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How does a master degree affect your career and pay?

Accounting student at Towson university #accounting

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Rachel’s Answer

I got a Masters in Business taxation and because of that I understand more of the tax rules and I learned how to do tax research. So in that way it's helped me in my career at PwC as a Tax Associate. Also, I got a 4k higher starting salary because of it.


Another benefit was that because I took a year to get my Masters I was able to use that time to pass all the CPA exams before I started working (I took three during my spring semester and one between graduating with my MBT and starting work). As I watch a lot of my coworkers struggle to balance work and the CPA exam I'm so glad I'm already done. Regardless of whether you get a Masters, I'd highly recommend becoming a CPA since so many more options are open for CPAs.
Thank you comment icon Rachel - Thank you for your answer. We need more advice like this, now more than ever! There are more than 1k unanswered questions on CV right now. Hoping you'll answer a few more this week! Jordan Rivera, Admin COACH
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Peilei (Rebecca)’s Answer

I think the big concern here is the 150 credits to fulfill the CPA requirement. I did double major and didn't go for a master degree and I was fine; so the big thing is the 150 credits. However, ppl with Master in Taxation usually starts with 10K higher than auditors.
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bridget’s Answer

Hi Ayomide,


Interesting question...I think different career fields value master's degrees differently.


While I don't have any experience with the Accounting profession, I did a bit of research to see if a Master's for an Accountant would make a difference in career and pay. My findings, no. Getting your CPA would be much more advantageous.


Reference these two articles: http://fortune.com/2016/03/21/best-worst-graduate-degrees-jobs-2016/:


and this article about accounting specifically: http://gazettereview.com/2017/03/average-cpa-salary-much-cpas-make/


Best to you!


Bridget

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Marisa’s Answer

Hi Ayomide!

It would vary depending on what job in accounting you are looking for. I know from my experience working in Audit for PricewaterhouseCoopers that a Masters degree does not impact my career or salary. However getting the CPA does have a large impact on career/salary.
For some of my friends in the Tax practice getting a Masters was beneficial to their career/salary. Since accounting is a broad field determining what you want to do with your accounting degree will help determine whether getting a Masters is a good idea for you.
Hopefully this helps somewhat!
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