Almost every ambitious student eventually becomes interested in learning more about some of the highest paying jobs within their chosen field. Getting a master’s degree in accounting can open up a new world of opportunities above and beyond the ones available with just an undergraduate degree. A 2011 Georgetown study showed that only 24 percent of accounting students go on to pursue master’s degrees. The median salary for accounting undergraduates was around $63,000. The median salary for master degrees was around $86,300, a 37 percent increase from the previous year.
The Top Tier of Accounting
The top 25 percent of accounting professionals with master’s degrees earn more than $130,000 every year. The average starting salary for accounting majors with master’s degrees is nearly $50,000 per year. Students should consider Ernst & Young, PricewaterhouseCoopers, Deloitte Touche Tohmatsu Limited and KPMG since they are a few of the premier accounting firms in the entire world. Students with a master’s degree can earn a substantial salary in either the public sector or the corporate accounting sector.
Accounting for the Possibilities
The CPA who has a Masters in Accounting earns a salary that typically ranges from $45,000 to $85,000. The salary for accountants usually depends heavily on one’s personal experience. The successful CPA can usually get promoted to executive positions like controller, CFO, COO or even CEO. A role as a senior auditor can also be very rewarding; the average salary for this group was nearly $62,000 in 2010. Some accounting majors choose to become personal financial planners, which is also a good choice since this group had a median salary of $64,5000 during 2012.
Making Hay in Corporate Accounting
Accounting majors who focus on the corporate sector typically earn higher salaries. Professionals who use their Masters in accounting degrees to become a financial manager or CFO typically earn over $103,000 annually. People with Masters in Accounting degrees in non-executive positions receive adequate salaries as well. Budget analysts had a median salary that exceeded $69,000 in 2011 while cost accountants had a median salary of nearly $63,000 annually. Accounting majors who focus on building a career in the finance sector may fair even better.
hinking Outside the Accounting Box
Accounting majors may need to expand their horizons to earn some of the higher salaries in the finance sector. Financial analysts has a median salary of over $75,000 during 2011. Cash and credit managers earned salaries that exceeded $103,000 during 2010. Accountants with master’s degrees may want to consider making a career in the insurance sector as well. Underwriting agents earned a median salary of over $60,000 during 2011. Actuaries earned median salary of more than $91,000 during 2011. The top ten percent of this group earned over $168,000 for the year. There is clearly tremendous earning potential available for accounting students and professionals focused on advancing their current education.