Masters Degree in Accounting

A  Masters Degree in Accounting, sometimes referred to as a Master of Science in Accountancy, will help you broaden your knowledge of accounting and prepare you for the Certified Public Accounting Exam or help you gain a higher position in accounting, auditing, or budgeting.  A bachelor’s degree is a prerequisite; however, it does not need to be in the discipline of business or accounting.  Liberal arts majors are welcome to pursue this degree as well.

Higher positions in accounting have much more responsibility than the entry level positions that you may qualify for after earning a bachelor’s degree in accounting and require accounting experience along with a master’s degree.  Accountants with a Masters Degree in Accounting have the knowledge to pass the Certified Public Accounting Exam given by National Association of State Boards of Accountancy (NASBA).  Passing this exam will allow you to move into managerial accounting, auditing, assurance, and taxation positions within a company, or open your own accounting firm. 

When you take a higher level accounting position, you will have weightier responsibilities like auditing expenditures and preparing taxes.  These types of positions require an in-depth understanding of the theory and principles that govern the accounting profession.  Accounting professionals on this level must also be aware of the goals of the American Institute of Certified Public Accountants Vision Project.  This project continually assesses the professional values, communication and leadership skills, strategic and critical thinking skills, and technology skills of Certified Public Accountants.   Earning a Masters Degree in Accounting will give you the knowledge to comply with professional accounting organizations like the AICPA and establish a relationship with them for your ongoing accounting education.

In an accounting graduate degree program, you will be required to take the classes that will help you pass the Certified Public Accountant Exam.  These classes will include Accounting Theory and Research, Financial Statement Analysis, Cost Accounting, Accounting Information Systems, Auditing and Assurance Services, Managerial Accounting and Legal Aspects of Business, Internal Control Systems, Financial Reporting, Auditing, Taxation, Tax and Business Strategy, Forensic Accounting, Accounting for Mergers and Acquisitions, and Accounting Ethics.  These core courses will help you prepare for your CPA exam and are generally based on the practices of recognized professional accounting organizations.  You can also specialize in taxation, assurance, and financial reports.  Non-business majors will have to make up deficiencies in business with classes that will include Introduction to Financial Accounting, Introduction to Managerial Accounting, Contracts and Business Law, Introduction to Technology, Financial Management, Microeconomics, and Accounting Information Systems.

Career Opportunities for Graduate Level Accountants
Career opportunities for graduate level accountants are virtually guaranteed.  Many programs report a 95% placement rate in the field of managerial accounting.  If you pass the Certified Public Accounting Exam and become a Certified Public Accountant, you can go on to work for an accounting firm, become a partner in an accounting firm, or open your own accounting business.  You can also go to work for the government or a large company in auditing, budgeting, or accounting.  This includes analyzing financial reports and giving tax advice.  This kind of position can lead to an appointment as a government advisor or a CFO position in a major corporation.

Accounts and Auditors (CPA)
By offering a large variety of business and accounting services to their clients, accountants, auditors, and (CPA's) Certified Public Accounts are able to ensure that the Nation's firms are run in an efficient and timely manner. Accountants and auditors are expanding their range of services-from public accounts, management accounts, government accounting, and internal auditing-to include information technology consulting, financial and investment planning, budget analysis, and some legal services.

Accountants now assume a broader range of knowledge and skill that extends beyond the critical responsibilities of preparing, analyzing, and verifying financial documents. In this way, accountants can readily provide their clients with important and up-to-date information.

Job duties are varied and dispersed within the four basic fields of accounting. Some public accountants, for example, center their work on the advisement and preparation of tax procedures and income returns for governments, corporations, nonprofit organizations, or individuals. Some accounting consultants work in areas such as accounting and data-processing, system design, employee healthcare compensation, and in the process of securing assets.

Other types of accounting include investigating and interpreting complex financial accounting transactions, including bankruptcies and forensic accounting. Other accountants report to investors and authorities on the transmission and auditing of reports. Public accountants typically run their own business or work for another public firms. Certified Public Accountants (CPAs) are the most common type of public accountant.

Executive teams within companies and corporations often hire management accountants to record and analyze important financial information. Responsibilities of management accountants (also called industrial accountants, corporate accountants, or private accountants) typically include asset and cost management, performance evaluation, and budgeting. In this way, management accountants can help corporate executives make better and more efficient decisions. Non-management groups, including creditors, tax authorities, regulatory agencies, and stockholders, also hire this type of accountant to prepare financial reports. Finally, work is varied within different accounting departments. Different duties may include planning and budgeting, cost accounting, and financial analysis.

Public sector accountants keep up the records of government agencies. They also work with individuals in the private sector whose business activities are subject to taxation and other forms of government regulation.

Public sector accountants ensure that laws and regulations regarding revenue and expenditure are upheld. Accountants in the federal government often times work for the Internal Revenue Service (IRS) or in other financial management departments.

Internal auditors evaluate companies' information systems to guarantee that records and controls can provide efficient security against fraud, waste, and general mismanagement. Internal auditors also check the efficiency levels of a companies' operations and its internal concordance with corporate policies and government law.

The advancement of computer information technology has allowed many types of specialized auditors, particularly those in engineering, legal, bank, and electronic data processing, to help managers conduct business in a more timely manner. Internal auditors also help managers decide on controls for the computer system that reinforce the security of the data.

New and cutting-edge software and computer technology is changing the way accountants and auditors work. Through these advancements, accountants can standardize the formatting and organization methods of financial analysis, hence reducing the amount of monotonous work required by manual data entry and management.

Furthermore, as laptop computers become more popular, accountants and auditors are gaining computer skills that help them correct and develop better software for unique financial needs. With the increase and mobility of computers, accountants are also becoming more proficient in developing new auditing systems and network technology that help in the planning and budgeting process.

Accountants are also becoming more active in advising clients on their personal budget and management plans as this demand is increasing. Issues such as retirement and risk management are highly relevant to the work of accountants.