8 Good Reasons to Study for Your Master’s in Accountancy
One of the most important roles in any business is the role of an accountant. Why? Because their role is to keep track of and record the flow of money.
Accountants are expected to make sure that all transactions are legal and accurate. They need to be able to use a range of financial statements to paint a picture of how well a business or individual is performing. Accountants have to use their skills in law, finance, math and accounting to analyze profits and losses within a business. They also need to be able to explain their findings to business owners and investors.
There are lots of reasons why people choose to study for a master’s in accountancy. Not only can you learn new skills while studying, but gaining this qualification will mean you’re always in high demand. Keep reading below to find out some of the other main reasons why you should consider studying for your master’s in accountancy:
1. You’ll Learn New Skills
We are all expected to learn geometry, algebra, calculus and trigonometry while at school, but often we don’t get the opportunity to use these skills in our adult lives. One of the main reasons we don’t use them once we’re adults is because we don’t know how to apply them correctly.
Studying for your master’s in accountancy will allow you to learn new skills that you’ll be able to use effectively in your work life and home life. You’ll learn how to:
- Manage payroll
- Create profit and loss ratios
- Introduce different concepts – this can come in useful if you choose to set up your own business
- Manage your money using sheets and ledgers
Studying for a master’s in accountancy will allow you to learn a number of new skills that you can use during your lifetime. Whether you choose to use these skills to open a business, improve your career prospects, or you use them to manage your personal finances is up to you.
2. The Salary and Jobs Available Once Qualified
Students who graduate with a master’s in accountancy can almost guarantee that they’ll be paid well once they start work. Like in most job roles, the type of qualifications you gain can have a huge impact on the amount of money you earn. This is why it’s so important to complete your training before finding a job.
The average wage for an accountant is approximately $70,500 per annum, but this can increase depending on experience and the type of job you apply for. Some of the roles graduates with a master’s in accountancy can apply for include:
. Tax Manager –
the average salary is $96,666 per annum. Tax managers oversee documentation and tax filings for their employers. They are also expected to handle audit responses, find tax savings and provide input into corporate decisions and tax implications.
. Senior Financial Analyst –
the average salary is $79,536 per annum. Senior financial analysts look at a business and use their internal and external data to come up with a company’s long term financial plan. They are often expected to work alongside and lead less senior colleagues in identifying consumer trends, market conditions and legal changes.
. Investment Banker –
the average salary is $97,412 per annum. Investment bankers are corporate financial advisors
. Stockbroker –
the average salary is $50,184 per annum. Stockbrokers (or investment bankers) are similar to small business owners. They can choose when, how and who they work with.
. Corporate Controllers –
the average salary is $96,897 per annum. Corporate controllers manage financial and accounting systems within a business. They work with other members of staff to oversee budgets, billing etc.
3. It Will Increase Your Opportunities
One of the best things about graduating with a master’s in accountancy is that you’ll be in high demand all around the world. This means that you’re often able to choose where you work, when you work, and who you work for.
For anyone who is interested in working abroad, having a master’s in accountancy can also help you to find a job in another country. It’s important to know that the majority of the techniques and principles you learn during your degree apply across international borders.
A degree in accountancy will not only allow you to work around the world, but it will also open up opportunities in a variety of industries too. You could choose to work with large organizations like the World Health Organization or the United Nations, or you could choose to complete the accounts of a new start-up. The possibilities available to you are endless.
If you want to find out more about why studying for a master’s in accountancy is worth the effort, then visit Suffolk Online. Suffolk University will tell you all you need to know about the impact a master’s in accountancy can have on your life and your career prospects.
4. You’ll Find a Job Quickly
The accounting profession is in high demand around the world, thanks to the increasing complexity of personal and corporate finances. Between 2016 and 2026, the projected growth of this profession is 10%, which is 3% higher than the average growth of other professions in the U.S.
Accounting is one of the only job roles in the U.S. that has a fast and high hiring rate. This is one of the main reasons why people consider a job as an accountant. After all, everyone wants to find a well-paid job as quickly as possible once they’ve qualified. Research has shown that the majority of accounting graduates start work within six months of graduating or within a few months of passing their licensing exam.
5. It’s a Future Proof Choice
Every business sector and industry needs help and advice from an accountant. Even with the technological advancements we’ve seen within the industry, like the introduction of digital ledgers and advanced software and applications, the skills of a qualified and experienced accountant will always be needed. At the end of the day, accountants are the main people who make sure that a company is profitable.
Recently we have seen large changes in the accounting industry from automation, and artificial intelligence to globalization. Studying for a master’s in accountancy will not only give you the knowledge you need to work in a constantly evolving and advancing industry, but it will also teach you a range of other skills, including leadership, communication and teamwork.
The skills you learn during your master’s in accountancy degree can be used in all areas of your life and they’re also future proof. In actual fact, these skills are expected to be in high demand for many years to come. There is already a shortage of qualified accountants in America and we can only expect to see this demand increase over the next few years.
6. It’s a Good Place to Start
Lots of people choose to use their degree in accountancy as a stepping stone towards other studies. Having a degree in accountancy can help you to succeed in a range of careers, including a career in finance, law or business.
In actual fact, it’s fairly common for people who take an accountancy major to complete another degree at the same time. There are lots of degrees that are related to a degree in accounting, including:
- A degree in finance
- A degree in business management
- A degree in business entrepreneurship
The more degrees you are able to put on your CV and resume, the higher your chances of finding a well-paid job in the future. Not only that, but you’re also giving yourself the chance to work in a number of different fields and roles.
7. It Shows Your Commitment
Having a master’s in accountancy on your CV can make a huge impression on your potential employers. Although not all careers expect you to have a degree, it can, in many cases, give you an edge over other potential candidates. The more you stand out from other candidates, the more likely you are to be offered a job.
8. You’ll Have Fun
Accountants are often seen as boring individuals who never have fun, but training as an accountant and a career in accountancy can be more fun than you’d expect. While accounting is a relatively tricky field to study, if you enjoy a challenge and you love solving mathematical problems then you’ll really enjoy this degree. You don’t have to be a mathematical genius to start a degree in accountancy. You simply need to know how to perform basic math problems like addition, subtraction, multiplication and division. You’ll also need to be good at analyzing data.
Accounting is a career that can be extremely interesting, particularly if you enjoy mathematics and analytical work. If your main goal in life is to have job security and you want to be a valuable asset to someone else’s business, then studying for a master’s in accountancy may be a brilliant choice for you. The role of an accountant comes with impressive salaries, amazing job opportunities and it’s in high demand around the world, meaning you may be able to choose where and when you work.