What Can You Do With a Master’s in Accounting?

Accountants who aspire to leadership roles, including as a Certified Public Accountant (CPA), can benefit from the skills and knowledge learned in a graduate accounting degree program. Earning a master’s degree helps you qualify for leadership positions and other decision-making roles such as planning an organization’s financial strategy. 

Earning a Master of Science in Accounting allows graduates to better understand the financial tools, control processes and operational structures of a business. It’s a critical step toward achieving a leadership role in accounting. 

Is Pursuing a Master’s in Accounting Worth It? 

The skills learned in a master’s in accounting program allow graduates to better understand how to effectively categorize thousands of business transactions and operational metrics and turn them into decision-making information. 

Salary potential also increases for those who earn a graduate degree. Financial managers, for example, earn an average annual salary of $156,100 nationwide, with the top 10% of salaries in the profession reaching more than $239,000, according to the U.S. Bureau of Labor Statistics.  

A master’s degree can also prepare graduates to adapt to the latest trends in accounting. These might include working with blockchain, applying an agile methodology to accounting operations, and incorporating a greater focus toward sustainability. 

Skills Learned in an Accounting Master’s Program 

By earning an accounting master’s degree, graduates hone skills that leaders need in a modern financial management position. This includes: 

• Advanced functional accounting knowledge: Graduate students learn the concepts, theories and practices for accounting information systems and financial reporting, assurance service, accounting for governmental and not-for-profit organizations, international accounting and taxation.
• Digital tools and emerging technology: Students learn how to manage and interpret data using a range of software applications. They also develop a deep understanding of relevant accounting data, as well as how to interpret data and use it to tell an effective story.
• Critical thinking: Students learn to identify and analyze complex technical information, allowing them to reach well-reasoned conclusions about accounting issues.
• Strategic planning skills: Accounting leaders have acquired the knowledge to make data-driven strategic plans that result in better business performance. Students within a master’s in accounting program will learn how to use financial budgeting and modeling to help drive strategy across an organization.
• Professional responsibility: Graduates leave the program with a deep understanding of the professional responsibilities and ethical standards of the accounting profession. 

Students also develop skills that The CPA Journal calls crucial to success in a management position. These include an understanding of how to build and manage successful teams. 

Potential Careers for Accounting Majors 

Professionals who earn a graduate degree in accounting can follow a variety of career paths, some of which can include the following.  

Chief Financial Officer (CFO) 

The pinnacle of many accounting careers is the role of Chief Financial Officer (CFO). With a master’s in accounting, you can gain the education and expertise to ascend to this executive-level position, which is responsible for overseeing an organization’s financial strategy, reporting and overall fiscal health. CFOs play a key role in shaping an organization’s financial policies, driving growth initiatives and communicating financial performance to stakeholders. 

Certified Public Accountant 

One of the most traditional and sought-after paths for professionals with a master’s in accounting is becoming a Certified Public Accountant. A CPA is a licensed accountant who has met specific educational and professional requirements, including passing the CPA exam. CPAs often work in public accounting firms, providing auditing, tax, and consulting services to clients. 

Corporate Controller 

Controllers are responsible for overseeing an organization’s financial reporting, budgeting and accounting operations. They play a pivotal role in decision-making by providing financial insights and ensuring compliance with regulatory standards. This position offers a blend of strategic thinking and hands-on financial management, making it an attractive option for those seeking a dynamic and stimulating career. 

Forensic Accountant 

For those with a keen interest in combining financial acumen with investigative skills, a career in forensic accounting awaits. Forensic accountants specialize in examining financial records to detect fraud, embezzlement and other financial irregularities. This role is crucial in legal proceedings, as forensic accountants often serve as expert witnesses and assist in the resolution of financial disputes. 

Financial Analyst 

Financial analysts evaluate financial data, study market trends and provide insights to help organizations make informed business decisions. This role is prevalent in various industries, including banking, investment firms and corporate finance. 

Internal Auditor 

Internal auditors play a critical role in ensuring that an organization’s internal controls and processes are effective, efficient and compliant with regulations. This position is ideal for individuals with a master’s in accounting who enjoy assessing risk, identifying areas for improvement and providing recommendations to enhance organizational performance. 

Management Consultant 

A master’s in accounting can open doors to careers in management consulting, where professionals advise organizations on strategic and operational matters. Management consultants with an accounting background bring financial expertise to the table, helping businesses optimize their financial processes, improve performance and navigate complex regulatory environments. 

Start Toward a New Career Path with a Master’s in Accounting 

At Eastern Connecticut State University (Eastern), the online M.S. in Accounting helps students prepare for these career opportunities and other accounting-related professions. As with Eastern’s other online graduate programs, the accounting program is designed for adult learners. For students who choose to follow a career path toward a CPA, the program helps satisfy the 150-semester hour education requirement for taking the CPA certification exam or becoming a licensed CPA*.  

Eastern’s 30-credit hour accounting program is designed for accountants who aspire to take the next step in their career, as well as professionals who want to enter the accounting profession. Coursework covers a wide range of topics, including auditing, taxation, assurance and international operations. Graduates are prepared to work for local and state governments, not-for-profit organizations, financial institutions or public accounting firms. 

*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. 

National long-term projections may not reflect local and/or short-term economic or job conditions, and do not guarantee actual job growth. The information provided is not intended to represent a complete list of hiring companies or job titles, and program options do not guarantee career or salary outcomes. Students should conduct independent research for specific employment information.