Is a Master's Degree in Accounting Worth It?
Share this article:
Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.
Is a Master’s in accounting worth it? How long does it take to get a Master’s degree in accounting? What are the pros and cons of getting a Master’s degree in accounting? How much does it cost to get a Master’s degree in accounting? What is a typical Master’s in accounting salary? What jobs can you get with a Master’s in accounting?
Are Online Accounting Master's Degrees Worthwhile?
How Long Does It Take To Get a Master's Degree in Accounting?
Doctorate in Accounting
Accounting Master's Degree vs Accounting Certifications
Benefits of Getting an Accounting Master's Degree
Job opportunities. A Master’s can qualify you for a variety of accounting jobs, especially management positions. According to a 2022 Corporate Recruiters Survey from the Graduate Management Admission Council, 83% of corporate recruiters plan to hire Master's in Accounting grads in 2022. High salary. Accountants earn a median annual salary of $77,250, according to the U.S. Bureau of Labor Statistics. That number could move into the six-figure range if you work in management. Knowledge and skills. With a Master’s program, you’ll go through a comprehensive curriculum on the theory and practice of accounting, as well as develop skills such as problem-solving and strategic decision-making. This experience can be personally fulfilling and help you achieve your career goals.
Reasons for Not Getting a Master's in Accounting
Additional years in school. If you’re ready to say goodbye to student life and enter the working world, you might not want to commit to an additional two years studying for your Master’s degree. Tuition and fees. Some programs cost upwards of $50,000 per year, which is a significant investment. Might need to borrow student loans. Depending on your financial situation, you might have to take on debt to pay for your degree. Combined with any student loans you already borrowed for your undergraduate education, you might find yourself paying off loans for years to come.
Average Student Loan Debt of Graduates
Cost of a Master's in Accounting
Public In-State Tuition
Public Out-of-State Tuition
Jobs That Require a Master's in Accounting
Auditor: You’ll inspect a company’s financial records and earn an average salary of $58,394. Information and technology accountant: You’ll manage the technology systems your company uses to organize financial data and earn an average salary of $95,743. Financial analyst: You’ll help guide investment decisions through data gathering, financial modeling, and forecasting and earn a median salary of $95,570. Managerial accountant: You’ll plan and prepare financial reports for your company and earn an average salary of $62,221. Chief Financial Officer (CFO): You’ll lead a company’s financial management and help make strategic business decisions while earning a median salary of $419,067.
3 Student Loan Refinancing Tips
Refinancing your student loan can lower your monthly payments and help you adjust your loan term. Compare student loan refinancing rates to find a loan that works for you. Paying extra each month on your student loan can reduce the interest you pay and so lower your total loan cost over time. (The law prohibits prepayment penalties on federal or private student loans.) If you teach full-time for five complete and consecutive academic years in a low-income school, you may be eligible for federal student loan forgiveness.
Frequently Asked Questions
About the Author
Share this article: