Is A Masters In Accounting Worth It?
When considering pursuing a master’s degree in accounting, many prospective students often ask themselves whether it is worth the investment. With the growing demand for specialized and highly skilled professionals in the field of accounting, obtaining a Master of Science in Accountancy (MSA) can offer numerous benefits and create various career opportunities.
Before you decide whether an MSA is right for you, let’s take a closer look at accountancy and the advantages this degree has to offer.
What is an MSA Degree?
A Master of Science in Accountancy (MSA) is a graduate-level degree that focuses on advanced accounting topics such as taxation, auditing, financial analysis, and managerial accounting. It typically takes two semesters to complete, and while many universities require an undergraduate degree in accounting or a related field, others are known to offer pathways for individuals with non-accounting backgrounds.
An MSA degree is designed for individuals who want to advance their careers in the accounting profession, whether they are looking to become certified public accountants (CPA) or pursue higher roles in corporate finance, tax planning, or consulting.
Advantages of an MSA Degree
There are numerous personal and professional advantages to pursuing an MSA degree, including:
- Enhanced Job Opportunities
One of the significant benefits of obtaining an MSA degree is the increased job opportunities it offers. With the ever-changing and complex business environment, as well as a shortage of accounting professionals, companies are in constant need of highly skilled accounting professionals who possess specialized knowledge and expertise in their field.
Having an MSA degree can make you stand out among other candidates when applying for jobs, allowing you to secure higher-level positions with better pay and benefits. It can also make you eligible for specialized roles in areas such as forensic accounting, financial planning, or risk management.
- Higher Earning Potential
Pursuing an MSA degree can significantly impact your earning potential in the long run. According to the National Association of Colleges and Employers (NACE), individuals with a master’s degree in accounting earn an average starting salary of $64,000, which is higher than those with only a bachelor’s degree.
Furthermore, with accounting jobs poised to grow by 6 percent between 2021 and 2031, an MSA degree can also help you qualify for more senior roles and higher salaries in the future. If you are interested in managerial positions or even executive roles, like chief financial officer (CFO), a master’s in accounting can be a great place to start.
- Preparation for Professional Certifications
Many accounting professionals pursue an MSA degree to fulfill the educational requirements for various professional certifications, such as the CPA or Certified Management Accountant (CMA). These certifications are highly sought after in the accounting field and can lead to increased job opportunities, higher salaries, and career advancement.
An MSA program typically includes coursework that covers the topics and skills needed for these certifications, making it an excellent preparation tool for the exams.
- Diverse Networking Opportunities
Another significant benefit of obtaining an MSA degree is the opportunity to expand your professional network. As a graduate student, you will have access to a diverse group of classmates and professors who can provide valuable insights, connections, and recommendations.
You will also have access to various career events, such as job fairs and networking sessions, where you can meet potential employers and learn about different career opportunities.
See Where A Masters In Accounting from Wake Forest Can Take You
If you are looking to advance your career in accounting or the broader world of finance, take the first step by exploring Wake Forest University’s MSA program. Open to any major, students at Wake Forest have earned the #1 CPA Pass Rate more often than any other school in the past 20 years. Learn more today!