By Jessica Scheck, MBA
The Master of Accountancy (MAcc) degree is a graduate level program that is intended to groom students for productive careers in public and private accounting. Successful accountants in our present-day business environment have the demonstrated skills to accurately interpret data, offer sound financial analysis, and propose keen business ideas. Whether you have recently earned a bachelor’s degree in accounting, have been in the accounting field for a while, or are looking to make a career switch into the account industry— the MAcc degree is proven to be advantageous in opening doors of opportunity for a more rewarding career path.
Here are the top five reasons you should consider getting your MAcc degree in 2017:
- It’s the perfect time to advance your accounting career.
There is no better time than the present to commit your time to education and ensure a promising future in the accounting industry. Technology has radically impacted the accounting profession within the last decade. The basic accounting knowledge attained through a Bachelor’s degree is rarely enough to support accounting professionals in the progression of their careers. MAcc degree programs have been modernized to sharpen your technical skills and better prepare you for the prevailing business world. The MAcc degree can immediately assist you in advancing your career to the next level.
- MAcc graduates are currently in-Demand.
The 2015 Trends in the Supply of Accounting Graduates and Demand for Public Accounting Recruits report published by AICPA, concludes that a record number of accounting graduates were hired in 2014 and accounting firms anticipate on hiring an increased number of graduates in the following years to come.2 The 2015 Trends report also suggests that employers prefer to hire candidates with a master’s degree. Joanne Fiore, AICPA vice president of professional media, pathways and inclusion, explained: “We saw the increase in the number of students graduating with master’s degrees translating directly into increased hiring of those candidates by firms. The growing trend of specialization in the profession combined with a higher level of performance expected for today’s entry level CPAs has sent a strong message. Accounting students have responded to that marketplace demand by increasingly earning master’s degrees and developing specialized skills to complement their strong technical base before they enter the profession.”2
- Flexible online education is available.
There are many reputable University’s that now offer the Macc degree through online programs. Earning an online degree from a fully accredited University carries just as much weight as earning a degree on campus. The flexibility of an online degree program is ideal for the hard-working professional. Students have the freedom to access curriculum online, contribute to discussions, and connect with peers when it is convenient to their schedule. An additional benefit to online education is the opportunity for students to earn their degrees faster with a course structure that is often different from the traditional fall, spring, and summer semesters offered on campus.
- Be prepared for the CPA Exam.
The MAcc will better prepare you for the Certified Public Accountant (CPA) licensing exam as well as fulfill the typical 150 credit hour education requirement to obtain the CPA license. The CPA examination is disputably one of the most daunting exams in the world to pass. According to the historical statistics published by the American Institute of Certified Public Accountants (AICPA), the CPA exam has sustained an average passing rate of 50 percent for several years.2
The MAcc provides CPA candidates with specialized knowledge and hard accounting skills to increase the probability of passing the exam on the first attempt. These skills will become even more beneficial with the new CPA exam that is being administered in April 2017; “the CPA exam’s historical assessment of remembering and understanding and application skills is being modified, with an increasing emphasis on higher-order analysis and evaluations skills.”4 This is the first major update to the CPA exam since 2011.4
- Increase your Earning Potential
U.S. News reported that “graduates with a master’s in accounting earn an average starting salary of about $66,000,” which is approximately $10,000 more than the average starting salary offered to accounting graduates with only a bachelor’s degree.3 This salary gap may continue to widen as “companies looking for highly skilled accounting and finance professionals continue to face a shortage of job candidates.”1 Companies are starting to respond to the current job market by offering an increased compensation to enhance recruiting and retention of top talent in the accounting industry.1
Make your resolution a reality today and learn more about online Master’s in Acountancy degrees.
- 2017 Accounting & Finance Salary Guide. (2016). Retrieved December 20, 2016, from https://www.roberthalf.com/finance/the-salary-guide-for-accounting-and-finance
- Schiavone, J. (2016, August 17). AICPA Trends Report finds Accounting Enrollments Reach an All-Time High. Retrieved December 20, 2016, from http://blog.aicpa.org/2015/08/aicpa-trends-report-finds-accounting-enrollments-reach-an-all-time-high.html#sthash.8JRHOXuR.dlQvXRlr.dpbs
- Online Accounting Master’s Degree. Retrieved December 20, 2016, from http://www.usnews.com/education/online-education/accounting-masters-degree
- What will be tested on the next CPA exam. (2016). Retrieved December 20, 2016, from http://www.journalofaccountancy.com/issues/2016/may/new-cpa-exam.html