After receiving an undergraduate degree in accounting, business, or finance and working in the field for a few years, individuals often ask should I get my Masters in Accounting? There are a few things to consider. The US Bureau of Labor Statistics (BLS) projects growth in the accounting field, specifically for the need for accountants by businesses and governmental agencies to keep finances in order. The BLS has projected a 10% growth through 2026.
One of the benefits of Masters in Accounting study is that it can count as continuing education requirements that must be met to renew certifications such as a Certified Management Accountant (CMA). Obtaining a Master’s in Accounting online is a great way to add an advanced degree to the resume and also counts towards continuing education.
What’s the Difference in Salary for a Master’s in Accounting vs MBA?
When thinking about an advanced degree, students often wonder if they should pursue an MS Accounting vs MBA. A Master of Business Administration (MBA) is intended to create holistic professionals in business. A professional with an MBA would be expected to go into management and leadership in some capacity. MBA programs also focus heavily on economics and finance, with mathematics courses dedicated to statistics.
A Master’s in Accounting, on the other hand, is intended for individuals with an undergraduate degree in that area to dive deeper and get more concentrated knowledge about specific areas of accounting.
When considering in which direction to go the CPA vs MBA salary question is one that can’t be ignored. The business administration vs accounting salary is drastically different. According to Payscale, the median salary for someone in business administration is about $85,000, while the average salary for someone in accounting is around $67,000. The MBA vs MAcc starting salary is also different with MBA starting around $85,000 and MAcc starting around $69,000. The CPA and Masters in Accounting salary is fairly comparable with both of their median salaries being around $100,000.
What Jobs Are Available for a MAcc Graduate?
There are many Masters in Accounting jobs available to recent graduates. A graduate could get a job as an auditor, who inspects financial records and checks for accuracy.
A financial analyst job is also available to recent graduates. A financial analyst determines the financial health of an organization and guides investment decisions.
Other Master of Accounting jobs are a forensic accountant, or a managerial accountant. A forensic accountant investigates fraud and uses auditing skills to be an expert on legal matters in a court. A managerial accountant plans and prepares financial reports for internal employees.
Other jobs for Masters in Accounting graduates are a corporate controller, or chief financial officer (CFO). A corporate controller supervises the accounting department in an organization and oversees financial strategies. CFO’s implement revenue strategies and access the financial risks and opportunities of an organization.
What Are the Salary Expectations for Master’s in Accounting Graduates?
According to Payscale.com, the Master of Science in Accounting salary for an individual who is an accountant will earn about $68,150. This is the median for someone with a Masters in Accounting salary. The range of earnings for an accountant with a Master’s is usually between around $52,000 to $135,000. The more experience on has, the higher the salary will go. An MS Accounting salary for someone right out of school is most likely going to be around $60,000.