Accountants are in demand amid a nationwide worker shortage. A 2023 report from the CPA Journal describes the accounting profession as being in "crisis" due to fewer people entering the field while many CPAs are reaching retirement age.
Despite this shortage, the Bureau of Labor Statistics (BLS) projects employment for accountants and auditors to grow by 6% from 2023 to 2033, which is faster than the national average projected job growth rate of 4% across all occupations.
An online master's in accounting program can help you step into this booming sector, with some programs even catering to people without an accounting background. Many programs can help you obtain certification as a Certified Public Accountant (CPA) and teach you sought-after financial and analytical skills.
We compiled a list of some of the best online master's in accounting programs based on factors like affordability and student outcomes to help you find the best one for you.
Master's in Accounting Highlights
In BestColleges' 2024 Online Education Trends Report, 94% of online business students and graduates surveyed said they think earning an online degree has had or will have a positive return on investment.
According to the BLS, accountants and auditors earn a median annual salary of $79,880 as of May 2023. Additionally, employment for these professionals is projected to grow by 6% from 2023 to 2033, as per the BLS.
Fewer people are entering the accounting field than are leaving it, meaning accounting firms and other organizations are in need of new employees with these skill sets.
Source: BestColleges, BLS
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Learn about start dates, transferring credits, availability of financial aid, and more by contacting the universities below.
List of the Best Online Master's in Accounting Programs
Why You Should Get a Master's in Accounting Degree
Leverage AI technology: AI is complementing accounting degrees and empowering accountants to step into their roles as trusted advisors to their companies, experts previously told BestColleges.
Accountants are in high demand: A national shortage of accountants, coupled with rising employment projections, mean employers are scrambling to fill accounting positions.
Career stability: The BLS notes that, even as AI becomes more widespread, "this change is not expected to reduce overall demand [of accountants]."
Versatile career opportunities: Accountants play a key role managing financial records across all industries, from public organizations to private businesses.
Benefits of Getting a Master's in Accounting Degree Online
In BestColleges' 2024 survey, 97% of online college students and program graduates said they would recommend online education to others.
In that same survey, 81% of online college students and program graduates said they think an online learning environment is equal to or better than learning on campus.
Online accounting degrees are often built for working professionals and frequently feature asynchronous courses that allow you to study around your schedule.
How to Choose the Best Master's in Accounting Program for You
When comparing master's in accounting programs, some of the main factors to consider include overall cost, accreditation status, program length, application requirements, and your academic and career goals.
Additionally, if you want to pursue a CPA licensure, you may also want to consider attending a program that's based in your state. Licensure requirements vary by state, and master of accounting programs usually aim to fulfill their respective state's CPA requirements.
Colin Smith, certified public accountant and financial reporting consultant, also recommends considering the particular area of accounting you'd like to lean into once you graduate. "Try to be very intentional with where you want your career to go and consider which programs stand out in fields of accounting that you'd like to focus on," he says. Some common areas of accounting include tax, forensic accounting, and financial reporting.
Read on for more details about how to choose the best master's in accounting program for you.
How Much Does a Master's in Accounting Program Cost?
Master's in Business/Management, 2019-20
Online
$10,995 Avg. Tuition & Fees
$8,534 Avg. Net Price
In-Person
$21,974 Avg. Tuition & Fees
$15,428 Avg. Net Price
According to 2019-20 National Center for Education Statistics (NCES) data, the average online master's in business program (which includes accounting programs) costs around $11,000 per year without financial aid. That's less than half of an in-person degree, which can reach around $22,000 per year.
However, while online master's degrees are generally much more affordable than their in-person counterparts, these figures can vary across schools.
For example, at the University of North Carolina Kenan-Flagler School of Business, an online master of accounting program can cost up to about $70,000 based on whether you have a background in accounting and how many courses you need to take to meet the degree requirements. If you take three years to graduate, that breaks down to approximately $23,300 per year.
Find Financial Aid for Your Master's in Accounting
How Long Does It Take to Get a Master's in Accounting Degree?
Typical # of Credits
30-60 Credits
Typical Program Length
2-3 Years
Most master's in accounting programs take between 30 and 60 credits and up to three years to complete. However, the time it'll take you to graduate will ultimately vary depending on your past educational experience, how many credits you transfer over, and the program format.
Many master of accounting programs feature an accelerated format. Ohio State's master's in accounting program, for instance, can be finished in as few as nine months. By contrast, the Kenan-Flagler School of Business's program can take anywhere from 12 to 36 months depending on a student's past educational experience, their transferable credits, and their path to the degree.
If you have an undergraduate degree in a related major or experience in accounting, you can generally complete your master's program more quickly than if you're new to the field since you may need to take fewer core courses.
Application Requirements
You'll typically need an undergraduate degree to qualify for a master's in accounting program. Several programs accept students without a bachelor's in accounting degree, but you'll likely need to complete prerequisite courses before starting the master's program.
Additionally, you'll typically need to provide:
Undergraduate transcripts
GMAT or GRE scores (if required)
Personal statements or essays
Accreditation for a Master's Degree in Accounting
Attending an accredited accounting program is an excellent way to make sure you'll learn relevant skills from qualified faculty.
Colleges generally hold institutional-level accreditation, but some accounting programs also hold programmatic accreditation. The latter evaluates programs based on factors such as faculty experience and qualifications and student job outcomes after graduation. This verifies that a program meets specific academic standards and helps ensure that a degree from that program will be accepted as valid by employers, state licensing organizations, and other colleges (for those who want to continue their education and pursue a terminal degree).
A few programmatic accreditors to look for when comparing programs include:
Association to Advance Collegiate Schools of Business (AACSB)
Accreditation Council for Business Schools and Programs (ACBSP)
International Accreditation Council for Business Education (IACBE)
Ask an Expert: How Important Is Accreditation?
"Accreditation is often overlooked when searching for a master's in accounting program, but it should not be ignored. If you're planning to earn your CPA license, keep in mind that most states require that your accounting degree and underlying credit hours come from an accredited college or university."
What Can You Do With a Master's in Accounting Degree?
Businesses are facing a shortage of accountants, and a master's degree in accounting can help you step into these in-demand roles.
Master of accounting degrees can help prepare you for CPA licensure, but that isn't all you can do with the degree. During your studies, you'll also learn key communications and advisory skills that can help prepare you for analyst and management positions.
We compiled a list of some of the roles you may qualify for with a master of accounting degree. Keep in mind that management positions also generally require years of work experience.
| Job | Median Annual Salary (May 2023) | Description |
|---|---|---|
| Accountants and Auditors | $79,880 | Help organizations and individuals with financial records, taxes, and regulations |
| Financial Managers | $156,100 | Manage an organization's finances, plan for potential economic headwinds, and advise leaders on financial planning |
| Personal Financial Advisors | $99,580 | Help individuals make decisions based on their earnings and investments |
| Chief Executives (including Chief Financial Officers) | $206,680 | Lead an organization's financial arm, make key investment decisions, and guide strategic financial decisions |
Learn More About Accounting Jobs
Is a Master's in Accounting Degree Worth It?
A master's in accounting degree can open up job opportunities in a fast-growing field — and you don't even have to leave the workforce if you study online.
Many programs are designed with working individuals in mind, offering an asynchronous format that lets you study at your own pace. These programs can also help you meet CPA licensure requirements in your state and help prepare you for the CPA exam.
Once you graduate, you can step into an industry that's experiencing an employee shortage driven by a looming retirement cliff and a lack of students majoring in accounting.
Accounting also offers some job security, even amid the rise of artificial intelligence (AI). The BLS notes that AI may boost accounting efficiency but isn't expected to reduce overall demand for accountants, who will still be needed for their advisory and analytical skills.
Education Beyond a Master's Degree
If you're interested in teaching accounting at the university level, earning a doctorate in accounting can set you on that path.
However, if you just want to improve your career prospects, you can consider earning an accounting certificate. Business schools often offer short-term certificate programs in specialized fields like forensic accounting or auditing. These types of certificates can enhance your resume and even help prepare you to earn industry certifications from organizations like the Forensic CPA Society.
Frequently Asked Questions About Masters in Accounting Programs
Earning a master's in accounting degree can help prepare you for several roles in a fast-growing field. With a nationwide shortage of accountants and auditors, the BLS projects faster-than-average growth for these occupations from 2023 to 2033.
Additionally, accountants earned a median annual salary of $79,880 in 2023, while the median annual salary for all workers across all jobs was $48,060 during the same time period, according to the BLS.
