethical accounting practices are a key focus. Many programs now offer specialized courses that address the latest ethics codes and regulations governing financial reporting.
• Flexibility in Program Formats: To accommodate working professionals looking to stay current, many schools are offering accelerated career programs that allow students to quickly adapt to changes in regulations while continuing their careers.
• Preparation for Certifications: Accounting programs are integrating content that helps students prepare for certification exams such as the CPA (Certified Public Accountant), CMA (Certified Management Accountant), and other relevant credentials, all of which require knowledge of the latest regulations.
• Real-World Case Studies: Programs are incorporating up-to-date case studies that reflect recent regulatory changes, helping students understand how real businesses are navigating complex compliance issues.

By staying aligned with regulatory changes, master of accounting programs ensure that graduates are not only compliant but also equipped with the skills to thrive in a rapidly changing accounting environment.

What are the benefits of accelerated accounting degree programs for career growth?

An accelerated accounting degree program offers a fast track to achieving professional milestones, providing unique advantages to students who aim to balance education with career progression. These programs allow students to complete their degrees in a shorter time frame without compromising the quality of education, enabling quicker entry or advancement in the workforce.

For example, many professionals utilize accelerated programs to fulfill the 150-credit hour requirement for CPA certification, which can enhance earning potential and open doors to senior roles such as auditors or financial analysts. Additionally, some programs integrate industry-relevant skills such as advanced financial reporting and data analytics, equipping graduates to excel in high-demand specializations like forensic accounting or international taxation.

For individuals exploring flexible and swift educational pathways, online accelerated accounting degree programs are an excellent option. These programs cater to working professionals by offering asynchronous classes and reduced semester lengths, ensuring learners can manage their commitments effectively while gaining a competitive edge in the job market.

By investing in an accelerated program, students position themselves for success in a rapidly evolving field, achieving both immediate and long-term career benefits.

Other Things You Should Know About Master of Accounting Cost and Job Opportunities

Does a masters in accounting increase salary?

Yes, obtaining a master’s in accounting can lead to an increase in salary. Many employers recognize the advanced knowledge, skills, and specialization that come with a master’s degree, and individuals with a master’s in accounting often qualify for higher-level positions that command higher salaries compared to those with only a bachelor’s degree or those with online accounting certificate courses.

Is a master’s in accounting equal to a CPA?

While a master’s in accounting and CPA certification are related, they are distinct. A master’s degree provides advanced education and a strong foundation in accounting principles, whereas a CPA is a professional certification obtained by passing a standardized exam and does not generally require a graduate degree in accounting to qualify. Individuals often pursue both to enhance their expertise and career prospects.

What are the top three industries that employ accountants?

Accountants find employment across various industries, but the top three that consistently employ them are finance and insurance, government agencies, and corporate businesses. Financial institutions often require accountants for regulatory compliance, government agencies need accountants for public finance management, and corporations rely on them for internal financial operations and strategic decision-making.

Which accounting specializations are in high demand and can potentially lead to better career opportunities?

Specializations such as forensic accounting, data analytics, and international taxation are in high demand and offer excellent career opportunities. Forensic accountants investigate financial irregularities, data analysts use their skills for informed decision-making, and experts in international taxation are crucial in the global business landscape. These specializations align with evolving industry needs, enhancing career prospects for accounting professionals.

What networking opportunities are available in Master of Accounting programs in the U.S.?

For potential Master of Accounting students in the U.S.:

• Networking opportunities in master of accounting programs include:
  • Industry events and guest lectures where students can interact with professionals and experts.
  • Alumni networks that offer connections to graduates working in various accounting roles.
  • Internship and job placement programs that facilitate networking with potential employers.
• These networking avenues can lead to:
  • Mentoring relationships with experienced professionals.
  • Access to job openings and career advancement opportunities.
  • Industry insights and knowledge sharing that enhance professional development.
• Building a strong network can significantly boost career prospects and open doors to diverse roles in the accounting field.

How do accounting programs prepare students for careers in financial analysis and auditing?

Accounting programs provide comprehensive training in financial analysis and auditing, essential for various career paths. Students learn to interpret financial data, assess risks, and ensure compliance with regulations. This prepares them for roles such as financial analysts, auditors, or forensic accountants, where they analyze financial statements, conduct audits, and detect financial irregularities. The curriculum covers topics like taxation, financial reporting, and accounting principles, equipping students with the skills needed to excel in accounting and finance roles across industries. Additionally, hands-on projects and internships offer practical experience, enhancing students' readiness for the dynamic demands of the accounting profession.

What advanced technical skills can I expect to develop in a master’s in accounting program?

In a master's in accounting program, students can expect to develop advanced technical skills that are crucial for a successful career in accounting. These skills include proficiency in advanced financial reporting and analysis, auditing techniques, and tax planning and compliance. Students will also gain expertise in the use of accounting software and information systems, such as ERP systems and data analytics tools, which are essential for managing and interpreting financial data. Additionally, the program often includes training in forensic accounting, risk management, and strategic financial management. These advanced skills prepare graduates to handle complex financial scenarios and make informed decisions that drive business success.