How to Get a Master’s in Accounting: A Step-by-Step Guide

A master’s degree in accounting is a graduate degree that includes advanced courses on the history, theory and practical applications of accounting. Although you can prepare for an accounting career with just a bachelor’s degree, a master’s degree can qualify you for more specialized or leadership roles.¹

This blog post will cover what you can expect from an accounting master’s program and how to get your degree.

You can further your career in accounting with either a Master of Accounting (MAcc) or a Master of Business Administration (MBA) degree. An MBA will focus on general business skills, such as strategic planning, finance, marketing and management. An MAcc will focus more on technical accounting skills. You’ll still learn a lot about high-level business strategy, but it’ll be through the lens of accounting.²

You can also choose to study specialized areas of accounting during your MAcc program. These industry-specific fields include the following:³

• Financial accounting: Tracking all of the money that flows into and out of a business, particularly for the purpose of financial reporting
• Management accounting: Helping a business make informed decisions based on a high-level view of its finances
• Forensic accounting: Examining and investigating potentially fraudulent transactions
• Tax accounting: Calculating and paying the taxes that individuals or businesses owe to tax authorities
• Auditing: Examining and verifying financial information to determine its accuracy and compliance with applicable regulations

You’ll get the most out of your degree if you set your career goals first and pick the program that most closely aligns with them. Consider the direction in which you want to take your career, such as whether you want to focus on technical proficiency, strategic advancement, compliance training or networking. Compare different programs in light of your priorities to find one that will help take your career in the direction you want to go.⁴

You should also consider what graduate accounting program format will work best for you. If you plan to keep working while you obtain your master’s, you might opt for an online or part-time program. If you can take a break from your current job, you might want to look into a full-time program. Online programs typically offer the most flexible and affordable options.

Requirements will vary by program, but you’ll need to have completed your bachelor’s degree and the relevant coursework. If your bachelor’s degree was in a completely unrelated field, you may have to complete some prerequisite courses before you can start working toward your master’s degree.

Some programs require a minimum score on the Graduate Management Admission Test (GMAT) or the Graduate Record Exam (GRE). However, such tests may be optional for other programs. You may also need letters of recommendation from former professors or managers.

Many accounting master’s programs accept both the GRE and the GMAT for admissions purposes. Which one you should take will depend on your strengths. The GMAT is the traditional choice for graduate business programs, but most accept the GRE as well.⁵

If your undergraduate degree is from an accounting- or math-focused program, you may do better on the GMAT. However, if your undergraduate degree is in humanities or you’re weaker with quantitative skills, you might do better on the GRE.⁵

The accounting master’s program you choose will have a significant impact on your future career prospects. Look for a program that’s accredited and offered by a respected university. You’ll want a program that’s taught by industry leaders with a strong reputation. However, along with academic excellence, don’t overlook the importance of finding a program that has extensive support services and a career center that can help you land a position after you graduate.

Although a graduate accounting program can increase your earning potential and further your career progression, the cost of attendance can be a deterrent. Financial aid and scholarships can make these programs more affordable, and a one-year master’s in accounting can lower the overall cost of attendance compared to longer programs. Generally, loans are available through the Federal Direct Loan Program or through private lenders. You may also be eligible for employer tuition assistance through your current workplace.

Your undergraduate GPA and test scores are an important part of your admissions package, but they’re not the whole story. Crafting a compelling personal statement and soliciting strong letters of recommendation can bolster your chances of being admitted to your dream program. Outline your motivation for applying to the MAcc program and highlight how your work experience and skills make you a strong candidate.⁶

Your coursework will cover fundamental topics such as financial reporting, accounting analytics, auditing, and taxation. You’ll also be able to choose electives and specialized courses such as corporate valuation, audit research, driving organizational performance and advanced corporate finance.

The specializations will impact how long your master’s in accounting will take to complete. If necessary, you can take advantage of specialized courses to reach the 150 hours of coursework you need to be eligible to take the Certified Public Accountant (CPA) exam.

While the coursework will comprise the bulk of your studies, internships, hands-on learning, and networking will provide the personal connections and real-world practice you need to round out your education. Look for a program that offers plenty of opportunities for you to connect with your peers, particularly if your program is online. These relationships will remain important for the rest of your career, and they can open doors to new opportunities long after you’ve graduated.

A master’s degree in accounting not only deepens your understanding of financial theories and business practices but also strategically positions you for the CPA examination. As noted, CPA eligibility generally requires candidates to have completed at least 150 semester hours of college education, including a specified number of hours in accounting and business courses.⁷ A master’s program in accounting helps meet these educational requirements while equipping you with the advanced knowledge necessary to excel in various sections of the CPA exam. Additionally, master’s programs often offer CPA exam preparation courses, which can provide focused guidance and practice opportunities.

Beyond the CPA, a master’s in accounting opens doors to numerous other certifications that can enhance your professional credentials and marketability. One such certification is the Certified Management Accountant (CMA), which focuses on management accounting and financial management skills.⁸ Another valuable certification is the Certified Internal Auditor (CIA), specializing in internal auditing and risk assessment.⁸ For those interested in fraud prevention, the Certified Fraud Examiner (CFE) credential offers focused expertise.⁸ Each of these certifications complements the skills acquired in a master’s program, allowing professionals to specialize further and expand their career opportunities in the dynamic field of accounting.

Earning a master’s in accounting paves the way for a variety of rewarding career paths. As an auditor, you’ll play a critical role in ensuring the accuracy and integrity of financial statements, a vital function for businesses of all sizes. Tax advisors benefit from an advanced understanding of complex tax laws and regulations, helping individuals and companies navigate their tax obligations efficiently. For those interested in financial markets and investment, the role of a financial analyst offers opportunities to advise on investment decisions and assess the financial performance of businesses. Additionally, consultants with a master’s in accounting can offer expertise in financial strategies, risk management and process improvements tailored to client needs.

The potential salaries for these roles reflect the high demand and specialized skills associated with advanced accounting professionals. According to the Bureau of Labor Statistics, accountants and auditors typically earn a median salary of $79,880 per year,⁹ with those holding a master’s degree often on the higher end of the spectrum. Financial analysts enjoy similar prospects, with a median annual salary of $99,890.¹⁰ The job outlook for these fields remains robust, driven by globalization, a growing economy and increasingly complex regulatory environments. Consequently, professionals with a master’s degree in accounting are well-positioned for career advancement and higher earning potential.

An Online Master of Accounting degree from William & Mary can help you develop the skills and knowledge you need to become an integral part of strategic business planning in the modern age. You can complete our program in as little as 16 months, and work around your own schedule at your convenience. Our top-notch faculty are industry experts and highly respected in their fields.

Schedule a call with one of our admissions outreach advisors today to get started.