Growing your career as an accountant comes with big decisions. Do you jump right into the workplace? Or earn credentials? Or a master’s degree in accounting? Your choices will impact your career direction, as well as the time and resources you invest. Learn more about a master’s in accounting, the career path it opens, and if this is the right move for you.
Summary
Earning a master’s in accounting provides advanced technical expertise for corporate leadership roles, while a CPA license grants the unique legal authority required for public accounting tasks, leading many professionals to pursue both to satisfy the 150-hour educational requirement and maximize their career opportunities.
What Is a Master’s Degree in Accounting?
A master’s in accounting (MAcc) covers coursework in advanced accounting knowledge and skills, equipping you with a profound expertise in accounting techniques and standards.
Topics covered within a Master of Accounting program typically include (but aren't limited to):1
- Advanced financial accounting
- Taxation for businesses, individuals, partnerships, and international
- Corporate financial research and reporting
- Auditing and assurance
- Information systems design
- Internal control systems
- Cost systems
- Financial statement analysis
- Ethics for accountants
How to Earn a Master’s in Accounting
Earning your MAcc starts with applying and being accepted to a specific university’s program. You must meet specific requirements, like a completed bachelor’s degree, specific coursework, etc., and then follow your program’s coursework and requirements through to graduation.
What Can You Do with a Master’s in Accounting?
With a completed Master’s in Accounting, you enhance your expertise, credibility, and therefore job opportunities.
Often, those who earn a Master’s in Accounting go on to hold positions like:2
- Accounting Manager
- Forensic Accountant
- Controller
- Compliance Risk Manager
- Director of Accounting
- Chief Financial Officer (CFO)
Master’s in Accounting vs CPA
A Master’s in Accounting is a higher education degree, while a Certified Public Accountant (CPA) license is a licensure—and the two therefore cover different domains and bring unique benefits to your career.
Authority of a CPA License vs MAcc Degree
Earning a master’s in accounting teaches you extensive accounting expertise and does boost the competitive edge of your resume; but it doesn’t come with any public accounting legal authority. On the other hand, a CPA license grants you the legal ability to perform responsibilities that non-licensed accountants can’t.
As opposed to those with a Master’s in Accounting, licensed CPAs have the legal authority to:
- Represent clients before the IRS
- Perform external, publicly traded companies’, and SOC audits
- Prepare and certify SEC financial statements
Timeline of a Master’s in Accounting vs CPA
Time to Earn a MAcc
A master’s in accounting program typically takes one to two years to complete, if studying full time, plus three to six months of application process.
Time to Earn a CPA License
Earning your CPA license has a less definite—but often longer—timeline. Like enrolling in a master’s program, becoming a CPA requires that you have completed at least a bachelor’s degree. However, some states still require a total 150 semester hours before earning licensure. Since most bachelor’s degree programs require only 120 semester hours for graduation, CPA candidates in those states must complete an additional 30 hours of education. This may take an additional one to two years.
You also need to pass the CPA Exam and complete experience requirements.
- CPA Exam timeline: Passing the CPA Exam takes anywhere from 400 to 600 hours of study. In weeks, this could be 40 to 60 if you study 10 hours per week, or 20 to 30 weeks if you study 20 hours per week. This timing doesn’t factor in exam testing windows and assumes that you pass all four sections on the first try. It’s not uncommon to retake CPA Exam sections, however, and most state boards of accountancy allow up to 30 months to pass the exam.
- CPA experience timeline: The experience needed to earn your CPA license varies depending on your state board of accountancy’s CPA requirements. Each state board defines its own requirements for licensure, but most states now allow for one to two years of public accounting experience, depending on your level of education.
Combining the time to pass the CPA Exam and the years of experience required, it generally takes two to four years to become a CPA. If you live in a state with the 150-hour education requirement, this timeline may be extended to complete the additional semester hours.
Cost of a Master’s in Accounting vs CPA
Cost to Earn a MAcc
A master’s degree in accounting costs roughly $45,000 to $70,000.3
Cost to Earn a CPA License
In comparison, a CPA license is considerably more accessible, with total CPA costs around $3,500 - $7,350.
- CPA Exam fees: $980 - $1,950
- CPA Exam Review: $2,500 - $5,000
- This may seem like a big investment, but it helps avoid costly and discouraging exam retakes.
- CPA initial licensing fee: $100-$400
Master’s in Accounting vs CPA Career Paths
Both a master’s degree and CPA license can take you far in your accounting career. However, as mentioned above, the legal restrictions around high-level public accounting tasks limit advancement within the field to those who hold an active CPA license. If you hold only a master’s degree, you will likely grow your career in corporate accounting, rather than public.
Can You Earn Both a Master’s in Accounting and CPA license?
Yes, and many professionals do become both master’s in accounting graduates and licensed CPAs. Having both credentials not only boosts your resume and visibility to hiring organizations, but it also opens a wider array of career opportunities. Plus, earning your master’s in accounting can also support an easier pathway to CPA licensure.
For example, if you live in a state that requires 150 semester hours for CPA licensure, earning your MAcc will help you reach those required hours of education. Likewise, you can coordinate your course schedule and CPA Exam dates to be complimentary—taking coursework that supports the concepts covered on the CPA Exam for which you’re preparing. This way, your MAcc coursework ties into and supports your CPA Exam studying strategy.
Start Your Path to CPA
Whether or not you decide on earning your master’s in accounting, if you choose a career in public accounting, it’s worth becoming a CPA. Start by learning everything about your career as a CPA, the CPA Exam, and how to pass it, in our FREE CPA Exam Guide ebook.
Get your FREE CPA Exam Guide
This comprehensive ebook contains everything you need to know about the CPA Exam, including the exam format, study tips, and do's and don'ts!
About the author
