If you’re considering a graduate accounting program, you might wonder what salary you can expect to earn with a master’s in accounting degree. Having an advanced degree can really boost your earning potential, not only from the time you start your career as an accountant but also as you move up into high-level accounting roles.
Salaries for Accountants
It doesn’t take long for a master’s in accounting degree to start paying for itself. Even at entry-level roles, there’s a considerably higher salary you can expect to earn with a master’s in accounting degree.
Just how much higher a salary will candidates with a graduate degree in accounting receive? Their average starting salary is $66,000, more than $10,000 above the average starting salary for candidates with only an undergraduate degree, according to U.S. News & World Report.
The Best-Paying Roles You Can Get with a Master’s in Accounting Degree
What salary you can expect to earn with a master’s in accounting degree depends in large part on what your job title is. Different roles in accounting and finance earn different wages.
As a whole, accountants and auditors earn a median annual salary of $67,190, the United States Bureau of Labor Statistics (BLS) reported. That figure represents the midpoint of the range of all salaries for all accountants, not just entry-level ones.
In more senior level roles, wages can be significantly higher. If you use your master’s degree in accounting to help you attain a role as a personal financial advisor, you’re looking at a median salary of $68,000, according to U.S. News & World Report. Budget analysts earn a similar salary of $69,000. When you make the move to a financial analyst role, your median wage could be $77,000 per year. Rise all the way up to a financial manager position, and you’re looking at a six-figure salary. Financial managers make a median wage of $110,000 annually, according to U.S. News & World Report.
Is a Master’s in Accounting Degree Worth It?
No matter what salary you can expect to earn with a master’s in accounting degree, attaining the degree is still an investment. For many students, though, it’s a wise investment.
Having a master’s degree often leads to earning a higher salary, according to U.S. News & World Report. A graduate education can also help students prepare to earn professional accounting certifications like the certified public accountant (CPA) credential. These certifications can further improve job prospects and earning potential.
Over the course of an accountant’s work life, having that advanced degree can add up to considerably higher earnings than they would have achieved with only a bachelor’s degree. The degree pays for itself – especially when students choose an affordable degree program. While the salary you can expect to earn with a master’s in accounting degree is only one factor to weigh when considering a graduate education, it’s a compelling reason to keep learning.