Whether you’ve already earned a MAcc degree or are looking to pursue an online MAcc, a Master of Accountancy is more versatile than you might think. While what comes to mind for some people might be preparing taxes or managing a company’s finances, in truth, accountants with advanced skills can pave their own unique paths to other dream jobs within diverse industries and specialty areas.
What Can You Do With a Master’s Degree in Accounting?
Master’s accounting programs could provide you with the knowledge and skills necessary to pursue a variety of accounting and finance-related careers in both the public and private sectors. It can also enhance your earning potential and career advancement opportunities. Below, we explore 17 careers in accounting across several core categories for your consideration.
Traditional Accounting Careers
Depending on your interests, you can find opportunities in public firms, corporations, and other sectors that require financial expertise and regulatory compliance. These traditional careers in accounting provide a wide range of options for professionals with accounting knowledge and skills:
Public Accounting Firms
Public accounting firms (often referred to as CPA firms) are professional service organizations that offer numerous accounting and financial services to clients, which can include individuals, businesses, nonprofit organizations, and government agencies. These firms are typically staffed by certified public accountants (CPAs) and other professionals with expertise in accounting and finance. Public accounting firms are crucial in providing financial and advisory services to their clients. Their services are also essential to ensuring financial transparency, maintaining compliance with regulations, and providing financial insights and advice to clients. The choice of services offered by a firm can vary based on their specialization and expertise.
A few common roles within public accounting firms include:
Certified Public Accountant (CPA)
CPAs are licensed professionals who provide a range of accounting services, such as auditing, tax planning, and financial consulting. Their services are in demand for businesses and individuals. Becoming a CPA can lead to various opportunities in public accounting firms, where you can work in audit, tax, or advisory services. Many states in the United States require candidates to complete a master’s degree in accounting in order to sit for the CPA exam.
Audit Associate
As accounting specialists, audit associates support the auditing team in tasks related to planning and managing assignments. Their responsibilities can include drafting financial statements, budget preparation, conducting financial audits, and verifying an organization’s financial data. To excel in this role, it’s essential to demonstrate a strong grasp of accounting and auditing processes and maintain exceptional attention to detail. Ultimately, a high-performing audit associate should be proficient in efficiently and accurately preparing and executing financial audits.
Tax Consultant
Tax accountants specialize in tax planning and compliance for businesses and individuals. They help clients minimize tax liabilities, prepare tax returns, and stay compliant with tax laws and regulations. To become a tax accountant, you must at least pass the CPA exam, but an advanced degree can also be particularly useful in the complex field of taxation.
Corporate Accounting Careers
Aside from public firms, another traditional path for those with a master’s in accounting is working in corporate accounting. Corporate accountants work within organizations to manage budgets and financial transactions, prepare financial statements, provide financial insights to support business decisions, and ensure compliance with accounting regulations within a corporation. A few common roles within corporate accounting include:
Financial Analyst
Financial analysts assess financial data, market trends, and investment performance and opportunities to provide insights and recommendations to their clients or employers. Essentially, these professionals advise businesses on decisions about how they can best utilize their money and make a profit. Some specific role titles of financial analysts include fund managers, portfolio managers, and risk specialists.
Controller
Controllers are responsible for overseeing an organization’s accounting, financial management functions, and strategic planning. They ensure financial statements are accurate and that compliance with financial regulations is maintained. Depending on the organization, such higher-level positions might require a master’s degree and substantial experience.
Internal Auditor
Internal auditors evaluate an organization’s financial records, internal controls, and processes to identify areas for improvement, assess risk, ensure accuracy, and ensure compliance with financial regulations and company policies. An auditor then investigates any issues they might have found to mitigate business risk.
Specialized Accounting Roles
Specialized accounting roles focus on specific areas of accounting and financial management. These positions often require expertise in niche areas of accounting and may require additional certifications or qualifications, such as a MAcc degree.
Forensic Accountant
Forensic accountants investigate financial fraud, embezzlement, and other financial crimes. They analyze financial data, conduct audits, and gather evidence for legal proceedings. This role may involve working with law enforcement agencies or consulting firms and as expert witnesses in court.
Cost Accountant
Cost accountants specialize in tracking and analyzing the costs associated with producing goods or services within an organization. They help businesses make informed decisions about pricing, cost reduction, and resource allocation.
Government Accountant
Many government agencies hire government accountants, who work in numerous agencies at the federal, state, or local levels. They are responsible for managing public funds, budgeting, auditing, financial reports, and ensuring financial transparency and accountability. A government accountant helps ensure compliance with governmental accounting standards and public finance regulations.
Industry-Specific Accounting Roles
The following accounting roles are specific to niche industries and would benefit from a master’s degree in accountancy:
Healthcare Accountant
Healthcare accountants work in the healthcare industry for hospitals, health insurance organizations, and other types of facilities. They manage financial records, budgeting, bookkeeping, internal auditing, and compliance with healthcare-specific regulations, such as those related to Medicare and Medicaid.
Real Estate Accountant
Real estate accountants hold a specialized role focusing on financial and accounting matters related to the real estate industry. These accountants play a critical part in managing the financial aspects of real estate transactions, investments, and property management. A real estate accountant can work for a variety of employers—including real estate development companies, property management firms, real estate investment trusts (REITs), commercial real estate agencies, and individual property owners. They may also operate as independent consultants or work in partnership with other real estate professionals, such as real estate agents, appraisers, and property managers.
Entertainment Industry Accountant
Entertainment accountants specialize in the unique financial aspects of the entertainment industry, including budgeting for film production, royalty accounting for artists, and profit participation calculations. They might perform tax preparation, bookkeeping, recordkeeping, and budgeting. Experience in the industry offers a considerable boost to these accountants, allowing them to provide recommendations tailored to their clients’ needs (such as budgeting tips for touring musicians). Successful entertainment accountants are generally personable and well-versed in the creative arts as well as hold a master’s degree.
Alternative Careers for Accountants
Beyond typical accounting career paths, accountants possess skills in financial management, analysis, and reporting that can be valuable in many exciting fields. A MAcc degree can provide a solid foundation for these careers:
Financial Planner
Financial planners assist individuals and families with their financial goals, including retirement planning, investment strategies, and estate planning. They often work in financial planning firms or for financial institutions.
Data Analyst
Accountants can transition into data analysis roles, leveraging their strong analytical skills to work with data and draw meaningful conclusions. This is particularly relevant in industries like finance, marketing, business, government, and healthcare.
Business Consultant
Accountants can become business consultants, advising companies on financial strategy, process improvement, and risk management. They may work independently or with consulting firms. These experts offer advice and insights to help clients meet goals and resolve challenges.
Entrepreneurship
Having financial knowledge and accounting experience gives entrepreneurial-minded professionals a major leg up in starting and managing their own businesses. This could range from private accounting firms to financial consulting practices to any number of other small business ventures.
Nonprofit Management
Those with a graduate-level education in accounting could also be uniquely qualified to lead a nonprofit or charitable organization. Nonprofits require accountants to manage their financial operations, ensure compliance with nonprofit accounting standards, and furnish financial reports to donors and stakeholders.
UTC’s Online MAcc Degree
Interested in master’s accounting programs or earning a MAcc degree online? At the University of Tennessee at Chattanooga, our Master of Accountancy degree program is delivered 100% online and prepares students to work as professional accountants. If this dynamic career path sounds right for you, don’t hesitate to complete this form to request more information or apply to UTC today!
