Choosing the best master's degree for your accounting career

The need for skilled accountants is growing in today's rapidly changing business world. For those looking to advance their accounting careers through a graduate education program, there are many options available, including the Master's of Science in Accounting, Master's of Science in Accounting/MBA, and other finance-related programs. 

When choosing the right program, consider factors like your educational background, career goals, the program's focus, length, and whether it can lead to CPA certification, often required for accounting roles. This will help ensure that your choice matches your career aspirations and the demands of today's job market.  

In this guide, we'll explore different graduate programs for those looking to break into this dynamic field and offer insight into factors to consider when choosing to start or advance your accounting career through higher education.  

Types of master's degrees in accounting

Numerous graduate degree options are available to grow your career in accounting. Below are two of the most popular choices that prepare you for roles in this dynamic field of business: 

Master of Science in Accounting: 

• Deepens knowledge in financial reporting, auditing, taxation, and accounting information systems. Coursework emphasizes strong analytical and research skills to tackle complex accounting problems and prepares students for the CPA exam, which may be required for some roles and can lead to career advancement.  
• Ideal for people looking to become Certified Public Accountants (CPAs) and those seeking public, corporate, or government accounting careers with a background in the field.  
• Designed for students with a bachelor's in accounting who studied at a U.S. college or university. 

Master of Science in Accounting/MBA: 

• Combines the in-depth accounting education of a master's in accounting with the broad business skills of an MBA for those who have not previously studied accounting and may not have a business background.   
• Can be an accelerated pathway to the dynamic field of accounting, setting students on a path toward CPA certification which can enhance future career prospects. 
• Ideal for students seeking a fast-track path to a business career through accounting, combining advanced business knowledge, data analytics, and real-world experience. 

Types of master's degrees in accounting-related fields

Numerous graduate degree options are available to advance your career in accounting-related fields, such as management and finance. Below you'll find several popular choices, along with curriculum focus and insights to possible career paths, to help you determine which program is the best fit for you.  

Master of Business Administration (MBA): 

• Provides a broad business foundation, including accounting, finance, marketing, management, and operations. Coursework helps build strong leadership, communication, and critical thinking skills.
• Helps prepare graduates for various management and leadership roles in multiple industries, including finance, consulting, and entrepreneurship.  

Master of Science in Finance: 

• Explores financial theory, investment analysis, risk management, and financial markets. Coursework includes financial modeling, valuation techniques, and making data-driven investment decisions.  
• Prepares graduates for investment banking, corporate finance, portfolio management, financial analysis, and risk management careers.  

Master of Science in Quantitative Finance: 

• Combines finance theory with advanced mathematics, statistics, econometrics, and computer programming.  
• Prepares graduates for highly specialized roles in quantitative trading, risk modeling, and financial engineering within investment banks, hedge funds, and financial institutions.  

Master of Science in Quantitative Finance/MBA: 

• Combined degree coursework combines advanced financial theory, quantitative modeling skills, and broad business knowledge.   
• Prepares graduates for specialized roles in quantitative trading, risk management, and financial engineering roles.  

Master of Science in Finance/MBA: 

• Combined degree coursework combines specialized and advanced financial skills with a base of business knowledge. 
• Prepares graduates for portfolio management, financial consulting, hedge fund management, and division leadership roles. 

Master of Science in Fintech Management: 

• Combines financial theory with emerging technologies like blockchain, machine learning, and more. 
• Prepares graduates for specialized roles in operations analysis, business analysis, blockchain development, tech research, and financial reporting. 

Considerations in choosing an accounting master's program

Earning a secondary accounting degree equips graduates with specialized knowledge and advanced skills, which can open doors to leadership opportunities in accounting. However, navigating the many available master's programs can be overwhelming. Here are some key considerations to help determine the right program for your career journey.  

Accounting career goals 

• Define your ambitions: Think about what you really want to achieve. Are you aiming for a role in public accounting, corporate finance, government accounting, or perhaps a leadership role in one of these? Knowing your career goals can help you find programs that align with your aspirations.  
• Consider career advancement: A master's program can enhance your qualifications, whether you're aiming for a role in public accounting, corporate or private accounting, government, non-profits, finance, or leadership. Keep in mind some career paths may require CPA certification. 

Accounting program curriculum 

• Coursework focus: Review the curriculum of each program. Does it provide a strong foundation in core accounting principles, and advanced knowledge in audit, tax, and technology, or does it delve deeper into specialized areas like business management or financial analysis?  
• Skill development: Beyond technical knowledge, look for programs that emphasize critical thinking, communication, collaboration, and leadership skills. 
• Prerequisite requirements: Consider your educational background. Some programs are designed to provide undergraduate accounting majors with advanced accounting knowledge, while others offer an accelerated pathway for those with different educational backgrounds to a steady career. Talk with an admissions officer to understand prerequisites and explore options for fulfilling them. 

Accounting areas of specialization 

• Explore specialized tracks: Many programs offer concentrations in areas like auditing, taxation, or financial accounting. Choose a specialization that aligns with your career goals and interests.  
• Emerging fields: Consider programs that incorporate emerging trends like artificial intelligence, data analytics or blockchain technology, offering future-proof and desired skills in the evolving accounting industry.  

Graduate program accreditation 

• Accreditation matters: Look for programs accredited by reputable organizations like AACSB (Association to Advance Collegiate Schools of Business). Accreditation ensures program quality and adherence to academic standards.  
• Benefits of accreditation: Accreditation can enhance an institution's reputation and the value of a degree, potentially opening doors to better job opportunities for graduates.  

Accounting Student Stories

Do I need a graduate degree to become a CPA?

A graduate degree is not required, but to qualify to sit for the CPA exam, candidates typically need a bachelor's degree and a total of 150 credit hours, including required content in accounting and business topics. Exam requirements evolve and vary by state, so it's essential to research your state's CPA exam eligibility requirements and discuss the curriculum with an admissions representative.

Graduate programs like the Master's of Science in Accounting provide focused preparation and are ideal for those pursuing CPA licensure, as the credits earned on top of hours earned from a bachelor's degree meet the required number for the exam. In-depth courses in advanced accounting and analytics will help prepare you for the exam and provide a foundation for advanced challenges you'll encounter in your career. 

Combined programs such as the MS in Accounting/MBA combine accounting expertise with a broad business foundation. Designed for students without a background in accounting, an MSA/MBA degree offers an accelerated and in-depth curriculum in accounting combined with the business tenets of an MBA. This combined degree can prepare you for roles on the associate or managerial level. The credits earned in this program fulfill the required 150 credits and necessary business/accounting hours when stacked with a bachelor's degree.    

Conversely, the Master's of Business Administration offers a comprehensive business foundation.  While most MBA programs would fulfill the 150-credit requirement when combined with a bachelor's degree, you would likely require additional accounting coursework beyond the standard curriculum to qualify you for the CPA exam – for example, D'Amore-McKim's MBA program would cover the 24 business credits, but the curriculum does not include the 30 accounting credits required for eligibility in the state of Massachusetts.   

Specialized programs like the Master's of Science in Finance and Master's of Science in Quantitative Finance provide advanced financial knowledge, but you would most likely need both additional accounting and business content to be eligible for the CPA exam. Curriculums for an MS in Finance or Quantitative Finance predominantly focus on finance and tech and typically don't include the required number of business or accounting hours for the CPA exam. 

Overall, it's recommended to choose a master's program aligned with your accounting career goals, considering additional business or accounting credit options if needed for CPA eligibility.  

Program	Focus and Curriculum	Career Preparation	CPA Exam Preparation
Master of Science in Accounting	Gain advanced accounting expertise in financial reporting, auditing, taxation, and accounting systems. Build analytical skills for complex accounting problems and prepare for the CPA exam.	Prepares for careers across the accounting field such as auditing, tax or forensic accounting, consulting, or financial analysis.	Prepares students for the CPA exam.
Master of Science in Accounting/MBA (MSA/MBA)	Combine in-depth accounting acumen with a wide range of business skills in an accelerated pathway to the accounting field, for those without an accounting background.	Prepares for careers across the accounting field such as auditing, tax or forensic accounting, consulting, or financial analysis, building toward executive leadership roles such as CEO/CFO.	Prepares students for the CPA exam.
Master of Business Administration (MBA)	Provides broad business foundation covering accounting, finance, marketing, management, and operations. Develops leadership, communication, and critical thinking skills.	Prepares for various management and leadership roles across multiple industries, including finance, consulting, and entrepreneurship.	Prepares students for the CPA exam.
Master of Science in Fintech Management	Explore the intersection of finance and technology. Build expertise in big data, blockchain, machine learning, peer-to-peer lending, digital currencies, and algorithmic trading.	Prepares for specialized roles in areas like operations analysis, business analysis, blockchain development, tech research, or financial reporting.	Does not prepare students for the CPA exam.
Master of Science in Finance	Focus on financial theory, investment analysis, risk management, and financial markets. Explore advanced financial modeling and data-driven decision-making.	Prepares for careers in sectors such as investment banking, corporate finance, portfolio management, financial analysis, or risk management.	Does not prepare students for the CPA exam.
Master of Science in Finance/MBA	Combine the specialized financial skills learned in an MS in Finance program with the strong base of business acumen developed through an MBA.	Prepares for associate or managerial roles in avenues like portfolio management, financial consulting, hedge fund management, and division leadership.	Does not typically prepare students for the CPA exam.
Master of Science in Quantitative Finance	Integrate finance theory with computer science, engineering, mathematics, statistics, and econometrics.	Prepares for specialized roles in quantitative trading, risk modeling, and financial engineering within investment banks, hedge funds, and financial institutions.	Does not prepare students for the CPA exam.
Master of Science in Quantitative Finance/MBA	Blend finance theory with STEM skills while building a solid business foundation and communication and leadership skills.	Prepares for specialized roles in quantitative trading, risk management, and financial engineering, with a solid foundation in business management.	Does not typically prepare students for the CPA exam.

Which accounting master's degree program is right for you?  

When selecting the ideal Master's in Accounting program, start by envisioning your future within the accounting field–whether it's in public, corporate, or government accounting. Look at the program's curriculum to make sure it covers your interests, such as tax or financial analysis, and check if the number and type of credit hours fulfill the CPA requirement.  

If you have an undergraduate degree in accounting, a Master's of Science in Accounting can advance your accounting and analytics skills, prepping you for the CPA exam and career advancement. If you don't have a background in accounting, the Master of Science in Accounting/MBA combined degree offers an accelerated entry into this dynamic field.  

Consider whether you'll study full- or part-time, especially if you need flexibility. Programs like a Part-Time MBA or Part-Time MS in Finance/MBA can be great for working professionals. 

Speaking with an admissions representative can give you valuable insights into CPA exam eligibility and whether a program suits your career trajectory.  

Ready to advance your career? Explore your options at an informational event online or in your area today!