The field of accounting is renowned for its career stability and financial potential. Many ambitious accountants aim to earn a master’s degree in accounting to boost their expertise, skills and earning capacity.
How Much Do Accountants Make with a Master’s Degree?
One of the most enticing aspects of pursuing a master’s degree in accounting is the promise of higher earnings. Accountants who hold a master’s degree typically earn higher salaries compared to those with only a bachelor’s degree. According to data from the U.S. Bureau of Labor Statistics, the median annual wage for accountants and auditors was $73,560 in 2020. However, those with advanced degrees often earn significantly more, frequently making over six figures.
The exact salary amount can vary depending on factors such as geographic location, years of experience and the specific role within the accounting profession. Senior-level positions, such as certified public accountants (CPAs) or finance managers, often require or prefer candidates with a master’s degree. This can translate to even higher earning potential.
Do Accountants Need a Master’s Degree?
While a master’s degree in accounting can certainly boost your earning potential and career prospects, it is not an absolute necessity for all accountants. Many professionals start their accounting careers with a bachelor’s degree and progress by accumulating experience, obtaining industry certifications (e.g., CMA or CIA) and participating in continuing education.
However, a master’s degree can be a strategic move if you want to:
- Satisfy education requirements for certification
- Pursue senior management or executive positions in prominent organizations.
- Transition into teaching accounting at the university level
- Enhance your knowledge and skills to remain competitive in an industry that is rapidly evolving
In summary, a master’s degree is not mandatory for all accountants, but it can undoubtedly be a valuable investment in your future, depending on your career goals and aspirations.
How Many Years Is a Master’s Degree in Accounting?
A typical master’s degree in accounting, often referred to as a Master of Science in Accountancy (MSA) or Master of Accountancy (MAcc), usually takes around one to two years to complete. The exact length depends on the specific program and your enrollment status. Part-time programs may extend your timeline, while accelerated options can enable you to earn your degree in as little as one year.
The curriculum of a master’s degree in accounting typically covers advanced accounting principles, taxation, auditing, financial management, ethics and other fundamental topics. Additionally, many programs prepare students to sit for the CPA exam, which is often required for certain high-level accounting roles.
Why Boise State’s Master of Science in Accountancy is Right For You
Boise State University’s online Master of Science in Accountancy offers a flexible and convenient path to earning your degree. This program is thoughtfully designed to accommodate working professionals, allowing you to balance your studies with your career responsibilities. By choosing Boise State’s master’s degree in accounting, you can experience the advantages of a top-tier education while advancing your career in this dynamic field.
Don’t miss out on the opportunity to unlock your full earning potential and career growth. Take action today by applying to Boise State University’s online Master of Science in Accountancy and start your journey towards a successful and prosperous career in accounting.