Master’s in Accounting Salary and Career Outlook for Graduates

Accounting is the business of the bottom line: tracking an organization’s income and expenses.¹ Very few businesses operate without accounting services, making an accounting qualification one of the most versatile credentials in commerce.² The skills and insights you get from an understanding of accounting are as relevant in biotech as they are in finance or IT, providing an opportunity for you to take your skill set to whichever industry interests you most.

The modern accounting profession has evolved far beyond bookkeeping into an essential source of strategic analysis and decision-making. But to access the higher-value roles within the profession—such as making yourself eligible for the Certified Public Accountant (CPA) exam—you’ll likely need an advanced degree. A master’s in accounting opens doors to senior and more specialized roles, thanks to a higher-level education in topics such as financial reporting, analysis and business law.

This blog post explores the career options and improved accounting salary ranges that can come from earning a master’s in accounting, providing some hard facts and figures about the earning potential of this highly respected advanced degree.

Average Salary for Master’s in Accounting Graduates

Several factors influence accounting salary. Geographic location plays a significant role. For example, online recruitment experts ZipRecruiter estimate the average annual salary in San Francisco is $95,265, whereas they estimate annual average earnings in Des Moines are $67,900.^3,4 Experience in a particular role and specialist certifications can also have a meaningful impact on earnings.

There is also a well-established correlation between your highest level of education and salary growth. Online recruiters Indeed, citing the U.S. Bureau of Labor Statistics, put median earnings in the U.S. for graduates holding a bachelor’s degree at $74,464.⁵ The same site suggests median earnings for master’s degree graduates are $86,372.⁵

It’s a similar story for accounting grads. Indeed’s average salary data for accountants in the U.S. is in the range $44,618-$101,364, with a median salary of $67,251.⁶ By comparison, roles that frequently require or prefer a master’s degree—such as Certified Public Accountant positions—show a higher salary range of $61,023 to $153,150, with a median salary of $96,673.⁷

That’s a 44% boost in median earnings from general accounting jobs to a master’s in accounting salary level.

Top Career Paths for Accounting Graduates

If you’re asking, “What can I do with a master’s in accounting?” the answer extends well beyond an increased salary. Career paths for accounting master’s graduates far outweigh business accounting salary perks.

A master’s in accounting can lead to roles such as:

• Certified Public Accountant (CPA): The industry’s gold standard, CPAs are state-licensed professionals recognized for meeting a high bar for education and experience⁸
• Financial Analyst or Controller: Financial analysts are high-level finance researchers who review and analyze data to generate insights into the future and inform strategic decision-making⁹
• Auditor (internal or external): Auditors review financial records to confirm their accuracy and evaluate whether a business is compliant with its legal and regulatory obligations¹⁰
• Tax Consultant or Manager: Specialized tax experts who advise clients on how to minimize tax obligations and make more financially efficient tax filings¹¹
• Forensic Accountant: Combining accounting knowledge with an investigative spirit, forensic accountants typically support legal processes, often scrutinizing financial records and transactions for evidence of fraud¹²
• Corporate Finance roles: From the Chief Financial Officer (CFO) to the Finance Director, and down to senior roles in departments such as Treasury and Financial Planning, there is a host of corporate finance positions that benefit from an advanced understanding of accounting practices

Industry Outlook and Job Demand

A healthy outlook for master’s degree in accounting salary levels and career options speaks to a credential that is feeding into the thriving commercial sector.

The U.S. Bureau of Labor Statistics predicts 5% growth in the number of jobs for accountants and auditors over the next decade, comfortably outstripping the 3% predicted average job growth rate for the same period.¹³

While some fear that accounting will increasingly be handled by AI and specialized software packages, the profession is more likely to pivot than to disappear. Data analysis, enabled by AI, and strategic thinking will become a much greater part of the accountant’s role than simple number crunching and tax preparation. Advanced roles, such as forensic accounting, are also likely to prosper in years to come as companies grapple with compliance and fraud issues.¹⁴

Ultimately, the accounting profession benefits from its near-universal utility. Whether it’s the government and the public sector, big corporations or SMEs, there is always a need to know how the finances stack up.

Skills That Boost Earning Potential

Accountant degree salary ranges are relatively high due to the specialized nature of the skill set, even more so at the master’s level. Master’s in accounting salary levels are significantly higher than bachelor’s degree earnings because master’s graduates are also more likely to pursue advanced certifications.

For example, students who enroll in the Online Master of Accounting (MAcc) program at William & Mary can look forward to a rigorous curriculum, with courses in accounting analytics, advanced auditing and much more. Along the way, students gain invaluable technical and analytical skills, as well as leadership and communication skills. Learn the ins and outs of strategic decision-making informed by financial data and guided by expert faculty mentorship.

Students also get training and experience that contribute directly toward eligibility and preparedness for the CPA exam and can be applied to other specialized certifications, such as Certified Management Accountant (CMA) and Chartered Financial Analyst (CFA) certifications.

Level-Up Your Career With a Master’s in Accounting From William & Mary

A master’s in accounting opens the door for a wide range of career options, with salary ranges and projected job growth far greater than average.

For professionals seeking a reputable program supported by a world-class academic institution, the Online MAcc from William & Mary offers a top-tier option. As a recognized “Public Ivy,” William & Mary brings centuries of academic excellence and strong employer recognition.

Find out more about the MAcc program and the William & Mary advantage by reviewing our online resources, including admissions and tuition info. Or contact the Raymond A. Mason School of Business directly to find out more about our online graduate programs.

When you’re ready to discuss what William & Mary can do for your career in accounting, schedule a call with one of our admissions outreach advisors to talk about your next steps.