The field of accounting goes beyond numbers and spreadsheets; it plays a role in business decision-making, governance, and ethical practice. Studying to earn a master of science in accounting may allow students to explore the theories and practices behind financial statements and reporting. A master of science in accounting could help students build their skills, choose an area of specialization, and work to prepare to take the next steps toward their professional aspirations.
Take a closer look at a master of science in accounting degree program: the different tracks available in this realm of study, the skills it may build, and the potential paths students might consider pursuing after graduation.
Overview of Master of Science in Accounting Degree
A master of science in accounting is an advanced, graduate-level degree that includes coursework and a curriculum designed to help students develop their knowledge and skills in accounting practices and principles. Completing a graduate-level accounting program could help students prepare and qualify for taking the Uniform CPA Examination, which typically requires a certain number of credit hours before testing. The CPA exam is one of the numerous requirements that accountants must satisfy to obtain state licensure as a Certified Public Accountant (CPA). (Students should note that vary from state to state, and they are responsible for ensuring they meet all of their particular state’s requirements.)
Key Objectives of the Program
The primary goals of attending and completing an accounting master’s program include:
- Deepening one’s technical knowledge and expertise in accounting topics: such as accounting principles, practices, and technology, in addition to auditing, taxation, international accounting, nonprofit accounting, governmental accounting, and risk management.
- Designating a specialized area of focus.
- Enhancing critical and analytical thinking skills.
- Developing technological proficiency with relevant accounting software, information systems, and analytical tools.
- Preparing for professional certifications.
- Strengthening written and verbal communication skills.
- Developing leadership skills.
- Emerging with a deeper understanding of ethics in accounting.
Common Course Subjects in Accounting
Regardless of whether a student attends in person or registers for a master of science in accounting online, they may study a selection of core accounting topics and select additional courses based on their interests. Some of these courses deepen knowledge in a particular accounting subject, such as:
Forensic Accounting
Forensic accounting courses teach skills in financial fraud and embezzlement prevention, detection, and investigation. Forensic accountants specialize in these tasks and also often provide expert testimony and financial analysis used in legal proceedings.
Managerial Accounting
Managerial accounting courses focus on financial information specifically used for internal business operations. Managerial accountants collect data, generate reports, and communicate this information to internal business stakeholders for the purpose of evaluating business performance, offering actionable insights, and making data-driven decisions to improve financial health and strategic management.
Financial Accounting
Financial accounting focuses on data collection, recording, summarizing, and financial reporting. Financial accountants also typically work with commercial clients to record their transactions over time and provide data and insights regarding sales, purchases, expenses, and profits.
Tax Accounting
Tax accounting focuses on tax laws, regulatory compliance, tax planning, tax strategy, and tax filing for both individuals and businesses. Tax accountants may help clients maintain compliance, plan and file taxes, and address tax-related questions in line with applicable laws and regulations.
Auditing
Auditing focuses on:
- Evaluating adherence to accounting standards.
- The soundness of bookkeeping and accounting practices.
- Regulatory compliance within accounting systems on behalf of various organizations.
Individuals who study auditing have the opportunity to develop a background to support professional positions such as auditors and financial examiners. They sometimes work for businesses, accounting firms, or government agencies to perform internal audits, third-party audits, or government-directed audits of individuals, businesses, and other entities.
Core Skills Acquired
A carefully developed accounting curriculum helps students develop a variety of hard and soft skills relevant in the accounting industry.
Analytical Skills
Accounting professionals rely on analytical skills to:
- Interpret financial data.
- Identify trends.
- Detect anomalies.
- Solve problems.
- Forecast future performance.
- Develop sound policies, procedures, and systems.
Critical Thinking Skills
Deploying their analytical skills, accounting professionals leverage critical thinking to:
- Evaluate their observations.
- Make sound judgments.
- Solve problems.
- Create financial strategies to achieve positive outcomes.
Ethical Decision-Making
Ethics and integrity are necessary for providing stakeholders with objective, factual information and honest advice while helping clients navigate complex dilemmas legally and ethically. Accounting professionals work daily with sensitive information — meaning they must learn how to:
- Make ethical decisions.
- Act with integrity.
- Perform due diligence.
- Fulfill their roles and responsibilities while following a strict code of conduct and maintaining regulatory compliance.
Technological Proficiency in Accounting Tools
Whether serving commercial, personal, nonprofit, or government clients, accounting professionals may rely on a range of technical tools to perform their jobs accurately and efficiently. These tools may improve accuracy and efficiency, and in some cases enable automation of routine tasks. Therefore, some master’s in accounting programs are designed to include coursework that helps students develop their technological proficiencies in understanding how to use bookkeeping and accounting software, popular applications, and integrations with enterprise resource management tools.
Curriculum and Coursework
The coursework and curriculum included in a master of science in accounting program varies depending on the particular degree and school. Program timelines vary by institution and track; some may be completed in approximately 12–24 months, depending on format and requirements to complete.
Required Core Courses
Regardless of accounting specialization or individual track, the core curriculum for master of science in accounting is designed to provide students with a broad yet thorough overview of essential accounting subjects. Examples of required courses (usually 18 credit hours) may include:
- Research and Writing for the Accounting Profession
- International Accounting
- Nonprofit and Governmental Accounting
- Advanced Audit Issues
- Advanced Topics in Taxes
- Enterprise Risk Management
Elective Options and Customization
Depending on the program, accounting students sometimes have the option to supplement their core required schedule of classes with a selection of elective courses (the number of elective courses varies by program). For example, students sometimes have the flexibility to select additional courses in a topic, such as management accounting, tax accounting, or forensic accounting.
These elective courses vary, depending on the program. They are intended to provide students with opportunities for comprehensive skill development within their specific field of study.
Students who elect a CPA track in their master of science in accounting program sometimes also have the opportunity to register for additional courses, such as labs designed to support their efforts to prepare for the Uniform CPA Examination.
Capstone Projects and Case Studies
A capstone project is a major undertaking that marks the completion of a graduate student’s coursework. A capstone project on a current topic in accounting allows a student the opportunity to demonstrate their skills and knowledge by applying what they have learned in the program to a real-life case study or problem. These projects require students to conduct a significant amount of research and prepare a final paper and presentation for their faculty — demonstrating their ability to apply theoretical knowledge to situations as they would in a professional position.
Online vs. Traditional Classroom Settings
Students today have the option of attending a master of science in accounting online or in person. This affords them the flexibility of either sticking to a predetermined schedule and attending classes in a classroom with other students or opting to attend classes on their own time through virtual, remote classrooms. While an in-person education may be an ideal option for a student who has just completed their undergraduate education, online master’s programs may be a better fit for working professionals who want to continue their careers while advancing their education and pursuing additional opportunities on an accounting career path.
Benefits of an Online Master’s Program in Accounting
Master of science in accounting online programs are typically tailored to adult students who plan to earn their degrees while working a full- or part-time job. While attending online programs, students generally have the same educational opportunities (such as degree specializations and comprehensive coursework). However, they could also enjoy convenience and flexibility, with options to attend asynchronous lectures. This way, students may more easily fit classes into their own schedules — enabling them to study on the weekends, before or after work, or during their lunch breaks. These programs are designed with a high degree of flexibility and convenience in order to accommodate a working professional’s schedule.
Comparing Learning Outcomes and Flexibility
To ensure enrollment in a robust and respected program, online students should select an accredited program; this means that the curriculum, coursework, faculty, and requirements of the program meet official standards set forth by official accrediting bodies recognized by professional organizations, such as the AACSB, ACBSP, AICPA, and NASBA. In addition, students should leverage their access to academic support and professional resources while prioritizing participation in online course discussions, networking opportunities with their peer cohort, mentoring opportunities with faculty, and other structured personal and professional development opportunities provided through the online program.
Potential Career Paths
Professional journeys vary for every accountant, as countless factors impact future opportunities (e.g., geography, aptitude, prior experience, interview abilities, and more). The following are examples of careers in the accounting realm — but keep in mind that earning a degree does not guarantee any particular jobs or level of success in the industry.
Public and Private Sectors
A variety of different workplaces and specialties within the public and private sectors comprise accounting professionals, such as healthcare, technology, government agencies, nonprofits, and accounting firms serving commercial or individual clients. Examples of titles include certified public accountant (additional licensure required), tax accountant, financial analyst, auditor, or financial manager. Specific roles and requirements vary by employer and state.
Nonprofits and Government
These accountants may help ensure transparent stewardship of public and donated funds by tracking resources, demonstrating compliance with regulations and donor requirements, and reporting how money is used to fulfill missions. Some accounting-adjacent roles that exist within the government and nonprofit sectors include auditors, budget analysts, revenue agents, financial managers, fraud investigators, and grant management specialists.
Entrepreneurial Opportunities in Accounting
Accounting professionals with extensive real-world experience and ambition might seek entrepreneurial opportunities by founding their own accounting firms, working as independent CPAs, or offering consulting services.
Certification and Licensure
Depending on a student’s goals and degree specialization, they might pursue certification and licensure after graduation. These credentials exist to demonstrate comprehensive knowledge and experience in the accounting field, and they are a prerequisite for many career paths in accounting and finance. The requirements for certification and licensure vary from state to state, so students must thoroughly research the state in which they intend to practice to ensure they satisfy all necessary licensure and certification .
CPA Exam Preparation
While CPA certification is still popular, less than half of all public accountants actually hold CPA licenses. Requirements to sit for the Uniform CPA Examination and obtain licensure vary by state, and the requirements frequently change. Generally, states require some combination of a bachelor’s degree and specific coursework. Additionally, many states require aspiring CPAs to complete one to two years of relevant work experience supervised by a licensed CPA.
Additional Certifications Worth Considering
Aside from CPA certification, accounting professionals often pursue the following:
- Certified Management Accountant (CMA)
- Chartered Financial Analyst (CFA)
- Certified Internal Auditor (CIA)
- Certified Fraud Examiner (CFE)
- Certified Information Systems Auditor (CISA)
- Enrolled Agent (EA)
Admissions Process and Requirements
To apply for and be accepted to a master of science in accounting program, students must meet certain prerequisites. These requirements vary somewhat from school to school.
Prerequisites and Qualifications
Typically, universities require applicants to have completed a bachelor’s degree from an accredited institution of higher education. While it is preferable to have a bachelor’s degree in a related field of study (such as accounting or business), it is not always necessary. In some cases, applicants with a bachelor’s degree in an unrelated field might need to complete certain prerequisite coursework prior to their admission to a graduate-level accounting program.
Application Tips and Submission Deadlines
Read all application requirements thoroughly so that you submit a complete and thorough application that professionally presents and represents yourself as a student. Submit strong academic records and relevant letters of recommendation, and review whether GRE or GMAT scores are required for your target programs; some institutions waive or do not require test scores.
Application submission deadlines differ by school and program. For example, in-person programs usually have set deadlines for fall and spring semester admissions. Online programs tend to have more frequent deadlines and rolling admission dates, depending on the format. Review each institution’s application process, requirements, and deadlines to confirm you have submitted all materials on time.
Advance Your Accounting Knowledge and Education With an Online Master of Science in Accounting
At Post University, we offer a Master of Science in Accounting degree with an optional CPA track — all completely online. With full-time and part-time study options available, this program’s coursework schedule and curriculum format are designed to provide busy professionals with the flexibility to work at their own pace while balancing their studies and education with other commitments. To learn more about expanding your accounting knowledge through our Master of Science in Accounting online, contact us for further information.
