• How a Graduate Degree in Accounting Really Pays Off

    By | September 19, 2017

    Presented by the UNC Master of Accounting Program.

    You’ve decided that graduate school is the best way to bolster your resume, expand your career options, and, perhaps, move up the corporate ladder. Now what? The list of potential graduate degrees can seem intimidating – MAC, MBA, JD, MS, and more.

    How do you find the degree that makes sense to you financially and offers the best chance at a rewarding career? A good first step is to look at the costs involved in going back to school, versus the rewards you’ll gain from the experience.

    » Download our ROI Analysis: Why the Master of Accounting Degree Makes Sense for Working Professionals

    Let’s look a little closer at a few of these issues.

    Real savings

    When determining the ROI of a graduate degree from a purely financial angle, one program stands out – the Master of Accounting. Most MAC degrees take just one or two years to complete, which means fewer credit hours to pay for than a longer program.

    Some schools offer online and part-time programs, allowing you to keep your job while you study. Other master’s programs, such as an MBA or a JD, can take two or three years, or even longer if you can’t attend full-time.

    Many universities offer fellowships to help accounting graduate students pay for tuition. And numerous state and national scholarships are available from organizations like the American Institute of Certified Public Accountants. Also, some large accounting firms have begun to help employees pay back their student loans.

    Increased opportunities for growth

    Once you’ve earned your MAC degree, you’ll have another tough choice — which job to take. The Bureau of Labor Statistics reports that jobs for accountants at all degree levels will increase by 13 percent from 2012 to 2022.

    And those jobs pay well, especially for MAC degree holders. The median salary for someone with a MAC degree is $91,000, according to Georgetown University research. That’s much higher than those with only bachelor’s degrees; their median salary is $69,000 —24 percent lower.

    Salaries for accountants at larger companies often hit six figures after five years of work experience. In corporate accounting, for example, a vice president of finance earns an average of $200,000 to $390,000, according to 2016 Salary Guide: Accounting and Finance. A CFO in the same field earns between $300,000 and $480,000. How high can you go? According to Forbes magazine, the average total compensation for a Fortune 500 CEO in 2012 was $10.5 million!

    At a Big Four firm, employees can work their way up to senior manager and ultimately to partner level. Average accounting firm partner salaries range from $177,000 to upwards of $400,000 depending on factors like profit-sharing and whether or not you’re an equity partner.

    Even if you don’t do pure accounting every day, you’ll still have plenty of job options. Hiring managers are looking for professionals who can analyze information, come up with smart business strategies, identify trends and increase company efficiency — all within a MAC degree holder’s purview.

    Accounting opens the doors to all kinds of organizations — nonprofits, law enforcement, big corporations, hot start-ups and more.

    Job satisfaction

    It’s nice to earn a great paycheck, but most people consider more than just numbers when seeking a rewarding career.

    People who work in accounting consistently rank higher in job satisfaction than other professions. According to a survey by recruiting firm Hudson Global Inc., 78 percent of the accounting and financial workers polled felt satisfied with their jobs. And a Monster.com survey of 6,000 people found that accounting and finance professionals were among the most satisfied with their jobs — ranking No. 2 in the survey (only engineers ranked higher).

    Some like the problem-solving and analytical aspects of the job, digging through records to discover the financial truth about a business, government agency or nonprofit. Others enjoy working in teams — from a group of 100 people engaged in an audit at a multi-national corporation to a pair of accountants teaming up on a project for their manager.

    Another part of the happiness equation is knowing your work counts.

    The financial markets rely on accurate accounting to function properly, with investors and others making decisions based on financial statements that accountants develop and audit. Accounting isn’t just a job, it helps keep the wheels of the global economy turning.

    Add it all up — the great pay and job opportunities, the nearly endless career options and high job satisfaction — and it’s clear the MAC has high ROI.

    Take a closer look

    Interested in how the MAC stacks up to an MBA? The University of North Carolina offers a detailed whitepaper that address the topic: The ROI of the MAC: Why a Master of Accounting Degree Makes Sense for Working Professionals.

    What’s your next career move?  Consider the #1-ranked online Master of Accounting degree from the University of North Carolina. With flexible schedules, evening courses delivered by world-class faculty, and a career services team dedicated to the needs of working professionals, the program can give your career the boost it needs.

    • Smack That

      Seems like you’re overselling it a bit. (I guess that’s understandable, since this is a sponsored post)

      Guess how many firms have asked if I have a graduate degree? It’s zero. None. I have a BS w/150 hours, and my CPA license. That’s all I need, because everything else I need to know I have been learning & will continue to learn with experience in the field of public accounting. So far, I have been in public for nine years. I have zero interest in pursuing additional degrees.

      • Big4Veteran

        This is a high quality Going Concern comment.

        Disclaimer: I didn’t waste my time reading the article. I just read the title, and then went straight to the comments.

    • The Horniest Partner

      It’s long time ago but my MAC degree did absolutely nothing. I had trouble landing a job during undergrad and basically got a free MAC degree.

    • AnotherB4Guy

      The biggest benefit for me in getting my MS in Accounting was that it helped me study for my CPA. Also, the fact that I got to enjoy college for another year was a big plus for me, as it helped me get a job that I wanted during campus recruiting. When speaking with friends outside my industry, I occasionally and nonchalantly get to flaunt that I have a Master’s degree, which is typically an impressive accomplishment.

      • Big4Veteran

        This comment started off well, and then got stupid towards the end.

    • Missing Donut

      If you didn’t get 150 credits toward the CPA in undergraduate, then yeah, a Master’s degree has value (so long as you get the CPA). It’s the CPA that has value, not the Master’s degree

      The only accounting career opportunity available to a person with a Master’s degree that isn’t available to a CPA with a bachelor’s degree, to my knowledge, is to teach college undergraduate classes.

      • Big4Veteran

        This is another high quality Going Concern comment.

        You can buy a masters’ degree. You have to earn a CPA license.

    • Basis Adjustment

      when I interviewed for my first and 2nd jobs out of college (f500 company then big4) I was never asked about my masters degree. the main question regarding my education was “you are CPA eligible, correct?”. if you want to get a 2nd chance at campus recruiting I guess a masters makes sense. if not, get your 150 in the cheapest manner possible and pass the CPA exams.

    • Debit_cash

      As far as I can tell, a masters degree in accounting is a nice feather on your cap, but not a necessity. I’ve learned more about accounting with 8 months of auditing experience than I have sitting in any accounting class.
      As someone has already mentioned in this post, if you did not recruit with a big4 during your undergrad years, then a MAC is a good way to line up a job post graduation.
      If, however, you already have a job lined up with a big 4, then a masters degree is an extra year of wasted time (time that I can use to study for the CPA exam).