Gaining admission into a graduate accounting program is very competitive at many schools. Students who possess bachelor's degrees in accounting, finance or business are eligible to apply, but applicants usually need to provide transcripts demonstrating good scores and a strong grade point average in business and accounting classes to be accepted into the programs. Furthermore, students are typically required to also submit their GRE test scores, a resume, multiple letters of recommendation and a personal statement written describing his background, personality, relevant experience regarding accounting and his reasons and motivations for wanting to take the program.
Courses in many Master of Accounting programs encompass informative lessons that provide students with a comprehensive understanding of business management, enhance their ability to interpret and analyze financial statements and teach them to summarize business transactions to competently and effectively run a successful business. Many programs also emphasize capital investments, international markets and appropriate technology applications for financial management. Other courses that students in master of accounting programs are usually required to complete include income tax, cost accounting, managerial accounting, management accounting, fundamentals of auditing, financial theory and practice, personal financial planning, principals of investments and fixed income securities. Additionally, many programs require each student to fulfill the obligations of an internship that enables them to work with faculty members or professionals in the industry. To graduate, students in most programs also must conduct and successfully complete an original research or thesis project.
Master of Accounting programs prepare students for many prestigious jobs in a wide variety of areas in business. Graduates typically manage the economic affairs of businesses, provide financial guidance for corporations, organize taxes for organizations, invest money for clients and run independent businesses. Specific job titles commonly attained by graduates include CMA's, CFM's and CIA's. The intensive difficulty of completing the graduate programs is usually awarded with profitable jobs; Certified Public Accountants usually earn around $50,000-70,000 each year, staff accountants generally earn $40,000-55,000 per year and senior accountants can make $50,000-65,000 every year. Furthermore, the annual salary of senior tax accountants ranges from $60,000-75,000 and the annual salary of senior internal auditors is usually in the range of $60,000-80,000.
U.S. News and World Report ranked the University of Texas McCombs School of Business as the best school for accounting in the nation. Texas offers a Master of Professional Accounting degree program; students in the program benefit from the advanced resources, innovative technological equipment and nationally acclaimed instructors who are highly regarded in the field for demonstrating excellence in their professional and teaching careers. Students can choose one of four different tracks to focus on during their studies: financial reporting and assurance, managerial accounting, tax, control or generalist. Core classes all students in the program must take include financial accounting, financial management, managerial accounting and the legal environment of business.
Additionally, the accounting program at the University of Illinois College of Business is ranked fourth by U.S. News, and the school offers a master's degree program in accountancy that educates and prepares students for careers in both public and non-public accounting. Courses in the program address important topics such as risk measurement and reporting, accountancy practices and financial reporting standards.