Pursuing an Online Masters in Accounting: Programs, Accreditation, and Career Prospects
Deciding to pursue a master’s degree in accounting can be a powerful step toward advancing your career, but it comes with many considerations, especially if you're thinking about doing it online. Between sorting through programs, understanding accreditation, and wondering about career prospects, it's easy to feel like there’s a lot to figure out. Let’s take a closer look at some of the key things to keep in mind while you explore this path.
Online Programs: Are They Worth It?
The short answer is yes, online master’s programs in accounting have come a long way. They offer flexibility, often letting you juggle work, family commitments, and study without having to commute or relocate. But don’t mistake flexibility for ease. These programs still require a significant time commitment and discipline.
A quick scan of options will show that many highly reputable schools now offer online programs that are just as rigorous as their on-campus counterparts. For example, schools like the University of North Carolina and Penn State offer online Master of Accounting (MAcc) programs that boast the same faculty and curriculum as their brick-and-mortar versions.
When choosing an online program, consider whether live classes are offered, or if the courses are asynchronous, meaning you can work at your own pace. Some programs may offer a blend of both. If real-time interaction with professors and peers is important to you, you might lean toward those offering live sessions.
The Importance of Accreditation
One of the biggest concerns when selecting any academic program is ensuring it has proper accreditation. With online degrees becoming more common, this step is crucial for avoiding diploma mills, unaccredited schools that might not provide you with a legitimate qualification.
Look for programs accredited by agencies recognized by the Department of Education or Council for Higher Education Accreditation (CHEA). For accounting specifically, the AACSB (Association to Advance Collegiate Schools of Business) is widely regarded as the gold standard. Schools with AACSB accreditation have undergone rigorous assessments and are recognized globally for their quality in business education. Another credible accreditation body is ACBSP (Accreditation Council for Business Schools & Programs), which also ensures that accounting programs meet industry standards.
In short: No matter how appealing an online program might seem, make sure it’s accredited by a recognized body before investing your time and money into it.
Coursework: What Can You Expect?
The curriculum in a master’s program in accounting tends to build on undergraduate knowledge but digs deeper into areas like taxation, auditing, financial reporting, and ethics. You’ll also likely encounter more specialized topics such as forensic accounting or international accounting standards.
Many programs also include capstone projects or case studies where you apply what you’ve learned to real-world scenarios, essentially preparing you for strategic decision-making in complex environments. Some programs may even offer optional concentrations, allowing you to specialize in areas like taxation or auditing if you have a particular career path in mind.
Career Prospects: Where Can You Go from Here?
An online master’s degree in accounting can open doors to various career opportunities. Whether you're looking to rise within your current organization or switch paths entirely, the demand for accountants continues to grow across industries.
According to the U.S. Bureau of Labor Statistics (BLS), employment of accountants and auditors is expected to grow by 6% from 2021 to 2031, adding tens of thousands of new jobs each year. But beyond traditional roles in public accounting firms or corporate finance departments, holding a master’s degree can help you move into senior roles like chief financial officer (CFO) or even positions outside typical accounting roles, such as financial analyst or consultant.
| Job Title | Median Salary (2022) | Projected Job Growth |
|---|---|---|
| Accountant/Auditor | $77,250 | 6% growth by 2031 |
| CFO | $134,180 | No specific data available but demand for senior roles remains strong |
| Financial Analyst | $95,570 | 9% growth by 2031 |
| Tax Manager | $129,000 - $190,000 | No specific data available but strong demand across sectors |
If you're aiming to become a Certified Public Accountant (CPA), holding a master’s degree can give you an edge. Most states require 150 credit hours of education before sitting for the CPA exam (typically more than what an undergraduate program offers) which means a master’s degree may not only fulfill this requirement but also give you advanced knowledge that could improve your exam readiness.
The Flexibility Factor: Balancing Work and Study
A major benefit of pursuing an online degree is the ability to balance education with other aspects of life, especially if you're already working full-time in the field. Many students pursuing an online master's already have jobs in finance or accounting and use their new skills immediately on the job.
Take Sarah Greene (name changed for privacy), who was already working as an accountant when she decided to enroll in an online MAcc program at Syracuse University. Thanks to the flexible scheduling options offered by her program, she was able to attend lectures at night after work while still maintaining her full-time job. Within two years of completing her degree (and passing her CPA exam) she was promoted into a senior management role at her firm.
Making Your Choice: What Matters Most?
The decision to pursue an online master’s degree isn’t one-size-fits-all; different factors weigh more heavily depending on where you are in life and what your long-term goals look like. Maybe it's flexibility that drives your decision-making process, or maybe it's whether your chosen program has robust support systems like career services or CPA exam preparation built-in.
If you're already working within the field of accounting and looking for advancement opportunities without putting your career on hold, an online program could be a good fit. But whether you're aiming for CPA certification or pivoting into something more specialized like forensic accounting or tax law, make sure you're choosing a well-accredited program that aligns with your professional goals.
Your future self (and your bank account) will thank you!