Should You Go For A Master’s Degree In Accounting
If you are looking for a career in accounting, the first thing you need to do is to get admitted in a Bachelor’s Degree Program in Accounting, that’s a no-brainer. However, those already in the profession who already have their Bachelor’s Degree, battle with the idea of whether to study further for a Master’s in Accounting Degree or not?
A Master’s Degree in Accounting, also called the MACC, is an advanced level of education that prepares students for more specialized and advanced careers in accounting. Many students wonder what the utility of this degree towards their accounting career is.
Here are some benefits of pursing a Master’s Degree in Accounting:
- It Helps You To Meet Licensing Requirements
- It Leads To Greater Opportunity For Career Advancement
- Prepares You for Other Professional Accounting Exams
- A Master’s Degree Provides Better Employment Chances
The first benefit of earning a MACC is the benefit of meeting licensing requirements for Certified Public Accountants (CPA). To become licensed as a CPA, most states require 150 semester hours of education, which are achieved as one pursues his/her Master’s In Accounting Degree. However, a Master’s is not mandatory for meeting the educational 150, which can be achieved via other means such as additional hours at the graduate level. Nonetheless, many states have a reduced experience requirement for candidates who hold a Master’s degree. Hence, armed with a Master’s degree, your route to a CPA certificate and license will be quicker.
Because a Master’s In Accounting allows students to focus on certain specialties, the chances for career advancement are greater as they can become experts in a particular area. For example, a student can choose to take tax-specific courses if he/ she wants to become a tax consultant. Or one may choose to become a management account and take relevant courses at the post-graduate level.
There are other professional exams besides the CPA that accountants may be interested in. These include the Certified Management Accountant (CMA), Certified Internal Auditor (CIA), etc. Though these other professional exams may not have a requirement for a Master’s degree, the courses you take at the postgraduate level will definitely be of help in preparing you to take these exams.
If there are two candidates with similar work experience and both have a CPA certification, but one is a Master’s degree holder while the other holds a Bachelor’s Degree In Accounting, employers will tend to prefer the person with the higher education level. Your employment prospects may be better when you’ve completed a postgraduate degree in accounting.
There are many schools that one can choose from to pursue their MACC. Choose an institution carefully if you decide to go for a Master’s In Accounting to actually make use of the above mentioned benefits.