Introduction: The Master’s in Accounting and Finance Online – What is it, and What Do you Need To Know?
The Master’s in Accounting and Finance Online has existed for a long time. But there are still a lot of misconceptions about it.
For example, many people think that this degree is basically just an MBA. And they’re not entirely wrong: the two degrees share some similarities.
But there are also some major differences that distinguish one from the other, which we will get into later. The important thing to remember here is that this degree is not just for business: you can get your MPA if your goal is to become a CPA!
A Master’s in Accounting and Finance Online is the most sought-after degree in accounting, business, and finance. It can be found in both undergraduate and graduate formats.
The online format offers convenience for working professionals seeking to obtain a higher education without having to relocate or quit their current job.
The Master’s in Accounting and Finance Online is beneficial for people looking to advance their careers with a higher degree and for those who want to take on leadership positions within their organization.
The Master’s in Accounting and Finance
The Master’s in Accounting and Finance (MAF) degree was developed for professionals who wanted to get more in-depth knowledge about accounting and finance. The program is designed to provide the necessary education for practicing in the accounting and finance profession.
The program requires a total of 16 semesters and 30-40 credits. The amount of time it takes to complete a Master’s in Accounting and Finance Online is about two years if the program is offered in an accelerated format.
If a student chooses to take the on-campus course, it usually takes longer to complete the degree.
The MAF curriculum includes multiple subjects, such as Accounting, Finance, Management, Economics, and Information Technology.
Upon completion of the program, you’ll have completed the requirements for a Master’s in Business Administration (MBA) as well.
Is There A Difference Between Accounting and Finance?
According to the America Institute of CPAs (AICPA), accounting records and reports financial dealings. This includes the beginning of the deal, its acknowledgement, handling, and a brief description in the financial records.
For a company to be able to make informed business decisions, they rely on the financial information that is prepared by accountants.
If an accountant outlines the company’s financial activity correctly, the management can make decisions that will drive the company on the right track.
According to the Bureau of Labor Statistics, accountants can:
– Act as private, cost, managerial, corporate, or industrial accountants
– Focus on auditing, tax, or consulting
– Get employed in accounting for government agencies
– Play the role of external and internal auditors
On the other hand, people employed in finance, for instance, financial managers, specialize in the company’s financial wellbeing. People who specialize in financial management can manage investments, produce balance sheets, and come up with planned financial goals for the company that is long term.
Other roles that financial managers, according to BLS, can do include:
– Financial officers
– Controllers
– Risk managers
– Treasurers
Financial analysts who specialize in evaluating how investments are performing can also work as:
– Fund managers
– Securities analysts
– Asset managers
– Investment analysts
How Much Does Master’s in Accounting and Finance Online Cost?
Like any other type of education, the cost of going to business school can vary from person to person. However, keep in mind that at times, it can cost upwards of $30,000.
Depending on where you live, different programs cost more or less. As always, make sure you look at the school and program you’re considering.
Also, keep in mind that online programs are much more affordable. For example, San Diego State University offers an online Master of Accounting and Finance for about $6,600 per year.
This is a much better deal than the online MBA that Business Insider has ranked, which costs over $30,000 per year. And San Diego State University’s online MBA program has a lot of resources as well.
The majority of universities that offer a master’s in accounting and finance online are public, but a few private institutions do as well. Here are the top 10 universities that offer Master’s in Accounting and Finance Online:
- University of North Carolina at Chapel Hill
- University of Illinois at Urbana-Champaign
- University of Miami
- University of Arizona
- University of Missouri-Columbia
- George Mason University
- California State University-Sacramento
- Syracuse University
- The University of Texas Rio Grande Valley
- Pennsylvania State University-World Campus
Master’s in Accounting and Financial Online Degree Requirements
Accounting and financial management is a very important field of study. The course consists of various coursework with different topics. The program includes economics, finance, accounting theory, auditing, financial reporting, and analysis.
The specific requirements for the accounting and financial management Master’s degree program are listed below:
– The applicant must have completed 60 semester hours or 90 quarter hours in undergraduate coursework with a cumulative GPA of 3.0 or higher.
– Some institutions usually require that students complete their bachelor’s degree from a college with regional accreditation.
– Previous work experience may be required in some institutions.
– Certified transcripts from any colleges or institutions attended.
5 Best Online Accounting Master’s Degree Programs
A master’s degree is an important stepping stone on your path to becoming a professional accountant. It typically takes two years of full-time study to complete the program and graduate with a master’s degree in accounting.
A master’s degree can help you land an entry-level position in most accounting firms, public accountancies, or government agencies.
The best online accounting schools are based on the quality of coursework, affordability, flexibility, and location. We have compiled a list of the top five best online accounting degrees for you according to these criteria.
1. International University of Applied Sciences – Bad Honnef, Germany
2. University of Salford Manchester – Salford, United Kingdom
3. London School of Business and Research – London, United Kingdom
4. UCL MBA – London, United Kingdom
5. University of Bolton – Online Studies – United Kingdom
Program Length
The Master’s in Accounting and Finance Online is the most flexible program available. As a result, most people work with a range of different schools. It can be anywhere from one year (Case Western Reserve) to five years (Harvard) to eight years (MIT).
This is based on your academic requirements and the importance of each of those requirements. On the other hand, other programs are shorter, such as NYU’s eight-month program, which takes the place of the standard BA in accounting, which only requires three years of school.
Financial Aid Options
Start by researching and applying to the schools of your choice. There are several ways to do this, so pick whichever works for you.
You can try the university website, hire a search service, or use a service like SimplyAdmissions. You can also check out websites like Udemy and FAFSA-Master’s to get a feel for the admissions process. The first thing you need to understand about getting financial aid is that most schools and programs require you to apply and get accepted in the first place. And getting accepted to the school will be the first step to getting financial aid.
Let us look at some financial aid options for Master’s in Accounting and Finance Online.
FAFSA (Free Application for Federal Student Aid) FAFSA offers financial assistance for both graduates and undergraduate students. To apply for FAFSA, you must submit your social security number or alien registration number.
You must also provide accounts of any income and federal income tax returns, and W-2s, bank statements, and investment reports. If the student is dependent, they should submit the above information from their parents. This will be used to determine if you are eligible for financial assistance.
- Savings
529 college savings plan is intended to assist taxpayers in meeting their college costs, such as tuition and books at certified institutions. The state backs it.
Parents or other relatives usually open up a 529 account for kids at an early age and contribute towards their education.
Anyone who has a social security number or tax ID and is 18 years or older can open this 529 college savings plan. They can withdraw money any time they want.
The funds are issued tax-free. Remember that 529 college savings plans are applicable only to states with income tax.
- Retirement Investments
Parents can pay for college using their retirement savings. Standard IRA or Roth IRA distribution for eligible college learning expenditure are not charged any penalties for anyone who is 59 years or younger—provided the money goes to an offspring, grandkid, partner, or parent registered no less than half time.
Anyone older than 59 and a half years whose Roth IRA meets a five-year aging obligation can get a tax-exempt distribution. If funds are withdrawn early, they are liable for tax.
- Scholarships
Another way of financing an education is through scholarships. Scholarships are awarded to students based on excellence and need basis. These scholarships are offered by government agencies, NGOs and private foundations.
To assist students in paying for their education, several colleges reserve some money for scholarships. Some other colleges give scholarships based on donor support.
Merit-based scholarships are offered to high SAT or ACT marks, class position, GPA, and leadership abilities. Other scholarships give priority to minorities, kids of former students, or students majoring in a particular field, for instance, accounting majors.
Scholarships offered for accounting majors
- AICPA Scholarship Award for Minority Accounting Students
- Business Advisors’ Striving for Greatness Accounting & Finance Scholarship
- Government Finance Officers Association Scholarships
- EFWA Scholarships
5. Grants
Grants are similar to scholarships in that they assist in paying for learning expenses. Although most grants are never repaid, there are instances where a student may need to refund the grants, such as if the student drops out of school.
Grants differ from scholarships in that they are given to students based on their financial requirements and not their academic performance. Grants are issued on the basis of first-come-first-serve.
What to Expect After Graduation
The next obvious question is: what happens after I graduate? There are a lot of different possibilities here. If you choose to specialize in finance, then you’ll want to take a big dip into the world of finance.
Most MAs will offer some form of practical experience as well. So you can look into something like working at a finance research firm or some form of an internship at a firm.
Alternatively, you can choose a career in business consulting or management. If you want to become an accountant for a business, then you’ll want to go and intern at a CPA firm (you can find lots of these on Craigslist).
While you may not think that your degree has as much in common with the MBA program, you will learn a lot from it.
Conclusion: The Best Programs for Getting Your Master’s in Accounting and Finance Online
A Master’s in Accounting and Finance Online may not be for everyone, but if you’re an entrepreneur or self-employed professional looking to build your reputation in the business world, you owe it to yourself to try.
A master’s degree can provide you with a sound foundation in business and financial analysis, which will be important for those looking to launch a company.
After all, who is better to provide sound advice whether to hire your friend who is an intern or to invest in a company than you?
That’s right, and you can become an expert in both business and finance than the man who has earned his degree and wants to share his wisdom.
The Master’s in Accounting and Finance Online has changed the way accounting and finance are taught at the undergraduate and graduate levels.