Master’s Degrees

Online master’s degrees in accounting are ideal for individuals seeking to continue their education beyond a bachelor’s degree and acquire more knowledge in the field. In most states, they also help to satisfy the 150 credit hour requirement to apply to become a certified public accountant (CPA). There are many benefits associated with this degree, including more professional opportunities and higher pay.

Master's Degree Breakdown

Accounting programs vary from school to school, but most master’s degrees generally consist of 30 to 60 credit hours. Full-time students can expect to complete their coursework in about two years. There are, however, a number of “fast track” programs available that can be completed in as little as a single year. This is especially true for those who already have a bachelor’s degree in accounting, as some master’s level course requirements may be waived.

The cost of online master’s degrees in accounting also varies drastically. Students can pay as little as $6,000 in tuition at lesser-known colleges and universities, or as much as $25,000 at more prestigious institutions. It’s important to find a program that suits both your educational needs and your budget.

While most institutions require candidates to have a bachelor’s degree in accounting before granting admittance, some online universities and colleges admit students who agree to take additional prerequisite courses. This can increase the timeframe for completion, but does offer options for those with unrelated bachelor’s degrees.

Individuals interested in enrolling in an online master’s degree program may also need to complete the Graduate Record Examination (GRE). This is a four-part, standardized test required by most graduate programs. If the GRE is not required, the Graduate Management Admission Test (GMAT) may be. This exam focuses more on analytical writing, integrated reasoning, quantitative reasoning, and verbal reasoning. Always check your specific institution’s admittance requirements, however, as the GRE or GMAT requirement can sometimes be waived for students with high undergraduate GPAs and, or professional experience in accounting.

Reasons to Get Your Online Master’s in Accounting

1. Benefits of earning a master’s degree

• Access to financial careers in nearly any industry

• Better understanding of accounting basics, as well as core financial and managerial accounting techniques designed to meet client demands in an ever-changing economy

• Advanced professional qualifications

• Improved career advancement opportunities

• Increased earning potential

Additionally, many states require CPA candidates to attain an accounting degree, as well as complete a minimum of 150 semester hours. Most undergraduate accounting programs consist of only 120 semester hours, meaning that if you intend to become a licensed CPA you will need to take additional, higher-level accounting and businesses courses. Obtaining a master’s in accounting will help to satisfy CPA certification requirements.

2. Benefits of earning your master’s online

• Flexibility to complete program requirements at any pace and from any location

• Access to highly-reputable colleges and universities regardless of residency

• Ability to work professionally without courses interfering with responsibilities and scheduling

• Around-the-clock access to professors who make responding to questions quickly a priority

• Reduced tuition costs and resulting student debt

One of the biggest benefits of choosing to earn your master’s in accounting online, however, is the ability to access specialized accounting programs anywhere in the nation without relocating. You will have your pick of institutions, programs, and courses, making it easy for you to tailor your educational experience to your professional goals.

It’s also worth noting that some colleges and universities don’t differentiate between degrees earned traditionally and online. In cases like this, students can expect to receive the same diploma, regardless of the method by which they completed the coursework. Keep this in mind while selecting your program, as some potential employers may not immediately view an online degree as equally credible to traditional degrees.

Career Outlook

According to the Bureau of Labor Statistics Occupational Outlook Handbook, accountants and auditors can expect to see employment growth of 10 percent before 2026. This is faster than any other occupation, making it an optimal professional career choice. Job growth in this field is likely due to healthier economic conditions, more complex financial regulations, and business globalization. Licensed CPAs and those who have attained a master’s degree in accounting or a master’s degree in business administration (MBA) with a concentration in accounting may be at an advantage as the job market continues to grow.

The Bureau of Labor Statistics also reported that most accountants and auditors hold full-time positions, with one out of five working more than 40 hours a week. Overtime is, however, common during tax season.

While almost every field has a need for financial specialists, the largest employers of accountants and auditors are auditing, tax preparation, bookkeeping, and payroll services, as well as government, finance and insurance companies, and business management enterprises. Many accountants and auditors are also self-employed.

Accountants usually function full time jobs in a workplace setting, alone or in teams, for business in audit, tax obligation preparation job, accounting as well as payroll solutions, money as well as insurance policy, as well as also federal government. According to BLS information, accounting professionals made a normal mean wage of $70,500 in Might 2018, throughout positions that included public accountants, monitoring bookkeeping experts, interior in addition to exterior auditors, and additionally information technology auditors.

Feasible students need to take right into consideration whether such needs match their present specialist devotions and occupation objectives. Pupils without a history in audit, for example, may look for the experience of an internship.

Going back to organization for a master's in audit online is a huge action, both monetarily as well as also in regards to personal time commitment. Nonetheless, a level in bookkeeping makes for a strong framework for future auditors, experts, along with top executives. The Bureau of Labor Data (BLS) tasks these jobs to raise by 7-11% over the next few years.

While a master's degree is not a demand to relax for the state-licensed accountant (Certified Public Accountant) assessment, students can seek this credential to enhance their profession opportunity. In enhancement, universities frequently utilize boosted program styles that allow trainees to gain both their bachelor's as well as master's in accounting concurrently. In these programs, pupils uncover the information legal specifications of accounting and also tax coverage along with can end up being qualified in a know-how like indoor bookkeeping, tax responsibility regulation, or economic analysis.

With a program's online system, pupils can get in touch with professors as well as energised bookkeeping experts and likewise build a community in between schoolmates as well as likewise college groups. An institution's occupation solutions in addition to teaching fellowship sources better establish your professional circle. A master's in bookkeeping commonly takes in between 9 months in addition to two years to complete. The difference in dimension depends greatly on your prior accountancy or math experience, the moment dedication you can commit to the degree, as well as whether you pick an expedited program.

These training courses right endure degree training courses on tax obligation insurance coverage and auditing, advanced financial data analysis, in addition to ethics of forensic accountancy. Solid book-keeping master's levels prepare trainees to come to be certified public accountants by passing the Certified Public Accountant examination. Supplied by the American Institute of Qualified Public Accountants, the assessment involves 4 examinations, each taking a maximum of 4 human resources to finish.

Salary Outlook

According to the Bureau of Labor Statistics Occupational Outlook Handbook, accountants and auditors made a median annual salary of $69,350 in 2017. While 10 percent earned less than $43,020, top-tier accountants and auditors earned wages in excess of $122,220. Salary will vary drastically depending on job type, as well as professional and academic qualifications. Acquiring a master’s in accounting will qualify you for higher-level positions and, as a result, likely increase your annual take home pay.

Curriculum Expectations

While every educational institution and accounting program will differ slightly, there are some general curriculum expectations you should be aware of. Commonly, you will be expected to complete a certain number of foundational, core, and elective courses. Additionally, many institutions require certain coursework to be completed prior to enrollment. These classes usually consist of field basics, like introduction to accounting, financial accounting, taxation, statistics, microeconomics, macroeconomics, business law, and some level of mathematics.

Importance of Accreditation

When comparing online masters in accounting programs, one of the most important aspects to consider is the institution’s accreditation status. All colleges and universities can be accredited by regional, national, or specialized U.S. Department of Education agencies. Generally, you should give preference to institutions that are regionally accredited, as this accreditation process is much more extensive and rigorous.

Choosing an Online Master’s Accounting Program

Picking the right online master’s accounting program is important, especially if you plan to pursue licensure as a CPA. Don’t rush the decision; take all the time you need to assess which college or university will match your educational background and future career plans. Factors you should consider are:

• Accreditation status

• Available resources

• Completion timeframe

• Concentration availability

• Cost

• Course selection

• Prerequisites

• Technical support

Questions to ask before enrolling

To ensure you enroll in an online institution that will meet your specific needs, ask yourself these questions:

• Do I have the right educational background to qualify for admittance into this accounting program? If not, can I take the prerequisite courses now?

• Can my professional work experiences count toward prerequisite requirements?

• Will the program help me reach my career goals?

• Does the curriculum match my experiences and, or special interests?

• Are degree concentrations available and do they fit my career objectives?

• Is the institution accredited by an agency that is pre-approved by my state’s board of accountancy?

• Will the coursework meet my state’s CPA requirements?

• Are financial aid options available for graduate students through the institution or will I need to apply for scholarships from outside organizations?

• Is there a difference between in-state and out-of-state tuition for online master’s program candidates?

• What learning formats are available? Will the courses be taught online only, or are there some on-site requirements that must be met prior to graduation?

• Does the curriculum help me prepare for the Uniform CPA Examination?

• Can I enroll as a part-time student, or will I need to be enrolled in courses full-time?

• Are evening and weekend courses available so as not to interfere with my current work schedule?

• How long will it take me to complete this degree program and will my credits expire over time?

• Am I expected to pay my tuition per credit hour, per year, or in a lump sum prior to taking my classes?

• Does the school have a continuing education program to obtain a doctorate accounting degree?