Best Online Master's Degrees in Accounting

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*Tuition information is based on published tuition and required fees, per data by the National Center for Education Statistics (NCES).

Earning an online master's degree in accounting is a fairly sure way of advancing one's career. Most of these degree programs help prepare students for the prestigious Certified Public Accountant (CPA) exam, but can also help prepare students for advanced positions in areas like insurance, banking, or taxation, as well as other professional certifications, like the Certified Management Accountant (CMA). With this advancement in education usually comes an increase in salary. For example, ''PayScale.com'' reported that graduates with a MAcc earned a median salary of $71,192, as of December 2020, while those with a bachelor's degree in accounting made a median salary of $62,027, as of October 2020.

Many students choose to complete their master's degree in accounting online for the flexibility and ability to continue working full-time. While working full-time may not allow students to finish their master's as quickly, it does allow them to work around their personal schedule and still have a steady income.

How Long Does It Take to Earn an Online Master's in Accounting?

Most online master's degree programs in accounting can be completed in 1 to 2 years. A lot of the difference in time to completion depends on a student's schedule, such as if they work full time. Some programs may allow students who take the program full-time to finish in 3 semesters, or 1 year, while students who only take 2 courses a semester and work full-time may finish in 5 semesters, or about 2 years. Some programs may also accept up to 12 credits of graduate-level transfer credit, which could help students finish their program more quickly.

While online master's programs may contain many of the same or similar core accounting courses, such as tax accounting courses and financial reporting, these online programs are distinct. Some of these programs may allow students to complete the program in a cohort format for maximum peer-to-peer interaction. Others may require a short, in-person residency for face-to-face interaction. Still others may provide unique learning experiences, such as an optional international trip. Below we outline the curriculum for these online master's programs in greater detail.

Accounting Foundational Courses

Online master's degree programs in accounting typically require between 30 and 36 credits, usually with the majority of these credits being from core accounting courses. Some of these online programs may include a culminating accounting capstone course where students can apply the skills and knowledge they have accumulated throughout the program to assignments. These core accounting courses typically cover accounting theory as well as practical, hands-on skills in the field working with financial statements and various methods of reporting. Although the name of the course may differ by school, some of the common core courses for online master's programs in accounting include topics in:

• Advanced auditing
• Federal taxes
• Ethics
• Accounting information systems
• Fraud examination
• Managerial/cost accounting
• Business law

Accounting Specialist and Elective Courses

Several online master's programs in accounting allow students to further focus their studies through elective courses and/or concentrations and tracks. Programs that offer different concentrations and tracks are usually MSA programs and may offer additional focus areas like:

• Auditing
• Taxation
• Forensic accounting
• Management accounting
• Public accounting (CPA track)
• Private/corporate accounting (CMA track)

Depending on the program, students may take as many as 16 to 18 hours of elective or concentration courses. Electives may be offered in various areas of business, such as marketing, entrepreneurship, economics, and more.

Licensure and Certification in Accounting

There are several different professional licensure and certification options available to those wishing to work in the field of accounting. One of the most common certifications is the CPA designation. Accountants that file with the Securities and Exchange Commission (SEC) must be a licensed CPA. This licensure comes from the states' Board of Accountancy. Although some requirements vary by state, students typically need to pass a national exam from the American Institute of Certified Public Accountants (AICPA) and meet 150 hours of college coursework, which is usually 30 credits beyond a bachelor's degree and can be fulfilled with a master's in the field. The CPA exam has 4 parts and students typically have about 18 months to complete all 4 parts.

Other accounting-related certifications include the CMA designation from the Institute of Management Accountants, the Chartered Global Management Accountant (CGMA) credential from the AICPA and the Chartered Institute of Management Accountants (CIMA), and the Certified Government Financial Manager (CGFM) certification from the Association of Government Accountants (AGA). Students typically need to meet education and/or experience requirements, pass an exam, and/or renew with continuing education. Other related positions may also have certifications available, such as the Certified Internal Auditor (CIA) credential for auditors or the Chartered Financial Analyst (CFA) certification for financial managers.

Students should be sure to research and find the specific admissions requirements for their program of interest, as standards vary amongst schools and programs. However, in general, these online master's programs in accounting require applicants to have a bachelor's degree. It is fairly common for these programs to require a minimum GPA for admissions and/or GRE or GMAT test scores. Other common application materials may include official transcripts, letters of recommendation, a resume, and/or a personal statement.

Several online master's programs in accounting also require applicants to have completed some prerequisite courses, typically in business and accounting. Some schools may require as much as the 45 credits of undergraduate coursework known as the Common Professional Components (CPC) established by the Accreditation Council for Business Schools and Programs (ACBSP). Some common prerequisite courses for online master's programs in accounting may include:

• Accounting I
• Accounting II
• Cost accounting
• Financial accounting
• Auditing

Choosing an online master's program in accounting may feel like a challenge, but there are several items students should consider when picking a program. Students may want to start by considering their career goals. This may help determine if they need to search for a broader MAcc program or a more specific MSA program that offers various concentration areas.

Students should also always try to find a business-related accredited master's program. Many schools that offer online degree programs are regionally accredited, which means that they have a general accreditation for all of their different programs and degree levels. However, many online master's programs in accounting have an additional program-level accreditation that is business-specific. This accreditation helps indicate that students have met business-specific academic standards and are likely better prepared for a career in the field. Some groups that accredit these online master's programs include the ACBSP and the Association to Advance Collegiate Schools of Business (AACSB).

Other factors to consider when choosing a program may include the format and time to degree completion. Some students may prefer a cohort-model program or other students may not be able to fulfill an on-campus residency and may need a fully online program. There also may be students who work full-time and need a program that allows them to work a little more slowly and earn their degree in 2 years instead of 1 year. With the diverse degree options, students should be able to find an online master's program that is right for them.

Many graduates with their master's in accounting go on to pursue some type of accounting career. There are accounting jobs in a wide range of industries, such as government accounting jobs, as well as different accounting positions, like a cost accounting manager or accounting analyst jobs. There are also a number of accounting- and business-related positions available for those with a master's in the field. Salaries for these various careers vary by position, employer, location, experience, and other factors. For example, the salaries for accounting technology careers may vary from salaries for accounting management positions. A few career options for graduates with their master's in accounting include:

• Accountants
• Auditors
• Financial managers
• Budget analysts
• Financial analysts
• Tax examiners and collectors
• Risk managers
• Tax managers

Job Outlook for a Master's in Accounting

While the specific job outlook varies from position to position, in general, graduates with a master's in accounting should qualify for a wide range of advanced positions. Therefore, the job outlook should be positive. According to the U.S. Bureau of Labor Statistics, the job outlook for accountants and auditors is projected to increase by 4% from 2019 to 2029. This job outlook is as fast as average.

The BLS did note that professionals who have a master's in accounting, a Master of Business Administration (MBA), or a CPA designation may have an advantage and/or the best job prospects. Other positions for graduates with a master's in accounting may vary in the job outlook. For instance, the BLS also reported that financial managers had an increased job outlook of 15% from 2019 to 2029, which is much faster than average.

How to Become an Accountant

Accountants need to have at least a bachelor's degree, typically in accounting or another closely related field. However, there are some employers who may promote those with only an associate's degree and some work experience, while other employers may prefer those who have a master's degree and/or professional certification in the field. Professional licensure and certification is common for the field and may be required for certain positions. Accountants and auditors also need to have great math and analytical skills, as well as organizational and communication skills.

According to the BLS, accountants and auditors made a median annual salary of $71,550, as of 2019. Although job duties may vary by position, in general, these professionals organize and examine financial records, ensure that taxes are paid, and evaluate financial operations at an organization. Based on their findings, they may suggest ways to improve a group's finances and profits. Different types of accountants include government accountants, public accountants, and management accountants. Different types of auditors include internal auditors, external auditors, and information technology (IT) auditors.

How to Become a Financial Manager

Financial managers usually have to hold at least a bachelor's degree, although some employers may prefer those with a master's degree. These managers may hold degrees in a variety of business-related fields, including accounting, business administration, finance, or economics. Financial managers also typically need to have at least 5 years of work experience in a business-related position, such as work as an accountant or financial analyst. Professional certification is available for the field, but is not necessarily required. Financial managers need to have similar skills to accountants and auditors, including math, analytical, and organizational skills.

As of 2019, the BLS reported that financial managers had a median annual salary of $129,890. These managers include positions like risk managers, controllers, insurance managers, and credit managers. The specific job duties may differ by position, but typically, these managers oversee the finances of an organization. This may require them to supervise finance staff, analyze financial reports, set and meet financial goals, and contribute to financial decisions.

Professional accountants and others in the business world may want to join a professional organization to take advantage of an array of resources. Professional organizations in various subject areas typically offer professional certifications, trainings, career resources, networking events, and more. Some of these organizations are available at the national and even international levels. A small handful of the many accounting-related organizations available include:

• American Institute of Certified Professional Accountants- The AICPA offers multiple professional certifications, including the popular CPA designation. The group also has a variety of education tools, including webcasts, conferences, and publications. Professionals can also browse the organization's career resources, news, and key initiatives.
• International Federation of Accountants- This international group strives to be the global voice for the field of accounting. The IFAC offers membership, advisory groups, education e-tools, and international standards for the field. The group also provides a number of events and resources on ethics.
• American Accounting Association- On its website, the AAA provides a newsletter, career center, journals, awards, and calls for research submissions. The group is also involved in advocacy efforts and education with webinars and information on pursuing a doctorate in the field.

While most master's programs in accounting do not require applicants to have a bachelor's degree in a specific field, many undergraduates who pursue these master's programs hold a bachelor's degree in accounting. However, some students may have a bachelor's degree in other related business areas, such as business administration, finance, economics, management, and more. Many accounting and other business-related majors will help students meet some or all of the required prerequisite courses that some master's programs in accounting have.

Students wishing to further their study in accounting can pursue a Doctor of Philosophy (PhD) in Accounting or a Doctor of Business Administration (DBA) in Accounting. Some of these degree programs are available in online formats, and like master's degree programs in the field, students should look for programs that have accreditation from business-related accrediting bodies to best prepare for professional certifications. Usually, those wishing to earn a doctoral degree in the field are interested in research and/or teaching at the postsecondary level, but graduates with their doctorate will also be qualified to work as advanced business leaders, consultants, and more.

Typically, students need to figure out a way to pay for their postsecondary education, including those at the graduate level. Students need to begin the process by completing the Free Application for Federal Student Aid (FAFSA) to see if they qualify for and/or select any federal or state loans or grants. After this step, students may begin comparing programs and any additional financial aid opportunities they may provide. For instance, some schools may offer ways to save on tuition, such as through transfer credits, military tuition discounts, or corporate partner benefits.

Scholarships are another common way for students to reduce the cost of their master's degree. Scholarships do not have to be repaid and are available for a wide range of reasons, including majors, interests, talents, hobbies, demographics, and more. In the case of accounting, some of these scholarships may be available for tuition and/or additional courses, such as CPA exam reviews. A couple examples of scholarships available to online master's in accounting students include:

• Becker CPA Exam Review Scholarship- Students in the University of Oklahoma's online MAcc program can compete for a 100% or 50% scholarship to take the Becker CPA Exam Review in preparation for the CPA exam. Every year there is 1 scholarship available at 100% and 4 available at 50%.
• MAcc Scholarship- The University of Alabama at Birmingham has an online MAcc program and provides multiple scholarships to MAcc students through the Collat Business College. Students fill out a blanket application to compete for awards.