You feel drawn to the accounting profession and have a strong desire to advance your career. Your undergraduate degree has provided a solid start, but now, you are eager to further develop your accountancy skills while adding greater technical and management acumen to the mix.
If you are highly ambitious and committed to enhancing your expertise as a high-level accountant, you could be a fantastic candidate for the Master of Accountancy (MAcc). This highly regarded degree program provides thorough preparation for a range of job opportunities and certification exams.
Not sure if the Master of Accountancy is right for you? Below, we offer a thorough overview of this degree, including the skills it could help you develop and the career opportunities it can help you leverage. You will come away knowing what the MAcc can do for your career — and how this master’s program compares to other business-oriented graduate degrees.
What Is a Master of Accountancy (MAcc) Degree?
Before you can decide whether you are a viable candidate for pursuing the MAcc, you need to understand what this degree program involves. This graduate-level degree provides powerful preparation for senior-level and management-oriented accounting opportunities. MAcc graduates are qualified for business-oriented accounting positions and should also be prepared to take the Uniform CPA Examination.
Spanning 30 credit hours, the MAcc is a challenging program with strict admission and prerequisite requirements as well as many learning formats and specialization opportunities.
The online Master of Accountancy, for instance, offers greater flexibility for working students who desire a leg up in their profession, while electives and concentrations provide preparation for targeted accounting positions.
How a Master’s in Accountancy Can Help Accelerate Your Career
There are numerous benefits to pursuing a Master of Accountancy, but for many ambitious individuals, this decision primarily comes down to professional prospects. The MAcc is highly sought after as a vehicle for career advancement, particularly among management-minded accountants. Below, we highlight several career perks associated with the MAcc:
Provides a Strong Academic Foundation in Accountancy
It takes years of in-depth study to master complex accountancy concepts and skills, such as financial statements, balance sheet organization, and market valuation. These skills receive a great deal of attention within MAcc programs, which build a solid foundation through accounting and business background courses.
Beyond this, the MAcc delves into the many facets of accounting through specialized coursework and even laboratory applications. Important areas include:
- Federal tax accounting
- Accounting data analytics
- Managerial cost accounting
- Accounting information systems
Teaches Technical Competence
The Master of Accountancy is a rigorous program that provides a deep dive into many complex financial and technical topics. From accounting data analytics to foreign currency translation, various advanced topics are introduced, with plenty of hands-on learning opportunities so that graduate students can apply their newly gained skills in real-world scenarios.
Over time, these learning opportunities foster technical competence, which the International Accounting Education Standards Board (IAESB) cites as the “ability to apply professional knowledge to perform a role to a defined standard.”
Through rigorous and highly structured programs like the MAcc, students can achieve proficiency across many competence areas, such as financial accounting, management accounting, and risk management.
Aids in an In-Depth Understanding of Compliance and Regulations
Regulatory compliance represents one of the greatest challenges in modern accountancy, especially as the legal environment sees significant changes. Graduate-level accounting programs provide a comprehensive introduction to the most relevant rules and regulations, including (most notably) the Generally Accepted Accounting Principles (GAAP). Targeted courses further delve into accounting policy.
Fosters Ethical Decision-Making
Ethics are a huge concern in accounting, given the modern accountant’s access to privileged and extremely sensitive information. The need for a strong ethical understanding and moral compass increases with every step up on the career ladder, as senior accountants and accounting managers hold more autonomy and greater decision-making power.
The aforementioned GAAP — and the American Institute of Certified Public Accountants (AICPA) Code of Professional Conduct — offer valuable guidance, but fascinating discussions and case studies help graduate students see how ethical concerns play out in the real world. Furthermore, the ethical implications of emerging technologies are explored in depth.
Supports Earning Professional Credentials
A variety of credentials encourage accountants to develop and verify their expertise as it applies to numerous niches or industries. These professional credentials are often difficult to obtain, but the MAcc can help aspiring accountants satisfy key requirements and prepare for challenging exams. Examples include:
- Certified public accountant (CPA)
- Chartered accountant (CA)
- Certified management accountant (CMA)
Gives Job Applicants a Competitive Edge
The bachelor’s degree is often cited as the minimum academic qualification for desirable accounting positions, but increasingly, employers show a preference for job candidates trained at the graduate level. While specific degree preferences often depend on the employer and the position in question, many employers now outright list the MAcc as a core requirement, particularly for management positions.
This reality is referenced in the Graduate Management Admission Council (GMAC) Corporate Recruiters Survey. Though this study makes it abundantly clear that many employers actively seek out Master of Business Administration (MBA) graduates, there is demonstrable demand for specialist skills, specifically among finance and accounting organizations.
Opportunities After Graduating with an Accountancy Degree
The process of earning your Master of Accountancy can be deeply rewarding, but upon graduation, you can encounter a whole new world of opportunity. The degree itself can give your resume a huge boost while helping you pursue positions that closely align with your passions and your carefully honed skill set. Perks to expect upon obtaining your MAcc include:
Diverse Career Opportunities
Skilled accountants are highly valued and sought after across a number of fields, ranging from finance and healthcare to the public sector and even non-profits. What’s more, many MAcc graduates pursue niche opportunities that delve into targeted areas such as tax accounting or auditing. Examples include:
- Internal auditor
- Information systems auditor
- Accounting project manager
- Investment accountant
- Forensic accountant
Career Advancement and Leadership Roles
Upon earning their MAcc, many accountants advance into high-level roles. These positions promote greater autonomy and often produce impressive annual earnings or even sizable bonuses. Opportunities worth considering include:
- Chief financial officer (CFO) – Granted primary responsibility for investment decisions and portfolio strategies, CFOs hold extensive oversight surrounding cash flow and stakeholder relationships. For many ambitious accountants, landing this job represents the ultimate sign of professional success.
- Controller – Typically responsible for daily accounting operations, controllers manage and support various accounting team members. They oversee the financial reporting process while acting as stewards by managing risk and ensuring compliance.
- Partner – The highly respected and sought-after role of partner often means that a senior accounting professional is also one of the owners of a given firm. Securing partner status means developing not only elite technical abilities but also strong interpersonal skills, as partners must network extensively to ensure the long-term growth of their firms.
Higher Earning Potential
Accounting can be a lucrative field, but wages vary considerably depending on a range of factors. Education level can contribute to earning potential, with the highest-paid positions often exclusively available to accountants trained at the graduate level.
Data from the United States Bureau of Labor Statistics (BLS) reveals a median income of $78,000 per year for accounting in general, but higher-level roles can lead to six-figure incomes, as evidenced by the BLS annual median of $139,790 per year in financial management.
Enhanced Competitiveness and Employability
The accounting job market may be bursting with opportunity, but there is still fierce competition for the most desirable, senior-level positions. If you have a specific type of accounting job, industry, or niche in mind, your resume may need a boost.
This is best achieved with the MAcc, which is widely recognized by employers as a sign of accounting expertise. After all, as employers explain in the GMAC recruiters survey, graduate degrees, in general, are desirable, but those from “key industries like finance and accounting…may need some additional convincing,” often in the form of more targeted degrees and expertise.
Networking and Professional Opportunities
Networking is a must in accounting, especially when striving for upper-level positions. While there are many ways to develop a robust professional network, there’s no denying that the MAcc provides ample opportunities to build relationships with the field’s most promising professionals.
In addition to interacting extensively with amazingly accomplished faculty members, those seeking the MAcc work closely with a variety of ambitious and talented students, who can form the basis of a strong network. These contacts can continue providing support and insider information long after graduation.
The MAcc provides access to alumni networks, too, thereby offering even more chances to expand on existing connections or form new ones. Professional networks such as the AICPA can also play heavily into networking efforts, although these options are technically accessible to those trained at the bachelor’s level, the MAcc makes it easier to leverage opportunities made available through professional networking.
Start Your Master’s Degree in Accountancy at UTC
Do you have big plans for your business career? We offer an online master’s in accountancy, which allows you to advance your education and career on your own terms. UTC’s MAcc program provides excellent professional preparation so you pursue your career path of choice. Ready to get started? Look to UTC for guidance as you embark on this exciting academic and professional journey. Reach out today or call (423) 425-5708 to learn more about our online accountancy degree program or to move forward with the application process.
