If you are an accountant or an aspiring accountant, willing to work on your dreamt accounting firm, you may often catch yourself wondering whether a Master’s in Accounting could be the next step in your career.
Your first question might be, what does a Master’s in accounting do for me?
But that question alone does not give you enough information about the degree to make an informed decision. Instead, there are many things that you should consider.
The step in figuring out if you should pursue an accounting degree is to ask yourself some questions about your goals and desired career path.
If you are reading this, chances are you have already decided to pursue an accounting master’s degree. But, if you have not decided yet, these questions might help you decide one way or another.
1. Am I going to have enough time to manage my pursuit of a master’s degree?
If you have time, pursuing a Master’s in Accounting could be an excellent idea to further your career. However, there are multiple things to consider before you make that decision.
For example, some activities take up a lot of your time, such as an outside job, volunteer work, or even hobbies.
These things all need to be thought about before deciding to pursue an accounting master’s degree program since they can add stress and make it more difficult to get all of your academic work done on time.
If you think you do not have the time for it, you should opt for an online degree program.
It is quicker, cheaper, and still will provide you with all the professional knowledge you need to advance your career. An online program will allow you to fit study around your schedule so that you can commit a substantial amount of time to it.
2. Can I financially support myself while pursuing a master’s degree in accounting?
A master’s degree is extremely expensive.
A Bachelor’s degree in accounting costs $140,000 on average, and a Master’s degree can cost anywhere from $50,000-$100,000. So before you take on any additional financial obligations, make sure you are in a place where you can afford to make your payments on time.
Many schools offer payment plans and financial aid, but if you have a family to support or another major expense coming up soon, it might not be the best time to take on more debt.
3. Can this program help me with my career needs?
Master’s programs are designed with specific career paths in mind. After graduation, you may choose to pursue a career in public accounting, corporate accounting, or even forensic accounting.
Each area has its unique characteristics, benefits, and drawbacks. Part of your decision should be based on what kind of career you want to have in the future.
If access to certain jobs is important to you, it might be worthwhile to pursue an advanced degree. Still, you should remember that not all MAs are created equal – some are more prestigious than others, so will impact the opportunities available to you when you graduate.
Moreover, not all accounting jobs require an MA. For example, banks and other financial institutions often hire entry-level accountants with undergraduate degrees and no formal post-secondary education.
4. Will taking a master’s in accounting help me open my own business?
If you want to open your own business in the future, pursuing a master’s in accounting is a good option. The program will provide you with the required knowledge and skills to start your business or accounting firm.
By doing a Master’s in accounting, you can learn about taxation, management of finance, and financial planning techniques, all of which are necessary for opening a business.
5. Will this program help me achieve my goals?
Many people enter an accounting master’s program hoping that it will help them get a promotion within their organization or set themselves up for a senior accounting role in the future.
Some people go into the program because they want to work in corporate finance, project management, or other business areas. So if your goal is to get promoted within your organization, the question you should ask yourself is, “Is this program going to help me get where I want to be?”
Many organizations require at least a Master’s degree for their managers, and many companies offer tuition reimbursement for employees who want to earn their Master’s degree.
In these situations, the accounting master’s program might help you get promoted faster because you will have a credential that demonstrates your commitment to continuous learning.
6. If I get a master’s degree, will it help me earn more money?
When you are in a master’s program, you can expect to get a higher salary than your bachelor’s degree colleagues. This is because the Master’s program will help you learn more skills and more information about your field.
The demand for Master’s level employees is always increasing. They are in high demand because their skills are very useful for their field.
There are only two ways to increase your salary: 1) have more experience and 2) have a higher education. When you graduate with a master’s degree, you have both of these things.
If you want to increase your salary in the future and you ask this question to yourself every once in a while, then getting a master’s degree will be the best path for you to take. Although getting a master’s degree is expensive, it will pay off when you start working because of the increased salary that you will receive at your new job.
Having a Master’s in Accounting can be incredibly helpful for your career and can significantly impact your life. However, there is more to consider than just the desire to get a master’s. If you are interested in pursuing a Master’s in Accounting or are currently in the midst of that process, there are some questions that you should ask yourself to make sure that a Master’s in accounting is the right choice for you. If you have answered all your questions about pursuing a master’s degree in accounting and feel confident, it is definitely worthwhile to go ahead with the program.