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 (MSA), Master's of Science in Accounting/MBA (MSA/MBA), and other finance-related programs.

When choosing the right program, consider factors like your educational background, career goals, the program's focus, how long it takes, and whether it prepares you for the CPA exam. This will help ensure that your choice matches your career aspirations and the needs of today's job market. 

In this guide, we'll explore different graduate programs for aspiring accountants and offer insights into the factors to consider when making the right choice to advance your accounting career through education. 

Types of master's degrees in accounting

Numerous graduate degree options are available to advance your career in accounting. Below, you'll find two of the most popular choices that will prepare you for the CPA exam.

Master of Science in Accounting (MSA): 

• Deepens accounting 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. 
• Ideal for people looking to become Certified Public Accountants (CPAs) and those seeking public, corporate, or government accounting careers with an undergraduate degree in accounting. 
• Designed for students with a bachelor's in accounting who studied accounting at a U.S. college or university.

Master of Science in Accounting/MBA (MSA/MBA): 

• Combined degree combines the in-depth accounting knowledge of an MSA with the broad business skills of an MBA.  
• Can be an accelerated pathway to the CPA for those who have not previously studied accounting, with requirements for the exam condensed into the degree.
• Ideal for students seeking careers in public accounting or those wanting to transition from a business management role to accounting. 
• Designed for students who did not major in accounting or who studied accounting outside of the U.S.

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 with their curriculum focus and career preparation to help you decide which program is best 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 (MSF): 

• Explores financial theory, investment analysis, risk management, and financial markets. Coursework includes financial modeling, valuation techniques, and how to make 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 (MSQF): 

• Combines finance theory with advanced mathematics, statistics, 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 (MSQF/MBA): 

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

Considerations in choosing an accounting master's program

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

Accounting career goals 

• Define your ambitions: Are you looking for public, corporate finance, or government accounting leadership roles? Identifying your desired career path helps narrow down programs that match those aspirations. 
• Consider career advancement: Master's programs can significantly boost your qualifications for advancement in public accounting, corporate/private accounting, government, non-profit, finance, and leadership. CPA certification is required for some career paths.

Accounting program curriculum 

• Coursework focus: Review the curriculum of each program. Does it provide a strong foundation in core accounting principles, 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, teamwork, and leadership skills.
• Prerequisite requirements: Take into account your educational background. Some programs are designed to provide undergraduate accounting majors with advanced accounting knowledge, while others offer an accelerated pathway to the CPA for students with limited exposure to U.S. accounting standards. Talk with an admissions officer to understand requirements and explore options for meeting 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 data analytics or blockchain technology, offering future-proof 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 a program's reputation and value, potentially opening doors to better job opportunities for graduates. 

Accounting Student Stories

Landing a role at a Big Four firm

Pursuing her passion in a fast-paced corporate residency

Gaining experience as Chief Marketing Officer of the 360 Huntington Fund

Do I need a graduate degree to become a CPA?

​​​No, but to qualify for the CPA exam, candidates typically need a bachelor's degree and 150 credit hours of education and coursework covering specific accounting and business topics.

Graduate programs like the Master of Science in Accounting (MSA) provide focused preparation for the exam and are ideal for those pursuing CPA licensure.  

Combined-degree options such as the MSA/MBA combine accounting expertise with broader business skills, preparing graduates for leadership roles while meeting CPA exam requirements depending on the specific program.  

Conversely, the Master's of Business Administration (MBA) offers a broader business foundation.  While most MBA programs would fulfill the 150-credit requirement, they would likely require additional accounting coursework beyond the standard curriculum to be eligible for the CPA exam.  

Specialized programs like the Master of Science in Finance (MSF) and Master of Science in Quantitative Finance (MSQF) provide advanced financial knowledge but would likely require additional accounting and business content to be eligible for the CPA exam.

Overall, candidates should choose a program aligned with their career goals and consider additional credit options if needed for CPA eligibility. 

When evaluating the best master's in accounting program for your career goals, research the requirements for CPA exam eligibility in your state, and consult with an admissions representative who can answer any questions regarding CPA exam eligibility. 

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

When selecting the ideal Master's in Accounting program, several factors can help guide your decision. Start by envisioning your future within the accounting field–whether in public, corporate, or government accounting. Then, examine the program's curriculum to ensure it covers your areas of interest, such as tax or financial analysis. You should also confirm if the program adequately prepares you for the CPA exam. 

Familiarize yourself with the advanced accounting degrees that are available. For example, the Master of Science in Accounting/MBA combination provides an accelerated pathway to the CPA for those who did not previously study accounting, with a comprehensive blend of accounting proficiency and essential business knowledge. Conversely, if you have an undergraduate degree in accounting, the Master of Science in Accounting (MSA) teaches advanced accounting and technology skills in preparation for the CPA exam and moving up the ranks in the accounting profession. Alternatively, the Master of Science in Finance/MBA balances financial expertise and managerial skills, ideal for those eyeing specialized roles in finance.  

Additionally, considering whether you'll be studying full- or part-time can influence your decision, especially when exploring part-time programs that offer flexibility for working professionals, like a part-time MBA, or a part-time MS in Finance/MBA.   

Speaking with program representatives can provide valuable insights into CPA exam eligibility and if the program best suits your career trajectory. 

Ready to advance your career with an advanced accounting degree? Explore your options at an informational event near you. Take the next step toward your professional goals today!