By earning an online master’s in accounting degree, you can open the door to new opportunities and rewarding career options. This degree program can be completed completely online, which means it is an ideal option if you must continue working while you are in school. If you are talented with numbers and managing budgets, a career in accounting could be the perfect choice for you.
Why Get a Master’s Degree in Accounting?
A degree in accounting requires more than the ability to add and subtract successfully. To get this degree, you must gain an understanding of financial risk, tax law, spreadsheets, and more. While each person is different, there are a few common reasons why people choose to get a graduate degree in accounting. For example, many people pursue a master’s degree in accounting to gain access to the world of finance.
Other than obtaining a master’s degree, there are other accounting programs you may want to consider as well. If you want to become a Certified Public Accountant (CPA), you will also need to pass the CPA exam. Before you can even sit for this exam, students must complete 150 semester hours in accredited accounting classes. There are also certification options for different types of accountants. Examples of this include Certified Fraud Examiners, Certified Internal Auditors, and Certified Accountants. If your certification requires a certain number of semester hours, getting your master’s degree in accounting can help students reach that requirement.
What Can You Do With an Online Master’s Degree in Accounting?
Whether you want to become a financial analyst or a public accountant, a master’s degree can help. An online degree can be used just like a traditional degree. The only difference is that online schools are more convenient and flexible than their traditional counterparts. The following are some of the career options available after earning a Master’s in Accounting. All you have to decide is if an online degree is right for you.
1. Financial Analyst
A financial analyst is in charge of analyzing a company’s financial health. They help the company make smart investment decisions. Depending on the company, your exact job description may vary. This kind of job is ideal if you love financial modeling, spreadsheet maintenance, financial forecasting, and data gathering.
2. Certified Public Accountant (CPA)
One of the most popular employment options for people who have a master’s degree in accounting is to work as a Public Accountant. Certified Public Accountants may work in private accounting companies, government agencies or major corporations. They work with people and companies to assist with tax preparation, financial planning, and revenue statements.
A CPA at a large corporation may be required to make sure the company follows all of the federal regulations that relate to the company’s industry. If you want to file documents with the Securities and Exchange Commission (SEC), you will need a CPA license. According to the Bureau of Labor Statistics (BLS), the median pay for accountants and auditors is $70,500 per year.
An auditor is in charge of checking the authenticity and accuracy of an organization’s accounting records. They have to verify the organization’s financial documents, income, and expenses. While many auditors work for state and local governments, some organizations hire internal auditors to check the company’s financial records for errors and fraud. External auditors work for outside agencies to make sure financial transactions are reported and documented according to the law.
4. Management Accountant
Management accountants and financial managers often handle similar responsibilities in an organization. They are in charge of preparing financial reports and documents for the organization’s internal use. Management accountants partner with business managers to help the company make smart investments, create a healthy budget and plan its financial future. Management accountants are sometimes known as industrial, cost, corporate or managerial accountants.
5. Financial Manager
A financial manager is in charge of directing a company’s investment activities. They help the business plan its financial strategies and long-term goals. A variety of industries hire financial managers, but financial managers are especially common at insurance companies and banks.
In order to become a financial manager, you have to have at least a bachelor’s degree and five years of experience. Getting a master’s degree in accounting can help you find a position in this field. As a financial manager, you can expect to receive excellent compensation for your work. The median pay of a financial manager is $127,990 per year.
6. Forensic Accountant
As a forensic accountant, you can expect to work in law enforcement agencies and accounting firms. Many forensic accountants will work in the forensic accounting division of a public accounting firm. In other cases, you may be hired by a consulting firm that specializes in fraud investigations.
Once hired, you can expect to use your accounting abilities to analyze financial documents and discover potential crimes. The forensic accountant’s job is to spot irregularities in documents. Sometimes, lawyers will hire forensic accountants to help them defend or prosecute a case. Forensic accountants might work with people who have a forensic science degree to solve mysteries that involve large sums of money or cases of embezzlement.
7. Revenue Agents and Tax Examiners
Revenue agents and tax examiners are employed by local, state and federal agencies. These government workers are in charge of evaluating tax forms from individuals and companies. They may also be in charge of collecting tax payments and ensuring tax returns are free of errors. These agents have a strong understanding of tax law, which helps them audit tax forms and check for compliance with government regulations.
As an actuary, you can help businesses assess risks. Actuaries have a background in business, statistics, and finance. Many actuaries work with life insurance, enterprise risk management, casualty insurance, health insurance or property insurance. To be considered an actuary, the individual may need to complete a licensing program from the Society of Actuaries or the Casualty Actuarial Society.
Next Step: A Master’s in Accounting
With an advanced degree, you can improve your job prospects and achieve your career goals. Many accounting and managerial positions require a master’s degree in accounting. Thankfully, you can get this degree online from a top university. Once you enroll in an online program, you can study your master’s degree in accounting on your own timetable from home.