Studying Accounting: Degrees at a Glance
If you have a bachelor's degree and you're considering a career change to accounting, a master's degree can help you enter this field. If you're an experienced accountant looking to advance your career, a master's degree may also be an asset. However, attaining Certified Public Accountant (CPA) status can advance your career as well, and a master's degree is not required. A PhD in Accounting is unnecessary unless you'd like to be a university professor.
According to the U.S. Bureau of Labor Statistics, employment for accountants and auditors was expected to increase by 16 percent from 2010 to 2020, which is an average growth rate. However, since accounting is such a large profession, this means that nearly 200,000 new accounting jobs were projected to open up during that time frame. A 2005 survey by the American Accounting Association had also projected a strong demand for accounting PhDs on the academic job market.
| Master's | Doctorate | |
|---|---|---|
| Who is this degree for? | People with bachelor's degrees in other fields who want to transition into accounting, as well as accountants who want to enhance their qualifications | Individuals who want to work as professors at the college level |
| Common Career Paths (with approximate median annual salary) | Work experience may be required in addition to education, and a bachelor's degree is sufficient for some of the following positions: - Accountant or auditor ($63,000)* - Senior financial examiner ($75,000)* | - Business professor ($75,000)* - University provost ($132,000)** - Dean of business department ($154,000)** (work experience in academia is usually required for provost and dean positions, and a master's degree may be sufficient for some jobs) |
| Time to Completion | About 9-18 months full-time or 18 months to 3 years part-time | Approximately 4 years full-time |
| Common Graduation Requirements | - Usually 10-19 courses | - 17-20 courses - Comprehensive exam - Dissertation |
| Prerequisites | - Bachelor's degree in any field | - Usually the same as the master's degree requirement; however, accounting background will be a consideration for admissions, and a strong math background is also important |
| Online Availability | Yes | Yes, but choose carefully |
Sources: *U.S. Bureau of Labor Statistics (May 2011) and **Salary.com (May 2012).
