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Accounting is a complex field that requires extensive training. A master’s in accounting prepares you for leadership positions and provides opportunities to pursue specialties within the field. Accounting professionals also enjoy a high level of job security since taxes are inevitable and organizations always need financial oversight and support. Read on to learn about how a master’s in accounting program can benefit your career. What Does a Master’s in Accounting Entail?Students pursuing a master’s in accounting may already have an undergraduate degree in accounting or business. Alternatively, they might be looking for a career change. Master’s in accounting programs prepare learners for managerial positions and specialized careers. Common specialties in the field include forensic accounting, auditing, tax accounting and the ever-growing fields of international and environmental accounting. Accounting students also learn to navigate complicated legal requirements, compliance and risk analysis. Most programs take one to two years to complete depending on credit requirements and students’ enrollment status. Many schools also offer online learning opportunities to accommodate students’ schedules and employment and to increase accessibility. The skills acquired during master’s in accounting programs provide a competitive edge in the job market. A top reason to pursue a master’s in accounting program is to fulfill education requirements for the Uniform CPA Examination. The certified public accountant (CPA) designation can increase your earning potential and demonstrate that you are among the best in your profession. Master’s in Accounting Admission RequirementsCommon admission requirements for master’s in accounting programs include an undergraduate degree, reference letters, a personal essay or statement and relevant experience. If your bachelor’s degree is not in accounting or a business-related field, you may have to complete prerequisites to demonstrate your interest and aptitude for a numbers-centric career. Some programs also require the Graduate Management Admissions Test (GMAT). Unlike the GRE, which only covers general education topics, the GMAT is designed for business programs. The GMAT covers analytical writing and integrated, quantitative and verbal reasoning. Even if your program doesn’t require applicants to submit test scores, a high GMAT score can help you stand out during the application review process. Common Master’s in Accounting CoursesGraduate-level courses in accounting cover two primary themes: learning and doing. Expect to study the history and theory behind accounting processes. Accounting students also create reports, tax documents and advanced audits to elevate their skills. Below are a few examples of courses you might take during a master’s in accounting program. Accounting, Audit and Assurance RegulationThis course explores auditing and assurance regulation, teaching students the ins and outs of inspecting an organization’s finances to ensure compliance and assess or identify risk. Preparing external reports is central to an auditing course, as are communication skills. Data Analytics for Professional AccountantsData analytics is increasingly important to the field of accounting. More and more accounting positions require candidates to have a firm grasp of statistical programs and data visualization. A course in data analytics for accountants focuses on using analytics tools and converting accounting information into datasets and reports for stakeholders and clients. Advanced Financial Statement AnalysisCompliance rules the accounting world, which makes a course on advanced financial statement analysis an invaluable aspect of a graduate program. This course teaches you how to analyze all aspects of a statement in-depth, Generally Accepted Accounting Principles (GAAP) standards, and statements for multi-entity business ownership. Business Ethics and Law for AccountantsA field in which money plays a central role calls for a firm understanding of business ethics and law. Accounting is a highly regulated field, which means professionals must be prepared to respond to issues of law and ethics. This course teaches tried-and-true methods for navigating ambiguous situations, legal principles and regulations and reasoning skills. A firm understanding of ethics is essential for advancing in managerial and leadership positions in accounting. Careers with a Master’s in AccountingA master’s in accounting opens the door to careers in the world of auditing, financial planning and digital forensics. The following are career paths you might pursue with a master’s in accounting. Accounting ManagerAverage Annual Salary: Accounting managers can earn about $76,000 per year. Financial AnalystMedian Annual Salary: $81,410 AuditorMedian Annual Salary: $77,250 Tax AccountantMedian Annual Salary: $77,080 Beyond preparing and submitting information, tax accountants also devise tax strategies and develop asset management and financial strategies. They may work for themselves, for accounting firms or within organizations as part of in-house accounting teams. Finance ManagerMedian Annual Salary: $131,710 Frequently Asked Questions about AccountingWhat is the highest paying job in accounting?Financial managers and controllers—people who supervise all accounting operations within an organization—often hold the highest-paying jobs in accounting. That said, salary depends on location, industry and years of experience in the accounting field. Is a master’s in accounting enough for a CPA?Becoming a certified public accountant (CPA) entails 150 credits. An undergraduate degree fulfills approximately 110-120 credits, so many individuals also pursue a master’s in accounting to qualify to satisfy the education requirements. Which is better, an MBA or a CPA?Whether you pursue an MBA or a CPA comes down to your career goals and preferences. An MBA prepares learners to manage people and understand a variety of business practices. To dive deep into numerical and financial analysis, consider a master’s in accounting as preparation for becoming a CPA. Is Masters accounting valuable?A master's degree in accounting can lead to higher-level positions with higher-paying salaries. With a master's degree in accounting, you'll be prepared to advance to management and leadership positions, including the following positions that pay median six-figure salaries: Forensic Accountant: $100,100.
Is accounting hard to master?Getting your degree in accounting really isn't any more difficult than any other potential field of study. Just like any other program, you'll run into some elements of accounting that are complex, but you may also find some of it to be relatively intuitive, or even easy.
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