Master’s Degree in Accounting Salary: How Much Can You Expect to Earn?

Are you considering pursuing a Master’s Degree in Accounting? If so, you’re probably wondering about the salary potential in this field. A Master’s Degree in Accounting can open up a wide range of career opportunities and significantly increase your earning potential. In this blog post, we will explore the salary expectations for accountants with a Master’s Degree, factors that influence their earnings, and how it compares to other degrees in the field.

What Determines How Much An Accountant Will Make?

Several factors contribute to an accountant’s salary, and having a Master’s Degree in Accounting is undoubtedly one of them. However, it’s essential to understand that other factors come into play, such as experience, industry, location, and additional certifications like the Certified Public Accountant (CPA) designation.

Experience plays a significant role in determining an accountant’s salary. Generally, the more experience you have, the higher your earning potential. Accountants with a Master’s Degree tend to have an advantage in this regard as they often have more educational and professional experience.

Industry also plays a crucial role in salary variations. Accountants working in industries like finance, insurance, and professional services tend to earn higher salaries compared to those in government or non-profit sectors. Additionally, senior-level positions in these industries often offer more lucrative compensation packages.

Location is another essential factor to consider. Salaries can vary significantly depending on where you work. For example, accountants in major cities like New York or San Francisco generally earn higher salaries due to the higher cost of living and increased demand for accounting professionals.

Salary Averages For Accountants & CPAs With A Master’s Degree

Earning a Master’s Degree in Accounting can have a significant impact on your salary potential. According to industry reports, the average salary for accountants with a Master’s Degree is around $70,000 to $90,000 per year.

However, it’s important to note that this average can vary depending on the factors mentioned earlier. Accountants with several years of experience and additional certifications like the CPA designation can earn even higher salaries, often surpassing the six-figure mark.

CPA licensure can boost your salary potential even further. Certified Public Accountants are highly sought after in the industry and often command higher salaries compared to those without the designation. According to the American Institute of CPAs, CPAs earn an average of 10-15% more than their non-CPA counterparts.

What is the Difference In Salary Between A Master’s Degree in Accounting and an MBA?

When considering a Master’s Degree in Accounting, you may also be weighing your options with an MBA (Master of Business Administration) degree. Both degrees can lead to successful careers in finance and business, but there are some key differences in terms of salary expectations.

While both degrees offer good earning potential, a Master’s Degree in Accounting tends to be more specialized and may lead to higher salaries in the accounting and finance industry. Accountants with a Master’s Degree often have a deeper understanding of accounting principles, financial analysis, and tax regulations, making them valuable assets to organizations.

On the other hand, an MBA degree offers a broader business education and can open doors to various management and leadership roles. MBA graduates often pursue careers in consulting, finance, marketing, or entrepreneurship. Salaries for MBA graduates can be highly lucrative, especially for those who land executive-level positions or start their own businesses.

Top Average Accounting Salaries By Job Title

If you’re wondering about the earning potential in specific accounting roles, here are some average salary figures for popular job titles:

• Chief Financial Officer (CFO): $150,000+
• Financial Controller: $100,000 - $150,000
• Audit Manager: $90,000 - $120,000
• Tax Manager: $80,000 - $110,000
• Senior Accountant: $60,000 - $80,000

It’s important to note that these figures are averages and can vary depending on factors like location, industry, and company size. Additionally, salaries can increase significantly with experience and additional certifications.

How much master’s of accounting grads are earning

Recent graduates with a Master’s Degree in Accounting can expect competitive starting salaries. According to industry reports, the average starting salary for accounting graduates with a Master’s Degree is around $50,000 to $70,000 per year.

However, it’s essential to remember that this is just a starting point, and salaries can increase significantly with experience and career progression. By continuously developing your skills, gaining practical experience, and pursuing additional certifications like the CPA, you can accelerate your salary growth in the field of accounting.

Ready to make your move in accounting? Gain insights for every career stage in our free Accounting Career Guide.

Whether you are just starting your accounting journey or looking to advance your career, our free Accounting Career Guide provides valuable insights for every career stage. From choosing the right degree program to exploring various accounting specializations, this guide is a valuable resource for anyone interested in the field of accounting.

Find the Best Master’s Degree in Accounting For Your Goals

If you’ve decided to pursue a Master’s Degree in Accounting, it’s essential to find the program that aligns with your career goals. There are many reputable universities and colleges that offer Master’s Degree programs in accounting.

Consider factors like curriculum, faculty expertise, opportunities for internships or co-op placements, and alumni network when researching potential programs. It’s also worth exploring if the program prepares students for professional certifications like the CPA exam, as this can significantly enhance your career prospects and earning potential.

Remember, investing in your education is an investment in your future. A Master’s Degree in Accounting can provide you with the knowledge, skills, and credentials to excel in the field and unlock lucrative career opportunities.

So, if you’re passionate about numbers, enjoy problem-solving, and have a keen eye for detail, a Master’s Degree in Accounting can be the key to a rewarding and financially fulfilling career.