As with most industries, receiving a Master’s Degree in Accounting comes with its own set of pros and cons. Below are the top four reasons for and against receiving a Master’s in this field.
Masters of Accounting – Pros
There are many things that a Master’s degree can help you with. If you are considering continuing your education, it is important to consider the following benefits that you will see from receiving a Master’s in this field.
1. Better Jobs Starting Out
Those with master’s degrees sometimes find that it is easier to find higher paying jobs when they graduate. They have mastered a certain level and will find it easier to be hired over those with less education than they have. It is a great way to improve the level of jobs that they can begin applying for directly out of college. This helps them to start off their career in at a higher level than if they had started their career earlier and with less education.
2. Gain more experience
If you are looking to gain experience while you go to college, a master’s degree in accounting may be the answer. Typically, as people are going through graduate school, there are many opportunities for them to gain experience through internships and study projects. If you take advantage of these opportunities, you may find that they will lead to greater things in the future.
3. Looks good on a resume
Building your resume is an important part of becoming a successful business leader. You will be able to gain the experience that you need through special groups and projects in order to become more successful in the career world. Be sure to keep track of the special projects that you are a part of because you will want to have them handy when it is time to build your resume.
Masters of Accounting – Pros
There are also things that you should consider that aren’t so great about receiving your Masters of Accounting. Consider these carefully when you are making your final decision.
1. Time constraints
One of the hardest parts about obtaining a master’s degree in accounting is the extra time that it takes. This may make it difficult if you are looking to move on with your career quickly. This is a huge reason why many people opt to end their college career after they receive their bachelors.
2. Cost of Tuition
Tuition is not cheap and receiving your masters, in any field, is extremely expensive. By now, you have probably already gone through the scholarships that you had received and have probably already amassed a great deal of student loans. Also, most parents do not plan for their kids to continue the college education past a bachelor’s so that money is probably out of play as well.
3. Delay in Starting Your Career
By waiting to start your career until you receive a Master’s Degree in Accounting, you will find that you are unable to begin your life as soon as some of your other classmates. While they are building their careers and starting families, you will still be attending school. This may be difficult for some and many are not willing to wait to begin this new chapter in their life.
4. The Job Market
Another issue that you may find is that you are actually overqualified for some of the jobs that are currently available. Currently the job market has been hit hard and it is difficult for many to find jobs in certain industries. While this does not affect the accounting industry as badly as it does other industries, you may find that there are an excess of adults who are looking for the same types of jobs that you are looking for. They may have an edge over you because they have extensive experience in the industry and are now looking for new jobs because of layoffs or other employment issues.
If you feel that way, stick to the regular accounting degrees.
There are many things that you should consider when you are thinking about continuing your education in the Accounting industry. For further information about the type of work that you can expect, be sure to check out the American Accounting Association’s website: http://aaahq.org/