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Jobs You Can Get With A Master's Degree In Accounting
There is no better feeling than knowing you are pursuing a career with security, growth, and a decent income that will come through every month. It's also great to know that you are qualified for a career that is in demand all across the globe and that the qualifications you have in that field are accepted all across the globe as well.
Accounting is one such career. The accounting skills and the accounting qualifications you have obtained can be used almost anywhere in the world, and the world is constantly in need of accountants for businesses and the global economy to run successfully.
It goes without saying that in the field of psychology, the harder you work, the greater qualified you become, and the higher qualification you acquire, the higher up on the career ladder you can climb.
While the field of accounting opens up a lot of job opportunities for you, despite the level of education you acquire, obtaining a master's degree unlocks many new levels that you may not ordinarily be exposed to if you don't pursue a higher graduate degree.
While a master's degree isn't always deemed necessary to pursue a career as an accountant and while you can successfully fulfill a role as an accountant with just a bachelor's degree, having a master's degree positions you as an expert in the field.
This allows you to easily step into high position roles such as a financial manager, certified public accountant, actuary, tax manager, or forensic accountant.
On the basis of this qualification, you will not only learn how to manage finances and financial reports, and how to handle numbers, but you will also gain proficiency in people management and expertise in tax and financial advice services.
Let us take a closer look at the types of jobs you can obtain with a master's degree in accounting.
Where Can You Work With A Master's Degree In Accounting?
People often have master's degrees and get certified for roles as public accountants, or they choose to enroll in other certification programs that help them climb the ladder in their careers.
One of the greatest motivations behind obtaining a master's degree in accounting is the same motivation that is required for people to grow in any career – a relentless passion and pursuit for expertise in that specific field.
In the field of accounting, obtaining a master's degree is not always warranted as a necessity. Yes, having this qualification in hand does allow you to experience exponential growth at a faster rate than you would with just a bachelor's degree, and you may have greater access to management and c-suite level roles.
However, pursuing the role of a master's degree comes from a place of passion. It allows you to not only acquire new skills but to refine the skills that you would have already acquired during the industry-related experience and through your bachelor's degree program.
Obtaining your master's degree allows you to receive streamlined access to certification and licensure for you to become a certified public accountant (CPA). When you get a role as a CPA, you get more responsibility and a faster upward trajectory in terms of growth prospects within an organization.
These opportunities are made available to you because you have the added expertise and certification that is issued by law.
Skills You Will Learn In A Master's Degree Program
When you pursue a master's degree in accounting, you will be equipped with a number of added skills. Such skills include:
- analytical skills – you will be required to not only assess large quantities of data but to be able to assess this data accurately despite the quantity. You will also need to have the ability to isolate certain aspects of the data that may be relevant for tax purposes or that may be required for very specific reasons.
- Communication skills – being an accountant is not all about crunching numbers. A large part of the role is being able to communicate with clients effectively, explain financial reports, and be able to interact with them regarding sometimes sensitive information.
- Organizational skills – not only are accountants sometimes expected to work with many clients, but they also need to make sure that private and confidential information does not become accessible.
Other skills that you are often exposed to when working toward your master's degree are interacting and operating digital interfaces and digital accounting programs. As the world moves faster into a digital space, even accountants are required to make some form of transition into this digital space that goes beyond the use of a calculator. You will be equipped with all the practical skills you need for such applications.
Different Types Of Master's In Accounting Degrees
There are many masters' degree options and programs that you could choose from and that you could use for the focus of your master's degree program. Knowing your career goals and the career within accounting that you are hoping to pursue will greatly influence the kind of degree and coursework you will pursue.
Some of the master's degree programs that are available are a master's in accounting, a master's in business administration in accounting, an MBA in accounting, a Master of Science in professional accountancy, or a Master of Business in accounting.
Roles That You Could Fulfill
Here are some of the roles you could hold in the workforce with a master's degree in accounting.
Public accountants are the people who add the 'counting' to accounting. They carry out a wide variety of accounting services and they can work in many different organizations, from having their own accounting company, to working in management roles within businesses, and even working in the government sphere
They provide an array of services in that they may assist individuals and large companies with tax services, they provide financial planning advice, they aid in making financial decisions, and they assist in drafting budgets and drafting financial statements in a way that can be interpreted and understood by stakeholder and management.
According to the U.S. Bureau of Labor Statistics (BLS), accountants and auditors earn a median annual salary of $77,250.
Have you ever wondered how companies keep track of their finances when you struggle to do so with your monthly salary? A large part of this responsibility falls to management accountants. They are there to ensure that companies make enough money to keep their own heads and their employee's heads above water.
They compile and present all the financial data of a company to the management teams, and they work closely with the management teams in planning for a company's financial future. From budgeting, investment decisions, and making sure the company stays profitable, management accountants work internally in providing financial advice and assistance.
To obtain a role as a management accountant, you would need to be a certified management accountant (CMA) and this certification can be obtained from the Institutes of Management Accountants.
While accountants compile and record all financial data and transactions and place all financial information into reports, auditors are there to make sure that all financial data is true and correct. Auditors closely monitor all financial interactions to make sure that no monies are ever unaccounted for.
Being an auditor is considered a high-level role. It is for that reason that a master's degree in accounting is required for careers in financial auditing. You could be an internal auditor that works within an organization making sure that budgets are adhered to and that there are no fraudulent payments, or you could work as an external auditor who assesses the financials of a company ensuring legal compliance and tax compliance.
You do need to obtain a certification as an auditor before you pursue a role as an auditor.
Taxes are something that puts a lot of people on edge and makes them nervous. But tax examiners and collectors actually hold an extremely important role. Tax examiners are required to audit and check all business and personal tax-related documentation for accuracy. If businesses are required to pay taxes or receive tax claims, tax examiners may be tasked with receiving or paying out tax returns.
To be a tax examiner, you need to have eagle eyes that can spot an error in documentation from a mile away. According to the BLS, tax examiners, collectors, and revenue agents earn a median annual salary of $56,780.
Forensic accountants need to have in-depth knowledge of both the law and accounting processes. In the role of a forensic accountant, you would be responsible for investigating fraudulent claims, money laundering, tax evasion, and much more financial-related crimes.
They also use their keen knowledge and expertise to prevent financial crimes and financial fraud from taking place.
Is It Worth It To Get A Master's Degree In Accounting?
Pursuing your education and advancing your knowledge is always worth it. It is always beneficial to pursue your own personal development, and you will find yourself reaping rewards within your career.
It is worth it to pursue a master's degree in accounting as you will have the opportunity to unlock senior roles that will allow you to experience career and financial growth.
Do You Need To Have A Master's Degree To Be An Accountant?
To obtain a role as an accountant, you would need to be qualified and have a degree in accounting, but the minimum requirement is that you have a bachelor's degree. While a master's degree is not necessary for you to find a role in the field of accounting, you should not be deterred or discouraged from pursuing a master's degree if that is where your passion lies.
What Is The Job Outlook For Accountants?
According to the BLS, accountants, and auditors can expect to see a projected growth of 6% between 2021 and 2031.
Obtaining a master's degree is often motivated by passion. If you are hoping to experience unparalleled career growth and work your way up the accounting ladder, a master's degree should definitely be something to consider.
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