What to Know About an Accounting Master’s Degree: An In-Depth Look at the Master of Accountancy

Dynamic, influential, and highly rewarding, accounting deserves recognition. It's a unique field capable of producing financial stability and fueling impressive economic growth. There's far more to this role than simple number-crunching; accountants are also creative thinkers, skilled problem-solvers, and effective communicators. These competencies take years of study and experience to develop, and there's no better way to acquire this than to pursue a Master of Accountancy.

Designed for ambitious accounting professionals who hope to shape a highly influential field and non-accounting professionals looking to pivot careers, the Master of Accountancy (MAcc) may help you expand your technical and analytical skill set through challenging coursework and robust experiential opportunities. Keep reading to discover the value of an accounting master's degree, specifically, the Carlson School of Management's MAcc program.
 

What is a MAcc Degree?

If you're interested in studying accounting at the graduate level, you may be wondering, what is a MAcc degree? The Master of Accountancy is a highly technical, graduate-level program designed to prepare you to make a difference within today's dynamic accounting landscape. Emphasizing analytical skills with a challenging curriculum, this program provides a deep dive into financial statements, financial reporting, the taxation of business, and more.
 

Program Structure of the Master of Accountancy

Centered around accounting principles and practices, the MAcc blends a rigorous core curriculum with a wide array of fascinating electives. This diverse curriculum aims to give graduate students the best of both worlds, consisting of a solid overview of fundamental accounting concepts and specialized insights into niches that correspond with their unique goals.
 

Core MAcc Curriculum

The core MAcc curriculum can differ depending on your experience in accounting coursework, as we will discuss in more detail later on. In general, this curriculum aims to equip you with advanced accounting skills and a nuanced understanding of the modern financial environment. Impactful courses include:

• Financial Statement Analysis. This foundational course details the many tools and techniques needed to evaluate and interpret financial statements and assess organizations' financial health.
• Internal Control. Revealing how organizations can manage risks and protect assets, this course highlights crucial frameworks used to create internal controls and identify risks.
• Introduction to Taxation of Business. Exploring the myriad of tax laws that apply to different types of organizations, this class encourages you to develop practical, tax-oriented skills, even writing research memorandums, to learn how to tackle a variety of tax-related challenges with confidence.
   

Flexible Formats

Flexible formats ensure that accounting students can make the most of challenging curricula and dynamic learning experiences, regardless of scheduling concerns. This on-campus program can be pursued on a full-time or part-time basis, with start dates available in January or September. Further flexibility can be found within the curriculum, offering multiple tracks along with a diverse array of elective options.
 

Curriculum Tracks

Offering separate tracks for students with accounting and non-accounting undergraduate degrees, the MAcc tailors its core curriculum to help you address accounting skill gaps while still providing elective options to help you expand your knowledge and fulfill your passion.

Both tracks emphasize data-driven practices, encouraging you to develop quantitative skills that can position you for success in a variety of accounting roles. These tracks also provide valuable preparation for the CPA exam.
 

MAcc Program Admission Requirements

Because the Master of Accountancy calls for rigorous coursework, it is crucial that you feel fully prepared before applying for this challenging program. To ensure that you can handle high-level accounting courses, the program maintains strict admission requirements:
 

Academic Prerequisites

Due to the MAcc's multiple tracks, an undergraduate accounting degree is not necessary for admission. Applicants with a bachelor's degree in accounting can bypass prerequisites, but students with non-accounting undergraduate degrees may need to take the below classes before proceeding with MAcc coursework:

• Introduction to Financial Reporting
• Introduction to Management Accounting
• Intermediate Accounting I
   

Application Requirements

In addition to proof of completing prerequisite courses (or proof of graduating with a bachelor's degree in accounting), MAcc applicants need to submit a variety of materials that reveal their academic abilities, their work ethic, and other key qualities. Essentials include:
 

Essays

MAcc applications call for both a video essay and a personal statement. These bring a personal feel to the application process, encouraging students to reveal their why for studying accounting. You can view this as an opportunity to explore your personal passions and to clarify your goals prior to entering the program.
 

Resume or CV

Accounting experience is not necessarily required to enroll in a MAcc program, but a strong resume is still important. This should detail previous academic and professional experience, highlighting roles relevant to accounting or otherwise conveying applicants' work ethic and key qualities that set them apart.
 

Letters of Recommendation

Providing another perspective regarding accounting experience, personal qualities, and sources of inspiration, letters of recommendation can provide insights that accounting students might struggle to uncover on their own. This is a key part of the admissions process, with two separate recommendations required.
 

Distinguishing Features of a MAcc

While the MAcc experience can differ considerably based on previously acquired accounting knowledge and experience, this program always emphasizes a few key qualities:

• Depth of Technical Knowledge. Offering a deep dive into complex accounting practices and principles, the MAcc helps you expand your technical skill set while providing critical insights into the nuances of financial reporting, taxation, and beyond. This is one of the core features that sets the MAcc apart from other accounting programs.
• Focus on Analytical and Critical Thinking Skills. Through extensive exposure to case studies and real-world scenarios, MAcc students learn to integrate quantitative skills with an analytical mindset, ultimately gaining the ability to make informed decisions in a dynamic and fast-paced business environment.
• Ethical and Professional Standards. Emphasizing the value of integrity within the accounting field, MAcc coursework encourages you to consider the ethical implications of various accounting strategies or initiatives. Thought-provoking case studies further help you consider how they can integrate ethics into complex decision-making processes.
• Integration of Soft Skills. Today's accountants are expected to possess a strong blend of quantitative, analytical, and soft skills. From communication to emotional intelligence, soft skills determine how accountants interact with clients or other professionals. With the MAcc, these are developed through class discussions, group projects, and written assignments.
• Alignment with Professional Certifications. Meant to help prepare you to ace the CPA exam or acquire other respected certifications, the MAcc covers a wide range of relevant concepts and competencies while fostering adaptability so that you can continue to learn and grow.
   

Comparing a MAcc to Other Accounting Degrees

The MAcc shares much in common with other graduate-level accounting programs. There is no one right pathway, but the MAcc offers some unique advantages, particularly for those passionate about the technical side of accounting.
 

MAcc vs. Master of Accounting

Degree terminology such as Master of Accounting and Master of Accountancy can be confusing, and some institutions even use these labels interchangeably. However, these graduate degrees can have subtle distinctions, so it’s best to review course offerings to determine which degree aligns best with your career goals.
 

MAcc vs. Executive Master of Accounting

Similar to the Master of Accounting but intended for those with considerable work experience, the Executive Master of Accounting can be an excellent option for advancing in an already successful career. Mid-level professionals often seek out this degree after securing at least five years of experience in the accounting field. They may already hold senior roles by the time they enter this program but can use their master's degree to move into higher-level positions or to refine their technical accounting knowledge.
 

MAcc vs. MBA with an Accounting Concentration

The Master of Business Administration appeals greatly to business-minded individuals, with some MBA students integrating accounting coursework in hopes of securing management roles or even launching their own accounting firms. The MBA emphasizes breadth of learning, offering a comprehensive look at managerial economics, marketing management, and business ethics. It does not provide as deep of a dive into technical accounting concepts, so it might not be as appealing to those with a deep-seated desire to explore the intricacies of accounting.
 

MAcc vs. MS in Taxation

Maintaining a similar technical focus, the Master of Science in Taxation resembles the MAcc but focuses more on the taxation side of accounting. The MAcc provides broader coverage, including insights into management accounting and financial reporting. Meanwhile, the MS in Taxation promises a deeper dive into tax-specific topics such as corporate taxation or tax compliance.
 

Is a MAcc Degree Worth It? How a MAcc Program Can Unlock Your Potential

Any accounting degree can be worthwhile, but given the rigor of these programs and the high levels of commitment required, you must understand how this pursuit aligns with your long-term goals. Perhaps you feel drawn to the MAcc but need to confirm, is a MAcc degree worth it? These considerations may factor into your decision:
 

Career Advancement and Leadership Roles

Although the MAcc largely focuses on the technical aspects of accounting, it helps graduate students develop several competencies relevant to senior and leadership roles. In fact, graduate-level training is increasingly required for senior accounting roles. This degree can also facilitate a shift into entrepreneurial pursuits. This may include starting your own accounting firm and taking charge as a single-owner CPA or even exploring opportunities in consulting.
 

Higher Earning Potential

Earning potential is strong across all levels of accounting, with insights from Glassdoor suggesting that staff accountants earn, on average, $78,499. Without a graduate degree, however, it can take years or even decades to see substantial improvements in earnings.

Many senior roles now call for graduate-level credentials, with the MAcc helping graduates gain an edge when seeking today's most esteemed accounting jobs. This could translate to impressive earnings. Additional salary data from Glassdoor reveals that senior accountants earn $105,310 per year, while CPAs could potentially earn an annual $198,194.
 

Versatility and Transferable Skills

Accounting is a versatile field, relevant across a wide range of sectors. From government agencies to tech companies and even educational institutions, many organizations rely on accounting expertise. There are also many types of accounting beyond the typical categories of public and private accounting: management accounting and forensic accounting, to name a few.

Equipped with the right skills and degree, it is possible to enter desired fields or niches, leveraging advanced accounting competencies to make a difference in preferred fields. What's more, accounting coursework allows you to develop highly transferable skills that can prove valuable in finance, business analytics, and beyond.
 

Enhanced Credibility and Professional Standing

There is no denying that the MAcc commands respect. Employers and fellow professionals recognize the hard work that goes into this program and intuitively understand that graduates are passionate, hardworking, and capable of accomplishing great things. Regardless of post-graduation career pursuits, the MAcc feels worthwhile because it impresses employers, clients, and coworkers alike.
 

Networking and Industry Connections

Accounting skills can take professionals far, but these must be backed by a strong professional network, which can open doors and introduce ambitious accountants to exciting new opportunities. The MAcc promotes networking through group learning and discussions while providing many other ways to interact and build strong relationships. After graduation, a rich alumni network delivers additional chances to connect.
 

Confidence to Tackle Complex Issues

Do not underestimate the value of confidence in the accounting field. Accountants have all the technical tools and knowledge needed to solve major financial problems, but it takes more than technical expertise to drive results. Confidence helps accountants take initiative and tackle complex issues with clarity and conviction. Every successful MAcc course or project promises to enhance confidence, with students emerging feeling fully prepared to handle and even embrace the accounting challenges of tomorrow.
 

Evaluating If a MAcc Is Right for You

There is no easy way to determine, is a MAcc degree worth it? Ultimately, this comes down to personal interests and aspirations. Suppose you are an analytical thinker and a true problem-solver. In that case, you will naturally feel drawn to this degree, which helps you leverage the power of accounting to make a meaningful difference in your field or niche of choice.

To answer this difficult question, begin by defining your why for pursuing a graduate degree. How do you want to make your mark in the field of accounting? Do you aspire to take on management roles, or are you intrigued by the technical side of accounting?

Next, take a close look at the curricula, faculty members, and experiential opportunities associated with various MAcc programs. Compare and contrast these to the other accounting degrees highlighted above. Insights from current students and alumni can also be incredibly valuable, so don't hesitate to get in touch.
 

Why Pursue a MAcc Degree Now

The accounting landscape is undergoing a period of significant change, shaped by cutting-edge technologies and evolving industry demands. There is a strong need for highly skilled and passionate accountants who can leverage their technical knowledge to navigate today's complex financial challenges.

The MAcc provides a clear and compelling pathway for developing these skills and even preparing for the CPA exam. Embrace this exciting opportunity and pursue your accounting master's degree with the U of M's Carlson School of Management.