Earning your master’s degree in accounting means that you’ll qualify to take state tests allowing you to become a CPA or take on other high-level accounting positions. While going back to school is definitely a time and money commitment, the salary you can earn afterward makes it worth it for most students. Let’s take a look at just what you can expect to learn so you can determine if this is the right educational choice for you.
Salary by Job Title
Most students who earn an accounting degree simply work as accountants after graduation. As a general CPA, you can expect to earn $40,000 to $90,000 per year. However, this isn’t your only option. Some of the top positions in finance at companies, non-profit organizations, and even government departments. Here are some of your career choices, along with the average salary range you can expect in each, according to PayScale.com:
- Financial Controller: $59,743 – $132,924
- Chief Financial Officer: $75,151 – $209,212
- Senior Accountant: $48,181 – $76,436
Keep in mind that you can also start your own accounting firm or (much like in the field of law) become a partner in an existing firm, and both of these options give you an unlimited earning potential, based on the clients you take and your share of the profits.
Salary by Location
For accountants, location plays a huge role in the salary you’ll be offered. According to the Bureau of Labor Statistics, the top places to live in the United States for a high salary in a career in accounting are as follows:
- New York: $85,230
- District of Columbia: $84,390
- New Jersey: $79,620
- Maryland: $75,870
- Massachusetts: $75,030
In general, you’ll earn more if you live in a city than if you live in a more rural area. In New York, San Jose, Nassau, Newark, San Francisco, Haverhill, and Washington D.C., you can expect an average salary over over $82,000 annually.
Where to Work
The type of place where you work also plays a big role with how much you’ll earn. Government positions are typically among the highest-paying, with accountants earning an average of $89,310 annually in this kind of role. You’ll also earn more money, in general, as well as have more job opportunities, by working for one of the “big four” companies in accounting – Deloitte Touche Tohmatsu, Ernst & Young, KPMG, or PricewaterhouseCoopers.
Best Online Colleges for Masters of Accounting Degrees
Students pursuing a masters in accounting degree are often prepared for the Certified Public Accountant exam (CPA) and a career in public accounting. However, these programs can also be applied to positions in the private sector as they explore complex business principles and networks. We have listed several of the best online masters in accounting programs below, but more programs can be found using the search widget to the left.
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Students enrolled in either Liberty University's Master of Business Administration and MS in Accounting are prepped to handle the rigors of the professional accounting world. Graduates will learn valuable tax and auditing skills, accounting theory, and accounting information systems. The program also emphasizes accounting ethics and best practices to achieve as an accounting executive.
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The University of Phoenix offers the following programs in accounting including: MS in Accountancy and an MBA in Accounting. The MS in Accountancy courses teaches students the necessary principles and theory required to navigate the areas of taxation, auditing, accounting and financial reporting. The MBA in Accounting focuses on the aforementioned areas of accounting with an emphasis on business communication.
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Walden University has many specialized programs for accounting students. The MS in Accounting program provides a broader perspective of the field, while those looking to become a CPA can look to get an MSA degree with a CPA emphasis. Walden also has MSA degree programs for working professionals (MSA : For Professionals), specialized business programs (MSA: Self-Designed) and management focused curriculum (MSA: Management).
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Students enrolled in Kaplan's business programs including: MS in Accounting, MSA: Tax, MSA Audit, MSA: Government, MSA: Finance will find courses of interest that will help further one's educational pursuits in the areas of auditing, taxation, cost accounting and financial accounting while providing both scope on both a domestic and global perspective to be successful in the respective fields.
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