Is Earning a Master’s in Accounting Worth It?

In the realm of higher education and career advancement, the pursuit of specialized degrees often sparks debates over their value and return on investment. Among those who aspire to become accountants, some may wonder if a graduate degree is worth the time, effort and financial investment.  

The need for accountants is reflected in federal data that shows a projected increase in the number of accounts over the next decade. According to the U.S. Bureau of Labor Statistics (BLS), roughly 126,500 job openings for accountants and auditors are projected each year, on average, with many of those openings being a result of workers who transfer to other occupations or retire from the workforce. The BLS also reported that the median annual wage for accountants and auditors was $79,880, as of May 2023. The highest 10% in the profession have reported earning more than $137,280. 

With that said, is earning a master’s degree in accounting worth it? Fortune writes: “while the field may not get as much recognition or experience big booms like other industries, the need for qualified accountants is a steadfast necessity.”  

Earning a Master of Science in Accounting can help prepare professionals for roles at the highest level of this critical profession. 

Why is a Master’s in Accounting Worth It?

Accounting is at the heart of every type of organization. Individuals who decide to pursue a master’s in accounting prepare themselves to enter a field that continues to have a need for qualified professionals. That’s why accounting tends to attract people with a proclivity for math and a desire to work in a stable profession. According to May 2023 data from the BLS, roughly 1.4 million people nationwide are employed as accountants or auditors.  

Professionals can work in a variety of economic sectors, ranging from global corporations and small businesses to government agencies and nonprofits. The highest concentration of employment of accountants and auditors comes from the following industries, per the BLS:   

• Accounting, tax preparation, bookkeeping, and payroll services – 31% of industry employment 
• Other investment pools and funds – 8% 
• Land subdivision – 5% 
• Office administrative services – 4% 
• Oil and gas extraction – 4% 

Traditionally, a bachelor’s degree in accounting suffices for entry-level positions. However, as the accounting profession becomes increasingly competitive and complex, many professionals opt to pursue advanced degrees to enhance their credentials and marketability.  

Some of the key considerations for those deciding if a master’s in accounting is worth it include the following: 

Career Advancement Opportunities in Accounting

A master’s degree in accounting can help enhance career prospects by opening doors to higher-level positions and specialized roles. Some employers may prefer candidates with advanced degrees for managerial and executive positions, offering increased responsibility and higher salary potential. For those with a desire to reach a senior-level accounting position, a master’s program offers technical knowledge and exposes professionals to new developments in the profession, providing an advantage over their entry-level colleagues. 

Professional Certification Requirements

For those who desire to become certified as a Certified Public Accountant (CPA), a master’s degree may fulfill the 150-semester hour educational requirements to become a licensed CPA.* The BLS states that earning certification “provides an advantage in the job market because it shows professional competence in a specialized field of accounting and auditing.” 

By streamlining the path to CPA licensure, a master’s degree could help fast-track career progression and increase earning potential. 

Specialized Knowledge and Skills

Advanced accounting programs often offer specialized coursework and training in areas such as taxation, auditing, financial reporting and forensic accounting. This specialized knowledge equips graduates with the expertise needed to excel in niche areas of accounting and finance, making them valuable assets to employers. 

Networking and Professional Development

Pursuing a master’s in accounting provides opportunities for networking with industry professionals, faculty members and fellow students. These connections may help pave the way to internships, job opportunities and mentorship, enriching the educational experience and fostering professional growth. 

Evaluating the ROI of an Accounting Master’s Degree 

Determining the worth of a master’s in accounting requires a comprehensive evaluation of the potential benefits and costs associated with pursuing the degree. It’s essential to balance the cost of education with the long-term value in terms of career advancement, earning potential and professional fulfillment. 

Potential students should assess their career goals and aspirations to determine whether a master’s in accounting aligns with their objectives. Those who want specialized roles or CPA licensure may find that the degree enhances their professional prospects and opens new opportunities. 

Online career site Zippia writes that these calculations will lead most prospective accounting students to the same conclusion. “A master’s in accounting can increase pay and boost your opportunities for different career paths. Generally, the higher positions in accounting require the additional specialization and skill that comes with completing a master’s in accounting,” Zippia states. 

Earn an Online M.S. in Accounting

Eastern’s Master of Science in Accounting is designed for current accountants who want to take the next step in their career by earning a master’s degree, as well as those in other professions who want the skills and knowledge needed to make a transition to accounting. The program’s curriculum covers topics that include auditing, taxation, assurance and international operations. Graduates are prepared to take on accounting roles at public accounting firms, local and state governments and not-for-profit organizations. 

**All states require CPA candidates to have 150 semester hours of college coursework to be licensed. Additional requirements for earning a CPA license may vary by state. Prospective students should conduct independent research of their state or jurisdiction requirements for the most current information.