Accounting Education and Career Guide
September 5, 2024
How to choose the right master's degree in accounting
Written and reported by:
Rachel Horozewski
CPA, Public Accounting
Pursuing your master’s degree in accounting is beneficial for a variety of reasons. It helps you reach minimum credit requirements to sit for the CPA Exam, expands your knowledge on different business topics, and differentiates you from other talent when applying for new positions and promotions.
If you’ve decided to continue your accounting education through a master’s program, one of your first decisions will be program type. Accounting doesn’t have just one master’s program. In fact, there are nearly a dozen programs to choose from, including forensic accounting, financial accounting, taxation, international accounting, and overall business management.
In this article, we’ll outline a few factors you can use to determine which master’s degree program in accounting is right for you.
Understand the program's format
The first factor you want to consider is the program format. There are three main program formats: in-person, online and hybrid. An in-person program offers classes on-site at a campus. On the contrary, an online program allows you to sit for lessons and complete homework remotely. A hybrid program is a combination of in-person and online, such as two classes a week in person and one online.
Choosing the right master’s degree program relies on understanding your ideal program format. For example, if you work a nine-to-five, you might not be able to attend classes during the day. If a tax program only has daytime classes, you might need to look for an alternative. Moreover, online program formats give you flexibility in the school you enroll in. You could live in Minnesota but earn a master’s in accounting from a university in California. Take the time to look at your schedule and tentative universities to choose the right program.
Identify the master's program cost
Every university will have a different cost structure. Knowing the costs per credit, total expected cost, transportation and travel expenses and any other miscellaneous expenses, like books, is important. You want to find a program that fits within your budget. Although most master’s programs will have similar costs, there can be slight differences.
Remember, there are various financing methods for higher education, such as student loans, grants and scholarships. In addition, some employers subsidize your tuition if the master’s program benefits you in your role. First, start with your budget. Then, determine which programs and universities fit in your range.
Look for accreditation
Not all accounting master’s degree programs offer accreditation. An accredited master’s degree is a degree that meets certain educational standards in quality. Holding an accredited accounting master’s degree can set you apart from others in the accounting field and ensure you are receiving a quality education that builds your knowledge and skills.
Schools will list if their program is accredited on their website. Look at the “About Us” page or on the homepage of the program you are interested in. If you aren’t finding any information on accreditation, reach out to the school directly.
Evaluate your school's size
The size of the school can also play a role in your accounting program decision. Large schools can’t always compete with the personalization and one-on-one assistance that small programs offer. For example, if your accounting master’s degree or MBA program is small, you may have more networking opportunities by connecting with other students and professors on a personal level.
However, large institutions often have access to more funding and resources compared to small schools. This could mean more state-of-the-art technology, expansive scholarship and financial aid programs, or extensive online class offerings. If you like working in small groups or directly with professors, look for an accounting program offered through a small university. On the contrary, if you excel in a large group setting and are looking to maximize your resources, check out programs at large institutions.
Assess the admissions requirements
Each accounting program will have admission requirements. These requirements can include a minimum GPA, a certain undergraduate degree and specific work experience. Most master’s programs will require a GPA of 3.0 or greater; however, some programs require above 3.25 or 3.50. When selecting a master’s in accounting program, you want to make sure you meet the admission requirements.
Let’s say you have a GPA of 3.30. You find that a forensic accounting master’s program requires a minimum GPA of 3.25, while a tax program requires a GPA of 3.50. Based on this information, you might decide to pursue a master’s program in forensic accounting.
It’s important to understand that each school will have different admission requirements. A tax master’s program at a school in California might require a GPA of 3.50, while the same program in Kansas only requires a 3.0. Narrowing down your list of interested programs will help you determine which schools and programs are viable options based on the admission requirements.
Interview your instructors
Most schools host open houses, whether in-person or virtually. This gives you the opportunity to talk about the program with instructors and professors. Instructors in your accounting master’s degree program make great mentors, helping you not only in the program but outside as well. They help you build your network and successfully complete your master’s degree.
Finding instructors that match your learning style and needs can help you determine which program is right for you. Check online for an open house for different accounting programs.
Consider the program's length
Most master’s degree programs in accounting are between 30 and 60 credit hours. According to the U.S. Department of Education, “A credit hour is a unit of measure that gives value to the level of instruction, academic rigor, and time requirements for a course taken at an educational institution…. An institution is responsible for determining the credit hours awarded for coursework in its programs.”
Since the U.S. Department of Education leaves it up to schools to determine what constitutes a credit hour, each program and school will have different requirements. Evaluating the program length based on credit hours helps you understand the time commitment needed. If you are looking for a quick master’s degree, you might choose a program that is only a few years rather than one that requires three years.
Acknowledge your career goals
Acknowledging your career goals is one of the most important factors when choosing a master’s degree program. What are your long-term goals? Why are you pursuing a master’s degree? If you are only enrolling in a master’s program to sit for the CPA Exam, you might not need to choose the most technical program. A general program would be sufficient as you are only intending to satisfy a credit requirement.
However, if you are pursuing a master’s in accounting for a specific career advancement, the program you choose does matter. For example, if you want to become an international tax specialist, pursuing a master’s in tax would be beneficial. Look at your long-term career goals to decide which program fits best.
Wrapping up
Once you’ve determined which accounting master’s program you want to pursue, you have another decision: which school to attend. All you need to do is click the Find Schools button to begin researching accounting master's and MBA programs that can help you meet your higher education needs.