Career Paths with a MAcc Degree: Opportunities Beyond Traditional Accounting

Accounting provides a powerful foundation for everything from investment decisions to risk management and regulatory compliance. Accountants uncover exciting opportunities to drive business growth while fostering innovation. This field is more diverse than many might realize, and when core accounting skills join forces with data analysis and sector-specific knowledge, impressive outcomes are possible.

The Master of Accountancy (MAcc) helps promote these outcomes by ensuring that accountants are equipped with a broad range of quantitative and analytical skills. These competencies can prepare accountants to make a difference across numerous sectors and specialties.

If you're like many aspiring accounting students, your decision on whether the MAcc degree is ideal for you may be driven in large part by career ambitions. So, what jobs can you get with an accounting degree? Below, we discuss the various types of accounting careers available to MAcc graduates, along with many compelling jobs for CPAs outside of accounting.
 

The Expanding Scope of Accounting Careers

When many people picture accountants, tax preparation likely comes to mind. This remains a central aspect of accounting, but it is far from the only career path available to skilled accounting professionals. Financial accounting and managerial accounting also warrant attention, allowing accounting professionals to leverage their skills while helping organizations boost efficiency, compliance, and profitability.

In addition to these pathways, many accountants are pleased to discover their skills can be applicable within compelling niches that reflect their unique competencies and interests. These opportunities are abundant, in part, because all sectors can benefit from the targeted insights of hardworking accountants.
 

6 Non-Traditional Career Paths for MAcc Graduates

Interested in accounting but not sure if you are cut out for "typical" roles such as tax accountant or corporate accountant? Equipped with a master's in accountancy, you could thrive in one of these unconventional (but highly compelling) pathways:
 

1. Forensic Accounting and Fraud Examination

Leveraging fundamental accounting skills to identify fraud or misconduct, forensic accountants perform in-depth investigations that draw on extensive financial data. Skilled forensic accountants are in high demand, especially in response to the increasing complexity of fraud cases and the prevalence of financial crimes.
 

2. Information Technology and Systems Auditing

An increasing array of roles integrate advanced technology and accounting. This blend takes many forms; accountants, for example, may rely on cutting-edge analytics to streamline mundane tasks and, ultimately, boost efficiency. Meanwhile, information technology (IT) requires oversight from accounting teams to ensure that potentially limited resources are used responsibly when developing and implementing tech-driven systems.
 

3. Financial Consulting and Advisory Services

Well-versed in complex financial concerns, financial consultants aim to promote informed decision-making among their diverse clients. These may analyze risks, evaluate investment opportunities, or offer guidance during mergers and acquisitions. This can be an excellent pathway for entrepreneurs who are passionate about accounting but prefer to forge their own paths or pursue maximum work-life balance. Other financial consultants work for respected consulting firms—often firms that specialize in financial advisory services.
 

4. Environmental Accounting and Sustainability Reporting

Environmental accounting helps organizations understand their environmental impact but from a financial perspective. This specialty reveals the current and anticipated cost of energy consumption and waste management while demonstrating how organizations can reduce these expenses by implementing sustainable strategies.

Although similar, sustainability reporting focuses on public disclosures related to environmental, social, and governance (ESG). This promotes transparency, ensuring that both investors and regulatory bodies understand organizations' sustainability initiatives and their actual impact. Frameworks such as the Global Reporting Initiative (GRI) bring structure and accountability to reporting efforts, with many companies seeking environmental accounting professionals to guide this process.
 

5. Government and Nonprofit Accounting

Government agencies rely on accountants to help them make the most of public funds. Along with preparing budgets or financial statements as government accountants, professionals with their MAcc degree can also serve as government-based auditors, tax examiners, or budget analysts. Exciting government roles are available to forensic accountants, too, who often work for the Federal Bureau of Investigations (FBI).

Additionally, nonprofits benefit greatly from employing accounting's best and brightest professionals. Accountants are well-suited to roles such as fundraising analyst, in which they analyze data surrounding fundraising initiatives—and determine which strategies are most likely to boost funding. This sector is perfect for passion-driven accountants, who can use their skills to make a positive difference in their communities.
 

6. Entrepreneurship and Startups

Accountants are well-equipped to succeed in the competitive world of entrepreneurship. They understand the intricacies of business formation and can craft business plans that are tied to a distinct vision and objectives. Accountants may also feel driven to start their own tax preparation businesses or even pursue startup opportunities in accounting software development.
 

Jobs for CPAs Outside of Traditional Accounting

Certified Public Accountants (CPAs) are frequently associated with tax preparation, but this designation is more diverse than this. This label conveys expertise in public accounting, demonstrating extensive training and ability to take on higher-level roles in accounting.
 

The Importance of a CPA Credential

The importance of the CPA credential cannot be overstated. Across many accounting roles, employers look to this for verification of advanced accounting knowledge. This, combined with the right degree, can open the door to a range of senior accounting positions. While it is possible to land excellent accounting jobs without CPA status, some employers demonstrate a clear preference for hiring CPAs—and entrepreneurial types may find it easier to gain clients upon securing CPA status.
 

Alternative Accounting Career Options

Accounting programs like the MAcc degree emphasize quantitative and, increasingly, tech-driven skills that—while clearly relevant to the many accounting niches described above—are highly transferable as well. By leveraging these skills, MAcc graduates can find compelling opportunities in a number of fields beyond the scope of traditional accounting. Opportunities worth exploring include:
 

Financial Analyst

Accounting and finance hold much in common, to the point that many accounting professionals ultimately make the leap into the dynamic world of finance. This field draws heavily on market trends and encourages analysts to help shape strategic decision-making. This can also serve as a valuable stepping stone to higher-level finance career opportunities.
 

Risk Management Specialist

Tasked with identifying and addressing a wide range of organizational risks or vulnerabilities, risk management specialists help businesses manage uncertainty. Through their in-depth analyses (often involving financial statements), these professionals uncover financial concerns that other risk management professionals might overlook. Their understanding of internal controls helps them create effective risk mitigation solutions.
 

Compliance Officer

Ensuring that organizations adhere to a complex variety of rules and regulations, compliance officers develop and implement programs designed to boost compliance in all business initiatives. Though many professionals enter this field after studying human resources, a background in accounting can be valuable, too, as accounting degree programs provide a deep dive into regulatory requirements and internal controls.
 

Business Analyst

Business analysts can benefit from accounting expertise, which helps them interpret complex data and extract actionable insights. While those trained in accounting may need to address skill gaps involving data analysis techniques or business process modeling, a solid foundation in quantitative skills and budget forecasting can facilitate a smooth transition to the world of business analytics.
 

How the Carlson School’s MAcc Program Prepares You for Diverse Careers

Want to take the next step in your accounting career? As you explore different types of accounting jobs, remember: The right degree can make all the difference. The University of Minnesota (UMN) Carlson School's MAcc program, for example, offers many advantages relevant to your personal career trajectory:
 

Advanced Skill Set

Advanced accounting skills can help you secure CPA status and senior-level roles. With the UMN Carlson School MAcc program, efforts to develop these skills are highly curated based on two main tracks. These appeal to different types of students:

• The accounting undergraduate track (for those who have already studied accounting and have acquired fundamental accounting skills).
• The non-accounting undergraduate track (for those who focused on other subjects as undergraduates but now hope to pivot into the accounting field).

No matter which track you select, you can expect to develop crucial competencies in:

• Financial data analytics
• Financial statement analysis
• IT infrastructure assessments
• Computing for preparing consolidated financial statements
• Reporting in compliance with the Securities and Exchange Commission (SEC)
   

Innovative Curriculum

Drawing on fascinating case studies to bring key concepts to life, UMN's MAcc coursework emphasizes cutting-edge concepts and technologies—revealing how these connect to foundational accounting concepts. This curriculum delves into the accounting challenges and opportunities of tomorrow while encouraging students to embrace accounting innovations.
 

Hands-On Learning Opportunities

Allowing accounting students to put critical concepts into action, dynamic learning experiences help bridge the gap between theoretical concepts and real-world applications. Meanwhile, specialized electives encourage students with specific career aspirations to apply accounting concepts in the context of various sectors or niches.
 

Career Services and Support

The master's in accountancy is worthwhile, and it must be properly leveraged to drive desirable career outcomes. This means committing to strategic networking while learning as much as possible about potential employers and available opportunities. This is where working with the career services department can prove invaluable. Promising ample support and guidance, the Carlson Business Career Center offers a personalized approach to industry exploration and resume development. 
 

Start Your Accountancy Master’s at UMN

Ready to embrace new opportunities in accounting? Look to the Carlson School of Management at the University of Minnesota for exciting opportunities to expand your accounting skills. Our Master of Accountancy program can set you up for success in a diverse and dynamic accounting landscape. Get in touch today to learn more about this degree program.