The first step to earning a masters degree in accounting is to be accepted into an accredited MBA program. Candidates should have a degree in business administration or a related field. Most MBA programs require that prospective students take the GMAT exam and send the schools the scores and a transcript of their undergraduate work. Master's degrees are offered by virtually all traditional schools of business administration. In addition, many excellent online programs are available. Students who pursue an online degree should be able to work independently since the flexibility of an online program also gives the student increased responsibility.
The master's degree in accounting is a requirement to be eligible to take the CPA exam. In almost every state, a minimum of 30 semester credit hours of graduate courses are required by law. The MBA in accounting normally requires 36 semester credit hours. For many specialties, such as auditing, advanced training is also required. The MBA is necessary for career advancement beyond entry-level positions in most firms and government agencies.
When a person pursues a master's degree in accounting, they can specialize in several areas. Public accounting involves tax and general accounting along with preparation to become a CPA. Some schools also offer specialties in forensic or fraud accounting or in government accounting. Managerial and internal auditing specialties focus on analysis of records to improve efficiency and provide information to management as a basis for decision making.
An MBA in accounting normally takes 2 to 3 years full time, although many graduate schools offer part time programs that may take longer. For most people, the next step is to take the CPA exam by the end of their MBA studies from their state's State Board of Accountancy.
The typical master's program in accounting requires 12 courses (36 semester credit hours). Students take courses in general accounting, economics, and auditing. Advanced courses in specialty areas such as managerial accounting or fraud accounting are also included. Because of the critical role of computers in record-keeping and analysis today, courses in information technology and accounting functions are now a feature of most MBA accounting programs.